Incense and static gas, live boiled sweet spring, proud as a peacock and Ye Jia rewarded guests, Meng Chen Mulin and Oolong entered the palace … Yin Chao still remembers that when he went to tea with his friends for the first time, he watched the elegant processes and realized an unspeakable beauty.

Text/Lu Xiaoming

In ancient myths and legends of China, many sacred trees were mentioned: building wood, searching for wood, and if wood … Among them, the representative Fusang is composed of two big mulberry trees that support each other. In myths and legends, Fusang is the sacred tree where the sun lives. "Shan Hai Jing Overseas East longitude" mentioned that "there is a hibiscus on the Tang Valley, which was bathed on the 10th and lived in the water. Nine days in the lower branch, one day in the upper branch. "

Such a "god" is not uncommon in Shan Hai Jing. The Classic of Mountains and Seas was written from the Warring States Period to the early Han Dynasty. Together with The Book of Changes and Huangdi Neijing, it is called the three wonderful books in ancient times, and it is an important treasure in China culture and even eastern culture.

After thousands of years, The Classic of Mountains and Seas still affects people’s lives, from which well-known fairy tales such as The goddess patching the sky and Kuafu’s pursuit of the sun and Jingwei’s reclamation evolved. When The Classic of Mountains and Seas is combined with modern fashion, generate can also shine with unique brilliance.

In the chaotic scene, abstract lines with endless changes are selected to show the fractal shape of ancient trees, and the virtual scene uses the visual characteristics of Shenmu, which is more dependent on each other, to create a sense of movement in the still picture. This is a scene in China famous fashion photographer Yin Chao, the founder of SUPER STUDIO’s recent work "Looking at Mountains and Seas"-winding with knots, in which elements such as hibiscus trees are added.

Through five scenes of chaos, knot, Kunlun, fog and magic flowers, Yin Chao shows a prosperous scene from the chaotic state of the beginning of heaven and earth to the wanton growth of everything. In the works, Zhao Liang, a contemporary dance artist in China, joined hands with Tang Shiyi to improvise with the music, taking mountains and seas as inspiration, and expressing with the body, showing the rhythm of ancient oriental myths and conveying the artistic expression of "flowing mountains and seas" between ink and wash textures.

"I think ink painting is the most representative art form in China culture. The natural smudging of ink and pen in the works has become mountains and seas." Yin Chao mentioned that this work has attracted a lot of people’s attention, and also opened up an artistic expression form-expressing China traditional culture in a modern way.

In these years, Yin Chao traveled around China, experienced national culture, and tried to add more elements of oriental aesthetics to his shooting. He hopes to truly tell the fashion that belongs to China people, rather than "fashion-like without rhyme" imitated by technology.

Looking back on his career, Yin Chao mentioned that about 20 years ago, he accidentally opened a fashion magazine and was deeply attracted. "The expression of such beauty is so special that I have never seen such characters, scenes and creations. It is an unprecedented feeling." It is precisely because of this idea that Yin Chao resolutely went to Beijing and tried to gradually enter fashion photography.

Yin Chao spent many years from getting started to getting started. In order to embrace the "beauty of fashion", he worked as an employee in a photo studio for two years and an assistant to a photographer for four years. He once saved money to buy foreign magazines when his monthly salary was several hundred yuan, and studied photography and art history after work.

It takes less than a second to press the shutter, and the camera can generate a photo. This "per second" work seems easy and simple. But in fact, "pressing the shutter" is only a very small link in fashion photography. Pre-planning is often carried out one or two months ago, and the whole "universe" in the photo is constructed with the idea of fashion photographers, which reflects the unique style of fashion photographers everywhere.

For his own lens "universe", Yin Chao used the word "soul" to define it-let the photo have a soul and a story. He hopes that the photos are "flowing", seeing the movement in the stillness, and realizing the stillness in the movement. "Motion and static are relative, depending on metaphysical expression, and they are an internal state." Just like the movement characteristics of "Tai Chi"-absolute movement and relative quietness.

Once upon a time, Yin Chao felt that "fashion" was a kind of aesthetics that people looked up to. Now, this view has long changed. "The so-called fashion is just an expression of beauty that keeps pace with the times and records what is happening now."

In many people’s cognition, "earth" is the opposite of "fashion", which seems to be a derogatory term and is used as an analogy to "not beautiful" Yin Chao thinks this is a misunderstanding. Over the years, he has walked through many places in China and felt the local customs rooted everywhere. "What our ancestors left us is too precious." People often think that the "earth" used to be difficult to connect with modern society, but when Yin Chao integrates it into fashion as a design element, there is a comfortable and decent new experience.

It is Yin Chao’s pursuit for many years to let the world see China fashion about nationality, culture and life.

What is the fashion in China and how to express the story of China people? Yin Chao integrated Beijing Opera, Zen and Guqin into his photography to find those timeless fashions. The idea originally came from a cup of tea.

"When the spring breeze comes in February and March, Shijie knocks on the fire to try new tea." "On a cold night, guests come to tea as wine, and the bamboo stove soup is boiling." In the life of ancient literati, there is no lack of tea. Nowadays, drinking tea is a daily habit of many people in China, but drinking tea is relatively rare.

Incense and static gas, live boiled sweet spring, proud as a peacock and Ye Jia rewarded guests, Meng Chen Mulin and Oolong entered the palace … Yin Chao still remembers that when he went to tea with his friends for the first time, he watched the elegant processes and realized an unspeakable beauty.

At that time, he just received a photo invitation from a foreign magazine, and he thought of moving the tea ceremony into the camera "universe", hoping to share this beauty with you-maybe it will let more people know about tea culture and make tea a way of life for more people. Nowadays, tea tasting has also become a part of Yin Chao’s life. "It is almost a necessary sense of ritual every day."

"China culture has given me a lot of creative inspiration." These explorations and perceptions have continuously enriched his heart. "Besides technology, photography also hides the photographer’s cognition of things", which also affects the expression of his works invisibly. Yin Chao combined fashion photography with China culture and opened a new door. When he entered the field of China culture, he also came to the peak of his creation. "There are too many things to express, and that is a constant source of inspiration."

In Yin Chao’s understanding, western aesthetics is more straightforward and concrete, while eastern aesthetics is metaphysical and more implicit. "I think it is particularly accurate and wonderful to express it with’ rhyme’. It is a temperament and a state."

In daily shooting, Yin Chao often comes into contact with some western art forms, which is really beautiful, but he feels that this is someone else’s way of life, and it seems that there is still some distance from his daily life. "When understanding and expressing oriental culture, it will be more like a duck to water."

Yin Chao feels that fashion photography and cultural heritage are mutually fulfilling. Oriental culture adds luster to Yin Chao’s photographic works, and Yin Chao also hopes to let more people know about it through his own works. His works not only record the current ideology, but also serve as a symbol of cultural heritage, allowing modern people to understand the inside story of oriental culture and the lifestyle and unique symbols belonging to China. "I think this is the significance of fashion photography."

Over the past century, western culture has exerted a wide and profound influence all over the world, and also influenced the lifestyle and life pursuit of many young people in China.

At the same time, with the country’s strength, cultural self-confidence and other factors, the fashion of oriental culture has become more and more popular in these years, and it has gradually returned to public life in a simpler and more acceptable form for contemporary people. The "national tide wind" shows the charm of oriental culture.

"The traditional oriental culture has evolved into a very modern way and has come into our lives." Yin Chao mentioned that many young people are now wearing traditional China costumes, and some products in supermarkets are packaged with inspiration from the past. "Tradition and modernity have been connected, mainly thanks to people’s creativity, especially young people."

Yin Chao mentioned that such a combination is still constantly innovating and is ubiquitous in people’s daily life. Recently, he tried to ride the red flag HQ9 Oriental luxury flagship MPV and felt the oriental charm of "waiting for everything to be harmonious".

"Our generation has known Hongqi Automobile since childhood, and it has appeared in many classic historical photos. Hongqi Automobile is a very representative brand in the modernization process of China." For the recently listed Hongqi HQ9 Oriental luxury flagship MPV, Yin Chao’s first impression is that it is atmospheric and luxurious. "Both the front grille and the body lines can be recognized at a glance-this is the red flag."

