本文字数：2597，阅读时长大约4分钟 春节临近，抖音上的 " 年味 " 早已拉满：美妆博主开箱测评新年限定礼盒，直播间展示新年妆造教学，普通 用户借 " 开运妆容 " 挑战赛记录自我 …… 这些由用户自发在抖音上创造的鲜活内容，正拼凑出当代年轻人 眼中真实而多样的 " 新年味 " 。 在这背后，美妆年货的消费逻辑正在发生深刻转变：人们不再仅仅为功能买单，更是借助一支口红、一盘眼 影，来完成情绪的表达、乃至一份文化身份的认同。 年货节，正从一个单纯的 " 卖货场 " ，演变为承载情 感、审美与生活方式的 " 情感场 " 。 2026.01. 26 第一财经《消费就是这样・ WECARE 》栏目携手巨量引擎，推出年货节特辑。本期邀请毛戈平品牌电商负 责人易楷洋、巨量引擎直客业务美妆 / 日化 / 数码 / 服饰 / 奢侈品行业总经理吕涛，与《第一财经》 YiMagazine 总编辑赵嘉共同探讨 —— 当情感需求成为新的消费驱动力，品牌该如何在抖音这片沃土上耕 耘出可持续的增长。 美妆"新年味"观察：发现新人群背后的"情感底色" 每一次消费背后，都关联着清晰的情感诉求。抖音平台的内容与消费数据，勾勒出三类典型人群 ...

黑猫投诉 【下载黑猫投诉客户端】发布11月企业投诉处理红黑榜单，数据均来源于黑猫投诉平台，反 映了企业在黑猫投诉平台的投诉处理解决情况。 截至2025年11月底，黑猫投诉平台累计收到消费者有效投诉超3116万件，11月有效投诉超80万件。 为了更加精准、及时地展现不同细分消费领域企业在黑猫平台的客诉处理情况，红黑榜单除了按行业划 分，还会根据近期热点消费事件设置"最受关注领域榜单"，为消费者提供更有价值的消费参考。 关键词：网购NARS化妆品申请退换货商家拒收 本月，多位消费者在黑猫投诉平台反映，在NARS抖音官方旗舰店申请化妆品退换货遭商家拒收。消费 者表示已将未开封商品或仅拆封未使用的商品寄回，但商家以"商品已被使用"为由拒绝退款，且仅提供 照片作为依据，未按平台要求上传开箱视频。也有消费者表示在退货流程中遭遇商家不处理申请、平台 客服与商家相互推诿的情况，导致退款进程受阻。消费者要求商家提供合理解释并完成退款，目前 NARS仍未对消费者投诉做出回复。 025-11-15 于黑猫投诉平台发起 外围中 关于NARS抖音旗舰店伪造照片拒绝退款 我在抖音商家202***月11日11点购买蜜粉饼套盒. 价值389 ...

Core Viewpoint - The new regulatory model implemented in Yiwu has significantly streamlined the export process for cosmetics, allowing for centralized declaration and inspection, which enhances efficiency and convenience for exporters [1][3]. Group 1: Export Performance - In the first ten months of this year, Yiwu's market procurement exports of beauty cosmetics and personal care products reached 900 million yuan, a year-on-year increase of 100.1%, accounting for 15.8% of the total cosmetics export value from Yiwu, an increase of 6.5 percentage points [3]. - Yiwu's total export through market procurement trade reached 507.44 billion yuan, a year-on-year growth of 27.7%, with sea transport from Ningbo contributing 316.2 billion yuan, up 11.3%, representing 62.3% of the total market procurement export [7]. Group 2: Regulatory Innovations - The new regulatory model for cosmetics export, which allows for centralized declaration at the procurement location, was first implemented in July this year as part of a broader international trade reform initiative in Yiwu [3][5]. - The automatic sealing system introduced by Yiwu Customs has significantly improved operational efficiency, reducing passage time to one-fifth of the original duration, with an expected overall efficiency increase of 20% once fully implemented [7][9]. Group 3: Infrastructure and Logistics Development - Yiwu is expanding its logistics channels, with regular iron and road combined transport saving 15% of time compared to traditional rail transport, and new air routes enhancing logistics efficiency by reducing delivery times by 4 hours [9]. - The construction of a comprehensive logistics network encompassing land, sea, air, and online channels is enhancing Yiwu's international logistics capabilities, contributing to a more favorable export environment [9][10]. Group 4: Future Outlook - Yiwu Customs plans to continue advancing the smart customs initiative and implement further grassroots innovations to enhance the international trade environment, aiming for high-quality development in foreign trade [10].

