2月23日，科丝美诗公布了2025年第四季度及全年财报。2025年全年科丝美诗实现营业收入2.3988万亿韩元，同比增长10.7%；实现营业利润1958亿韩元，同 比增长11.6%。其中，2025年第四季度科丝美诗实现营业收入6010亿韩元，同比增长7.7%；实现营业利润409亿韩元，同比增长2.7%。 科丝美诗在全球化妆品代工领域占据重要地位，是全球最大的化妆品代工企业之一。自1992年成立以来，科丝美诗始终稳居全球化妆品代工行业的龙头位 置，服务客户包括欧莱雅、联合利华、雅诗兰黛等国际品牌，以及花西子、百雀羚等国产品牌。 目前科丝美诗在全球范围内拥有多个生产基地，包括韩国、中国、美国、印度尼西亚、泰国等地，业务涵盖护肤、彩妆、护发、香水等多个化妆品领域。 从整体业绩来看，科丝美诗的表现良好，而且2025年第四季度净利润增幅显著。不过如果将目光放到其他财务指标会发现，2025年第四季度科丝美诗的营业 成本增速较快，同比增长12.7%，高于营业收入的增速。 另外2025年第四季度，科丝美诗的营业利润实现增长，主要得益于降低销售费用即压缩成本，这意味着利润并非全面改善。 科丝美诗还披露，2025年第四季度确认衍 ...

Core Viewpoint - The beauty and skincare industry is undergoing a transformation where consumers are redefining what is worth spending on, shifting from impulsive buying to more rational decision-making focused on efficacy and long-term value [3][4]. Market Overview - By 2025, the beauty and skincare market is projected to reach a sales volume of 454.18 billion yuan, with a year-on-year growth of 9.7%, driven by both volume and price increases [5]. - The market growth is characterized by structural price changes, with a notable increase in the average transaction price due to a rise in the share of functional and mid-to-high-end products [8]. Consumer Behavior - Consumers are increasingly focused on efficacy, experience, and certainty of value, leading to a multi-tiered market with diverse price segments and consumer needs [4][8]. - The low-price segment (0-300 yuan) accounts for 74.1% of the beauty market, while the skincare market sees 56.3% in the same range, with the sub-100 yuan segment experiencing the fastest growth at 20.6% year-on-year [8]. Brand Dynamics - Leading brands are shifting from scale expansion to product innovation, with high-end anti-aging products becoming a significant growth driver, resulting in increased market concentration and share [11][12]. - Mid-tier brands face pressure but can achieve growth through targeted strategies, such as focusing on specific consumer needs like sensitive skin repair or anti-aging for younger demographics [14]. Anti-Aging Market Insights - The anti-aging market is entering a new phase driven by precise technology and widespread demand, with sales expected to reach 129.83 billion yuan in 2025, reflecting a year-on-year growth of 26.3% [15][17]. - Facial anti-aging products dominate the market, with facial care sets and serums leading in sales, emphasizing the importance of ingredient efficacy [19]. Product Trends - The demand for anti-aging products is increasingly focused on core functions such as hydration, wrinkle reduction, and skin repair, indicating a blend of basic skincare and anti-aging needs [24]. - New product innovations in the anti-aging segment are centered around collagen enhancement and multi-functional benefits, with brands like L'Oréal and Estée Lauder leading the way [28][29]. Makeup Market Trends - The makeup market is seeing a shift towards natural beauty and health-focused aesthetics, with sales growth of 15.8% year-on-year, reflecting changing consumer preferences [30]. - The demand for lightweight, hydrating makeup products is rising, with cushion foundations experiencing significant growth, indicating a balance between efficiency and effectiveness [35]. Marketing and Consumer Engagement - Social media platforms are becoming crucial for trend amplification, with discussions around natural beauty and individual expression reshaping consumer decision-making [43][44]. - The beauty and skincare industry is moving towards a competitive landscape focused on technology credibility, efficacy perception, and user understanding, indicating a shift from price-based competition to value-driven strategies [44].