In addition to its graceful and graceful appearance, the interior design of Hongqi HQ9 Oriental luxury flagship MPV is also very promising. The beautiful, fashionable and exquisite interior, as well as the super-large car and super-enjoyed space that surpass all products of the same class, bring the ultimate comfort experience. Among them, the exquisite and self-sliding welcome auxiliary board exudes the fragrance of "fragrant rhyme", which makes the sense of privilege and beauty come with pleasure.

"The space inside the car is spacious, the panoramic sunroof is open, the whole light in the car is particularly bright, and the functions carried on the car are also very intelligent and ceremonial, giving people a calm and elegant experience." Yin Chao also noticed that the design of Hongqi HQ9 Oriental luxury flagship MPV used many elements related to traditional oriental culture, such as the flying crane wing lines and landscape painting patterns, which combined tradition with modernity, which was in line with the aesthetics of China people.

The appearance of the atmosphere is luxurious, and the intelligence in the car is luxurious. He feels that this is a manifestation of fashion. "There are both contemporary aesthetics and oriental charm."

Under the background of "subversive" changes in the automobile industry, New Hongqi has always adhered to oriental aesthetics and China culture, and created luxury automobile products with unique China essence, independent research skills and all things’ strengths. With the arrival of the new Red Flag HQ9, the Red Flag brand is telling the story of China and striving for the dream of China with the charm of harmonious, harmonious and beautiful national cars.

If you want to take a group of photos for the Red Flag HQ9 Oriental luxury flagship MPV, Yin Chao said that such a lens "universe" would be an atmosphere full of China Zen, which is both atmospheric and simple.

(special topic)

Football in China has always been an important part of domestic sports. However, due to historical and practical reasons, the development of football in China still faces many challenges and difficulties. In this context, the hegemony between Shanghai Harbour and Taishan Mountain in Shandong Province and the outstanding performance of Taishan U21 in U21 League all show the hope and potential of China football.

First of all, the hegemony between Shanghai Harbour and Shandong Taishan is a highlight in China Football League. The two teams showed great strength and competitiveness in this season’s league tournament, which kept the suspense of the championship until the final round. This competitive pattern not only improves the appreciation and attraction of the league, but also promotes the investment and attention of clubs in the introduction of players and the construction of coaching teams. This healthy competitive environment is very beneficial to the development of football in China.

Secondly, Taishan U21′ s outstanding performance in U21 League also shows the future of China football. This young team showed excellent technical and tactical level and teamwork ability in the competition, which made people have a deeper understanding of the strength and potential of young players in China. These young players not only represent the future of football in China, but also are an important force for the internationalization of football in China.

However, the development of football in China still faces many challenges and difficulties. Among them, the most prominent problems are the low popularity of youth football, imperfect infrastructure construction and irregular management of professional leagues. Therefore, we need more attention and input to promote the development of football in China.

First of all, we need to strengthen the popularization and training of youth football. This requires not only the clubs to strengthen the youth training system, but also the support and participation of all sectors of society. Only by letting more children get in touch with and like football can we cultivate more excellent players.

Secondly, we need to strengthen infrastructure construction and improve the quality and quantity of football venues. This requires not only the support and input of government departments, but also the participation and contribution of all sectors of society. Only by building more high-quality football venues can more players have a better training and competition environment.

Finally, we need to strengthen the management and standardization of professional leagues. This requires clubs to strengthen their internal management and improve their operational level, as well as the support and supervision of relevant departments. Only by establishing a standardized league management system can professional leagues develop more healthily and orderly.

In a word, the development of football in China needs more attention and investment. Only through the joint efforts and support of the whole society can football in China achieve better development and make greater contributions to sports in China.

At 1 am on October 30th, Beijing time, in the 10th round of Serie A in 2023-24, Inter Milan played against Rome at home. In the first half, Charles Hanoglu shot and hit the doorframe; In the second half, Thuram scored the winning goal in the 81st minute, and Augusto hit the crossbar again. In the end, Inter Milan beat Rome 1-0, overtaking Ewan and rising to the top of the standings.

In this game, Roma coach Jose Mourinho was unable to play against his old club because of suspension, but Lu Kaku appeared in the starting lineup of Rome, and he was booed by tens of thousands of Inter fans at Meazza Stadium.

In the 6th minute, Char Hanoglu blasted a long-range shot in front of the restricted area, and the ball bounced back after hitting the doorframe. Then Thuram’s barb hit the door and the goalkeeper got it. In the 7th minute, Inter’s left corner kicked into the restricted area, and lautaro’s header was not strong enough, so the goalkeeper confiscated the ball.

In the 15th minute, dumfries made a cross from the right, Thuram’s header hit the defender, and then his stab was blocked by the goalkeeper. In the 16th minute, Di Marco’s shot on the left side of the restricted area missed the far post.

In the 24th minute, mkhitaryan received the clearance ball before the top of the arc and volleyed it high. In the 38th minute, dumfries made another cross on the right, and pawar, who was inserted into the restricted area, volleyed his right foot and missed. In the 45th+3rd minute, varela got the chance to volley in the restricted area, and the ball was higher than the crossbar. At the end of the first half, neither team scored.

In the second half, it was easy to fight again. In the 48 th minute, Inter Milan’s free kick was hoisted into the penalty area, and Thuram’s header was high.

In the 59th minute, varela crosses the restricted area, Thuram returns the ball in the chest, lautaro volleys with his right foot, and the ball bounces to the ground and is hugged by the goalkeeper. In the 65th minute, Rome won a free kick in front of the penalty area, and chaaraoui took the penalty and hit the wall. Two minutes later, Charles Hanoglu blasted a long-range shot in front of the restricted area, and the ball hit the defender and crossed the bottom line in disguise.

In the 76th minute, Aslani took the ball in front of the restricted area. When he saw that no one had come forward to block it, he hit a long-range shot, and the ball slightly missed the post.In the 81st minute, Di Marco crossed the ball on the left side of the frontcourt, and Thuram, who was inserted into the middle of the restricted area, grabbed the ball and scored a goal. Inter Milan led Rome 1-0.

In the 89th minute, Augusto made a cross on the left side of the frontcourt. Thuram’s outflanking shot in the middle missed. In the 90th minute, Augusto made a long-range shot in front of the restricted area, and the ball hit the crossbar and popped up.

In the end, the whole game ended and Inter Milan beat Rome 1-0.

At 2am, China football once again became the focus of controversy, and this time it was even pushed to the forefront. It originated from a report in Beijing Youth Daily that Song Kai, president of the China Football Association, had a clear understanding of the problems faced by women’s football after watching the women’s football match between China and South Korea. However, this report not only did not calm the fans’ arguments, but also triggered more controversy and discussion.

What is the reason for it It turned out that some fans questioned that Song Kai had a comprehensive understanding of the team’s problems through one game. This doubt is not groundless, because there are many factors that affect the outcome of a football match, including the player’s state, tactical arrangement, game mentality and so on. It seems a little hasty to jump to conclusions just through one game.

Of course, the reaction of the fans is even more enthusiastic. Some fans are skeptical about what Song Kai has done, thinking that he may not have a deep understanding of the real situation of women’s football. Other fans want to see more professional solutions, not just superficial observation. Some fans hit the nail on the head and pointed out that understanding the problem does not mean that we can solve the problem. What we need is real change and progress.

In fact, the development of football in China has always attracted much attention. However, as the fans say, the key to the problem is how to solve these problems. What we need is to dig deep into the root of the problem, find the crux, and then prescribe the right medicine. This requires professional ability, dedicated attitude and long-term patience.

In this regard, fans and friends: What do you think of Song Kai’s statement after watching the game? Do you think he can lead China football out of the predicament? Welcome to leave a message in the comment area to share your views!

At the same time, we expect you to continue to pay attention to our reports, and let us witness the rise of football in China!

At 7: 00 a.m. Beijing time on November 3rd, the latest news came from China Football. According to the domestic media Jinan Times, next year, Taishan U21 team will participate in the 2024 League B in the name of Shandong Taishan B team, and this situation has also attracted the attention and discussion of many fans.

"Jinan Times" wrote: "Yesterday, the final stage of U21 League ushered in the penultimate round of competition. The top two U21 players in Taishan, Shandong Province had a direct dialogue with U21 in Shanghai Harbour.

