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[1] Yu Song, Yu Yating. "Vaginitis". Illustrated Women’s Medical Quick Check Book [M]. 2022

[2] Xu Aiqin. "Vaginitis". The first series of academic inheritance and innovation of famous Chinese medicine masters, Xu Yihou’s dermatology medical records [M]. 2021

[3] Six floors. "Vaginitis". Guide to Girls’ Care [M]. 2019

[4] Xu Huijun. "The embarrassment of women’s private parts-pruritus vulvae". Advanced version of healthy and beautiful passport for women’s life [M]. 2016

[5] Ding Yiyi. "Find out the Behind-the-scenes Hands of Women’s Pruritus". Fall in love with the health book that women want most [M]. 2015

[6] Zhang Shengjie. Causes of vaginitis. 360-degree family self-treatment series of gynecological diseases [M]. 2015

[7] Wan Wan. Pay attention to pudendal pruritus. I know 100 passwords for adolescent girls that my daughter’s heart and mother should know [M]. 2013

Wei Xuewu, Li Jianghua, Zou Di. Evaluation of the effect of six-link test of vaginal secretion specimens on the cleanliness of different types of vaginitis and leucorrhea [J]. China Practical Medicine, 2023,18 (06): 81-84. doi:
10.14163/j.cnki.11-5547/r.2023.06.023.

Yuan Yuqing. Analysis of routine examination results of vaginal discharge in patients with vaginitis [J]. Electronic Journal of Practical Gynecology Endocrinology, 2022,9 (20): 63-66.

Qi Liang, Tang Xiaolei, Zhao Xitong. Analysis of infection characteristics and pregnancy outcome of bacterial vaginosis in pregnancy [J]. China Journal of Pathogenic Biology, 2023,18 (05): 566-569+574. DOI: 10.13350/j.cjb.20016.100000000616

Recently, I participated in many activities, had in-depth exchanges with colleagues in the industry, and summed up five main points about the changes in current tourism modes to share with you.

The first change lies in the change of travel mode, and more people prefer free travel, small group and family travel. Compared with traditional OTA and e-commerce platforms, it tends to focus on short videos and pay attention to word-of-mouth communication. With the rapid rise of Tik Tok, it has put some pressure on Meituan and Ctrip.

Secondly, the travel radius is polarized. Short-distance travel mainly focuses on the range of half an hour to one hour, while long-distance travel covers Xinjiang, Qinghai, Tibet and other places, and even extends to foreign countries.

The third aspect focuses on two groups of tourists who have attracted much attention. One is family travel driven by the needs of parents and children, and the other is group tours or free travel for the elderly.

Fourthly, it involves the evolution of travel themes. Many traditional themes have been re-hyped this year. Outdoor, hiking and cycling are obviously popular, and the explosion of jackets is one of the manifestations.

Finally, the travel budget, air tickets generally rose by 50%, and the price increase at the resource end led to an increase in the overall travel cost. There were significant differences in class differentiation and consumption classification, and the middle class consumption was degraded. Travel colleagues need to adjust their business strategies and respond flexibly according to market trends to ensure their competitiveness in the current market environment.

The governing body of UEFA’s Fiscal Fairness Act has published a new rule, the so-called "squad cost ratio".

Too complicated and obscure terms will not be detailed. Compared with the existing FFP rules, there are important changes in thinking.

Before FFP rules, the main monitoring isdeficit. Most teams that violate the rules have become the focus of supervision and even punishment by UEFA because the deficit exceeds the red line.

The FFP rules in the next few years will mainly monitorProportion.The ratio of the team’s expenditure to the net revenue will be monitored, and the team that exceeds the ratio will be punished.

Expenditures include but are not limited to players’ salaries, employees’ salaries (such as coaching staff), transfer fee expenses, commission expenses and so on. The specific proportion is set at 90% in 2023-24 season, 80% in 2024-25 season and 70% in 2025-26 season, and will continue thereafter.

How will the new rules affect Inter Milan? Italian media made a concrete analysis.

Let’s look at the revenue first.

