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An unavoidable emotional problem： If you want to have a good relationship with the other half, you have to shoulder this difficulty yourself.

Today’s story comes fromCold Love Sharing Session-Issue 20. After reading it, do you have any different feelings or experiences? Please leave a message for discussion.

By cold love

Keywords: fear of marriage, but also hope to have

Q:Dear Lengda, sign up for your 20th sharing session, which happens to be my 31st birthday, and I want to take this sharing session to generate links with you.

I have been a British returnee for 7 years, and now I am working in Shanghai. My first relationship broke up in 5 years, and I have been single for 3 years.

Since the second year, I have tried blind date, and several men have a good impression on me, but they have not got to know each other further.

Perhaps it is because the age of 31 is the golden period of my career. My work has started to improve greatly this year, and now most of my life is devoted to my work.

I am not celibate, I hope to have a warm home, a caring husband and lovely children.

But my family of origin is not very happy, which has a certain influence on me, so that I have some fears about marriage and hope to have it.

Can you give me some advice? Whether you win my question or not, I am very grateful to you for providing a platform for three tickets.

I wish you peace and happiness every day.

The following is a dialogue between Leng Ai and the questioner:

“

Leng: The family of origin you are talking about is not very happy. What kind of state is it?

Xiao Gu: When I was 12 years old, my parents separated.

Their separation is not very smooth, that is, there are many family frictions, and my father has some emotions poured out on me.

When I was a little older, I was taken away by my mother, and I have been growing up with my mother. My father has not seen me for more than ten years.

Leng: Why do you think they are unhappy?

Gu: Because I think they quarrel a lot.

Leng: Is quarreling necessarily unhappy?

Gu: I feel this way, and I feel that it is not good to recall my childhood.

Leng: You think parents are unhappy together. Is this your opinion?

C: Maybe.

Leng: Is this your evaluation of their relationship?

Gu: I haven’t thought about this angle.

Cold love reply:

I am now helping you to enter a new angle.

You have always had a heavy burden because you think they are unhappy, or you think this is an unhappy family of origin.

This is your judgment on this matter.

It is you who carry such a judgment that there will be a heavy burden.

Because you think it’s unfortunate, you will be afraid of it.

However, if we look at it from another angle: are their departure and conflicts in the process of departure exactly the needs of their lives?

Perhaps at their level of life wisdom at that time, they could only do so.

Please believe that any parents have actually given their children what they can, and they have done their best at that time.

And you have resentment because you think they can’t give you something better, or you think they can’t give you a so-called happy family.

Therefore, you hold a grudge against them, so much so that you think it is a burden in your life.

However, everyone has no way to choose the family where he was born, and there is no way to decide what kind of life his parents want to live.

If we can admit it, our hearts will be relieved.

Only by not judging can we enter a brand-new life.

As the channel to lead us into this world, parents have given us the best gift, and the name of this gift is [life].

Today, 31 years ago, you came into this world through your parents. They have given you life as the best gift.

This is all they have and what they can give you.

As children, you may hate them, complain about them and be dissatisfied with them sometimes.

But what can they do at that moment?

If they can live a good life, why not?

It is precisely because of their limited ability that all they can do in that time and space background is like that.

That’s a story that has happened. It’s a movie that has been made. We can’t do anything about that movie except watch it.

Those of us who have seen this movie can only put it away, because there will be new plots in our lives.

As a child, when we understand all this, we can understand our parents.

We will no longer be afraid of the new movie plot, because we know that we are different from them today.

With such a developed social network, today you have the resources, abilities and even the ability to connect with people you want to connect with.

Your resources, abilities and wisdom are completely different from theirs.

So, you won’t repeat the same mistakes, you will create a brand-new plot of your own.

Connecting with you is also the best gift for your birthday. I hope you can find your own belonging and happiness in the future.