In the end, Shandong Taishan U21 defeated its opponent with a score of 2-1, winning the U21 League championship this season one round ahead of schedule, and at the same time locking in the qualification for next season’s Chinese B League. "

According to the report of Jinan Times, Taishan Mountain in Shandong Province decided to let U21 team play in League B in the new season. Although the media did not disclose more information, the echelon of Taishan Mountain in Shandong Province was able to play in League B, which was not only good news for China football, but also attracted many fans’ praise in unison.

Some fans said: "Yes, we can continue to develop the U series league. The exposure of young players will increase and the development will be better." Some fans also said: "The youth training is well done. If there are 10 Luneng in China, it will not be so. At least Luneng has trained a large number of players such as Wang Yongpo, Han Peng, Liu Binbin, Zheng Zheng, Zhou Haibin, Wei Shihao, Xinghan Wu, Wang Tong, Fang Hao and Liu Yang. Only the Genbao base can compete with it. "

Of course, some fans said: "This is the real contribution to the national football. Some people in the comment area will say that Luneng has trained a few winners. Before asking this question, ask how many winners your home team has trained for the country. If you often pay attention to the leagues at all levels in China, you will find that there are countless players who have gone out of Luneng Football School. At least Luneng has done it and persisted for so many years, which is worthy of recognition! "

Chupin, 21st Century Innovation Capital Research Institute

With the rise of Z generation and social platforms in China, in the past two or three years, a large wave of e-commerce has appeared in the outlet of new consumption, and countless new consumer brands have sprung up. With the help of online celebrity’s new traffic portal, through cooperation with Li Jiaqi, Viya and massive Xiaohongshu KOC, it seems that the brand has become popular and "out of the circle" overnight.

Behind the rapid rise of domestic beauty is the blessing of capital. According to the "2021 Beauty Industry Trend Insight Report" released by CBN Data, in 2020, the beauty industry disclosed that the investment and financing amount was 4.812 billion yuan, a growth rate of 324% compared with 1.135 billion yuan in 2019. With Dongfeng, Perfect Diary and Winona’s IPO, Winona’s parent company Betaine (300957) went public in March this year.

Starting with flow

Back in 2016, Huang Jinfeng just stepped down from Yu Nifang and established Yixian E-commerce (YSG.N). The company name is Huang Jinfeng to pay tribute to his alma mater, Sun Yat-sen, and Chen Yuwen and Lu Jianhua, the co-founders of FMCG brand, are friends of Huang Jinfeng’s college classmates for many years. Zhang Lei of Gaoyan Capital once asserted that China must have a chance to give birth to a new L ‘Oré al, but is the "new L ‘Oré al" a perfect diary? Perhaps it is still open to question.

Undoubtedly, the capital blessing of the "golden owners" has provided it with a steady stream of power. Since March 2017, Yixian E-commerce has launched the first perfect diary of cosmetics brand. With its cost-effective products featuring "big brand replacement", it has a consumer group that meets its positioning among many high-end brand cosmetics. Whenever users have complaints about the experience of perfect diary products, there will always be something like "only a few tens of dollars, what else do you want!" Comments. In a short period of three and a half years, Yixian E-commerce has completed seven times of financing and gone to IPO, and the capital lineup behind it is also extremely luxurious, including Gaoyan Capital, which holds 13.8%, Zhenge Fund, which holds 10.5%, and Gaorong Capital, which holds 9.2%, as well as many big-name investment institutions such as Boyu Capital, Tiger Global and Sequoia China. It has been revealed that in last year’s round of financing, "new shareholders came in by grabbing, otherwise they were done by old shareholders."

Obviously, the business model of Perfect Diary is the most typical "Internet play" in recent years. It was pushed to the market after relying on funds to seize the market crazily, and its fast-moving speed is also a "double-edged sword". According to the national enterprise credit publicity information system, there are 38 patents of Perfect Diary (Yixian E-commerce), all of which are appearance patents, and there is no core R&D patent information such as component technology.

From 2018 to 2020, the sales and marketing expenses of Yixian e-commerce were 309 million yuan, 1.251 billion yuan and 3.412 billion yuan, respectively. The overwhelming advertisements revealed the new generation of consumers’ cognition of the perfect diary. In fact, spending money on marketing has achieved a lot. Generation Z has gradually become the main force of consumption. Nowadays, brands can quickly establish consumers’ minds and brand awareness by using the effects of online celebrity and stars. Packaging theme design with "ingenuity" and "face value" and cross-border joint names can quickly capture consumers’ hearts. In the beauty track, cross-border joint products have exploded in just three years, with a growth rate of nearly three times.

The turning point occurred in February 2018. The keen marketing team of Perfect Diary found that many users published brand color testing and grass planting content on Little Red Book. Planting grass on the surface is actually dark and wide, which makes Perfect Diary see the possibility of new users’ growth. The data shows that in June 2017, the number of users of Little Red Books was only 50 million, but it surged to 100 million yuan in March of the following year, and the user activity was close to 30 million, three times that of a year ago. Perfect Diary rode the express train of Xiaohongshu, and the sales volume was singing all the way.

Product dilemma

However, beauty brands have to speak with products after all. Despite the large number of new products on the Perfect Diary, there is still no impressive and timeless big single product. On the cost side, big single products do not need to be upgraded repeatedly, which is difficult to be eliminated and does not require high new product promotion fees. However, the money of the perfect diary is spent on advertising, and the product research and development that needs real money most is far from enough. Perfect Diary’s R&D expenditure in 2020 is only 67 million yuan, accounting for 0.93% of revenue. In 2018 and 2019, it is only 3 million yuan and 23 million yuan.

As a result of the lack of research and development, although the products are dazzling, they have always changed their forms and the repurchase rate is not optimistic.According to the data of CICC Research Institute, after trying to cooperate with Xiaohongshu, Tik Tok and KOL, the sales of Shiseido, L ‘Oreal and Estee Lauder all increased by more than 60% in 2020, while the sales of Perfect Diary increased by only 22%. In addition, another major "injury" of Perfect Diary is its low gross profit, which positions the brand as "big brand replacement", but its gross profit margin is 10% to 20% lower than that of Estee Lauder and Huaxi Bio. If you want to break the dilemma of low gross profit, the simplest and most direct way is to raise the price, but rashly raising the price will inevitably affect the biggest "advantage" of the perfect diary-cost performance. Therefore, Perfect Diary came up with the method of "reducing the quantity without reducing the price". Under the condition of normal lipstick net content of 3 to 4 grams, the "small heel" lipstick is only 0.8 grams.

At present, there are more and more enterprises on the national makeup track, and with the extrusion of foreign competing products, "cost performance" is no longer the most important cornerstone for domestic products to break through. At the moment when market recognition is increasing, quality is the goal that domestic beauty brands need to pursue.

Today, the domestic beauty industry has a perfect supply chain and industrial chain, which provides a very fertile soil for domestic brands to go to sea.According to CBNData’s "2021 Beauty Industry Trend Insight Report", Guangzhou has become a well-deserved incubator for new beauty consumer brands.According to the report data, nearly three-quarters of Tmall sellers in Guangzhou are mainly engaged in "face value industry" such as beauty care, which is 1.6 times of the national proportion; Guangzhou has more than half of the number of domestic cosmetics companies filing.In the past three years, the sales of Guangzhou beauty and skin care brands on Tmall platform have nearly tripled, such as Perfect Diary, Flower West, Tangduo, Zhiben and Runbaiyan.

Obviously, the biggest possibility for domestic brands to choose to go to sea is that their domestic losses are serious, and they urgently need to open up new markets and take international routes to raise prices for future research and development of high-end products.With the listing of Yixian e-commerce, I once said that I would take the perfect diary of domestic brand Thorn Road. The best interpretation of going out to sea is to try to acquire international brands and then turn to high-end market development.On October 30, 2020, Perfect Diary announced that it had reached an agreement with Pierre Fabre Group of France to acquire its high-end beauty brand Galénic；; On March 2, 2021, Perfect Diary said that it had reached an agreement with Manzanita Capital, a venture capital institution headquartered in London, to acquire its high-end skin care brand "Hermes in makeup remover" Eve Lom.The successive high-end acquisitions have made Perfect Diary’s cash flow tight. According to the annual report, the net cash flow generated by Perfect Diary’s annual business activities in 2020 was 983 million yuan.