成年人每天总饮水量在1500—2000毫升，少量多次更易吸收。适当增加富含维生素A、E及Omega-3的 食物，如胡萝卜、南瓜、坚果、深海鱼、亚麻籽。尽量减少酒精、辛辣和高糖食物，它们会加重干燥和 炎症。适度运动能促进血液循环，但睡前3小时避免剧烈活动。冬日阳光有助于补钙，但也得讲究适 度，外出时要注意防晒和保暖，避免紫外线与寒风的双重刺激。脸部和双手每天暴露最多，清洁后立即 涂抹面霜和护手霜。 ■在医生指导下规范用药 ■始终把水分留于皮肤 保湿才是冬季护肤的硬核技能。首选含有神经酰胺、凡士林、甘油、透明质酸等成分的产品，这些成分 能在皮肤表面形成保护膜，减少水分流失。洗澡后即刻涂抹，干燥部位如小腿、手臂可适当加量，白天 任何时候感觉干痒都要随时补涂。对于特别干燥甚至起屑的皮肤，可在医生指导下使用10%—20%浓度 的尿素霜，有助于软化角质，提升保湿效果。 ■居住环境和贴身衣着并重 居家室内湿度保持在40%—60%，必要时开启加湿器，并定期清洁设备。避免空调或暖风直吹皮肤。贴 身衣物首选纯棉宽松款，远离化纤和聚酯纤维。羊毛羊绒虽保暖，但不宜直接贴身。新衣服务必充分清 洗，可加柔顺剂但要彻底漂净。 ■饮食和生活 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

（原标题：田朴珺被曝"直播带货翻车"，最新回应） 近日，在多个互联网平台出现田朴珺带货等信息。对此，田朴珺团队工作人员回应称，网上出现的田朴 珺"直播带货""带货翻车"等，都是假新闻。对方表示田朴珺从来没有直播带货。 1月21日，田朴珺团队工作人员对此回应称，网上出现的田朴珺"直播带货""带货翻车"等，都是假新 闻。田朴珺从来没有直播带货，也没有在自己的社交账号挂小黄车商品售卖，田朴珺本人甚至都不做直 播。有部分互联网博主出镜说田朴珺带货翻车，这些都是虚假的信息。 天眼查显示，田朴珺名下曾关联9家公司，目前仅5家公司存续，包括深圳市圣朴骏辉健康管理有限公 司、北京承礼文化传媒有限公司等；3家已经注销，还有1家为迁出状态。 综合自：红星新闻、天眼查 责编：李丹 校对：盘达 据红星新闻，有网友发文称，"田朴珺在昨晚直播售卖980一瓶的面霜，直播广告语说是逆龄黑科技，结 果网友扒出代工厂报价单，同款膏体出厂价12元。""她还在那讲价值不能只看成本，粉丝直接炸锅！今 早该商品全体下架，平台关闭评论，视频停更，一句话也没解释！" 还有部分网友发文，"田朴珺昨晚直播卖松露酱，更离谱的是网友扒出这酱没中文标签也没入境检疫证 ...

Core Viewpoint - Recent reports of Tian Pujun engaging in live-stream selling have been labeled as false news by her team, asserting that she has never participated in live-stream sales [1][2]. Group 1: Incident Overview - Multiple internet platforms have circulated information about Tian Pujun's alleged live-stream sales, including claims of her selling a face cream priced at 980 yuan, which was criticized for having a factory price of only 12 yuan [2]. - Additional claims surfaced regarding her selling truffle sauce, which lacked proper labeling and import certification, leading to significant backlash from viewers [2]. - Following these allegations, the products were taken down from the platform, and the comments section was disabled, with a notable drop of 80,000 followers in one day [2]. Group 2: Company Background - Tian Pujun is associated with nine companies, of which five are currently active, including Shenzhen Shengpu Junhui Health Management Co., Ltd. and Beijing Chengli Culture Media Co., Ltd. [2][3]. - Three companies linked to her have been deregistered, and one is in a state of migration [2].

封图来源|田朴珺微博 责任编辑：刘万里 SF014 封图来源|田朴珺微博 近日，多个互联网平台出现田朴珺带货等信息，有网友发文称，"田朴珺在昨晚直播售卖980一瓶的面 霜，直播广告语说是逆龄黑科技，结果网友扒出代工厂报价单，同款膏体出厂价12元。""她还在那讲价 值不能只看成本，粉丝直接炸锅！今早该商品全体下架，平台关闭评论，视频停更，一句话也没解 释！" 还有部分网友发文，"田朴珺昨晚直播卖松露酱，更离谱的是网友扒出这酱没中文标签也没入境检疫证 明，三无产品直接上架。""直播间被限流，一天掉粉八万，评论区全在骂割韭菜。"红星新闻记者注意 到，这些文案中都配有田朴珺的照片，但是并没有照片能够清晰看出田朴珺正处于直播带货状态。 据红星新闻，1月21日，田朴珺团队工作人员对此回应称，网上出现的田朴珺"直播带货""带货翻 车"等，都是假新闻。对方表示田朴珺从来没有直播带货，也没有在自己的社交账号挂小黄车商品售 卖，田朴珺本人甚至都不做直播。有部分互联网博主出镜说田朴珺带货翻车，这些都是虚假的信息。 近日，多个互联网平台出现田朴珺带货等信息，有网友发文称，"田朴珺在昨晚直播售卖980一瓶的面 霜，直播广告语说是逆龄黑 ...

