在双美热潮兴起，各类科学标准亟需建立之际，修丽可以领先理念及严谨的科研精神为求美者 与从业者标定航向。 尽 管 " 双 美 布 局 " 在 中 国 尚 属 新 兴 趋 势 。 但 早 2 0 1 2 年 ， 修 丽 可 便 率 先 于 中 国 提 出 了 「 整 全 护 肤」理念，并持续深耕，以科研为依托、临床为支撑，构建起成熟的「整全护肤」体系，成为 引领"围术期"皮肤护理风潮的先行者。 中国医美市场正以前所未有的速度扩张，艾瑞咨询数据显示，2 0 2 1年规模已达2 1 7 9亿元，预 计2 0 3 0年将突破万亿大关。 市场热潮之下，"医美围术期护肤"这片专业蓝海正迅速升温，吸引超过2 0家美妆企业相继入 局。从国际巨头到新锐品牌，纷纷以"医美围术期护肤"为切口，试图抢占新一轮增长高地。 但真正能定义一个赛道的，往往是最早布局、持续深耕的品牌。早在2 0 1 2年，修丽可便在中 国首提「整全护肤」理念，以科学体系和完整产品矩阵，率先落子医美围术期护肤领域。1 3年 后，当这一赛道不断走向热门，修丽可早已深耕多年，不仅在IMCAS等顶尖学术平台展现丰 硕成果，更为行业树立了榜样。 日前，有"医美界旗舰级学 ...

证 券 研 究 报 告 植物护肤心智深入人心，线下门店有量有质 ——从植物医生看化妆品行业发展趋势 证券分析师：王立平 A0230511040052 聂霜 A0230524120002 2025.7.12 摘要 www.swsresearch.com 证券研究报告 2 ◼ 公司深耕中国美妆市场30年，04年开始公司致力于高山植物护肤产品的研发、生产和销售，聚焦于"植物医生"品牌，以"高山植物，纯净美肌" 为定位，国内最大的单体美妆品牌门店连锁之一。公司股权集中，创始人兼董事长解总通过直接与间接的方式合计持股超80%，掌握公司话语权。 2022年至2024年，公司实现营业收入21.2、21.5、21.6亿元，年均复合个位数增长；实现归母净利润1.6、2.3、2.4亿元，年均复合增长率达 24.0%，盈利能力不断增强。产品端品类齐全，水乳膏霜产品营收占半壁江山，精华、面膜等品类齐全。渠道端建立了以经销模式为主、直营模式 为辅、线下线上全面布局的销售模式。 ◼ 化妆品市场稳健增长，发展由"量"向"质"转变。线上线下平衡发展，行业规范化、科技化、国货崛起等为未来发展方向，同时，化妆品出海也 成为行业热门发展方向。20 ...

7月11日，第41批跨国公司地区总部和研发中心颁证暨外商投资集中签约仪式举行。仪式上，新认定的30家跨国公司地区总部与15家外资研发中心获颁 证书，56个外商投资项目完成签约，投资总额约36.8亿美元，其中33个项目现场签约。 上海市商务委介绍，此次获颁证书的跨国公司地区总部和外资研发中心，大多来自上海重点发展产业领域，涵盖生物医药、智能制造、时尚消费品等。 企业能级高，有7家世界500强企业，5家大中华区及以上区域总部和1家事业部总部。签约的外商投资项目主要集中在生物医药、时尚消费品、金融、汽车、 商务服务等重点领域，以及数字经济、绿色低碳等新赛道。 潘洁 摄 借总部东风，加速在华发展 隶属于新加坡电信集团（Singtel Group）的恩士迅（NCS）是亚太领先的数字与IT服务提供商。自1981年成立以来，凭借超40年IT项目交付经验，恩士 迅始终站在新加坡国家数字化进程前沿，为客户定制端到端信息化服务。 此次获颁跨国公司地区总部，恩士迅中国首席财务官陈星舸向《国际金融报》记者表示，在中国市场，恩士迅始终坚持致力于本士化发展战略，结合国 内市场的特色，与本地的生态系统进行深度合作。自1997年进入中国市场 ...