Core Viewpoint - The 2025 Double 11 shopping season reflects a significant shift in consumer behavior towards data-driven and rational consumption, moving away from impulse buying and subjective preferences to a focus on product ingredients and quantifiable benefits [2][4][6]. Consumer Behavior Trends - Nearly 90% of consumers participated in Double 11, with over half making decisive purchases and more than one-third adding desired items to their carts, indicating strong shopping enthusiasm [2]. - In the apparel and beauty sectors, over 75% of consumers plan to purchase autumn and winter clothing, while 47.2% are focused on skincare products, emphasizing a responsible approach to self-care [2][14]. - The rise of "parameter-driven" consumers is evident, as traditional impulsive and subjective buying behaviors decline [2][4]. Ingredient and Parameter Focus - In the beauty sector, nearly 70% of consumers prioritize ingredients like hyaluronic acid and collagen when making purchasing decisions, indicating a strong awareness of product efficacy [3][9]. - In apparel, 74.3% of consumers now check data such as down fill weight and fabric composition, showcasing a shift towards informed decision-making based on product specifications [3][10]. - Platforms are responding by standardizing parameters and enhancing trust through professional selections, with 79.7% of consumers viewing platforms like JD as reliable sources for product specifications [3][19]. E-commerce Platform Dynamics - The shift towards rational consumption has created a positive feedback loop among platforms, brands, and consumers, where brands optimize parameters to meet consumer expectations, and platforms enhance trust through professional curation [4][22]. - Consumers express a need for transparent parameter information, with 36.8% concerned about parameter fraud and 32.8% finding it difficult to obtain accurate information [22][24]. - Leading e-commerce platforms are addressing these challenges by providing clear, certified parameters, which helps consumers make informed choices and reduces the risk of misleading information [23][28]. Seasonal Shopping Insights - During the 2025 Double 11, 65.2% of consumers plan to purchase skincare products, while 61.2% intend to buy winter clothing, reflecting a trend towards "image investment" and self-care [14][18]. - The focus on quality over quantity is evident, with 60.5% prioritizing high-quality materials in winter clothing purchases [18]. - The demand for specific parameters in winter apparel, such as down fill weight and fabric breathability, is high, with 79.7% of consumers considering these factors crucial in their purchasing decisions [12][19].

Group 1 - Huazhixiao, a domestic cosmetics brand, completed a Series B financing round exclusively invested by Proya, aimed at global expansion and supply chain integration [3] - Wei Yi Culture, focusing on immersive panoramic entertainment experiences, secured a multi-million angel round financing to develop key projects and operate its own IP [4] - Craft beer brand TAGSIU raised nearly 10 million in a Pre-A round to expand its retail channels and supply chain [7] Group 2 - INS New Park, a nightlife complex, raised nearly 300 million in Series A funding, achieving a post-investment valuation of 2.6 billion [8] - Health drink brand Haojise received strategic investment from Guoyang Fund, focusing on health food products [9] - ByteDance issued stock options to its Seed department employees, with monthly values ranging from 90,000 to 135,000 yuan, indicating a strong focus on AI business [10] Group 3 - Xiaohongshu is expected to double its annual profit to 3 billion USD, with a valuation reaching 31 billion USD, positioning it as a leader in the visual social platform sector [12] - LeKe, a fitness brand, ranked fifth globally in store count, with over 14 million registered members, reflecting a growing trend in affordable fitness options [14][15] - Pet service brand Pet Home announced its paid membership exceeded 100,000 within five months, indicating a positive trend in the pet economy [18] Group 4 - The summer box office in 2025 reached 11.943 billion yuan, surpassing the previous year's performance [22] - The global market for smart home cleaning robots saw a shipment of 15.352 million units in the first half of the year, a 33% increase year-on-year [23] - The AR market is expected to grow significantly, with global shipments projected to reach 600,000 units by 2025, driven by new product launches and decreasing prices [24]