By this question, I want to give everyone another inspiration:

[family of origin] This topic has been very popular on the Chinese Internet in recent years, and several of my friends are studying it.

Personally, I think there are advantages and disadvantages in this topic.

The advantage of this topic is that it shows us where we come from;

The disadvantage of this topic is that because of the topic of [family of origin], people put all the responsibilities on their parents.

Therefore, I also want to make a discussion on this topic.

I want to believe that our life should live in this moment, in the present.

I think that the philosophy of life is based on understanding one’s own cause and effect, and "living in the present" is the way out.

Because parents and all the growth of family of origin are actually a ticket for us to come to this world.

However, this is only the first ticket.

And we choose to be ourselves, which is the second ticket for ourselves.

Our life should not live forever in the story of the first ticket, but should strive to create a second ticket and use it to enter our own life script.

If we don’t watch the next movie because we are afraid of the plot of the last movie, I think it is unfair to the next movie.

Because the director of each film is different.

The directors of [family of origin] are our parents, but the directors of [newly established family] are ourselves.

We have the ability, responsibility and obligation to make this film a brand-new story.

Otherwise, we will always just repeat the past.

Of course, we can study our own family of origin and know where we come from.

But our greatest attention should be to take responsibility for ourselves in this life and create our own unique plot.

Also, don’t bring the emotions and those problems in the last plot to your partner in the plot.

Because the partner, whether husband or wife, TA has no responsibility or obligation to face your past, and TA is innocent.

In other words, when we are willing to take responsibility for our own lives, we can let go of what happened in the last episode.

Because we know that we have to develop our own story responsibly.

Just like the heroine of this story, she is already in the best position.

Whether it’s the workplace, the city where I live, or starting all this by myself, I think it’s in a very good position.

She has the full responsibility and obligation to manage her own life, and does not let her innocent partner be troubled by the problems brought by her past.

This is the duty of each of us to live in the present.

When we fulfill this obligation, we will get an unprecedented right: to live the life we want without burden.

This is the meaning of the second ticket, and I really feel happy.

The illustrations in this article shall not be used for commercial purposes by any organization or individual without permission.

Only one gold medal was won in the World Championships, and the alarm bell of badminton in China rang.

Chen Qingchen/Jia Yifan won the gold medal for the fourth time in women’s doubles in the World Championships.

With the "Fanchen Group" winning the women’s doubles final with a 2-0 victory over Indonesia, Guoyu ended the journey of the 2023 World Championships in Copenhagen.

This champion also saved Guo Yu’s face-this is the only gold medal of the team in this World Championships. Since Guo Yu participated in the World Championships in 1983, the record of winning gold medals in every session has been extended.

But the reality is cruel-since 2019, China has won only one gold medal in three of the four World Championships it has participated in.

Chen Qingchen/Jia Yifan achieved three consecutive World Championships.

only son and heir

As one of the most stable points for the China badminton team to compete for gold, Chen Qingchen/Jia Yifan never let people down.

After all the way to the semi-finals, they first defeated Guoyu teammate Zhang Shuxian/Zheng Yu 2-0 in the semi-final, and then in the final, they made great efforts to win the Indonesian group Lahayu/Sidi 2-0 again and successfully took away the championship trophy.

However, the arrival of the gold medal is not as easy as it seems.

Being the focus of the team’s competition for gold means that the pressure on the shoulders is also beyond others. In the semi-final, Jia Yifan admitted to the media that he and his teammates would also feel pressure."My hands were cold when I went up in the morning, and I knew she was still quite nervous."

In the final, the two men also resisted the stubborn resistance of their opponents. "We have always maintained a high morale, so when we encounter difficulties, including when we don’t win the championship, we are still eager to win the gold medal again and again." Jia Yifan sighed after the game.

As they said, being able to stay at the peak level of women’s doubles for many years is inseparable from excellent willpower and ideological quality. While this gold medal became the only gold medal of Guoyu in this World Championships, it also created the history of two people.

