一、美妆护肤高质量发展，离不开新质生产力 按社会零售额对限额以上化妆品单位统计， 2025 年国内化妆品市场零售额预计达 4,700 亿。按中 国香妆协会更宽泛的全渠道交易额口径统计，市场规模预计达 1.1 万亿。无论哪一种统计口径，我 国的美妆护肤行业已然进入万亿级的市场队列，国货品牌的市场份额上也已占据半边天。这一行业 要实现高质量发展，核心驱动力之一也离不开新质生产力的培育与落地。 摘要： 按中国香妆协会最新统计，中国化妆品行业规模预计达 1.1 万亿，国货品牌份额已然超越国际品牌，消费者 对国货品牌偏好也大幅提升。这一万亿级市场要高质量发展也离不开新质生产力，在这新年之初，基于艾瑞 25 年四季度发布的美妆护肤研究报告，一同解码头部国货品牌在智能智造和研发投入上的表现。 首先，新质生产力重塑生产逻辑，推动行业从传统规模化制造向数智化精益生产转型，通过自动 化、智能化设备破解批次波动、品控难题，提升生产效率与产品一致性。并且，新质生产力能强化 技术壁垒，以生物科技、合成生物学等前沿技术赋能原料研发，催生玻尿酸、重组胶原蛋白、多肽 等核心成分突破，支撑功效护肤、医美敷料等赛道崛起。 其次，新质生产力适配消 ...

12月5日至7日，2025腾冲科学家论坛在云南腾冲举办。作为论坛的系列活动之一，南亚东南亚国际知识 产权创新合作研讨会12月7日举行。会上，云南贝泰妮生物科技集团股份有限公司（简称"贝泰妮"） 以"云南特色植物资源的创新开发与产业化实践"为主题进行分享，向国内外专家介绍了贝泰妮在植物新 原料研发领域的实践路径与创新成果。 2023年底，位于香格里拉哈巴雪山的青刺果科研种植基地竣工，基地围绕原料青刺果开展种质研究与优 化，并开展高原特色植物的种植研究工作。同时，基地通过打造农旅结合的生物多样性科普教育展馆， 坚持长期发展理念，推进生物多样性保护的教育与实践。2024年，贝泰妮哈巴雪山西坡生态修复项目正 式启动，通过科学方式保持水土、涵养水源，建设防护围栏，种植当地原生植物云南沙棘、黄花木、油 麦吊云杉、杜鹃等，对珍稀濒危的雅致杓兰和西藏杓兰进行抢救性保护。 建设综合服务平台，赋能科技成果转化 由贝泰妮牵头建设的云南特色植物提取实验室，基于云南特色植物的开发利用，以产业化为导向，聚焦 功效性化妆品、功能性食品以及药品研发。实验室聚焦云南特色植物产业，搭建了功效性化妆品CRO （合同研究组织）产品研发服务平台及CR ...

目前，贝泰妮已构建起多品牌协同发展格局。公司以薇诺娜巩固敏感肌赛道领导地位；以瑷科缦突破高端抗衰领域；通过薇诺娜宝贝覆盖婴童护肤细分市 场；以za姬芮&泊美收购补足大众彩妆和植物护肤空白；实现了消费人群与场景的全方位触达。 在品牌营销上，贝泰妮坚持以专业价值为内核，依托"产学研医"一体化创新体系，通过参与皮肤健康领域国际盛会、发布临床研究成果、推出针对不同肌肤 问题的解决方案等强化专业背书，并通过IP联名等创新方式传递品牌温度。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，贝泰妮荣获"优秀营销案例奖"。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大维 度，以企业财务数据和公开信息为基础建 ...

市场扩容，迎来"奇点" 【导读】电商巨头加速布局，美妆、服饰、啤酒商争抢"分钟级"配送红利 即时零售行业正以惊人的速度扩张。数据显示，2025年即时零售市场规模预计将达9714亿元，并在2030年冲击2万亿元大关，年均复合增长率保持在25% 的高位。 电商平台的数据也在印证这一趋势，阿里巴巴、京东、美团三大巨头在今年第三季度为即时零售业务"烧掉"近600亿元，财报共同描绘出一幅高投入、高 增长的行业图景。 实际上，即时零售早在十年前便以生鲜O2O的形式崭露头角，其间历经了从生鲜O2O、社区团购到即时零售的概念变迁。尽管名称持续更迭，但商业模式 的核心始终未变：消费者线上下单，前置仓配送，送货上门。 2025年，一场以"分钟"为计时单位的零售革命在资本市场掀起波澜。商务部数据显示，今年即时零售市场规模预计将达到9714亿元，同比增长24.4%，距 离万亿元仅一步之遥。 这块万亿元级"蛋糕"正在吸引企业密集布局，也在重构美妆、服饰、食饮等消费板块的投资价值。 经过十余年的发展，即时零售终于摸索出较为健康的商业模型，并在今年迎来爆发"奇点"。华西证券（002926）分析认为，与传统零售相比，即时零售的 商业模式更易 ...

