Investment Rating - The report indicates a positive investment outlook for the wool industry, particularly focusing on leading wool enterprises due to expected price increases and inventory replenishment [1][11]. Core Insights - The wool trend is upward, with a focus on investment opportunities in leading wool companies. After a period of low demand and destocking from 2024 to the first half of 2025, the industry is expected to see a cyclical turning point in the second half of 2025. Downstream demand is gradually recovering, as evidenced by a 42% year-on-year increase in contract liabilities for New Australia Holdings in Q3 2025, and a 12.6% year-on-year decrease in raw material inventory across the industry. This supply-demand dynamic supports a strengthening of wool prices, with the spot price of Australian 19-micron wool rising by 20.44% year-on-year in September 2025 [1][12][13]. - Natural堂 Group has submitted a listing application to the Hong Kong Stock Exchange. As China's third-largest domestic cosmetics group, its main brand, Natural堂, remains a leader among domestic brands. The company focuses on mass-market skincare products, with 68.8% of revenue coming from online channels and a broad offline network. In the first half of 2025, the company's revenue grew by 6.4% year-on-year, aligning with the growth rate of the mass-market skincare industry [1][14][24]. Industry Data Tracking - In October, clothing retail sales began to recover, showing a year-on-year growth of 6.3%, attributed to seasonal promotions and improved consumer traffic due to reduced extreme weather conditions. Jewelry retail also continued to recover, with a year-on-year increase of 9.6% [2][27]. - The cosmetics sector saw a year-on-year retail increase of 9.6% in October, with a significant acceleration in growth compared to September [2][39]. Investment Recommendations - For the apparel sector, Hai Lan Home is recommended for its innovative transformation and strong profitability potential. Li Ning is undergoing operational adjustments, with a potential turning point expected in 2025. In the beauty sector, recommendations include Giant Biological, which has shown resilience, and Jinbo Biological, a leader in collagen products expected to launch new products in the second half of the year. In the gold and jewelry sector, the report recommends Laopu Gold due to its strong brand power amid rising gold prices [3][43].

Group 1 - The core viewpoint of the news is that Naturando Group has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong financial performance and growth potential in the beauty industry [2][3] - For the year 2024, Naturando Group reported a revenue of 4.6 billion yuan and a net profit of 190 million yuan, with a projected revenue of 2.448 billion yuan and a net profit of 191 million yuan for the first half of 2025, reflecting year-on-year growth of 6.4% and 7.1% respectively [2] - The financing is seen as a recognition of the brand's strength and development potential, providing support for its high-end and international expansion strategies [2] Group 2 - The domestic beauty market is experiencing two major trends: "premiumization" and "local brand rise," with increasing consumer demands for efficacy and safety driving brands to enhance R&D investments [2] - Naturando Group's funding will be directed towards strengthening its "technology + nature" product moat and enhancing online and offline integration through digital methods like live e-commerce and private domain operations [2] - Sustainability has become a key focus in the beauty industry, with Naturando previously launching recyclable packaging and plant-based formulas, and the new financing may further its exploration in green production and carbon-neutral supply chains [3] Group 3 - Experts indicate that the dual benefits of consumer recovery and the rise of domestic brands will not only inject new vitality into Naturando's development but also positively impact the domestic beauty industry, encouraging more local brands to prioritize R&D and innovation [3] - With gradual capital investment and strategic implementation, Naturando is expected to seize opportunities in the new round of industry competition and embark on a new chapter in brand development [3]