"Fanchen Group" has won the gold medal in the women’s doubles event in the World Championships for four times, creating the history of this event, and also achieving three consecutive championships in the World Championships.

Zheng Siwei/Huang Yaqiong lost to the Korean group.

There is no "sure win"

While "Fanchen Group" enjoyed the joy of winning the gold medal, another China group "IELTS Group" had to taste the bitterness of the final.

In the final of mixed doubles, Zheng Siwei/Huang Yaqiong played against the Korean group Xu Chengzai/Cai Yougan, who had never lost in the previous nine matches-however, there was no "sure win" on the field. In the end, the Guoyu group won the runner-up 1-2.

In this game, the "IELTS combination" was suppressed by the opponent in the first game, losing the first game on 17-21, and then pulling back a city with a big score advantage of 21-10 in the second game.

However, when the audience in China were expecting a reversal, the Korean team in the deciding game took the lead early …

After losing the game, Zheng Siwei generously hugged his opponent and sent congratulations, but after the game, the regret of missing the championship was beyond words.

"IELTS Team" has won three World Championships before, and winning another championship can also make history in mixed doubles … "It’s a pity, because you can seize the opportunity in the process. The second game has actually been pulled back, but when I changed sides, I don’t know how to play it again. " Zheng Siwei sighed helplessly.

As a result, Guoyu’s achievements in this World Championships are fixed at 1 gold, 1 silver and 4 bronzes. The team also won only 1 gold in the World Championships after the 2021 World Championships.

On the gold medal list, Guoyu ranked second after the South Korean team with 3 gold medals and 1 bronze medal.

Shi Yuqi lost to Japan’s Nara Okada.

Sound the alarm

In this World Championships, Guo Yu failed to win the championship in both women’s doubles and mixed doubles, but the overall advantage was still reflected-in the semi-finals of these two events, Guo Yu’s "civil war" was staged.

But in other projects, the challenges encountered by the team are very obvious.

In the men’s singles event, Shi Yuqi, the leader whose state has not yet recovered to the best, lost 0-2 to Japan’s Nara Okada in the quarter-finals; Li Shifeng lost 0-2 to China Taipei player Tzu Wei Wang in the eighth final; Zhao Junpeng and Lu Guangzu stopped in the first and second rounds respectively.

In the men’s doubles event, Wang Chang/Liang Weikeng, a post-00 group, fought fiercely with stroop/Rasmussen, the host group, in the semi-final, and finally lost by 2 points in the deciding game.

Liu Yuchen/Ou Xuanyi stopped in the top 8, He Jiting/Zhou Haodong stopped in the top 16, and Ren Xiangyu/Tan Qiang stopped in the second round …

It is not difficult to see that Guo Yu is facing a situation of strong enemies in both men’s singles and men’s doubles, especially in men’s singles. In this World Championships, men’s singles is also the only event in which Guo Yu has not advanced to the semi-finals.

Chen Yufei again negative Ann wash jade-like stone.

In the women’s singles, Chen Yufei, the only one of Guoyu who broke into the semi-finals, once again lost to the victim An Xiying, which is the fifth time that Chen Yufei lost in the seven meetings with An Xiying this season.

Throughout history, Guo Yu has never won a gold medal since he participated in the World Championships in 1983. However, before 2019, only two events won only one gold medal, and since 2019, three events have won only one gold medal. The challenges faced by the team can be seen.

A year later, the Paris Olympic Games will start, and the fierce situation of the World Championships is enough to sound the alarm for Guoyu.

Does swimming bring physical injury？ Keep these precautions in mind.

As we all know, swimming is an exercise beneficial to physical and mental health, which has a great effect on our health. But before doing any exercise, we should fully understand the precautions for doing it, otherwise the benefits brought by doing exercise will only become the cause of damage to our health.

