这是新消费智库第 2 6 6 6 期文章 新消费导读 . . . . . . 4. Giorgio Armani 与 KITH 再度联袂发布全新系列 继 2024 秋冬系列合作之后， Giorgio Armani 与纽约街头时尚品牌 KITH 再度携手，推出全新联名系列 "ESTATE" ，首次同时涵盖男 装与女装。 （ 时尚无国界 ） 5. HOKA 推出全新鞋款 一周新品 1. 简爱超级桶荔枝杨梅风味发酵乳新品上市 1. 简爱超级桶荔枝杨梅风味发酵乳新品上市 2. 茉莉奶白推出恋夏漂亮水系列 3. 三顿半携手迪士尼《疯狂动物城》推出最新产品系列 4. 古茗携手吴彦祖加码咖啡业务 5. 专业跑步品牌 SOAR 进军中国市场 6. 霸王茶姬全国首家茶苑主题店将开业 7. 南酸枣糕齐云山冲刺港股 IPO 8. 植物医生冲 IPO 9. 梦龙冰淇淋独立运营 10. CHALI 潮养系列上新 11. 白鹤酒造 跨界做美妆 12. 巴黎欧莱雅推出 AI 美容助手 13. 悦诗风吟正式关闭海外旗舰店 简爱超级桶荔枝杨梅风味发酵乳新品上市。新品精选优质荔枝杨梅原料，不含色素、明胶、果胶、防腐剂、复原乳、食用香精，采用 1 ...

Core Insights - Hologic (HOLX) is currently attractively priced with a Value Score of B, trading at a forward five-year price-to-sales (P/S) of 3.39X, which is lower than its median of 4.33X and the industry average of 4.14X [1][4] - The company has faced a tough macroeconomic environment, resulting in a 10.8% year-to-date decline in shares, underperforming the industry and S&P 500 [5] - Despite returning to top-line growth in Q3 of fiscal 2024, fiscal 2025 has shown mixed performance with a 0.9% revenue increase in Q1 and a 1.2% decline in Q2 [7][10] Valuation Comparison - Hologic's P/S ratio of 3.39X is favorable compared to peers QIAGEN (3.30X) and Abbott (2.50X), but it trades at a premium to the broader Medical sector's historical average of 2.33X [4] - The company has reaffirmed its revenue guidance but lowered its adjusted EPS forecast to $4.15-$4.25 from $4.25-$4.35, indicating potential challenges ahead [12] Performance Challenges - Hologic's performance has been impacted by a stronger U.S. dollar, a significant drop in Breast Health revenues, and the loss of a $50 million annual revenue stream from HIV testing in Africa [8][10] - Analysts have become increasingly cautious, with the Zacks Consensus Estimate for fiscal 2025 EPS decreasing by 2.1% to $4.19 over the past 90 days [13] Growth Drivers - The Surgical business has shown a 7.6% compound annual growth rate (CAGR) over the last decade, driven by products like MyoSure and the acquisition of Gynesonics [15] - Hologic's strong financial health is highlighted by $169.5 million in operating cash generated in Q2 of fiscal 2025 and a cash position of $1.43 billion [16] Overall Outlook - While Hologic's Surgical division shows ongoing momentum and financial stability, macroeconomic headwinds and declining sales in key areas have negatively impacted performance [17] - The negative earnings estimate trend suggests continued near-term challenges, leading to a less compelling investment case at this time [18]

行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 美容护理 2025 年 07 月 06 日 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 25H1 收官国货表现分化，毛戈平等领衔增长 看好 ——化妆品医美行业周报 20250706 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 6 月 27 日至 2025 年 7 月 4 日期间，申 万美容护理指数下滑 0.6%，表现弱于市场。其中，申万化妆品指数下滑 1.5%，弱于申 万 A 指 2.7pct；申万个护用品指数上涨 0.7%，弱于申万 A 指数 0.4pct。 ⚫ 周观点：25H1 收官国货表 ...