Group 1 - Zhongheng Group's subsidiary, Tianqi Family Health Industry Co., Ltd., launched a new product, the Triple Gum Factor Toothpaste, at the 2025 Hechi City Oral Medicine Conference, focusing on professional oral care [1] - The toothpaste is based on "evidence-based research + herbal wisdom," utilizing Zhongheng Group's patented ginseng extraction technology, with a ginsenoside content three times higher than regular Tianqi toothpaste [1] - The product targets post-operative care and gum issues, validated through human efficacy tests, and aims to provide a good care experience for periodontal surgery and implant patients [1] Group 2 - Tianqi Family Health is leveraging Zhongheng Group's technical resources to build a "technology-driven + brand matrix" dual development model [2] - The brand strategy includes a four-dimensional brand matrix: the core brand "Tianqi," the family health brand "Tianqi Doll," the regional brand "Jianguo," and the professional brands "Easy Housekeeper" and "Pure Cotton Era" [2] - From 2022 to 2024, Zhongheng Group's daily chemical sector achieved a compound annual growth rate of nearly 26.5%, with the "Tianqi" brand valued at 17.629 billion yuan, ranking 422nd in the 2025 "China's 500 Most Valuable Brands" list [2]

2 0 2 5年6月2 4日，Th e Or d i n a r y「研度公式」召开了中国区的首场品牌发布会，同时也为今日 （ 7 月 11 日 ） 开 张 的 品 牌 天 猫 旗 舰 店 做 预 热 。 这 场 别 开 生 面 的 发 布 会 精 心 " 复 刻 " 了 Th e Or d i n a r y多伦多总部实验室场景，不仅成为品牌渠道创新拓展的标志性事件，更完成一场面向 中国市场的品牌内容系统讲述。 期间，Ni c o l a Kil n e r与资深科学传播专家J o s e p h Ba s h am共同接受了《FBe a u t y未来迹》的专 访，分享在"原料桶" "成分党鼻祖" "价格屠夫"的标签背后，品牌团队引以为傲的科学价值观以 及在中国做"护肤知识传播者"的新愿景。 6 1 8狂欢的余温犹在，当中国护肤市场陷入浓度比拼和促销内卷，Th e Or d i n a r y此时加码，不 仅以极致质价比助力雅诗兰黛集团中国进一步拓展版图，更大的意义在于，凭借独树一帜且富 有 诚 意 的 叙 事 逻 辑 ， 催 化 护 肤 市 场 从 营 销 竞 赛 回 归 科 学 本 质 ， 为 功 效 ...

Core Viewpoint - The focus of the Chinese beauty market is shifting from brand marketing to research and development, indicating a revolution centered on scientific research and manufacturing [1][2] Group 1: R&D Strategy and Investment - Yatsen E-commerce has prioritized R&D as a core strategy since 2020, aiming to build a global R&D system and become a "world-class beauty innovation pioneer" [2][4] - The company has invested over 580 million yuan in R&D since 2020, maintaining a R&D expense ratio of over 3% for three consecutive years, positioning it among the leaders in the global beauty industry [4][6] - Yatsen has established a comprehensive R&D framework known as the "1-3-4-6-20" global R&D strategy, which includes one advanced beauty factory, three self-built R&D centers, four research directions, six co-built laboratories, and over 20 research cooperation projects [4][6] Group 2: Product Development and Market Performance - The company has developed a complete innovation model from basic research to commercial application, exemplified by the successful launch of the "bionic membrane" essence lipstick, which has sold over 4.5 million units and generated over 600 million yuan in GMV [6][9] - As of Q1 2025, Yatsen's strategic transformation has begun to show results, with revenue reaching 830 million yuan, a year-on-year increase of 7.8%, and a Non-GAAP net profit of 7.14 million yuan, marking two consecutive quarters of profitability [9] Group 3: Talent and Global Collaboration - The R&D breakthroughs at Yatsen are supported by a talent matrix that combines global expertise with local innovation, highlighted by the recruitment of Chief Scientific Officer Cheng Jing, who has 28 years of international beauty R&D experience [10][13] - The R&D team has received international recognition, with 12 papers presented at the IFSCC conference, showcasing the company's commitment to high-level research and collaboration with global partners [15][17] Group 4: Sustainable Development and Technological Innovation - Yatsen has integrated sustainability into its strategy, achieving MSCI ESG A rating for two consecutive years, and is focusing on green practices such as using natural plant fermentation instead of chemical raw materials [16][17] - The company employs AI technology in its R&D processes to enhance efficiency and reduce experimental waste, exemplified by its use of AlphaFold3 in anti-aging serum development [16][17]