First, the swimming time should not be too long. If the swimming time is too long, our body’s heat will be slowly consumed, and the body’s thermoregulation function will slowly fail to play a role, which leads to the blood vessels in the skin expanding with heat and contracting with cold, the venules opening for no reason, and the blood circulation system becoming slow or even stopped.

Don’t underestimate these invisible changes, which will lead to blue skin and many small pimples, black and purple lips, and even more serious people will have severe spasms and cramps. In this case, the body will become very weak, so it will be easy to get sick, such as catching a cold, coughing or even having a fever.

Second, pay attention to the way of swimming. Snorkeling is a swimming style that many people are keen on. However, this method requires high swimming skills and physical fitness. Without solid skills and excellent physical conditions, diving is risky to a certain extent, which will bring harm to the body and even threaten life safety.

Because we need to hold our breath for a long time when diving, there will be short-term ischemia and hypoxia in the skull during this process. In this case, if the physical fitness is poor, it will easily lead to the attack of acute cardiovascular disease, which brings many risks.

Finally, pay attention to the swimming posture. Because in swimming, there will be a lot of shoulder movements. If the swimming posture is not standard, the muscles of the shoulder joint will always use the same movement or use one place to exert their strength. This long-term repeated exertion will cause damage to the muscles of the shoulder joint. For example, many people will have fatigue injuries to their shoulders after swimming, and in severe cases, they will pull their shoulders to their backs and arms.

Therefore, when swimming, we should pay attention to these in order to enjoy the benefits brought by swimming! # Breeze Project # # Medical Union Media Super Group #

Beauty 2023： order reconstruction, change soon

The development trend of 2023 is hidden in these changes.

Author | Xie Kangyu

In 2022, the strongest beauty group is still L ‘Oreal, and the new pattern of domestic beauty is supported by Huaxi Bio, Betani and Polaiya.

In 2022, more than 30 companies got financing, and more than 20 beauty companies went public. At the same time, more than 25 brands were dim and "left", and 210,000+cosmetics companies silently "disappeared";

In 2022, the big consumer funds turned off, and the beauty financing dropped to zero freezing point in November, while the industrial funds were particularly active this year. From international giants to domestic head companies, they all went to VC and invested/acquired more than 40 projects.

In 2022, 20 international giants adjusted key personnel positions, 9 groups reorganized their businesses, 6 national cosmetics brands set up innovative positions, and successively introduced talents such as chief scientists and chief digital officers.

In 2022, nearly 20 new beauty-related regulations were implemented, and e-commerce platforms such as Taobao, JD.COM and Tik Tok also launched eight related platform specifications, which was accompanied by 433 batches of cosmetics entering the unqualified list this year. More than 400,000 cosmetics were cancelled this year and many enterprises were banned;

In the first 11 months of 2022, the total retail sales of cosmetics fell by 3.1%, which underperformed the consumer market, and the growth rate dropped to the lowest level in five years. But the good news is that with the liberalization of epidemic prevention policy, the tourism retail channels have taken the lead in picking up, and the amount of duty-free shopping on Hainan’s outlying islands from December 13 to 10 exceeded 100 million yuan for seven consecutive days …

The change and invariability in 2022 are recorded in a series of figures, which constitute the underlying development context of the beauty industry in 2022 and reveal the new trend of the industry in 2023. In 2022, the rules were changed and reshuffled. In 2023, a new order is about to be formed, and the dawn of the change will drop to.

The top ten international companies are stable, and the domestic pattern has changed greatly.

In 2022, it will be a particularly difficult year for both giants and small and medium-sized players.

In the first three quarters, nearly half of the top ten international beauty cosmetics experienced negative revenue growth. L ‘Oré al, LVMH and Beiersdorf are the few companies whose revenue growth rate is still above 10%.

Among them, L ‘Oré al has the strongest data, ranking first with sales of 197.2 billion yuan and 12% increase, while Unilever and Estee Lauder are still behind it, with growth rates of 6.8% and -3.7%.