本周，悦诗风吟海外闭店、巴黎欧莱雅推出AI美容助手、总统推出自有品牌香水。 来源 | 聚美丽 作者 | tt 想了解全球化妆品行业发生了什么？本周 (2025年6月30日—7月4日)全球资讯第364期，将聚焦全球企业裁员、人事变动，新美妆品牌诞生，以及美妆企业 与AI加强合作等内容展开。 从本周国际品牌的动向来看，虽受全球经济下行和关税影响，美妆行业仍然面临着重重挑战，但是美妆行业待挖掘空间依旧吸引了不少企业跨界入局。 此外，各个企业裁员消息频传，可见，当前经济下行波及到了美妆行业，形势不容乐观。除此之外，在本周，包括科赴等的国际美妆企业，高层人事变动 不断，通过业务结构的改革和优化来应对危机。还有知名韩妆爱茉莉太平洋旗下品牌，悦诗风吟海外旗舰店闭店等新闻值得关注。 美容仪市场竞争加剧 6月30日，据MAEIL BUSINESS NEWSPAPER报道，LG家居与健康护理 (简称:LG)从LG电子手中收购了美容设备品牌LG Prael，布局美容设备业务。由于 当下"K Beauty"的流行，化妆品和家用电器之间的界限被打破，这也意味着美容仪市场的竞争将进一步加剧。 根据全球市场研究公司Research & M ...

Genius™ “designed to mimic natural intelligence”VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSD) ("VERSES'' or the "Company”), a cognitive computing company specializing in next-generation agentic software systems, has been featured in Psychology Today. “VERSES AI’s Genius model is different,” said Grant Hilary Brenner MD, (Distinguished Fellow of the American Psychiatric Association) in the article, “Developed by computational psychiatrist Karl Frist ...

中国亚洲经济发展协会副会长申坤在 "跨国企业在华投资机遇无限，中国企业全球化前景广阔" 的主题 致辞中提出，在全球经济新周期下，科技革命与产业变革正重塑经济逻辑，企业面临产业链重构的挑战 与机遇。中国凭借超大规模市场、全产业链优势及政府支持，战略价值凸显。跨国企业可抓住中国消费 升级机遇，利用完备产业配套和高效运营环境，创新业务模式，破局周期，实现跨越式发展。 多行业领军者共绘创新实践图谱 （原标题：第七届全球商业领袖论坛启幕 共探新周期下商业变革路径） 6月27日，由经济观察报社主办的第七届全球商业领袖论坛以线上形式盛大启幕。 作为连接中外商业智 慧的年度活动，论坛吸引了奥的斯、3M、美敦力、联想凌拓、冯氏集团、特灵科技、朗盛等跨国企业 高层，以及行业专家和媒体高层云端聚首。与会者以 "新周期、新使命、新格局" 为轴心，围绕数字经 济纵深发展的实践路径、"双碳" 目标下的绿色产业机遇、跨国企业在华战略升级等前沿议题展开深度 对话，为全球商业在系统性重构期提供破局思路。 以创新破局周期，洞见中国市场战略价值 经济观察报社执行总编辑文钊在开幕致辞中系统阐释 "新周期" 的时代特质："我们所说的新周期，有别 于通 ...

Industrial AI firm plans to use Genius for Smarter Manufacturing at Global 2000 CustomersVANCOUVER, British Columbia, June 24, 2025 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSD) ("VERSES'' or the "Company”), a cognitive computing company specializing in next-generation agentic software systems has signed Algo8 as a Genius enterprise customer. Algo8 also plans to become a certified Genius reseller. Algo8 is an industrial AI company serving asset-heavy Fortune 500 and Global 2000 customers su ...

IT Solutions Provider Will Use VERSES' Genius Platform to Improve IT Workforce Scheduling and ProductivityVANCOUVER, British Columbia, June 23, 2025 (GLOBE NEWSWIRE) -- VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSD) ("VERSES" or the "Company"), a cognitive computing company specializing in next-generation agentic software systems, has signed Kalosys, an AI-driven IT solutions provider, as an enterprise customer. Kalosys plans to become a VERSES-certified Genius reseller. Kalosys helps organizations adopt and sc ...