Counting the gains from the European War, Inter Milan’s current single-season revenue is about 408.8 million euros, ranking second in Serie A, not much worse than AC Milan (400.3 million) and lower than Juventus (483.3 million). After all, the Bianconeri have unique advantages such as their own stadium, which is unmatched by the two Milan in the short term.

Look at the amount of expenditure.

At present, the total salary of Inter Milan’s coaching staff is 178.6 million euros, which is lower than Juventus’ 242.95 million, but much higher than AC Milan’s 133.2 million.

Inter Milan’s transfer fee amortization, impairment and other costs, a single season is 97.649 million euros, although lower than Juventus’ 155.9 million euros, but much higher than AC Milan’s 55.054 million euros.

Inter Milan’s expenditure on brokerage commission is also about twice that of AC Milan. Generally speaking, the total expenditure of Inter Milan in a single season is 287 million euros, which is higher than AC Milan’s 193.8 million and lower than Juventus’ 406.8 million.

If the proportion is calculated, the current expenditure ratio of Inter Milan is exactly 70%, which is barely in line with the final goal of UEFA FFP, but there is no room for financial tolerance, which means that the Nerazzurri are wandering around the red line and may not meet the standard if there is a slight change. Inter Milan’s situation is better than Juve’s(Expenditure ratio is 84%)Slightly better, but among the top three in the North, there is still more room for fault tolerance than AC Milan, which has only 48% of the expenditure..

Such a situation will greatly constrain Inter’s business thinking in the next few years.

What is the concept of wandering around the red line? It means that Inter Milan has little resistance to unplanned risks..

If Inter Milan can’t make achievements in increasing income and are unwilling to make efforts in reducing costs, then in the next few years, many situations may lead Inter Milan to cross the red line and encounter penalties from UEFA.

Risk is obviously more than an epidemic, which is an irresistible natural disaster.

For example, even if you run a failed signing like Correa, or get a high-paying contract.

For example, something happened in the north stand, which led to the stadium being punished for being empty.

For example, the nightmare of the Kong Di era repeats itself, and which year failed to qualify for the Champions League.

For another example, the uproar of those politicians in Italy led to the new tax law not being applied to the football field as they wished.

….. These are things that have happened or are in operation in recent years, and no one dares to say that they will not happen again in the next few years.

If something really goes wrong, Inter Milan can only use "traditional artistic skills" to deal with the censorship.

Such as the magical use of vouchers. At that time, in the first year, Inter Milan sold more than 10 million youth training members whose names I couldn’t name to Atlanta, and used the proceeds to cope with the review. In the second year, they sold more than 10 million echelon members to Real Blue Black. Finally, after successfully passing the trial, they bought Bastoni at a premium of 31 million (at that time, the premium was calculated) and "calculated the general ledger" with Atlanta. The series of transactions helped Inter avoid the more severe punishment of UEFA and won the time to move around. This is the "creativity" that Mallota and Ausilio often talk about.

But obviously, this is only an emergency measure, not the right way.

Under the current situation, Inter Milan should still regard increasing income and reducing costs as the top priority of the team.Even if the proportion can be reduced from 70% to 65%, the rope tied around the neck will be a little looser.

It is very difficult to increase income, but there are still some places to look forward to, such as the continuous growth of social networking sites’ income, such as participating in the World Club Cup, and whether the rented players hyped by Gazzetta dello Sport today can exchange 22M funds in the coming year, just like this summer.

The pressure to reduce costs is not small, and Inter should try to ensure that every large salary expenditure is put to greater use.

This is one of the reasons why Inter Milan sold brozovic this summer. The current Nerazzurri, under great financial pressure, really can’t afford a rotation player with a pre-tax salary of more than 12 million.

It can be predicted that under the constraints of UEFA, with next-door neighbor AC Milan as a comparison, Inter Milan will pay more attention to the control of salary expenditure in the future, and the probability of new brozovic transactions will never be small.