7月9日晚间，赛隆药业集团股份有限公司（简称"*ST赛隆""赛隆药业"）发布公告称，公司的控股股东 已变更为海南雅亿共赢科技合伙企业（有限合伙）（以下简称"海南雅亿"），由于目前海南雅亿无实际 控制人，故公司无实际控制人。近年来，赛隆药业因业绩承压、研发投入不足一度濒临退市，海南雅亿 成为控股股东后，将为赛隆药业带来哪些转机？ 控股股东变更为海南雅亿 2025年3月15日，赛隆药业对2024年业绩预告进行修正，修正后，公司利润指标由盈转亏。赛隆药业给 出的修正理由是，随着年审工作推进，结合业务实际情况，对部分销售收入确认进行再次分析，基于谨 慎性原则，部分收入2024年度不予确认，预计减少3963.25万元，减少毛利3395.71万元。在资产减值方 面，赛隆药业针对部分闲置的固定资产进行减值测试，预计将补充计提资产减值准备200万元-450万 元。赛隆药业提示，公司股票交易可能被实施退市风险警示。 4月25日，赛隆药业发布公司股票交易被实施退市风险警示暨停牌的公告。公告显示，赛隆药业2024年 度利润总额、净利润、扣除非经常性损益后的净利润三者均为负值，且扣除后的营业收入低于3亿元。 根据《深圳证券交易所股票 ...

（文/霍东阳 编辑/张广凯） 2019年，毛戈平和博主"深夜徐老师"的一条"改妆"视频将毛戈平"捧上神坛"。 知名化妆师下场做"美妆博主"的"降维打击"让毛戈平吃到了甜头。凭借独创的"东方骨相化妆法"，之后 多次到李佳琦直播间改妆、入驻了B站毛戈平，通过"换头术"一般的化妆技术，进一步的成功带火了其 同名的美妆产品。 在过去的二十五年里，毛戈平搭建起毛戈平美妆品牌、线下专柜和形象设计艺术学校"三位一体"的"毛 戈平宇宙"。在一众"卷低价"的国货美妆品牌中，毛戈平不是唯一将东方审美作为核心理念的品牌，但 毛戈平却是唯一能把国货卖出国际美妆品牌价格的品牌。 在美妆行业，无数品牌以创始人的故事为开篇，却罕有像毛戈平这样，仿佛"毛戈平"三字本身便具备了 光环与魔力，让消费者心甘情愿献上钱包。 "生而高端" 毛戈平从诞生时就锚定了高端的定位。 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 毛 戈平曾在投资者交流会上表示。以自己的名字命名，毛戈平在创立之初就立志要做一个国人为之骄傲的 高端民族化妆品品牌。 基于该定位，品牌也确定了以高端商场为核心的线下渠道战略。 要知道，200 ...

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Core Viewpoint - The focus of the Chinese beauty market is shifting from brand marketing to research and development, indicating a revolution centered on scientific research and manufacturing [1][2]. Group 1: R&D Strategy and Investment - Yatsen E-commerce initiated a "second entrepreneurship" strategy in 2022, emphasizing long-term investment in R&D to build a global R&D system and become a "world-class beauty innovation pioneer" [2]. - Since 2020, Yatsen has invested over 580 million yuan in R&D, maintaining a R&D expense ratio above 3% for three consecutive years, positioning it among the leaders in the global beauty industry [3][6]. - The company has established a comprehensive R&D framework, referred to as the "1-3-4-6-20" global R&D strategy, which includes one world-class beauty factory, three self-built R&D centers, four research directions, six co-built laboratories, and over 20 research cooperation projects [5]. Group 2: R&D Achievements and Innovations - The Yatsen Global Innovation R&D Center, opened in May 2024, features over 300 high-end research instruments and has achieved national certification, marking it as one of the few accredited beauty R&D labs in China [6]. - Yatsen has made significant progress in developing new functional ingredients, such as the "Renewal Essence" component, which utilizes multi-strain fermentation technology for multiple benefits, and the "Lactobacillus infantis" extract, which shows superior skin barrier repair capabilities [6][8]. - The company has successfully commercialized products like the "Bionic Film" essence lipstick, which has sold over 4.5 million units and generated over 600 million yuan in GMV, becoming the top-selling lipstick globally for Chinese brands [10][13]. Group 3: Talent and Collaboration - Yatsen's R&D strategy is supported by a global talent matrix, with 48% of its R&D team holding advanced degrees, enhancing the company's ability to convert cutting-edge technology into market-ready products [16][17]. - The collaboration between Yatsen and international experts has led to significant recognition, including multiple papers presented at prestigious conferences, establishing the company as a leader in the beauty industry [17][19]. Group 4: Sustainability and Future Outlook - Yatsen is committed to sustainable practices, achieving an ESG A rating from MSCI for two consecutive years, and is the only Chinese beauty company to do so [20]. - The company integrates AI technology into its R&D processes, enhancing efficiency and reducing experimental iterations, exemplified by its development of an anti-aging serum using advanced predictive modeling [20][21]. - Yatsen aims to create a complete R&D ecosystem that encompasses basic research, application development, commercial transformation, and sustainable future initiatives, establishing a "Chinese paradigm" for R&D value realization [22][23].