Comparing the rankings in 2022 and 2021, we will find that the ranking of the top ten international companies has not changed much, and the top three companies are stable. European and American companies occupy the market, Japanese and Korean companies continue to decline, and Shiseido, the only Japanese company on the list, continues to decline this year.

On the other hand, the list of the top players in China has changed a lot this year. In the past, Yixian e-commerce with the highest topic fell out of the top 5, and Huaxi Bio rose from the sixth to the second. At the same time, we can see that the gap between the second and third place and the first place is further narrowing. Although shanghai jahwa still ranks first in terms of volume, its performance continues to decline, with negative growth in revenue and net profit in the first three quarters, and its market value is also shrinking.

Huaxi Bio, Betani and Polaiya have become the top three companies in the market value of domestic beauty listed companies with high growth, supporting the new pattern of domestic beauty.

It is worth mentioning that many domestic beauty cosmetics have shown strong resilience in this year’s extreme market environment. Huaxi Bio, Betani, Polaiya and Lushang Development (cosmetics business) achieved high growth of 43.43%, 37.05%, 31.53% and 44% respectively in the first three quarters, surpassing a number of international giants in terms of growth. In addition, Huaxi Bio, which ranked second in revenue, made a net profit of 677 million in the previous three quarters, becoming the most profitable beauty company in China this year.

Although the overall size of domestic beauty cosmetics is still far from that of international giants, it has formed an increasingly clear impact on international giants.

According to the incomplete statistics of China Cosmetics, there are more than 20 foreign brands shrinking the domestic market in various forms this year (withdrawing from China, closing flagship stores, closing offline stores, etc.), among which there are many brands owned by international giants, such as Snowberry owned by Procter & Gamble, Chaling owned by LVMV, and The Eastern owned by Estee Lauder, whose common problem is simply that in the crowded beauty market, there is no strong consumer who has to buy. A large number of products with effective reputation, brand mind and more cost-effective have squeezed their living space.

Under the successive defeats of these nameless brands, a series of soul interrogations that international giants can’t avoid are: where will the next increment come from when the penetration of their main brands has peaked and the channels and customer groups have become increasingly stable? After price reduction and price increase are used one after another, what is the next means to ensure growth and profit? How can we continue to maintain a high premium and avoid the price impact of emerging new brands when the big-name aura is gradually disenchanted and alternative products are constantly emerging?

Many of the problems existing in giants are more profound in domestic brands, but similarly, these problems also constitute opportunities for domestic brands.

From OEM+Marketing to Technology+Efficiency

This year, with a number of "overnight success" brands in online celebrity, the competition logic and pattern of the entire domestic beauty market have undergone earth-shaking changes.

In the past, OEM+cost-effective+fast fashion was used in products, and the way of "blood-washing" social media and live e-commerce in marketing and channels began to fail. A large number of domestic beauty cosmetics rose rapidly in the footsteps of perfect diaries, and quickly disappeared in the rapid switch from "domestic beauty cosmetics" to "negative typical".

We will find that in the changes of these two years, the story of "rising overnight" in domestic beauty products is no longer there, and there are more and more stories of "making a fortune in silence". After several rounds of big waves, many companies still remain at the poker table, even some companies that seemed to be "not beautiful enough" before. Some of them have biotechnology backgrounds and some have medical backgrounds, and many companies are marked with distinctive efficacy and ingredients.

"Effective" and genuine technology have become new competition rules in the new stage. In 2022, enhancing R&D competitiveness was put in the most important position by major domestic beauty companies.

In the financial reports of major domestic beauty companies, the proportion of R&D has been increasing, and even some of them have surpassed international giants in terms of investment proportion. Among several head companies, R&D investment accounts for no less than 2% of total revenue, and the highest R&D investment in the first three quarters of Huaxi Bio accounts for 6.42% of total revenue, while the R&D investment in Betani and Polaiya, which have the highest growth, has increased by more than 80%, which also reveals to some extent why the new pattern is made by these three companies.