Live broadcast on November 3, according to the analysis of London football, Tottenham’s winter window should reinforce three positions: central defender, midfielder and striker.

centre halfback

The priority of Tottenham Hotspur’s Winter Window is central defender. Romero and Van der Waen have performed well together, but they still need to introduce a new central defender. The team’s Summer Window has been rumored with Adala Biow of Fulham and Kelly of Bournemouth. Now it is necessary to consider whether Winter Window will sign in the Premier League or go to other leagues to find a target.

midfield region

At present, Tottenham Hotspur have enough midfielders, but due to the influence of the African Cup of Nations, they will lose Sal and Bisuma in January, and the return of Bentancur will bring great help. However, considering the situation of Sal and Bisuma, Tottenham may reinforce the midfield in the winter window.

vanguard

Signing a new striker in January may also be one of Tottenham’s priorities. Both Perisic and Solomon are plagued by injuries. Sun Xingyu also needs to participate in the Asian Cup. They need to add another striker. A striker who can play on the wing and in the middle will help Postecoglou.

（Luca）

To meet the dawn of the day, we shuttle through the lens of life. In this busy world, film attracts us with its simple aesthetic feeling every day, as if time is stopped at every wonderful moment.

Fashion is not always a symbol of luxury. Sometimes, simplicity is enough for us to find something extraordinary in the ordinary. Film-style daily life reveals a different aesthetic feeling. The unique color and texture make the photos seem to be works of art, and each photo is the product of the blend of fashion and life. This simple beauty not only stays in photos, but also is an attitude towards life.

Photography is an art of capturing moments, and film is an important medium of this art. Film daily is not only a way of taking pictures, but also a unique look at life. In this visual context, we have learned to discover the little fortunate things in our daily life and turn ordinary moments into extraordinary ones. A simple cup of coffee, mottled sunshine outside the window and pedestrians on the street have all become beautiful pictures in film daily life.

Every film photo is the imprint of time and the accumulation of bits and pieces in life. Different from the cold pixels of digital photos, film photos have a unique sense of warmth, as if recording the story of the years. They are pages in our life journey and constitute a wonderful and touching picture book. This is the daily charm of film. Through each photo, we see the beautiful changes of time.

Fashion is not just publicity and show off. Sometimes, simplicity is the most profound fashion. Film daily interprets a kind of low-key luxury with its simple and unique aesthetics. From clothing to home, simple design style has gradually become the mainstream of the trend. Simple elements, through careful collocation and design, show a unique taste and make people unforgettable.

Film not only stays in the art of photography, but also advocates a way of life. Simple life is not a abandonment of material things, but a pursuit of internal quality. Abandoning triviality and complexity, we can focus on what is really important in life. This simple life not only makes our appearance more fashionable, but also promotes our connotation.

Fashion not only exists on the runway of fashion show, but also is reflected in our daily wear. The daily wearing of film emphasizes the beauty of simplicity, and shows unique taste through simple design and collocation. Plain clothes, classic styles, and a little ingenuity can create a stylish and personalized shape. A simple white shirt with a pair of jeans, or a black dress, can show the high sense of simplicity.

Fashion not only stays in clothes, but also the simple aesthetics of film daily permeates home life. Simple lines and the texture of logs create a livable home space. Simple furniture and layout can make the whole space glow with a unique fashion atmosphere without complicated decoration. In a simple home environment, we can find inner peace and comfort.

Film daily life is not only an external expression, but also an inner attitude. In the busy city life, we are often troubled by trivial things and forget to enjoy the small blessings in life. The daily mentality of film is to let us slow down and feel the beauty of life with our heart. Maybe it’s a cup of delicious coffee, maybe a good book, or a chat with friends. These are the beauty contained in simplicity.

Simple is beautiful, which is not only an aesthetic concept, but also an attitude towards life. Film injects fashion into all aspects of life in its simple way every day. From photography to wearing, from home to mentality, simplicity has become synonymous with fashion. Let’s put aside the complexity, pursue inner peace, enjoy the bits and pieces of life, and define our own fashion life with simple definitions. Simple but not simple, this is the real beauty of fashion.

The hot sun is like fire, and the desert is like the sea. An archaeologist specializing in the ancient city of Loulan on Mount Everest crossed the desert alone, aiming to find the legendary ancient city of Loulan. The sand at the foot of Mount Everest is hot and boiling, and every step is like walking on a hot pot. There is little water left and food is only enough for two days. And what is even more desperate is that he found that his compass seems to have lost its function in this desert.