At present, the most popular beauty products are lipstick, eye shadow and blush. According to the data of China Commercial Industry Research Institute, the export volume of beauty cosmetics and toiletries in China in 2020 is 999,000 tons, up by 4.3% year-on-year. With the help of e-commerce brands such as Tmall and Amazon, it is easier for new brands to go to sea.

In the future, it is still unknown that the perfect diary plan will cost billions of dollars in marketing expenses. However, when the heat and sales shine, will the perfect diary develop "luminous" products that will make the market refreshing?What consumers are more concerned about is how to gain a foothold in the market where new products are repeated after eating the perfect diary of traffic bonus.

The product business model of Perfect Diary is DHC, that is, Direct to Customer. In the list of foundries published in Perfect Diary, Ying Teli, Kosmeishi, Shanghai Zhenchen, etc. are all foundries of internationally renowned big-name nature halls, Polaiya, Dior, Chanel and Maybelline. With years of OEM experience,These foundries also have both design and R&D capabilities. It is not difficult to understand that behind the endless stream of new products, the R&D expenses account for only 0.9%.What will be the next step of the perfect diary under the loss? Obviously, the product quality of Perfect Diary can’t compete with the same brand, but the price is in an awkward position of "more than enough, more than enough". Consumers are paying for its "eye-catching" theme and packaging, and the name of "ZARA in beauty industry" is well deserved.

Although the performance of Marubi Co., Ltd. (603983) does not rely too much on marketing, it is also labeled as "single product". Marubi Co., Ltd. has three brands: Marubi, Chunji and Love Fire, and its core brand and revenue force are Marubi, which accounts for more than 90% of the company’s total revenue all the year round.

The advantage of Marumi lies in the solid foundation of its inherent customers. Since 2017, Marumi’s net interest rate has always remained between 20% and 30%, and Polaiya (603605) has also remained above 10%.

Track change

It is not easy for Marubi to cultivate high-end products and face the fierce competition in the cosmetics market with high gross profit margin when only Marubi brand stands out.Marubi’s gross profit margin in the first quarter of 2021 was 63.91%, which was 2.29 percentage points lower than the 66.20% at the end of 2020. Compared with the gross profit margins of benchmark enterprises Polaiya (64.09%) and shanghai jahwa (64.56%) in the first quarter of 2020, Marubi no longer has the advantage of high gross profit margin.

At the moment when the explosion of beauty products has sprung up, Marubi shares urgently need to find new consumption points to make consumers pay for high prices, so as to seize new profit growth points and highlight the encirclement. It is worth noting that on November 12, 2020, Marubi announced that it planned to abandon the original "make-up" fundraising project. The investment in the new project is estimated to be 276 million yuan, which will mainly focus on skin care products, supplemented by make-up products. After completion, it is expected to add 3,382.5 tons of skin care products and 200 tons of make-up products, fully reaching the annual output value of about 596 million yuan, which will continue to deepen the layout of the company’s skin care industry chain.

From this point of view, Marumi shares plan to abandon the fast-growing makeup track and turn to the skin care track.Not only that, Marumi shares also intend to invest in food and beverage and new retail consumer industries. On October 29th, 2020, Marubi announced that the company intends to jointly invest with several partners to set up an industrial fund with a scale of 100 million yuan, which will mainly invest in domestic and foreign high-quality or high-growth enterprises in consumer industries related to food and beverage, condiments and new retail, so as to build an ecological circle of food industry. One of the limited partners is Shanghai’s "coming to Iraq".Marubi Co., Ltd. said that this investment direction has a certain correlation with the company’s main business, mainly functional foods related to beauty.

The domestic beauty cosmetics who are striding forward all the way, the "circle" is getting bigger and bigger, but it seems to be getting farther and farther away from what people expect.After the rapid rise of national cosmetics with capital, what will be the next step? After the "fan economy" and "face value economy", Chinese cosmetics still need to rely on high-quality differentiated items to gain a foothold in the market.

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Emotion is a part of the whole attitude, which is in harmony with the introverted feelings and intentions in attitude. It is a complex and stable physiological evaluation and experience of attitude. Emotion includes moral sense and value sense, which are embodied in love, happiness, hatred, disgust and beauty.

Emotion is a feeling for others.

A dependence on the soul.

It is also a law of nature.

But all living creatures have feelings more or less.

Generally speaking, you can’t live without worldly desires. Emotion has always been elusive, and it is really puzzling where love and hate come from and what is the meaning.

I’m afraid I’ll fall into the endless trap of "the meaning of life" if I don’t always struggle, so let’s talk simply and don’t involve ourselves.

Let’s talk about how emotions are generated first. From the biological point of view, it is probably that some chemicals produced in our bodies stimulate the cerebral cortex, so we show corresponding emotions. But why do we say "happy" and "sad", as if we should say "brain opening" and "brain injury"? That’s beside the point. Then, why do we produce these chemicals for certain things is also a big problem. Metaphysics, absolute metaphysics.

But there is a saying that existence is reasonable. In fact, many things are like this. We insist on a reason, but we can’t get a conclusion. Then let him be the reason, and let’s talk about the meaning.

My answer is that emotion is the pillar of our survival. Like a person, hate a person, miss a person, chase a person … or simply, it doesn’t have to be "a person". In a word, many sections of life are born of emotions and finally return to them.

Emotion: the feeling produced by the interaction between life phenomenon and human heart.

The objective aspect of emotion: Life phenomenon contains emotion, which can be felt by human brain.

Subjective aspects of emotion: first, even if they live the same life, beautiful people and ugly people feel different about life; Second, when being stimulated by negative emotions and in a bad mood, the ability to feel emotions drops.

Therefore, emotion is determined jointly by life phenomena and people’s hearts, and cannot be determined by one party alone.

Emotion is a relatively fixed attitude towards reality, which is manifested in various experiences related to people’s personality and moral experience.

We often say the word "feeling", for example, a pair of lovers broke up on the grounds that they had no feelings for each other; Another example is: I am numb, and I have no feeling about life. Feeling is the emotion felt from the phenomenon of life, which is determined by both the phenomenon of life and the human heart.

"The producers of Love Language City once again gave outsiders a little shock."

For example, just a few minutes after the live broadcast of the 6th anniversary of the official account of the game was launched last night, the related topics of # Love and Producer 6th Anniversary # rushed to Weibo and bilibili. As of today, there have been six hot searches in Weibo in one day:

At the same time, the producers’ active discussion also made the popularity of Weibo’s super talk of Love and Producer rise continuously, and it rushed to the position of Top1:

As a product that has been on the line for 6 years, it is really amazing that it still has such a strong influence today.

However, if you are interested in "archaeology", you will find that it is common for the topic of "Love and Producer" to be searched in major communities in recent years; The sales of surrounding flagship stores have been on the list of e-commerce platforms for many years; In the offline scenes that many people can’t see, the ladies of the city of love are even more active.

For a long time, people in the industry will naturally attribute the success of Love and Producer to the first-Mover advantage and the gift from the blue ocean market of National B in that period, which can explain its phenomenal explosion in that year, but it cannot explain the consistent enthusiasm and actions of players today after many years.

With the opportunity of the sixth anniversary of Love and Producer, it’s time to find the real answer.

Get on the train in the name of love

I have to say that this anniversary live broadcast provides a textbook example in providing emotional value for female players:

The theme of the whole live broadcast was "Love, Travel and Destination", and the players boarded the sixth anniversary commemorative train with the characters and seiyuu teachers.

At the beginning of the game, the characters in the game "showed their magical powers" in the small theater in the waiting room with the gesture of hand puppets, and took the players to start this love journey with a relaxed, humorous, warm and loving atmosphere. Players can not only see Zhou Qiluo’s and Li Zeyan’s "the name of the dish", but also the "cooperative magic" between Professor Xu Mo and Ling Xiao’s college students, and even have an impromptu RAP with active blood.

Then seiyuu teachers appeared as train attendants, accumulated train energy through interactive games, and took the players to recall the bits and pieces about the characters.

As the journey continues, more surprises come to the players. The game characters have prepared fairy tale books, telling stories about courage and love in the form of fairy tale variants.

In this romantic and touching atmosphere, the train arrived at the terminal and set off the climax of the whole live broadcast:

The five characters personally arranged their own confession platforms, and the tokens representing precious memories and everything about the producers were displayed in this exquisite and romantic platform. In the personal songs of the characters, they slowly tell the past with the producers and express their eternal love and initial heart.