Core Viewpoint - The instant retail market in China is expected to reach 971.4 billion yuan in 2025, with a year-on-year growth of 24.4%, indicating a significant shift in consumer behavior towards faster delivery services [2][5]. Market Expansion - The instant retail industry is expanding rapidly, with projections indicating a market size of 2 trillion yuan by 2030 and a compound annual growth rate of 25% [5]. - Major e-commerce platforms like Alibaba, JD, and Meituan have invested nearly 60 billion yuan in instant retail in Q3 this year, highlighting the high investment and growth potential in this sector [5]. Consumer Behavior - The "post-95" generation values delivery speed more than previous generations, with over 50% preferring same-day or even two-hour delivery [5][6]. - Instant retail meets the demand for immediate gratification, reshaping consumer experiences and brand connections [6]. Channel Transformation - The beauty and personal care sector is experiencing significant growth in instant retail, with brands like Betaini and Proya quickly adapting to this model due to the high demand for timely delivery [8]. - Sportswear brands such as Li Ning and Anta are also entering the instant retail space, enhancing consumer convenience through local store fulfillment [10]. Operational Innovations - Qingdao Beer has successfully integrated instant retail, achieving a tenfold increase in GMV from 2 billion yuan to nearly 20 billion yuan in five years, with a compound annual growth rate exceeding 50% [11]. - Instant retail allows for cold chain delivery, ensuring product quality for sensitive items like fresh beer and frozen foods [10]. Market Dynamics - Instant retail is creating new growth avenues for retail companies, shifting from traditional "goods and space" models to "instant service" approaches [11]. - The "Good Idea Snack Paradise" brand has seen a 200% increase in order volume over three months, with over 90% of new customers coming from online channels [12]. Competitive Landscape - Despite the rapid growth, major players are currently in a "burning cash" phase, with significant cash flow losses reported by Meituan, Alibaba, and JD [13]. - Retail brands face challenges from aggressive platform subsidies and competition from private label products, necessitating a reevaluation of their business models [14]. - Companies that can enhance supply chain efficiency through digital transformation are likely to thrive in the instant retail era [14].

（来源：贝泰妮集团） 转自：贝泰妮集团 近日，中国上市公司协会"2025上市公司董办最佳实践"评选结果正式揭晓，贝泰妮集团董事会办公室凭借在公司治理领域的系统性创新与卓越实践，荣 获"2025 年上市公司董办最佳实践"称号。这一荣誉不仅是对贝泰妮董办团队专业能力的高度认可，也体现了其在推动上市公司治理现代化、以创新引擎 驱动企业长效价值增长方面的标杆作用。 2025上市公司董事会办公室 最佳实践 云南贝泰妮生物科技集团股份有限公司: 荣获2025年上市公司董事会办公室最佳实践, 特发此证。 关注@青刺果雪山小院 直达旷野之外的自然世界 在治理结构创新上，董办团队通过优化成员结构、深度挖掘提升专业委员会职能、打通治理边界，推动董事会从"会议机构"向"行动中枢"转型，显著提升 了决策的科学性与前瞻性。在ESG治理领域，团队助力董事会构建了"顶层设计—执行落地—价值传递"的三级ESG治理体系，推动贝泰妮ESG从"软性约 束"升级为"硬性战略"，将ESG深度融入企业战略与运营。在风控体系建设中，董办团队组织实施董事会制定的"数字化、系统化、前置化"方向及策略， 成功推动了公司风控体系从"成本中心"向"价值创造中心"转 ...