As night falls, Mount Everest hides from the scorching sun under the sand dunes, while taking advantage of the coolness at night to move on. Suddenly he saw an old building, which was mostly buried in the desert, but he could still see its exquisite decoration and craftsmanship. Everest was ecstatic, and he finally found it.

Everest walked into the building carefully. Although he was prepared psychologically, he was surprised by what he saw. The walls are covered with vivid murals, describing the life, wars and sacrifices of the ancient Loulan people. One of the most striking is a huge mural, in which a man is wearing gorgeous clothes and holding a strange weapon. His eyes reveal great strength and wisdom.

Mount Everest was deeply attracted by this mural, and he decided to find out the identity of this mysterious figure.

When it comes to culture, some people say that I went to college and studied as a graduate student, so I am a literate person. In fact, this is just a person’s education and diploma, not a real culture.

So, what is culture? Broadly speaking, culture refers to the sum of all material products and spiritual products created by human beings. Nowadays, there are many interpretations of the definition of culture, but in any case, culture can not be separated from literacy, and culture can not be separated from consciousness. A literate person is a person who can strive for goodness, progress and progress, a person who pursues personality charm, and a person who can be strictly self-disciplined. Such a person is a literate person with connotation.

Culture, culture, is to educate people. Wen is a civilization, and Wen is a literary spirit! Human society, from ignorance to civilization, this is the progress of society and the development of the times. A person with quality is a person who can arm his mind with culture. Such a person is a literate person and a civilized person.

Literature needs literature, but also needs culture. We should "create" people with literature and inspire people with literature, so as to keep pace with the times, keep pace with civilization, keep moving forward and strengthen ourselves. The Chinese nation has a long and splendid history and culture of 5,000 years, which makes us proud and glorious. The ancient sages have left us countless famous sayings that inspire people’s minds. These are the great wisdom of life, from which we can absorb spiritual nutrition, implant culture in our hearts, infiltrate into people’s bone marrow, and become a powerful spiritual driving force for life growth.

Culture and culture are precious in a word "Hua", and culture can be imperceptibly influenced; Culture can be passed down; Culture needs the unity of knowing and doing, being a man should talk less and do more, keep a low profile and do things with a high profile, which is the charm of culture. People live in reality, the commodity economy is a pluralistic society, colorful, singing and dancing, and all kinds of temptations come to us. Many people can’t stand the temptation of feasting, forget their initial heart, lose their kindness, empty spirit, impetuous mood, money first and self first; Some people make a lot of money, but they have no spiritual support, and eventually they fall down on the road of life.

There was a network anchor named Viya. In two years, she evaded taxes by 643 million yuan, and finally the tax authorities fined her a total of 1.341 billion yuan. She earns hundreds of millions of dollars a year. Some people don’t understand why she should do such a thing as tax evasion when she earns so much money a day. To put it bluntly, it is greed, which is the lack of culture. The lack of greed has been verified in her. People, if they leave morality and kindness, they will be greedy and will eventually be harmed by greed. Such examples are heard from time to time in reality.

A person can make money without money. Modern society provides everyone with a platform for self-development. As long as a person can work hard and strive for self-improvement, he can find his own life stage. If a person has no morality and culture, even if he earns a lot of money, he will eventually "spit it out". This is called settling accounts after the autumn, which is also called what goes around comes around, and what goes around comes around comes around. This is the causal relationship of life, and it is also a cultural embodiment of being a man.

To be a cultured person, this culture is to be a self-disciplined person, a person who can control his own behavior, a person who can control his own mouth, and a person who can control his own behavior. Perhaps some people will say that it is really too difficult and too bitter to be a man like this. In fact, suffering is also a kind of culture. If you eat bitter, you can be a master. If you don’t be a master, you have to consciously look for bitterness. This is a self-disciplined life. If you don’t suffer hardships in life, you won’t get rewards. Take pleasure in suffering, take pleasure in suffering, and strive for a life. This is the culture of being a man and a man with literacy.

Baseball is not popular in China for the following reasons:

1. Low popularity: The popularity of baseball in China is far less than that of football, basketball and other sports. Due to historical reasons, the development of baseball in China started late and the mass base was weak. At the same time, baseball equipment is relatively expensive, which also limits the popularity of baseball.