The sense of atmosphere, ceremony and immersion are all taking care of the players’ rich and delicate hearts. Gyro Jun, who watched the whole process, also saw what is called a barrage like a mountain call and tsunami:

This cross-dimensional two-way trip not only gave me a concrete experience of the sincere and profound feelings between the characters and the producers, but also gave me a more intuitive feeling of the attitude and operational ability of the team of Love and Producer.

It is self-evident that major product nodes such as anniversary are critical to product operation, especially for female-oriented games where players have invested a lot of delicate emotions, its position is more prominent.

It can be seen that the "Love and Producer" team went all out in this activity: it lasted for 120 minutes, and the combination of hand puppet performances, animation scenes, live shooting and other forms brought a rich viewing experience. The link between each link constantly promotes the player’s mood, and the beautiful scenery and the orchestra’s passionate performance create an unparalleled audio-visual feast.

Therefore, it is not so much a live broadcast as a grand party with a lot of resources and careful preparation, which just echoes the hot search # Love and Spring Festival Evening # last night.

Looking through the discussion of players related to Love and Producer, I found that their comments on it are often "initial heart" and "Bai Yueguang".

Even many people think that they are "enough" and "tired" and unload the game, but they will involuntarily return to the love language market every once in a while; There are not a few players who have survived since the opening of the service.

From the player’s point of view, Li Zeyan, Xu Mo, Bai Qi, Zhou Qiluo and Ling Xiao are too attractive to give up. From the perspective of the industry, the source of high loyalty is the absolute grasp of the shaping of diagonal colors and feelings, which is inseparable from the long-term insight into female users and the self-innovation of products that keep pace with the times.

Love women’s long-term operation requires the professionalism of "temperature"

"Now the ladies are eating better and better."

Whenever "Love and Producer" has a big update, it will always receive such comments from players, especially this year. Among the nicknames given by the player group to the paper folding game, "roll paper" (meaning too big) is also quite loud.

In fact, the quality of the sixth anniversary live broadcast is the epitome of the professional ability of the team of Love and Producer. Looking back at the update and development of the game content, I prefer to call it "professionalism with temperature".

The content iteration direction of Love and Producer has always been linked to the increasing demand of female players for diversified aesthetic, emotional and interactive dimensions.

In terms of content shaping, an intuitive performance is that the role card is getting better and better. On the premise that the charm of the characters remains unchanged, the card face of Love and Producer has gradually completed the evolution of 2D→Live2D→ Interactive Live2D, so the charm of the characters has become stronger with the improvement of technical expression.

Another performance is the increasingly rich gameplay in the game. The cute and fat baby image newly launched this year will also accompany the players to spend their leisure time here:

In narrative, the team has been boldly trying to seek breakthroughs in theme, content, form and other aspects to create a sense of freshness for players.

Take this year’s update as an example, there are both ethnic minority themes that reflect the cultural collision and are full of exotic customs, such as Chinese Valentine’s Day’s "Ni Trace in the Mountains and Seas", and western fantasy themes that create an epic and fatalistic sense, such as Halloween’s "The Death of Power".

As far as emotional experience is concerned, the story of a mountain and a sea is more like a cookie, while the story of the disappearance of power is serious, even with a strong tragic color-the former "sends sugar" and the latter "sends knives". Thanks to the profound narrative skills, the two diametrically opposite emotional experiences have won the same high praise among the players, and some players even send videos to study and taste them.

In terms of long-term operation, the "Love and Producer" team also has their unique understanding.

For example,Each character has a unique Weibo account.It has been updated since 2018 and has never stopped. Here, you can see them sharing their daily lives, and it has also become a channel for players to express their love outside the game, and the sense of companionship that lasts for a long time arises spontaneously:

What’s more, the characters will even write clues about future activities in their blog posts, creating a surprise for players who are aware of it and suddenly realize it:

The foreshadowing of the grass snake gray line brings the echo of the experience inside and outside the game, which invisibly enhances the realism of their existence and the sense of trust with the players.

In addition, the meticulous care for players’ emotions is also the advantage of the tour operation.

In the mature interactive form of the game character calling the player, the team of Love and Producer continues to polish the details and strive to improve the player’s experience. For example, in this interactive phone call for the sixth anniversary, they innovatively provided players with 15 seconds of free interaction time-making it a real call that can express their hearts with the characters; Even the last number of the call number is buried with the egg of the character’s birthday, which makes many players feel such "useful details".

On the one hand, all of the above reflects the accumulation and deep cultivation of Love and Producer at the content level, on the other hand, it reflects the team’s deep grasp and care for the psychology, preferences and habits of female users: there is professionalism in temperature, nothing more than that.

Is time a killer? His arsenic is my honey.

To tell you the truth, in terms of age, Love and Producer, which has been online for six years, is really an old game.

However, judging from the marketing actions of this game in recent years, it is hard to say that it is really old. Even because of its solid user base, Love and Producer has taken the ladies to play more and more "wild" and always rushed to the forefront of the Internet trend. The new linkage plan for 2024 announced in this live broadcast includes intangible cultural heritage such as Jiaodong Huabo, cross-border cross-cultural IP such as Sherlock Holmes, and scenes of Xiamen travel, Baidu map, traffic card and COCO milk tea linkage involved in the daily life and work of producers.

In addition to the routine operations of major countries such as milk tea brand co-branding, you can even see that it is linked with the pink rabbit, and the funny and funny expression packs quickly spread among the players:

Or the "earth to the extreme" farmhouse activities, allowing players to achieve epic achievements such as witnessing Li Zeyan selling fish and Professor Xu Mo selling vegetables:

There are also cross-border linkages with high-end brands such as Longines to meet the needs of players at different levels:

There is also a cross-border linkage such as "Love and Producer" X Suzhou Arts and Crafts Industry Association X Suzhou Silk Museum, which brings unique aesthetic experience to players, but also moistens the intangible cultural heritage and the charm of traditional culture in the hearts of players.

Popular and extravagant, funny and serious, modern and traditional, bold and generous marketing planning again and again, repeatedly bringing fresh and interesting experiences to players, it is really necessary to reiterate:

"The ladies are eating better and better."

For many game products, time always plays the role of "killer". However, from "Love and Producer" and its players, I can see that the flow of time can’t erase the enthusiasm, but because of the precipitation of years, this feeling is more meaningful and profound.

In other words, in terms of products rooted in human emotional needs, time is by no means arsenic, or even better than honey-of course, the premise is that the product itself is excellent and deep enough to allow players’ emotions to continue, accumulate and grow. Love and Producer, which has spanned six years, is undoubtedly an excellent example.

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It is an acknowledged fact that "Love and Producer" opened the door to National B; Another fact is that due to the phenomenal achievements of this game, the national B track has long been in a "post-love and era".

This evergreen game, which has been online for 6 years, made me clearly realize that even the paper makers are not necessarily the more "new" the better for those players who infuse life feelings into their characters. They are still waiting for their next, next, eternal anniversary with the characters. The lethality of "Bai Yueguang" not only comes from the glimpse of youth, but also lies in the company and dedication in the morning and evening.

"Beauty" has always been a potential need of all people, and "Yan value is justice" expresses people’s pursuit of beauty. As the main contribution to the sales of the shopping festival and the key category of live e-commerce, the beauty care track has experienced rapid growth in recent years. In this paper, the personal care industry of beauty is analyzed, and its development status and future are discussed in depth to share with you.

The demand for beauty has ushered in a concentrated outbreak in 618.

Just 59 seconds after 0: 00 on Tmall 618, beauty sales broke through 100 million, and personal care broke through 100 million in the third minute, surpassing last year’s full-day sales. Among them, the performance of domestic brands is eye-catching: Perfect Diary put on makeup Top1, and the sales of Red Earth, Meijiajing and herborist exceeded the whole day of last year in 10 seconds, 17 minutes and 50 minutes respectively.

In the early morning report of 618 released by JD.COM, the total amount of orders placed during the 6.1-6.18 shopping festival reached 269.2 billion yuan, setting a new record, and beauty and skin care once again ranked among the TOP3 categories with the largest number of consumers.

Also this month, Liren Lizhuang IPO successfully held a meeting, and if Yuchen followed closely, the beauty agency operation company gained high attention in the capital market.