Another landmark event this year is that domestic enterprises collectively introduced the role of "chief scientist". This year, five companies introduced seven scientific research-related executives. For example, PMPM also introduced Sun Peiwen, Li Jinhua and Liao Feng as chief scientific research officer, chief formula scientist and R&D partner respectively. On the same day, Shuiyang Co., Ltd. and Polaiya hired Chen Jian and Wei Xiaolan as chief scientists and chief scientific officers respectively.

In addition to enhancing scientific research strength, beauty giants have also left the scene to do VC, laying out potential opportunities through industrial investment to build industrial chain barriers. In 2022, domestic and foreign beauty companies participated in about 40 investment acquisitions, the largest of which was Estee Lauder’s acquisition of Tom Ford, and the investment amount was L ‘Oreal, with a total of 5 cases.

Domestic companies have also made frequent moves this year. After setting up their own investment companies in the past two years, they have carried out many industrial layouts respectively. For example, this year, the most action was Shuiyang shares, which acquired two foreign brands, namely Ifidan and PierAuge, and invested in two domestic start-up brands.

Different from pure financial investment, industrial investment initiated by beauty companies is not only for financial benefits, but also for the formation of industrial resource sharing and business expansion. This year, large consumer funds continue to shrink, and the takeover of industrial funds has undoubtedly injected a wave of vitality into the industry.

The underlying rules have changed.

The tide of listing and bankruptcy are two other landmark events in 2022. In 2022, more than 20 beauty companies were listed, including Shangmei Group, Juzi Bio, Fuerjia and other beauty companies, as well as upstream companies in the industrial chain such as Bai Xinglong, Zhongrong and Yaxiang Spice.

On the other hand, more than 210,000 cosmetic enterprises were "deregistered" in the enterprise registration status, and in 2022, the number of registered cosmetics-related enterprises in China also declined for the first time in the past 10 years.

This year is the most serious year for the decline of the beauty market. According to the data released by the National Bureau of Statistics this month, from January to November this year, the total retail sales of cosmetics was 365.2 billion yuan, down 3.1% year-on-year, much higher than the 0.1% decline in the total retail sales of social consumer goods, setting a new low in the past five years. From August to November, the growth rate of the cosmetics industry has declined for four consecutive months.

In fact, this year’s decline is a continuation of the overall decline of the industry since 2020, and this year’s black swan incident is particularly frequent. From the suspension of Shanghai at the beginning of the year to the epidemic, more and more cities have been affected. The suspension of express delivery and factory shutdown has greatly inhibited the forward development of the industry. At the same time, the cost increase brought about by the changes in global monetary policy and the constant consumption power have made the industry even worse.

In 2022, the underlying competition logic of the cosmetics industry has also undergone fundamental changes, which is largely due to changes in regulatory rules. In 2022, it is a crucial year for the implementation of new cosmetics regulations and supporting regulations, and it is also a year for the cosmetics industry to make waves.

Previously, according to China Cosmetics, in the past year, relevant departments issued and implemented nearly 20 related laws and regulations. As a whole, there are several major trends: the supervision is further tightened, the rules and standards are clearer, the punishment is more severe, and all aspects such as raw materials, production, brands and channels have been "legally followed".

From this year’s intensive punishment, we can see that five enterprises have been banned this year, and even two have been banned for life. At the same time, with the implementation of the Measures for the Administration of Cosmetics Registration and Filing, more than 400,000 cosmetics were cleared nationwide.

In addition, the entry threshold of the industry as a whole has been continuously improved. In 2022, higher requirements have been put forward for factories, brands and testing institutions. For example, production quality is no longer a matter for factories, and brands should also take relevant responsibilities.