2026.01. 21 封图来源｜ 田朴珺微博 近日，多个互联网平台出现田朴珺带货等信息，有网友发文称，"田朴珺在昨晚直播售卖980一瓶的 面霜，直播广告语说是逆龄黑科技，结果网友扒出代工厂报价单，同款膏体出厂价12元。""她还在 那讲价值不能只看成本，粉丝直接炸锅!今早该商品全体下架，平台关闭评论，视频停更，一句话也 没解释!" 还有部分网友发文，"田朴珺昨晚直播卖松露酱，更离谱的是网友扒出这酱没中文标签也没入境检疫 证明，三无产品直接上架。""直播间被限流，一天掉粉八万，评论区全在骂割韭菜。"红星新闻记者 注意到，这些文案中都配有田朴珺的照片，但是并没有照片能够清晰看出田朴珺正处于直播带货状 态。 | | ○ 爱企查 专业首企业新刊登 | 查老板,出朴珺 | | kin 管一下 | | | 应用 · w 老户特惠 HAF | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关联企业 8 | | 投资信息 9 | 爱企查图谱 | 风险关注 | 合作伙伴 7 | 新闻资讯 | | 历史信息 1 | | 所有任职企业 7 | | | | | ...

Core Viewpoint - Lin Qingxuan is positioned as a leading high-end domestic skincare brand in China, focusing on camellia oil-based products and the concept of "oil-based skincare" [1][4]. Company Overview - Founded in 2003, Lin Qingxuan has a concentrated and stable shareholding structure, with founder Sun Laichun holding approximately 71.34% of the shares [1]. - The management team, led by Sun Laichun, has over 20 years of industry experience, contributing to strategic and brand development [1]. Financial Performance - Revenue is projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a CAGR of 32.7% [1]. - Net profit is expected to turn from a loss of 6 million yuan to a profit of 187 million yuan, with a year-on-year increase of 120% in 2024 [1]. - In the first half of 2025, revenue reached 1.052 billion yuan, a year-on-year increase of 98.3%, and net profit was 182 million yuan, up 109.9%, with a net profit margin of 17.3% [1]. Industry Trends - The skincare market in China has reached a scale of 400 billion yuan, with significant growth potential compared to Europe and the U.S. [2]. - The facial essence oil segment is experiencing rapid growth, with a CAGR of 42.8% from 2019 to 2024, significantly outpacing the overall industry growth [2]. - The high-end skincare market is expected to expand to 218.5 billion yuan by 2029, driven by the mainstream adoption of the "oil-based skincare" concept [2]. Product Development - Lin Qingxuan's core product, the camellia oil essence, has undergone five iterations and has sold over 45 million bottles, maintaining the top position in the national facial essence oil sales for 11 consecutive years [3]. - The product matrix is expanding with stable growth in sales of creams and essence waters, contributing to a second growth line [3]. - The company has established a professional R&D team and developed key ingredients through innovative processes, enhancing product efficacy [3]. Market Positioning - Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China for 2024, holding a market share of 1.4% in a market dominated by international brands [3]. - The company has built a comprehensive business model that includes a core product matrix, deep channel layout, and collaborative operations across the entire supply chain, enhancing brand recognition and customer loyalty [4].

Core Viewpoint - The article highlights the transformation of duty-free shopping in Hainan from a focus on "travel souvenirs" to an emphasis on "quality living," driven by favorable policies and promotional activities that enhance consumer experience and attract more shoppers [1]. Group 1: Duty-Free Shopping Growth - Hainan's duty-free shopping has seen significant growth, with a total shopping amount of 4.86 billion yuan and 745,000 shoppers from December 18, 2025, to January 17, 2026, marking year-on-year increases of 46.8% and 30.2% respectively [2]. - The average daily consumer spending in Hainan's duty-free stores remains high at approximately 160 million yuan, indicating robust consumer interest [2]. Group 2: Consumer Experience and Policy Enhancements - The continuous improvement of the duty-free policy allows eligible local residents to purchase 15 categories of goods without limits on the number of purchases, enhancing convenience [3]. - The expansion of the tax exemption list to over 6,600 items, including new categories like robotic vacuums and high-end appliances, reflects a shift towards quality living [3]. Group 3: Tourism and Retail Synergy - During the New Year holiday, Hainan welcomed 2.1716 million tourists, with total tourism spending reaching 3.136 billion yuan, both showing over 25% growth year-on-year [4]. - Events like the TF family New Year concert in Sanya effectively converted tourist traffic into retail sales, with 303,000 visitors to duty-free stores generating sales of 333 million yuan [4].