A beauty protection track that occupies the TOP position in FMCG and outperforms the market under the epidemic.How far has it come? What other opportunities are there? What kind of company is "worth buying"? This issue of "Hua Ying Insight" will be interpreted one by one and discussed with you.

As the main contribution to the sales of the shopping festival and the key category of live e-commerce, the beauty care track has experienced rapid growth in recent years, and many high-quality targets have emerged. Macroscopically, the "three highs" characteristics of the beauty care market-high potential, high flexibility and high dispersion-all bring time and space to young companies. In-depth observation of the track, we also see the rapid changes in the industry, new trends emerge one after another, and many new brands, service providers and other high-quality standards are emerging.

According to Euromonitor Euromonitor data, China is already the second largest cosmetics market in the world, accounting for about 1/5 of the total global market, and its annual growth rate far exceeds that of the United States, Japan and South Korea; At the same time, the per capita consumption is only about 1/6 of the above three.The demand potential is far from being fully released.

The strong growth of beauty care is accelerating. China’s cosmetics agencies have maintained a long-term double-digit growth in total amount.Obviously higher than the overall growth rate of social zero and the growth rate of other optional consumer goods.In 2019, the growth rate of beauty, personal care and household cleaning products led the overall FMCG market.

In the post-epidemic era, beauty care has becomeThe epidemic was relatively unaffected and recovered quickly.One of the categories.

In May, the total retail sales of consumer goods in China was 3,197.3 billion yuan, a decrease of 4.7 percentage points over the previous month. From January to May, the total amount of social zero declined year-on-year, but gradually improved. Among them, cosmetics have become one of the few categories that have achieved growth. In May, the total retail sales of cosmetics reached 27 billion yuan, a year-on-year increase of 12.9%.

In May 2020, the total turnover of cosmetics (beauty and skin care+make-up) on Taobao platform was 20.652 billion yuan, a year-on-year increase of 33.95%. With the recovery of offline passenger flow and the promotion of new online retail model, the consumption boom of cosmetics has improved.

Generally speaking, although the sales volume of the beauty track has decreased and the growth rate has slowed down under the influence of the epidemic, compared with other categories, the growth attributes and growth rate of the track itself are still higher than that of clothing, home appliances, food and jewelry.

Of course, in terms of breakdown, the impact of the epidemic on the beauty care tracks is different.Local uneven heat and coldCare needs such as skin care and family cleansing are released with ample home time and improved health awareness, while demands such as make-up are temporarily sealed by masks of different thicknesses together with facial values.

The pattern of China’s cosmetics industry is relatively scattered. Affected by factors such as the late start of the industry, rapid development and complex consumer groups, as of 2018, China’s cosmetics market CR10 (the top 10 share concentration of the industry) was only 39%, compared with South Korea (67%) and the United States (61%).The industry concentration is low and the long tail effect is remarkable, which brings time and space for new brands.And compared with the high-end market, the mass market where new domestic brands mainly gather is more dispersed.

With the continuous subdivision of user needs and usage scenarios, the product categories of beauty and skin care are becoming more and more refined, which also brings new opportunities to the industry. Take make-up, for example. Although international brands are still standing in the big categories (makeup, lipstick, etc.),However, in recent years, emerging brands have gradually occupied a place in some sub-categories.

After 90/95, it has become the main consumer who can buy more, shop more and adopt early adopters. The time-honored domestic brands such as Baiqueling have become younger, and the cutting-edge domestic brands such as Huaxizi, HFP and Perfect Diary have frequently experienced new explosions. Beauty care has become the second largest category of online live broadcast with fire after food …In recent years, the innovation and change of beauty care industry has been particularly active."New products" and "new markets" deserve attention.

A list of the characteristics of generation Z in the cleaning and consumption of beauty personal care: generation Z has become an opportunity group with fast growth and high UV value. In the process of attracting new customers, it is worth making more efforts to make a key breakthrough for this group.

Open the little red book and brush it with your hand. Nowadays, more and more complicated and meticulous skin care steps and makeup processes make people "open the door to the new world" in minutes. In recent years, there are frequent new products and explosions in the beauty care track, and the product forms and functions are constantly innovating.

Beauty no longer only needs to be displayed to the outside world, but also the process should be pleasant and moving. More and more consumers are beginning to pay attention to the exquisiteness of the whole body and the healing time of self-reward.The annual sales of Ali’s body care/body cleaning category is about 17.5 billion yuan, and the body care market is "expanding". The current bedtime scenes account for as much as 44% of the total skin care scenes. It can be said that if you occupy the bathroom and bedroom, you will occupy a protective highland.

Paying attention to pleasing oneself also brings the fiery concept of fragrance. In the category of body care, many brands are using fragrance elements to add memory points to their products. In the category of cleaning care at home, the fragrance element has also become an important means for new players to break through the traditional monopoly, such as Jasmine Baby’s perfume laundry detergent, which helps the brand premium increase.

Different from the traditional big brands favored by consumers such as silver-haired people and post-80s generation,The beauty care market led by the post-90/95 era is personalized as a whole.Willing to spend time studying the ingredients, efficacy and active ingredients of products, so as to improve the demand for fine care. Led by whitening nicotinamide, all kinds of characteristic components are loved by the "component party" in all categories. For example, in body care, fruit acids are used to remove acne, and in bathing and hair care, amino acids are used to clean and resist damage.

Anti-aging, anti-acne, whitening … In the final analysis, function is the core foothold of product differentiation. Whether it’s the mechanical mask and the cosmeceutical products specially designed for acne muscles, or the rapidly developing new oral beauty industry, behind their great popularity, consumers’ demands for "functionality" and "professionalism" of products are reflected.

User attention transfer, e-commerce content and content e-commerce have brought new ways of planting grass and traffic conversion. In 2019, the GMV of Taobao live broadcast broke 250 billion, and platforms such as Pinduoduo and JD.COM entered the game one after another. 2020 is a well-deserved year of live broadcast.

From the lipstick color test in Li Jiaqi, to the women in Viya buying out big brands of skin care and beauty instruments, to the appearance of shampoo and sunscreen spray in the live broadcast room in Luo Yonghao,Beauty care has always been the second largest category in live broadcast after food and beverage.

New online channels such as "live broadcast with goods" make up for the impact of offline store closure, and live broadcast accelerates penetration in the epidemic. Alibaba’s latest quarterly financial report pointed out that more than half of Tmall merchants use Taobao live broadcast to bring goods, which is much more efficient than traditional offline counter promotion.

At the same time,KA, department stores and CS channelsAlso embrace online when the vacancy rate, store opening rate and passenger flow are not ideal, such as the transformation of offline stores in Polaiya and the establishment of online stores; Lin Qingxuan tried to open up the interests of e-commerce, WeChat applet malls and department stores, and opened up store warehouses and e-commerce warehouses as well as online and offline members; Shiran-CHO will focus on its own APP-CHO League and Tmall flagship store, and offline store service members will deliver goods to your door.

In addition to live broadcast, Beauty Personal Care, as a major consumer of FMCG, faces algorithm-driven platforms such as Tik Tok and Xiaohongshu, and traffic-driven platforms such as bilibili and Weibo.The logic and center of gravity are different.

The traffic dividend peaked and the competition for user duration intensified, which prompted the traffic operation to enter the stage of refined operation from extensive growth. Social e-commerce introduces traffic to various platform stores through online mass delivery, social networks and kol grass planting, or offline BA traffic, which is further transformed into private domain and precipitated through small programs. Through the continuous revitalization of content and data, the brand is finally precipitated into digital assets.For the beauty protection track with perceptual purchase decision and high trust barrier,Private domain operation and heavy service are particularly important at present.

Since 20 years ago, a total of 25 companies in the field of beauty cosmetics and personal care in the primary market have obtained financing.Cosmetics and skin care productsIt is still a hot field, with three and five companies receiving financing respectively.oral cavityThe track has also attracted increasing attention, and a total of four companies have won the bid.

New hot areas includeMale health and beautyAccording to the published data, Cosmetic Contact Lenses projects are mostly concentrated in the vertical e-commerce platform & offline chain brands. In terms of stage, there are many early projects, and most of the projects won are concentrated in the stage of angel’s turn to round A; In addition, a few projects have entered the stage of strategic financing and M&A, such as Perfect Diary’s acquisition of Odin, a cutting-edge beauty brand.

