对比同为欧莱雅集团旗下的理肤泉和科颜氏，差距更加鲜明。理肤泉依托温泉水核心成分和B5修复 霜、K乳等大单品，在敏感肌赛道建立起清晰的专业认知，与皮肤科医生的深度绑定形成强背书；科颜 氏则以高保湿霜、金盏花水等经典产品持续迭代，线下门店保持运营活力。两者均在功能性护肤品十大 品牌榜单中位居前列，而菲洛嘉的"抗衰""院线"等标签日益模糊，在国货薇诺娜、修丽可等品牌的夹击 下，既失去了高端的话语权，也难以下沉争夺大众市场。 2026年新年刚过，法国老牌护肤品牌菲洛嘉（Filorga）便向中国市场投下一枚"告别信"——天猫官方旗 舰店宣布将于1月31日正式闭店，303万粉丝和曾经火遍社交平台的"十全大补面膜"将一同成为历史。 这并非突然之举：2025年底，品牌微信小程序会员中心已悄然停运；此前遍布一线城市的十余家线下专 柜早已全部关停；抖音旗舰店也清空了所有商品。一个曾在入华三年内业绩暴涨26倍、双十一单日破 亿、跻身涂抹面膜类目榜首的"现象级"品牌，就此在中国全渠道撤退。 菲洛嘉的落幕并非孤例。据不完全统计，2024年至2025年间，超过60个外资美妆品牌相继退出中国市 场，从日系的花王三线全军覆没，到欧美高端的贝 ...

Core Insights - Bilibili's Q3 2025 financial report shows a revenue of 7.69 billion yuan, a 5% year-on-year increase, and a significant net profit of 470 million yuan, with a net profit margin of 6.1% [1] - The report indicates that Bilibili has established a mature positive cycle from quality content to high user engagement and commercial monetization [1] User Growth and Engagement - Daily active users reached 117 million and monthly active users hit 376 million, both setting historical highs, with an average daily usage time of 112 minutes [1] - Monthly paying users (MPU) surpassed 35 million, a 17% increase year-on-year, indicating a shift from content consumers to value payers [3] Revenue Structure and Advertising Performance - Advertising revenue reached 2.57 billion yuan, a 23% year-on-year increase, driven by improved advertising infrastructure and brand recognition [4] - The number of advertisers grew by 16% year-on-year, with significant revenue increases in the automotive and AI sectors, achieving 35% and 90% growth respectively [4] Operational Efficiency - Gross margin improved for thirteen consecutive quarters, reaching 36.7%, while sales and marketing expenses decreased by 13% year-on-year [4] - Bilibili's profitability breakthrough is attributed to its long-term commitment to quality content, with gaming and AI content viewing times increasing by 22% and nearly 50% respectively [4] Brand Marketing and Consumer Engagement - Bilibili has become a key platform for brands targeting young consumers, as demonstrated by successful marketing campaigns during the Double 11 shopping festival [6] - Brands like Kiehl's achieved a 60% new customer rate through targeted marketing strategies on Bilibili [6][8] Future Growth Potential - Bilibili's unique content ecosystem and the launch of the "Flower Fire" and "Take Off" commercial products indicate ongoing expansion of its commercial boundaries [10] - The platform is increasingly viewed as an essential marketing channel for brands aiming to reach young audiences and build long-term brand recognition [10]