2. Insufficient publicity and promotion: Compared with other popular sports, baseball is less publicized and promoted in China. As a result, many people don’t know enough about baseball, and their interest is naturally low.

3. Fewer events are held: the frequency of baseball events in China is low, so it is difficult for the audience to have the opportunity to watch high-level baseball games on the spot. This also makes baseball less concerned in China.

4. Lack of baseball culture: Compared with developed countries such as Japan, China lacks profound baseball culture. Without the support of culture, the popularization and promotion of sports will be greatly limited.

5. Low competitive level: China’s baseball performance on the international stage is relatively weak, which also leads to the low attention of domestic audiences to baseball.

6. Uneven development of sports industry: In China, the development of football, basketball, table tennis and other sports has been strongly supported by the government and enterprises, while baseball and other sports have been relatively neglected. This makes the development space of baseball in China limited.

In a word, there are many reasons why baseball is not popular in China, including popularity, promotion, event holding, cultural background, competitive level and uneven development of sports industry. To improve the attention and popularity of baseball in China, we need to start from all aspects, increase publicity, improve competitive level, cultivate baseball culture, and strive for more policy and financial support.

2022A&2023Q1, affected by epidemic situation, consumer psychology, traffic environment and other multiple factors, the sales of beauty cosmetics with optional & fast-disappearing properties are not ideal. The performance differentiation of listed companies has intensified; Online beauty products are shrinking and Tik Tok’s beauty products are increasing, but there is no obvious recovery offline. Looking forward to the second quarter, both the demand side and the supply side of beauty cosmetics are improving marginally, and the low base caused by the epidemic in the same period last year is superimposed, and the growth rate of the industry is expected to bottom out. However, due to the lack of driving force at the bottom, the recovery rate may be limited; Prefer stocks whose current growth can hedge the unfavorable factors of the industry.

▍ Performance is generally under pressure and differentiation is intensified.

1) Revenue & profit: the growth rate slows down, and the performance of high-quality leading players is tough. In 2022, the total operating income of six brand listed companies was 22.07 billion yuan/year-on-year+31.3%, with a growth rate of-16.7 pcts; Among them, the income growth rate of Polaiya (+37.8%/+14.3 pcts) and Juzi Bio (+52.3%/+21.9 pcts) increased against the trend.

2) In 2022, the total attributable net profit of six brand listed companies was 4.06 billion yuan/+11.0%, and the attributable net profit of Polaiya ranked first with a growth rate of 41.9%, and the profit growth rates of Huaxi Bio, Juzi Bio and Betani all exceeded 20%.

3) Gross profit margin: most of them declined, while Polaiya & Marumi rose against the trend, and the gross profit margin of Juzi Bio ranked first; The gross profit margin of Polaiya and Marumi shares was 69.7%/68.4% respectively, which was+3.2/+4.4 pcts year-on-year; Juzi Bio ranks first in the gross profit margin of all brand beauty listed companies with 84.4%.

4) Net interest rate attributable: most of them declined, while Polaiya rose against the trend. In 2022, the net interest rate of six brand listed companies increased by one and decreased by five; Among them, the net interest rate of Polaiya was 12.8%, which was +0.4pct year-on-year.

▍ Amoy’s beauty cosmetics contracted, Tik Tok’s beauty cosmetics increased, and the proportion of Tik Tok’s channels occupied online increased.

Industry perspective: 22 years of negative growth in Amoy beauty, 23Q1 decline narrowed; 22 years’ high growth of beauty in Tik Tok. 1) Amoy Department: According to the market intelligence data of Magic Mirror, the sales of beauty cosmetics of Amoy Department in 2022 was 280.6 billion yuan, with a year-on-year growth rate of-13.4% and-22.1 pcts; In 2023Q1, the sales volume of Amoy beauty cosmetics was 54.2 billion yuan, which was-12.7% year-on-year, and the growth rate was+1.6 pcts; 2) Tik Tok: According to the data of Mama Chan and Jumei, the sales of beauty cosmetics in Tik Tok in 2022 was 90.2 billion yuan, up+113.7% year-on-year; In Q1 of 2023, the sales of beauty cosmetics in Tik Tok reached 31 billion yuan, up+83.4% year-on-year, and the growth rate was +30.5pcts.