"每一次打开衣橱的时刻，都是开启新一天生活的序幕。" 这是都市人每日的风格启幕仪式，也是服饰映照人生态度的真实注脚。 2025秋冬，爱马仕勾勒出兼具内敛力量、随性魅力与微妙复杂性的主角形象，为都市探索者构建专属衣橱；路易威登将实用计时功能与精湛工艺 碰撞，呈现 "精致与功能共生" 的设计哲学；迪奥则打破正式与非正式的界限，以松弛的廓形与严谨剪裁的创意碰撞，演绎极具辨识度的当代风 貌。 游走于都市肌理与自然场域之间，当代衣橱正模糊着精致与功能的固有边界。Donald Glover 与 Moncler Genius 的首个合作系列，从田野风情延伸 至都市美学，风格低调而内蕴张力；太平鸟则将经典 Polo 衫重新解构编码，使其适配多元都市生活场景。 经典设计的解构与重塑 近日，爱马仕于上海北外滩呈现由女装艺术总监 Nadège Vanhée 打造的 2025 秋冬女装系列第二篇章。 滨水之畔的秀场空间以组合式设计打造，自然与都市景观在此悄然对话：屏风旋转间，陆家嘴充满未来感的天际线若隐若现；霓虹交错中，璀璨 光影映照着摩天大楼的轮廓。承载着城市记忆的黄浦江，折射出这座活力都市的澎湃能量 —— 它在传承中孕育变革，于 ...

Group 1: Government Subsidies and Consumer Goods - The central government will allocate 138 billion yuan in subsidies for the "old for new" consumer goods program in the second half of the year, with funds distributed in July and October [1] - Local governments are expected to provide additional matching funds, totaling approximately 150 billion yuan for the program [1] - The subsidy is anticipated to support the "old for new" initiative until the end of the year, with an estimated 300 billion yuan allocated specifically for home appliances [1] Group 2: E-commerce and Hospitality - JD.com has officially entered the hotel and travel industry, aiming to optimize supply chain costs for hotels through its established supply chain management system [2] - The company is offering hotel merchants a "JD Hotel PLUS Membership Plan" with up to three years of zero commission [2] - Analysts note that JD.com’s entry may trigger a new round of price competition in the local lifestyle sector [2] Group 3: E-commerce Performance Metrics - Alibaba's Tmall reported a 10% year-on-year growth in GMV after excluding refunds during the 618 shopping festival, with a double-digit increase in purchasing users [3] - This marks the first time Tmall has disclosed GMV excluding refunds as a promotional metric, reflecting changes in promotional strategies [3] Group 4: Technology and Software Development - Huawei announced that the number of developers for its HarmonyOS has surpassed 8 million, with over 40 terminal products and more than 30,000 applications in development [4] - The success of HarmonyOS will depend on the continued participation of developers and partners, which is crucial for establishing a sustainable ecosystem [4] Group 5: Corporate Investments and Partnerships - BOE Technology Group plans to acquire a 30% stake in Rainbow Optoelectronics, which may enhance BOE's capacity in the LCD panel production sector [5] - This acquisition is seen as a strategic move for resource integration and redistribution within the industry [5] Group 6: Space Exploration and Safety - SpaceX's Starship experienced an explosion during a static fire test, but the company confirmed that there were no injuries and no harm to surrounding communities [7] - The incident highlights the high-risk nature of hard technology exploration, with previous test flights also facing failures [7] Group 7: AI in Agriculture - Fengnong Holdings has upgraded to a smart agricultural service platform, integrating generative AI models to enhance its product offerings [11] - The agricultural sector has been slow to adopt AI due to various challenges, but this development indicates a potential shift towards more advanced agricultural practices [11] Group 8: Consumer Health Products - Dongfang Zhenxuan has launched its self-operated sanitary napkin line, with sales expected to exceed 10 million yuan shortly after its release [13] - The increasing consumer awareness of health and quality in sanitary products is driving demand for higher quality offerings in the market [13] Group 9: AI in Welding Technology - Sanqiao Welding has introduced an AI system called Arc Genius, which simplifies the welding process by providing optimized parameters based on user input [14] - This innovation aims to lower the learning curve for operators and improve welding precision, reflecting a trend of integrating AI into traditional manufacturing processes [14]