On the other hand, many of the cutting-edge brands that rely on big trees to enjoy the cool air and have performed brilliantly in efficacy in the past two years areSub-brands launched by large companies with R&D strength. Like Yuze in shanghai jahwa, Medrepair and Runbaiyan in Huaxi Bio, and Renhe Pharmaceutical’s drug capital Renhe. Traditional industry giants have perfect technical equipment, sufficient R&D marketing budget and mature business matrix layout, so it is easier to strike a balance between sales growth, marketing and R&D.

In addition to accelerating the development of new products and the speed of new products, the head players have also achieved the extension expansion of the brand through continuous acquisition.For example, Johnson & Johnson completed the acquisition of Ci:z Holdings (the parent company of Chengye Doctor, a cosmeceutical brand); L ‘Oré al acquired perfume brands Mugler and Azzaro； from Clarins; And Unilever, L ‘Oreal, Estee Lauder and Shiseido bid for British cosmetic brand Charlotte Tilbury. In addition, there are also large-scale transactions from institutions. For example, KKR acquired a 60% stake in a professional beauty and hairdressing brand owned by beauty group Coty for $4.3 billion last week.

Overall, the acquisition of beauty giants presents the following characteristics:

• Pay attention to personalized trend brands: these brands are full of personality and are widely concerned by young people on social networks;
• The acquisition is more targeted: consolidating the company’s own strength in some fields as a supplement to the group’s product line;
• Brands with professional background have become popular for acquisition: such as cosmeceuticals, nature, scientific nursing, medical beauty and other keywords;
• Pay attention to the brand with unique products and bright growth.

In addition to the "half of the country" occupied by traditional giants, the choice of categories is very important for new players, and the difficulty of entering different segments of the track is different. We will also continue to pay attention to the following three types of opportunities:

• Potential star track: represented by Cosmetic Contact Lenses, oral beauty, etc.Because there are no powerful giants in these fields, and the fields are small but the growth rate is fast, new players still have the possibility of being small and broad. The development of this field is consistent with the demand growth of new people. Both Cosmetic Contact Lenses and Oral Beauty have certain medical attributes, and both have certain qualification requirements in product production and channel sales. Compared with cosmetics, the entry threshold for skin care is relatively high.
• Breakthrough growth track: represented by Jiaqing, CS channel and individual small household appliances.Although there are strong head players in this field, the self-innovation speed of head players is lower than the development speed of the industry, leaving a certain development time and space for new players; For CS channel, upgrading the product structure and optimizing the user experience are the keys for new players to break the game. For small household appliances, the resource scheduling and quick response ability at the supply chain end are the key to its failure; For Jia Qing, category innovation is the key to its breakthrough.
• The giant monopolizes the track: represented by make-up, skin care and washing.For example, consumers of skin care products have good repurchase, relatively high loyalty, and can play a higher premium. The business matrix layout of strong players is quite mature, and their dominant position is consolidated through R&D and acquisition. New brands need to have the ability to break through single products, and the comprehensive requirements are relatively high.

We believe that online channels will seize the time dividend for new brands to resist international brand competition, and the update and evolution of e-commerce channels such as live broadcast will further penetrate the market demand. The logic of new domestic products representing good goods parity will continue for a long time, and the beauty care track is promising. We also look forward to the birth of more excellent new brands, platforms and service providers in various segments.

"Beauty is a form of genius, sometimes even higher than genius, because beauty needs no explanation." Man’s pursuit of beauty and self-satisfaction never stops.

Author: He Lixin Fu Yazhang Tang Xiaoxu; Wechat WeChat official account: Huaying Capital (ID: Meridian Capital)

This article comes from cooperative media @ Huaying Capital, where everyone is a product manager, by @ He Lixin, Fu Yazhang and Tang Xiaoxu.

The title map comes from Unsplash and is based on CC0 protocol.

(The author of this article is Jianwen Consulting, a cross-border insight into the medical industry)

On the morning of November 28th, the responsible comrades of the Organization Department of the Central Committee attended the meeting of leading cadres in State Taxation Administration of The People’s Republic of China, and announced the central decision: Comrade Hu Jinglin was appointed as the Party Secretary of State Taxation Administration of The People’s Republic of China, and Comrade Wang Jun was removed from the post of Party Secretary of State Taxation Administration of The People’s Republic of China.

A short news of personnel appointment has aroused the attention of practitioners in the entire medical industry.

The Medical Insurance Bureau, whose administrative level is only the deputy ministerial level, has been deeply embedded in the medical and health field of China by virtue of its frequent medical insurance policies in the past five years, and even transformed and reshaped the behaviors of patients, hospitals, enterprises and other multi-stakeholders, and has become the leader of the linkage among the three hospitals in medical reform.

For Hu Jinglin personally, he was born in the financial system, and this time he can be said to return to the fiscal and taxation circle. As the first director of the National Medical Insurance Bureau, if you understand Hu Jinglin, you can understand the work of the National Medical Insurance Bureau in the past five years.

In the eyes of many medical insurance policy observers, the National Medical Insurance Bureau, as a super payer, has successfully completed the phased historical task of "controlling medical insurance fees" in the past five years with a number of policies, such as national talks, centralized procurement, payment mode reform, outpatient co-ordination and individual account reform. Today, the balance of medical insurance funds has exceeded 4 trillion yuan.

But at the same time, the relationship between medical insurance and pharmaceutical industry innovation still needs to be straightened out; After "changing cages for birds", the pace of medical service price reform is slightly delayed; Although medical insurance is forced to go upstream, which can generate great impetus, it is obviously unrealistic to rely solely on medical insurance.

All these call for the National Health Insurance Bureau to make greater achievements in the next five years.

The "tax collector" who broke into the medical system

According to the website of State Taxation Administration of The People’s Republic of China, Hu Jinglin is the Party Secretary of State Taxation Administration of The People’s Republic of China.

Time goes back to five years ago. On May 31, 2018, with the official unveiling of the National Medical Insurance Bureau, Hu Jinglin, who was born in the financial system, became the party secretary and the first director, and entered the medical field.

This appointment has surprised many people in the industry. Looking back now, in the early days of the establishment of the National Medical Insurance Bureau, in order to complete the task of "managing the medical insurance fund", it can be said that it is appropriate for the financial system official to serve as the director of the National Medical Insurance Bureau.

Zhu Hengpeng, director of the Public Policy Research Center of China Academy of Social Sciences, once pointed out that the raising of social medical insurance funds has a quasi-fiscal color, and at the same time, finance is responsible for the funds.

Before joining the National Medical Insurance Bureau, Hu Jing Lin had been deeply involved in the financial system for 20 years, and served as deputy director of the Property Appraisal Department of the Ministry of Finance, deputy director of the Economic Construction Department, director of the Economic Construction Department, chief of staff, assistant minister and deputy minister.

The experience of more than five years in the National Medical Insurance Bureau laid the foundation for Hu Jinglin to return to the fiscal and taxation system.

The aforementioned scholars in the field of public management said that the administrative leaders of various departments belong to policy posts, and they pay more attention to political quality and personal ability than familiarity with the industry, so that the incumbents can fully exercise their decision-making ability.

During his tenure as director of the National Medical Insurance Bureau, Hu Jinglin’s work style was also recognized by the outside world. A researcher in the field of medical insurance told Jianwen Consulting that Hu Jinglin was willing to listen to and absorb opinions from all sides, and his attitude was modest and polite, "unlike those technocrats".

He also revealed that he received many WeChat greetings from the director during the holidays. "This is absolutely not among the officials at the same level I have contacted."

Some observers believe that in the past five years, after the National Medical Insurance Bureau completed the task of "vacating cages", the core of the next step is to promote the task of "changing birds"-the reform of medical service prices. Shi Zihai, the current deputy director of the National Medical Insurance Bureau, is an expert in this field. He has been engaged in policy research in the National Development and Reform Commission for a long time and was once the director of the price department.

Not limited to "controlling fees", supporting innovation is the future direction.

"Through the coordinated development and governance of medical insurance, medical care and medicine, the win-win situation of’ people enjoying benefits, funds ensuring safety, hospitals developing and enterprises growing’ is taking shape."

In May of this year, Hu Jing Lin once commented on the work in the past five years at a series of news conferences on the theme of "the beginning of authoritative departments" held by the State Council.