"Inspection Points and Judgment Principles of Cosmetic Production Quality Management Standards" made it clear that brands should also participate in quality supervision, while "Qualification Certification Conditions for Cosmetic Inspection Institutions (Draft for Comment)" made clear requirements for the organization and management of inspection institutions and the qualifications of employees, and the threshold of cosmetics inspection industry was greatly raised.

In 2023, with the implementation of many new regulations, we can meet that the reshuffle of the industry will continue, a new order will be formed soon, and the whole industry will further develop in a healthy and orderly direction in the "pain" of change.

With the liberalization of epidemic control, the cosmetics industry is likely to usher in the dawn in the new year. In December, as an important business segment of many companies, tourism retail has taken the lead in welcoming good news. According to Haikou Customs data, from December 13th to 19th, the amount of duty-free shopping in Hainan’s outlying islands exceeded 100 million yuan for seven consecutive days, which brought a little warmth to the start of 2023.

Change the disk and wait for the dawn.

Beauty cosmetics： research and development enhance product strength, and large single products tamp the moat.

Beauty cosmetics grow in differentiation and gain momentum in evolution: summary and prospect of 2021 annual report and 2022 first quarterly report

In 2021, A-share brand beauty enterprises showed high growth and strong consumption resilience as a whole; In 2022Q1, under the influence of local epidemic, the growth and profitability of various companies intensified and differentiated, and Betani/Huaxi/Polaiya performed significantly better than the industry. Looking forward to the whole year of 2022, it is expected that research and development will enhance the product strength, and large single products will consolidate the moat; Digging deep into the channel stock and actively grasping the increment are the common efforts of the industry. Huaxi Bio, Polaiya, Betani, Kos and Jiaheng Jahwa are mainly recommended.

▍ In 2021, six A-share brand beauty companies:

The operating income all achieved positive growth, with the total operating income of+33.1% year-on-year, and the growth rate of Huaxi biological functional skin care products ranked first, with+146.6%, showing high growth and strong consumption resilience as a whole; The total attributable net profit was+8.8% year-on-year, and Bettini’s growth rate was the highest, at+58.8%; The gross profit rate is 58.7% ~ 79.0%, and the gross profit rate of Zhonghua Xi biological skin care products ranks first; The overall sales expense rate is on the rise, among which the promotion expense accounts for the largest proportion in the expense breakdown, and the promotion expense rates of Huaxi/Polaiya/Betani are 36.3%/36.1%/31.1% respectively; The R&D expense ratio is 1.7% ~ 5.7%, and Huaxi’s R&D expense ratio far exceeds the industry average. The net interest rates of Betaine/Huaxi (overall)/Marumi/Polaiya are 21.5%/15.7%/13.5%/12.0% respectively. 2022Q1: The income, profit growth rate and profitability differentiation of brand companies have increased, and Betani/Huaxi/Polaiya performed significantly better than the industry.

▍ China beauty market: low penetration rate, low concentration, large room for single brand growth, multi-brand and collectivization are still in the initial stage.

According to Euromonitor data, in 2021, the per capita consumption of beauty care in China is about 405 yuan, and that in the United States/South Korea/Japan/Europe is about 1,995/1,630/1,597/1,248 yuan respectively; In 2021, the retail sales of beauty cosmetics and personal care in China will be about 33.3%, while those in Korea/the United States/Japan/Western Europe will be about 49.8%/41.1%/36.8%/35.8% respectively. In 2021, the market sales of L ‘Oré al Group, Estee Lauder Group and Shiseido Group in China were about 69.8 billion yuan, 30.8 billion yuan and 19.9 billion yuan respectively, while the leading enterprises in China generally did not exceed the terminal scale of 10 billion yuan. From the perspective of single brand, in 2021, the retail sales of L ‘Oré al Paris, Lancome and Estee Lauder in China market will be 23.4 billion yuan, 17.8 billion yuan and 15.8 billion yuan respectively, while the multi-brand and collectivization of China’s beauty products are generally still in the initial stage; In the next five years, China beauty brands will go to sea as the general trend; In 2021, the global sales of L ‘Oré al Group and Estee Lauder Group were 349.8 billion yuan and 126.8 billion yuan respectively. The global sales of single brand L ‘Oré al Paris was 92.1 billion yuan, Lancome was 43.4 billion yuan and Estee Lauder was 35.9 billion yuan.