Corporate perspective: online revenue accounted for 57% ~ 91%, and the proportion of online channels in Tik Tok increased. In 2022, Polaiya Online accounted for 91%/+6pcts, of which Tik Tok accounted for about 15%+; Huaxi biological functional skin care products account for about 93%/+3 pcts online; Among them, Tik Tok accounts for about 31%/+14 pcts; Betaine online accounted for 81%/+1 pct, of which Tik Tok revenue accounted for 9%/+3 pcts; Giant biological line accounts for 57%/+15 pcts; Marubi shares accounted for 72%/+12 pcts online.

▍ Focus on creating classic big items and strengthening brand mind.

Local beauty companies actively increase their research and development, and empower them to create large items from many aspects such as raw materials and formulas.

Winona: Breaking the circle of "sensitivity+",consolidating the original superior items and creating a new generation of big items of the elite family;

Polaiya: The matrix of large single products has been initially built, and the strategy of large single products has been firmly implemented. New products such as Cloud Sun Protection and Double Anti-3.0 have been listed;

Run Baiyan: Brand mind is upgraded from basic moisturizing to technological repair, focusing on creating three series of barrier conditioning, light damage repair and time repair;

Quadi: Focus on eye cream and face cream to create an anti-aging mind. In April 2023, Quadi put on a new eye cream for young people (anti-eye cream);

Mibel: The main products are water and essence. In February, 2023, Mibel put on a new multi-vitality essence eye cream and a young age firming new muscle essence (3A purple essence).

Muscle activity: build large single products around brown rice series. According to the market information of magic mirror, in 2022, brown rice water single products accounted for 37.5%;

Marubi: continuously focus on eye and anti-aging products, mainly promoting the series of recombinant collagen and polypeptide red pens.

▍ New products have been put on record, and contents such as ingredient IP and "skin care formula" have been marketed.

According to the data of the State Food and Drug Administration, since the beginning of 2023, new products of local beauty listed companies have been put on record: 65 Marubi, 62 Polaiya, 55 Huaxi Bio, 38 shanghai jahwa, 20 Betani, 18 Giant Bio and 18 Lushang Development. The volume of recombinant collagen has increased, and Juzi and Marubi have launched high-potential new products with recombinant collagen peptide as the core component and increased their delivery to create explosions; The "skin care formula" extends from "early C late A" to "early P late R".

▍ Risk factors:

Post-epidemic recovery progress, insufficient willingness to consume, sustained recovery, etc. may have negative effects; Strict supervision or exceeding expectations; The progress of enterprise product development or approval may be less than expected, which will have a negative impact on performance.

▍ Investment strategy:

From the second quarter, both the demand side and the supply side of beauty cosmetics are expected to improve marginally. Adding to the low base caused by the epidemic in the same period last year, the growth rate of the industry is expected to bottom out. However, in view of the fact that the driving force of the industry has not changed substantially, the recovery rate may be limited. Judging from the third data such as magic mirror and mother, the growth rate of online beauty data in April has turned positive to a small positive growth; The situation of further recovery needs to be observed in the "618 Great Promotion" which started in late May. In terms of investment, there are many structural and individual opportunities.

Main line 1: Recommend companies that have outstanding comprehensive capabilities or are currently in the harvest period of change.

Main line 2: Recommend companies that adjust in stages, whose stock prices fully reflect the negative, and whose fundamentals are expected to improve marginally.

Main line 3: It is recommended to choose the right opportunity to lay out the air outlet track with outstanding technical advantages and good growth, but the stock price is affected by non-fundamental factors such as lifting the ban.

Main line 4: Recommend emerging sunscreen companies that are in the climbing cycle of capacity utilization rate, and actively expand into the field of personal care raw materials with broad growth space.

This article comes from a selection of brokerage research reports.

Yixian e-commerce has held the pause button pressed by the economy.