Look carefully, medical insurance, medical care, medicine; The masses, funds, hospitals and enterprises, as the payer, the Medical Insurance Bureau, traced back to the lower reaches of the industrial chain and used the logic of managing money to connect the whole medical and health system in China, reshaping the medical and health pattern, just like throwing a big stone into an ancient well, which not only caused ripples, but also caused stormy waves.

Before the establishment of the National Medical Insurance Bureau, China’s medical care faced some problems: the adjustment time of medical insurance catalogue was not fixed, and it was only adjusted three times in 18 years, which was difficult for innovative pharmaceutical companies to predict; The drug price is artificially high, and the people’s medical burden is heavy; The logic of supporting doctors with medicine distorts the income structure of doctors; Payment by project is too extensive, excessive medical care is hard to avoid, and medical insurance funds continue to be under pressure.

This chaotic situation was gradually broken after the establishment of the National Medical Insurance Bureau, relying on frequent policies.

There are policies such as medical insurance negotiation, centralized procurement with quantity, reform of medical insurance payment method, individual account reform and outpatient co-ordination, all of which have not caused widespread debate and discussion in the industry and society. However, only by breaking the old system can we rebuild the new system on the ruins.

Specifically, there are some changes worthy of writing: promoting centralized procurement with quantity, the average price reduction of 333 drugs organized by the state is over 50%, and the average price reduction of 8 high-value medical consumables such as heart stents and artificial joints is over 80%; Together with local alliance procurement, the cumulative burden reduction is about 500 billion yuan. At present, the ninth batch of national procurement has included 41 drugs in the list, and the average price of the drugs to be selected is reduced by 58%. It is estimated that the annual drug cost can be saved by 18.2 billion yuan, and the fourth batch of consumables will also be opened this week.

The medical insurance catalogue has achieved "one adjustment per year", and 618 drugs have been added in five years. More than 80% of new drugs can now be included in medical insurance within two years of listing. The expenditure of medical insurance on new drugs increased from 5.949 billion yuan in 2019 to 48.189 billion yuan in 2022, an increase of 7.1 times. Among them, a considerable part of them are anticancer drugs and drugs for rare diseases. In addition, after reimbursement, the cumulative burden reduction for patients exceeds 500 billion yuan, which benefits thousands of families.

By November, 2023, there were 282 overall planning areas in China, accounting for 71% of all overall planning areas. The results are also quite remarkable. The data show that from January to March 2023, the average hospitalization expenses of tertiary public hospitals nationwide were 13,822.9 yuan, down by 0.8% at comparable prices, and the average hospitalization expenses of secondary public hospitals were 6,756.3 yuan, down by 1.4% at comparable prices.

After careful consideration of the above policies, we can find that the underlying logic is the efficient use of medical insurance funds, and a more rude summary is "controlling fees."

Under the control of Hu Jinglin, who was born in the financial department, the National Medical Insurance Bureau has done an excellent job in the management, use and control of medical insurance funds in the past five years. "The most important function of medical insurance is to manage the medical insurance fund", and Zhong Chongming, a medical insurance policy researcher, pointed out that this will also be the red line and safety line of the medical insurance bureau for a long time to come.

At present, although "controlling fees" is still the most basic requirement, it is not enough to complete it, and the constraint of simply controlling fees on the innovation and development of the medical industry has gradually emerged. Therefore, the next work of the National Medical Insurance Bureau may no longer be limited to simply "controlling fees".

In fact, this weather vane has begun to appear-the propaganda slogans such as "soul bargaining" commonly used in the early years have gradually withdrawn, the national mining cycle has been extended to four years, and the new national talks have also been described as "moderate". In the contact between Jianwen Consulting and industry professionals, it is also noticed that promoting the high-quality development of the pharmaceutical industry is now the direction that the medical insurance department wants to highlight.

Shanghai may have come to the front. At the end of July, Shanghai issued "Several Measures to Further Improve the Multi-payment Mechanism to Support the Development of Innovative Medical Devices" (referred to as "Several Measures"), which aroused heated discussions among practitioners in biomedicine, medical devices, commercial insurance and other fields and became the hottest topic in the medical device market in Shanghai at that time.

Xia Kejia, director of the Shanghai Municipal Medical Security Bureau, once said that the introduction of "Several Measures" is not only to promote the construction of a multi-level medical security system in Shanghai, to meet the diversified security needs of citizens, and to reduce the burden of medical treatment for the masses; It is also to improve the multi-payment mechanism of innovative medical equipment, guide good development expectations, and promote the high-quality development of biomedical industry and insurance financial industry in this city.

The industry hopes that the more such policies, the better.

In the next five years, how can medical insurance continue to "do its best"?

The industry expects that the funds saved by fee control should not only be used to support industrial innovation, but also be used to rationalize the price of medical services and correct the distorted income structure of medical staff.

Xu Yucai, a well-known medical reform expert, pointed out that "the biggest shortcoming of medical insurance reform in recent years is that the price reform of medical services is seriously lagging behind, and the price reform of medical services under the leadership of the Medical Insurance Bureau needs to be accelerated."

Previously, the state identified Ganzhou, Suzhou, Xiamen, Tangshan and Leshan as pilot cities for medical service price reform. Jianwen Consulting noted that in recent months, many places outside these five cities have also frequently adjusted the prices of medical services. However, compared with thousands of medical service price systems, there are still a few adjustments at present.

More importantly, it is an important link to be explored next whether we can shed the part of "rule by man" in medical service price adjustment and hand over the adjustment or not to the mechanism related to medical service price adjustment.

The price of medical services has remained unchanged for many years, which gave birth to the soil of selling with gold. The two have formed a fragile balance in practice, but now one end of the balance has been shattered and stands after breaking, and the other end needs to keep up quickly.

The five years since the establishment of the National Medical Insurance Bureau are also five years when the decision-making power of local medical insurance has been gradually weakened.

On the surface, the local medical insurance catalogue will gradually withdraw, and the local medical insurance equipment catalogue will gradually be unified in the future. The overall level of medical insurance funds has been continuously improved, and many provinces such as Jilin, Liaoning and Sichuan have shouted the slogan of provincial overall planning.

In the future, national overall planning may not be impossible. The authority of the local medical insurance department has been tightened continuously, and it has gradually changed to the agency.

Some scholars believe that the current reform direction is to improve the focus of medical insurance decision-making, standardize the decision-making power of governments at all levels, and establish a unified national medical insurance system.

From a deeper perspective, in recent years, conflicts and even lawsuits between private hospitals and local medical insurance bureaus are common. The contradiction between the two sides is also typical. Some local medical insurance bureaus think that private hospitals buy drugs and consumables at low prices and then report them to medical insurance at high prices, which actually reflects the different understanding of the authority of different local medical insurance bureaus. Nowadays, it has gradually become a consensus that medical insurance "cannot be stretched too long", and the law has also proved this with judgments.

The standardization of medical insurance information system provides objective conditions and possibilities for the concentration of medical insurance power, which is beneficial to the coordination of policies at all levels to some extent, but excessive concentration of power also weakens the regulatory power of local medical insurance in disguise. There are both advantages and disadvantages. Finally, judging whether the medical insurance power is concentrated in the central government is good or bad may be left to the future and reality.

In Zhong Chongming’s view, with the gradual development of medical insurance services and the continuous exploration of the direction of health insurance, medical insurance will inevitably go through the process from "managing money" to "managing some things and cooperating with more things", and in this process, corruption and inefficiency are still huge challenges.

The road to medical reform is long and arduous, although medical insurance has played a key and fundamental role, and even played a leading role in the process of joint reform of the three hospitals. However, limited by the scope of power of the medical insurance department, the medical insurance department can only "appeal", "guide" or even "force" the implementation of some specific medical reform policies, but the real executor is "someone else".

In some places, it is difficult for the medical insurance department and the health care department to work together. In the absence of a strong and effective coordination mechanism, as the medical reform enters the deep water area, the road of "crossing the river by feeling the stones" has become more challenging.

"No matter how the linkage between the three hospitals evolves and how healthy China develops, we should always uphold’ reform is the brightest background of the medical insurance banner’." Zhong Chongming said.

(The author of this article is Jianwen Consulting, a cross-border insight into the medical industry)

This article only represents the author’s point of view.