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

Core Viewpoint - Betaini's stock experienced a decline of 1.95% on November 21, with a trading volume of 229 million yuan, indicating a challenging market environment for the company [1] Financing and Margin Trading - On November 21, Betaini had a financing buy-in amount of 16.44 million yuan and a financing repayment of 31.40 million yuan, resulting in a net financing buy of -14.96 million yuan [1] - As of November 21, the total margin trading balance for Betaini was 663 million yuan, with a financing balance of 658 million yuan, accounting for 3.72% of the circulating market value, which is above the 80th percentile over the past year [1] - In terms of securities lending, Betaini repaid 200 shares and sold 100 shares on November 21, with a selling amount of 4,173 yuan, while the securities lending balance was 4.96 million yuan, also above the 90th percentile over the past year [1] Company Overview - Yunnan Betaini Biotechnology Group Co., Ltd. was established on May 13, 2010, and went public on March 25, 2021 [1] - The company focuses on skincare products under the "Winona" brand, emphasizing natural plant-based active ingredients for sensitive skin, with a revenue composition of 84.36% from skincare, 10.07% from makeup, 4.88% from medical devices, and 0.70% from services and others [1] Shareholder Information - As of November 10, the number of shareholders for Betaini was 39,700, an increase of 3.94% from the previous period, with an average of 10,681 circulating shares per person, a decrease of 3.79% [2] - For the period from January to September 2025, Betaini reported a revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%, and a net profit attributable to shareholders of 272 million yuan, down 34.45% year-on-year [2] Dividend Distribution - Since its A-share listing, Betaini has distributed a total of 1.289 billion yuan in dividends, with 844 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 5.8225 million shares, a decrease of 891,800 shares from the previous period [3] - E Fund's ChiNext ETF ranked seventh among circulating shareholders with 3.9167 million shares, down 660,600 shares, while Southern CSI 500 ETF ranked ninth with 2.5835 million shares, an increase of 101,900 shares [3]

Core Viewpoint - The stock of Betaini has experienced a decline, with a current price of 42.74 CNY per share, reflecting a decrease of 2.02% on November 20. The company has faced a net outflow of funds and a significant drop in revenue and profit year-on-year [1][2]. Company Overview - Betaini, established on May 13, 2010, and listed on March 25, 2021, is based in Kunming, Yunnan Province. The company focuses on skincare products under the "Winona" brand, utilizing natural plant active ingredients, primarily targeting sensitive skin [1]. - The revenue composition of Betaini includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [1]. Financial Performance - For the period from January to September 2025, Betaini reported a revenue of 3.464 billion CNY, a year-on-year decrease of 13.78%. The net profit attributable to the parent company was 272 million CNY, down 34.45% compared to the previous year [2]. - Since its A-share listing, Betaini has distributed a total of 1.289 billion CNY in dividends, with 844 million CNY distributed over the last three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Betaini increased to 39,700, with an average of 10,681 circulating shares per person, a decrease of 3.79% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [3].

Core Insights - The Chinese beauty industry is at a critical juncture, transitioning from rapid growth driven by channels and traffic to a focus on brand value and operational excellence [1] - Recent financial reports from leading domestic beauty companies reveal a divide: some are struggling with transformation pains, while others are rebounding due to strong brand value [1] Group 1: Performance Challenges - Beitaini reported a revenue of 3.464 billion yuan for the first three quarters of 2025, a year-on-year decline of 13.78%, with a net profit of 272 million yuan, down 34.45% [2] - In Q3, Beitaini's revenue was 1.092 billion yuan, a decline of 9.95%, but net profit increased by 136.55% to 25.22 million yuan due to cost-cutting and a shift to high-quality growth [3] - Beitaini's operating costs decreased by 15.75% to 889 million yuan, while sales expenses were 1.838 billion yuan, down 8.55% [6] - Furuida's revenue for the first three quarters was 2.597 billion yuan, down 7.34%, with a net profit of 142 million yuan, a decrease of 17.19% [7] - The brand Yailabo's revenue fell by 28.93% in Q3, indicating a significant decline from its peak performance in 2023 [11] Group 2: Successful Turnarounds - Shanghai Jahwa achieved a revenue of 4.961 billion yuan in the first three quarters of 2025, a 10.8% increase, with net profit soaring by 149.1% to 405 million yuan [12] - The company reported a Q3 revenue of 1.482 billion yuan, up 28.3%, reversing a previous decline [12] - The turnaround is attributed to a strategic focus on core brands and effective brand activation under new CEO Lin Xiaohai, emphasizing brand value as a growth strategy [15][18] Group 3: Industry Trends - The beauty industry is shifting towards a focus on brand value and ecosystem building, moving away from reliance on external factors like channels and marketing [19][23] - New brands face challenges due to the fragmentation of channels and rising costs, leading to a need for deeper brand connections with consumers [19][21] - Established brands like Shanghai Jahwa demonstrate resilience through strong brand recognition and emotional connections with consumers, allowing for rapid recovery when strategic adjustments are made [22] - The industry must prioritize building a multi-brand ecosystem and sustainable financial practices, as seen in Beitaini's recent focus on profitability [24]