On the evening of November 22nd, Yixian E-commerce disclosed its performance report for the third quarter of 2022: The announcement showed that Yixian E-commerce achieved revenue of 858 million yuan in the third quarter.

Yixian e-commerce can almost be regarded as "one of the most incredible Internet companies in China".

The first is incredible. In the fast and unbreakable Internet competition in China, Yixian E-commerce completed its revenue from 0 to 3 billion yuan in only three years, which is the fastest brand in the history of China cosmetics industry.

The second incredible thing is that in the beauty field dominated by international giants, many brands, such as Perfect Diary and Little Odin, owned by Yixian E-commerce, have created explosions that are representative of the industry.

In the past, the outside world paid more attention to the growth rate of Yixian e-commerce, but ignored its efforts in product strength and strategy.

What is the growth way of Yixian e-commerce to hold the cycle?

Nowadays, in the beauty marathon, who has the endurance and determination to run the whole course?

Overall, the enhancement of hematopoietic capacity and the improvement of development resilience are the core keywords of this financial report.

At the beginning of this year, Huang Jinfeng, the founder of Yixian E-commerce, said frankly at the company’s internal meeting: "2022 is a very critical’ year of transformation’ for Yixian E-commerce, and we need to focus on hematopoiesis and transformation."

Under the impact of the epidemic, brands are facing great challenges, consumer habits on the demand side and public consumption awareness will also be reshaped, and demands for product quality will rise.

Yixian e-commerce has developed "muscles" in overcoming these challenges.

As can be seen from the financial report,In the third quarter of 2022, the focus of Yixian e-commerce is no longer the opponent, but how to strengthen its own advantages and achieve "reducing blood fat and increasing muscle".

What are the highlights of this financial report? Let’s draw a key point together.

1. Play combination boxing more decisively.

In the past, Yixian e-commerce was always equated with the perfect diary, but in fact Yixian e-commerce not only has a perfect diary. The data in this financial report is very telling:

The skin care business maintained a strong growth momentum, with revenue of 269 million yuan in the third quarter, a year-on-year increase of 33%, accounting for 31.4% of the total revenue; Among them, three mid-to-high-end skin care brands, including DR.WU Daerfu, EVE LOM and Galénic, saw their revenues increase by 69% year on year.

You know, high-end skin care and mass skin care are one of the hot tracks in the beauty market in the past two years.It is also a key step for Yixian e-commerce to "play high-end".

Looking back, Yixian E-commerce has successively acquired high-end skin care brands Kelanli Galénic and Eve Lom in high profile, and won the business right of efficacy skin care brand DR.WU in Chinese mainland, which is already being laid out.

Holding a high-end brand in one hand and the ability to create explosive products in the other, Yixian e-commerce did not live up to expectations.

Galenic, a high-end skin care brand, cut into the anti-aging track with the new platinum "Xuezao" essence, and the double eleven ranked in the top five of Tmall’s import essence hot sale list. The single product "Anti-oxygen No.1" VC essence double eleven achieved a sales increase of 580%, ranking the new brand Top1 of Tmall.

EVE LOM, a luxury skin care brand, is committed to continuously consolidating the mind of the SPA brand. Together with Harold Tea Room, it launched afternoon tea with the theme of "Secret Manor".

In terms of products, create a new 3R constant gold essence and cut into the core anti-aging track. This year’s double eleven ace single classic cleansing cream won the first place in Tmall’s high-end makeup remover. The brand as a whole has achieved steady growth in China and overseas markets.

This means that Yixian e-commerce has mastered a set of mature and reusable growth methodology. After starting with cosmetics products, Yixian e-commerce’s "second growth curve" has taken shape.

2. More decisive market play.
Once again, you can find an interesting thing by breaking and disassembling this financial report:

In the third quarter of 2022, the total operating expenses decreased by 33.1%, from 1.28 billion yuan in the same period of last year to 857 million yuan; Sales and marketing expenses were 564.8 million yuan, compared with 911.3 million yuan in the same period of last year, which was also shrinking.

This represents that at the critical moment of strategic transformation,Yixian e-commerce has a more decisive market play, and strives to make every penny spend on the cutting edge.