Core Viewpoint - The article highlights the transformation of Luyi County in Henan from an agricultural base to a significant player in the global cosmetics brush market, emphasizing its unique position as a "hidden champion" in this niche industry [6][10][31]. Group 1: Historical and Cultural Context - Luyi County, known as the birthplace of Laozi, has a rich cultural heritage that attracts global attention, contributing to its identity beyond agriculture [8][9]. - The county's historical significance is underscored by its various name changes and its association with Daoism, which enhances its cultural appeal [7][8]. Group 2: Economic Development and Industry Growth - Luyi County has become a major hub for makeup brushes, producing over 50% of China's market share, with an annual output value nearing 13 billion yuan and exports reaching approximately 300 million USD [11][12]. - The county has established a complete industrial chain for makeup brushes, including raw materials and manufacturing processes, which has led to the creation of over 150 related enterprises and more than 1,000 business entities [11][14]. Group 3: Policy and Government Support - The county's recognition as a national "Double Innovation" demonstration base has catalyzed its economic development, with government initiatives encouraging entrepreneurship and innovation [11][22]. - Policies such as "Return of the Phoenix" have successfully attracted over 8,000 entrepreneurs back to Luyi, fostering a robust local economy and creating numerous job opportunities [22][24]. Group 4: Transition from OEM to Brand Development - Luyi has shifted from being an OEM for international brands to developing its own brands, with 63 self-owned brands and over 100 product varieties now available [24][26]. - The local industry is evolving to include not just makeup brushes but also other beauty products, positioning Luyi as a comprehensive beauty tools city [25][26]. Group 5: Community Impact and Future Prospects - The growth of the makeup brush industry has significantly impacted local livelihoods, with over 190,000 jobs created through various entrepreneurial ventures [30][31]. - Luyi's success story illustrates the potential for traditional agricultural regions to innovate and thrive in modern industries, setting a precedent for similar regions [31].

Core Viewpoint - The article highlights the transformation of Lu Yi, a traditional agricultural county in Henan, into a significant hub for makeup brush production, capturing over 50% of the national market and exporting to various countries, showcasing the potential of rural areas in industrialization and entrepreneurship [3][6][94]. Group 1: Background and Historical Context - Lu Yi, known as the birthplace of Laozi, has a rich cultural heritage that attracts global attention, but it faced economic challenges due to its geographical location and lack of resources [9][21][22]. - The county was recognized as a national "Double Innovation" demonstration base, which marked a turning point in its economic development [23][24][31]. Group 2: Industry Development - The makeup brush industry in Lu Yi has become a leading sector, with over 150 related enterprises and an annual output value nearing 130 billion yuan, employing more than 30,000 people [26][27]. - Lu Yi produces 1.5 billion sets of mid-to-high-end brushes annually, with an export value of nearly 300 million USD [26][27]. Group 3: Transformation and Innovation - The county transitioned from being a raw material supplier to a complete production hub, driven by returning entrepreneurs who brought back advanced techniques and international resources [60][67]. - Lu Yi has established over 63 independent brands and developed a comprehensive industrial chain, including makeup sponges and false eyelashes, aiming to become a "makeup tools city" [71][75][76]. Group 4: Government Support and Policy - The local government implemented policies to encourage returning workers to start businesses, which significantly contributed to the growth of the makeup brush industry [58][66]. - The establishment of quality standards and industrial clusters has helped improve product quality and competitiveness in the market [84][87]. Group 5: Economic Impact and Future Prospects - The return of nearly 100,000 entrepreneurs has led to the creation of 35,000 entities, boosting employment for over 190,000 people in various sectors beyond makeup brushes [93]. - Lu Yi's success story exemplifies how traditional agricultural regions can leverage local resources and entrepreneurial spirit to achieve significant economic transformation [94][96].

Core Viewpoint - Revolution Beauty has rejected a buyout offer from private equity firm True, which was deemed to undervalue the company, and is now considering financing from existing shareholders [1][2][9]. Company Overview - Revolution Beauty, established in 2014, is a UK-based beauty and personal care company known for its cost-effective makeup products, with a product range that includes makeup, skincare, and hair care [2][4]. - The company went public in 2021, achieving a valuation of £500 million (approximately 4.87 billion RMB) during its IPO, which was one of the largest on the London junior market that year [4][5]. Financial Performance - The company has faced significant financial challenges since its IPO, with a reported pre-tax loss of £45.9 million (approximately 447 million RMB) in the 2022 fiscal year and £33.9 million (approximately 330 million RMB) in 2023 [6]. - Although Revolution Beauty reported a pre-tax profit of £11.4 million (approximately 111 million RMB) in the 2024 fiscal year, its revenue declined by 26% to £14.16 million (approximately 137.8 million RMB) in the 2025 fiscal year due to the discontinuation of over 6,000 SKUs [6][9]. Market Presence - Revolution Beauty previously entered the Chinese market in 2019 but exited in March 2023, closing its Tmall overseas flagship store [7]. - Despite exiting the Chinese market, approximately 60% of its products sold in the US are manufactured in China, contributing to 23% of the company's revenue [7][8]. Strategic Challenges - The company is currently under pressure to reassess its financing structure and is actively seeking shareholder funding to maintain its independence [10]. - Revolution Beauty's ongoing performance volatility and the need to balance its reliance on Chinese supply chains with global market strategies are critical challenges for its future [10].

