国产美妆迅速崛起 近年来，化妆品行业凭借独特的东方韵味与创新产品，不仅在海外市场掀起"中国风"热潮，还在本土市 场进一步夯实根基，满足消费者日益多元的需求。上市公司作为行业的主力军，凭借资金、技术、品牌 等优势，积极布局国内外市场，成为推动行业发展的关键力量。 海关总署数据显示，2025年上半年，美容化妆品及洗护用品出口额达258亿元，同比增长12%。 号称"国货高端美妆第一股"的毛戈平也在寻求出海之路。2024年，毛戈平借助丝芙兰进入香港市场，首 次获得境外收入。公司2024年年报显示，将战略性地进军海外市场，在海外市场建设百货商店专柜及网 店。 "我们准备战略性地进军海外市场，在海外市场建设百货商店专柜及网店的双渠道方式。为在欧美和亚 太地区等海外市场与国际品牌有效竞争，我们正在加强我们的竞争战略，重点关注不同的产品和品牌战 略，以迎合地区美妆趋势和消费者偏好。我们还致力于建立当地团队，专门负责海外市场的产品开发、 营销及销售。"上述年报显示。 "随着中国整体生产实力、品牌运营能力和营销能力的提升，如今，中国美妆品牌出海迎来了爆发期。 企业带着自己的品牌、产品和成熟的模式走向世界。一批国货品牌已在海外市场 ...

Core Viewpoint - Several major international cosmetics companies, including Estée Lauder, Shiseido, and Unilever, are facing lawsuits for selling products containing carcinogenic substances without warning labels, following a similar incident involving L'Oréal earlier this year [1][2]. Group 1: Lawsuit Details - The lawsuits were initiated by a consumer safety organization named Initiative for Safer Cosmetics, which filed four independent lawsuits in Los Angeles [2][3]. - The lawsuits claim that these companies violated California's Proposition 65 by selling products containing diethanolamine (DEA) without proper warnings [3][4]. - The Initiative for Safer Cosmetics is seeking civil penalties of up to $2,500 per violation, an injunction to stop the sale of the offending products, and reimbursement for legal fees [3][4]. Group 2: Proposition 65 Overview - Proposition 65 was established to protect California's drinking water from specific chemical contaminants and to inform citizens about potential exposure risks [4][5]. - Companies with 10 or more employees are required to provide warnings if their products contain chemicals known to cause cancer or reproductive harm [4][5]. - The law applies to products sold in California or online to California customers, regardless of the company's location [4]. Group 3: Diethanolamine (DEA) Specifics - Diethanolamine has been listed as a carcinogenic substance in California since 2012, based on evidence from animal studies [8][9]. - The concentration of DEA in cosmetics can range from 1% to 25% [6]. - While DEA is not banned in the U.S., it is prohibited in cosmetics in the EU due to its potential to form carcinogenic nitrosamines when combined with certain preservatives [12][14]. Group 4: Regulatory Implications - The increase in violations related to DEA has surged in 2024, with over 300 notifications reported, primarily targeting personal care and cosmetic products [12]. - Companies must ensure compliance with local regulations to mitigate legal risks, reflecting a broader trend of increasing regulatory scrutiny in the global market [14].

Market Overview - The Chinese foundation makeup market is expected to grow steadily, with the market size increasing from 73.19 billion yuan in 2022 to 93.70 billion yuan in 2024, and is projected to exceed 100 billion yuan in 2025, indicating a healthy and active industry phase [1][9][10] - Online sales are dominated by Douyin, which holds a 51.23% share of the online GMV, followed by Taobao with 29.02%, while Pinduoduo has surpassed JD, highlighting the potential of lower-tier markets [1][12][15] Consumer Insights - The core consumer group is aged 31-35, with 37.54% residing in third-tier cities or below; nearly 90% of consumers have skin blemishes, emphasizing the demand for coverage and long-lasting makeup [2][5] - Daily commuting (64.36%) and social gatherings (85.64%) are the primary usage scenarios, with consumers preferring natural makeup (70.24%) and valuing lightweight, breathable, and long-lasting products [2][5] Product Trends - The market is witnessing continuous upgrades in long-lasting makeup technology, with brands like Caitang and Laose achieving 24-hour wear through patented technologies; the trend of combining makeup with skincare is becoming mainstream [2][7] - Scene-specific innovations, such as mini portable products and exclusive solutions for different occasions, are gaining popularity, along with cultural empowerment and IP collaborations enhancing product appeal [2][7] Competitive Landscape - The foundation makeup category is primarily dominated by basic foundation products, with Douyin users showing a strong preference for three-dimensional makeup effects [1][16] - Estee Lauder leads the foundation liquid market on Taobao, while Douyin is dominated by brands like Passional Lover; in the cushion category, YSL has a significant advantage on Taobao, while Douyin is a stronghold for domestic brands like Ruikefu and Laose [1][25][29] Category Performance - The foundation makeup products can be categorized into four main types: base makeup, makeup primer, local touch-up products, and setting products [7] - The basic foundation category holds a dominant position across platforms, with Douyin's local touch-up category accounting for 8.7%, reflecting users' pursuit of a three-dimensional makeup look [1][16]