For example, during the Double Eleven period, the sales of Pink Bear Pico Bear X Sanliou co-branded products exceeded 20 million, ranking top 1 in Tmall’s lip glaze sales list; The sales volume of explosive silkworm pens in Odin, Jr. exceeded 10 million, and it became the list of explosive products of eyeliner of silkworm pens in Tik Tok and the category TOP1 of silkworm pens in JD.COM.

The data shows that during the reporting period, many of its brands have made outstanding achievements on the Tik Tok platform, and the live broadcast business in Tik Tok has also become a new growth engine of Yixian e-commerce.

In the third quarter, Perfect Diary Tik Tok channel achieved a year-on-year growth rate of ninety-seven percent, and the ranking of makeup shops rose from the third to the second.

In terms of brands, the new Odin Sleeping Silkworm Pen exploded in July, selling 30w+ pieces, and it ranked No.1； on the list of explosive products of eyeliner in Tik Tok. The total exposure of Pink Bear vibrato short video content exceeded 100 million in August, and the sales volume of the new product "Breathing Lip Glaze" ranked TOP1 within 30 days.

By incubating and absorbing new brands, Yixian has formed eight brand matrices of the Group.

More precisely, a multi-brand and group-based beauty company in transition is getting better and better, aiming to grow into a beauty group that understands needs, can innovate and has high quality.

Affected by multiple factors, the current offline retail and online ecology of beauty cosmetics have changed dramatically, and the overall GMV growth rate on the line has slowed down, and offline has been subjected to many tests of declining passenger flow.

The epidemic is a test for all enterprises. Is it just "surviving"?

Absolutely not.

The test is whether an enterprise has its own "immune" system and can return to a healthy state; What is more testing is the attitude towards the future.

In the context of the cold industry, Yixian e-commerce can adjust quickly, thanks to a key word: "hard power".

In research and development, Yixian e-commerce dares to save money, is willing to save money, and will also save money.

In the first three quarters of 2022, Yixian e-commerce invested more than 100 million yuan in R&D, and R&D expenses accounted for 3.83%. This investment ratio belongs to the head level in domestic beauty listed companies.

Look at last year, the annual R&D investment of Yixian e-commerce increased by 113.6% year-on-year, exceeding 142 million yuan.Even if it is taken out, it is not inferior to the global industry R&D investment.

The original open innovation system of Yixian, Open Lab, is different from the traditional closed R&D model, with Yixian e-commerce as the leading core, including the world’s top partners such as raw materials, R&D and production.

Take the small category of eye shadow as an example. At present, Yixian Open Lab has more than 500 exclusive raw materials, from matte to pearlescent, covering almost all the textures of eye shadow products.

In the traditional mode, brands will cooperate with some upstream suppliers through their own factories or OEMs, but the difference of Open Lab is that it can integrate brand research and development, and cooperate with each other from raw materials, formulas, production processes to quality inspection to jointly break through technical difficulties.

This is not a simple "template", but a real innovation.

Yixian e-commerce has established in-depth cooperation with many well-known institutions at home and abroad, such as Institute of Chemistry, Chinese Academy of Sciences, National Nano-drug Engineering Technology Research Center of Huazhong University of Science and Technology, Morin Technology Group, 3D Skin Research Institute of Medical College of Lyon University, France, and Naolys, a training institution in plant stem cell, France.

The new Perfect Diary Concealer also uses SmartLOCK? technology.

As of March 2022,Yixian e-commerce has 121 patents worldwide, including 39 invention patents, which is strength and confidence.

It can be seen from these that Yixian E-commerce has continuously deepened its research and development strength from single brand to multi-brand, from makeup to multi-category development, and aims to grow into a beauty enterprise with global career.

Conclusion:

The outbreak of the consumer side is also forcing the evolution of the production-side enterprises.

In the field of domestic beauty, many people are gearing up, and they don’t lose one move in technology, supply chain, talent, traffic and operational experience.

However, in the face-to-face training of young people, Yixian e-commerce has obviously formed its own unique product strength and values, and is very good at continuously iterating and updating products according to user feedback.

Might as well give domestic beauty a little time.

The future of China’s beauty brand has just begun.

Author | Zhang Yiqi