Core Viewpoint - The company forecasts a net profit increase of 35%-37% for 1H25, driven by higher online channel revenue and improved operational efficiency [1][2]. Revenue and Profit Forecast - The company expects 1H25 revenue to be between 2.57-2.60 billion yuan, representing a year-on-year growth of 30.4%-31.9%, with net profit projected at 0.665-0.675 billion yuan, reflecting a year-on-year increase of 35.0%-37.0% [1]. - The anticipated net profit margin for 1H25 is expected to rise by 1.0 percentage point to 25.9% [2]. Channel and Product Performance - Both online and offline channels are expected to experience rapid revenue growth, with an increasing share of online sales. The offline channel is projected to see a high single-digit growth in the number of counters, with same-store sales expected to grow by double digits [1]. - The skincare and makeup categories are anticipated to grow quickly, with classic star products leading sales. New products like skin prep primers are receiving positive market feedback [1]. Profitability and Efficiency - The company’s net profit margin is expected to improve due to a higher proportion of revenue from online channels, reduced listing costs, and enhanced operational efficiency [2]. - The online channel's return on investment (ROI) is expected to remain stable, contributing to high-quality growth through strict cost control and efficient operations [2]. Growth Potential and Market Position - The company is well-positioned as a leading high-end domestic beauty brand, with significant growth potential. The product line has been extended to include serums, eye creams, body lotions, perfumes, and eyeshadows, with new perfume launches receiving positive market responses [2]. - The company plans to continue expanding its presence in high-end department stores and is targeting young consumers online, with initial steps taken towards international markets in Hong Kong and Southeast Asia [2]. Earnings Forecast and Valuation - Based on improved profitability, the company has raised its net profit forecasts for 2025-2026 by 3% to 1.15 billion yuan and 1.46 billion yuan, respectively. The current stock price corresponds to a price-to-earnings ratio of 39x for 2025 and 30x for 2026 [2]. - The company maintains an outperform rating and a target price of 127 HKD, indicating a potential upside of 29% based on projected price-to-earnings ratios of 50x and 39x for 2025-2026 [2].

Core Viewpoint - The recent incident involving a beauty blogger using expired eyeshadow has sparked discussions about the shelf life of cosmetics, particularly in the context of summer's high temperatures and humidity, which pose risks to the stability of beauty and skincare products [1] Group 1: Identifying Expired Cosmetics - Powder eyeshadow can be identified as expired if it shows signs of clumping, mold spots, or emits an unusual odor [3] - Cream eyeshadow may indicate spoilage through oil separation, water formation, or deepening color [3] - The claim that household UV lamps can detect expired eyeshadow is refuted, as these lamps cannot comprehensively assess microbial contamination or oxidation within the product [3] Group 2: Proper Storage Practices - The "three avoidance" principles for summer storage of cosmetics include avoiding light, heat, and moisture [3][4] - Light exposure accelerates the decomposition of effective ingredients, necessitating storage in dark places even for opaque packaging [3] - High temperatures can increase chemical reaction rates and microbial activity, with a recommendation to keep products in cool, ventilated areas below 25°C [3] - Humidity fosters microbial growth, and caution is advised against storing products in damp areas or frequently opening refrigerated items, which can introduce moisture [4] Group 3: Safe Usage Recommendations - It is advised to use makeup tools exclusively to prevent cross-contamination, especially for eye products [5] - Caution is recommended when switching to new products, as skin may need time to adapt, and allergic reactions can occur [5] - Expired or potentially spoiled products, particularly those used near the eyes or lips, should be discarded immediately to prioritize health over waste [5]