Summary of the Beauty Industry Conference Call Industry Overview - The beauty industry experienced a total sales growth of 5.2% during the 618 shopping festival, with total sales reaching approximately 855.6 billion yuan, a 15.2% increase year-on-year. The event duration was extended to 36 days, leading to a slight decline in average daily sales compared to the previous year [2][14]. Key Brands and Performance - **Polaire**: Achieved significant sales on Tmall and Douyin, with a GMV of 4.5 billion yuan on Douyin in 2025, facing some growth pressure but maintaining positive growth on Tmall [11]. - **Mao Geping**: Experienced a remarkable growth rate of 55%-60% on Douyin, driven by key products like caviar masks and foundation. The skincare category on Tmall also saw a growth rate of about 60% [5]. - **Perfect Diary**: Notable growth on Douyin attributed to new products like the small gold needle series and creams, with a growth rate of approximately 40% on Tmall [6]. - **Han Shu**: Maintained its leading position on Douyin with a growth rate of about 20%. The brand reduced its live broadcast ratio to 15% but still achieved good growth, indicating effective product card and self-broadcasting strategies [7][8]. - **Wenona**: Achieved a GMV close to 200 million yuan on Douyin, with a year-on-year growth rate of 20% in 2025, reflecting effective management changes [9][10]. - **Caitang**: Experienced over 100% growth on Douyin and 40-50% growth on Tmall, showing significant improvement under new management [12]. - **Kefumei**: Achieved a GMV of 270 million yuan on Douyin during the festival, with a year-on-year growth of 20%. Despite a decline in daily sales due to public sentiment issues, the brand's product quality remained unaffected [13]. Market Dynamics - The beauty and skincare categories performed exceptionally well, with Tmall's top five brands being Polaire, Lancôme, L'Oréal, Estée Lauder, and Shiseido [3][4]. - The overall growth of the beauty industry met expectations, with Tmall and Douyin continuing to support beauty products [14]. - Brands like Shangmei and Ruoyuchen are highlighted as potential investment opportunities, with Ruoyuchen's flagship store achieving over 70 million yuan GMV on Douyin during the festival [14]. Investment Insights - The beauty industry is considered suitable for investment due to valuation adjustments, particularly for companies like Juzhi Biology and Runben, which are expected to see significant growth [14].

Group 1 - Shanghai's retail market shows strong momentum with a year-on-year increase of 85% in tax refund amounts, driven by policy benefits that activate commercial vitality and accelerate the gathering of international brand flagship stores, forming a "siphon effect" [1] - In Q1, Shanghai's tax refund sales reached 760 million yuan, a year-on-year increase of 85%, with inbound tourist numbers expected to reach 6.706 million in 2024, up 84%, contributing to a projected 2.37 billion yuan in tax refund sales [2] - The Swedish outdoor brand CRAFT has entered the Chinese market with pop-up stores in Shanghai and Nanjing, featuring immersive experiences for customers [3] Group 2 - DREAME MART, a trendy toy brand under DREAME, plans to open its first store in Beijing on May 1, focusing on youth lifestyle and unique IP products [5][8] - The first "Pasture Milk Warehouse" store of Mo Yogurt opened in Shanghai, featuring an open kitchen and a variety of innovative dairy products [10] - The first BegL restaurant in South China opened in Shenzhen, offering a workshop space with various bagel flavors and brunch options [12] Group 3 - The new tea brand "Chuntian Mature Tea House" opened its first store in Shanghai, focusing on high-quality mature teas and catering to health-conscious consumers [14] - The indoor high-altitude amusement brand "Elastic Dream Factory" signed a lease for its first South China store in Haikou, featuring over 30 innovative entertainment projects [17] - HARMAY opened four new stores in three cities, accelerating its expansion [18][19] Group 4 - BY FAR, a Bulgarian niche bag brand, is set to exit the Chinese market as its last store in Beijing will close on May 14 [22] - The brand "橘朵" launched its first sub-brand "橘朵橘标," focusing on high-performance makeup for outdoor and sports scenarios [24][25] - "沪上阿姨" and "绿茶集团" have both passed the listing hearing on the Hong Kong Stock Exchange, with plans for expansion and digital upgrades [27][29] Group 5 - Hema achieved its first annual profit and plans to open nearly 100 new stores by 2025, focusing on lower-tier markets and northern cities [33] - Olé, a high-end retail brand under China Resources Vanguard, is upgrading its product line and opening six new stores, including a food hall in Nanjing [34] - The British frozen food supermarket giant Iceland is set to open its first Asia-Pacific store in Beijing, focusing on interest e-commerce and live streaming [37][38]

2013 年 3 月，一场 KO（kick off，指启动会) 标志着天猫国际项目组成立。第一批引入了 10 个商 家，包括草莓网、sasa 网、卓越网等当时非常热门的综合卖场商家。 2014 年 2 月，天猫国际对外正式上线。同年，《政府工作报告》中首次提出 "跨境电子商务" 一 词，并鼓励扩大进口。伴随着政策红利，天猫国际的用户数和成交额也一路上涨。 更多的玩家涌入，京东国际、网易考拉、唯品国际都在次年上线，跨境进口的创业热潮到来。 10 年间，一些玩家掉队乃至业务关停，创业公司所剩无几，跨境进口领域的格局已定，根据易观最 新发布的跨境进口行业报告，天猫国际的市场份额目前接近 40%，排名第一。过去一年，约 7000 天猫国际在跨境进口市场份额 40%，是海外品牌进入中国的首选平台。 十年前，中国消费者想要买到国外的一罐奶粉、一瓶粉底液、一双鞋、一个包，要费的周折实在太 多。 找个人代购，可能买到假货，即便解决了信任关系，加价在所难免；从品牌官方网站海淘，物流首 先是个问题 —— 通常需要找一家转运公司，寄送到一个当地的地址，然后再漂洋过海运回中国；支 付也不容易，必须有信用卡或者注册一个国外的 Payp ...