▍ China Beauty Evolution and Trend: R&D enhances product strength, and large single products tamp the moat; Dig deep into the channel stock and actively grasp the increment.

At present, the consumption upgrade has temporarily encountered a phased bottleneck, consumers are more rational in purchasing beauty products, and product strength plays a more important role in purchasing decisions; After several years of accumulation, the product strength of local brands has generally increased. Huaxi Bio and Betani have driven product innovation with raw material innovation in their respective tracks, gradually forming China beauty features and consumer minds; Huaxi follows the path of "science → technology → product → brand", and it is expected to maintain the R&D expenditure rate of about 6% in the future, or create its own "Bose Cause" and "Pitera" of China beauty brand; Bettini strengthens the geographical "franchise value" based on the characteristic plants of Yunnan alpine-it is difficult to imitate, and it is even more impossible to copy. Polaiya’s big single product strategy has entered the harvest period, and Betani Winona, Huaxi Runbaiyan /BM Muscle Activity and other big single products have achieved remarkable results in promoting sales, raising profits and fixing stickiness. In 2021, the proportion of online income is: Proya 85% > Betani 82% > Huaxi Bio * 78% > Marubi 60% > shanghai jahwa 42%. As far as Amoy Department is concerned, the volume of local brands is still far lower than that of international head brands. Digging deep into Amoy Department and grasping emerging channels such as Tik Tok are the common paths for local leaders to continue to increase their share.

▍ Risk factors:

Under the repeated local epidemic, residents’ willingness to buy declined, affecting optional consumption such as beauty; International brands make great efforts to promote sales through multiple channels, eroding the share of local brands; New product sales failed to meet expectations; Traffic, product promotion, etc. erode performance.

▍ Investment strategy.

Looking forward to the whole year of 2022, the local beauty industry chain in China will continue to evolve and move forward: although the growth rate of the industry has slowed down, the growth rate is still in the forefront of all kinds of consumer goods, and there is a broad space for a long time.

Main line 1: Relying on R&D and track product strength, strong operational capability, emerging channels and other factors, the differentiation will be further enhanced, and multi-brand and collectivization will also enter a new stage. Huaxi Bio (functional skin care products maintain high growth and profitability tends to improve), Polaiya (big single product strategy enters the harvest period, and the second brand Caitang grows at a high speed) and Betaine (main brand Winona has high barriers and is a new brand. It is suggested to pay attention to the development of Marubi and Lushang.

Main line 2: With the implementation of the new regulations, the beauty supply chain has greatly improved the industry threshold, and the concentration trend is upward. It is mainly recommended that Kesi shares, the beneficiary of the new regulations at the raw material end, and Jiaheng Jahwa, the beneficiary of the improvement of the competitive pattern.

This article comes from financial circles.

Beauty cosmetics make up lessons for the past high growth and gain momentum for the future high growth.

During the platform period of industry development, the focus of each beauty leading work is divided, and at the same time, there are commonalities in creating large single products and expanding the ecological circle; Local brands are generally making up lessons for the rapid development of the previous stage and gaining momentum for the development of the next stage. 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. The industry growth rate and sector valuation are expected to bottom out. However, due to the lack of driving force at the bottom, the recovery rate may be limited.

▍2023Q1, "optional" is superimposed with "fast-disappearing", which hinders the growth of beauty.

From January to February, 2023, the National Bureau of Statistics showed that the retail sales of cosmetics above designated size was+3.8% year-on-year, and the growth rate dropped by 3.2pcts； year-on-year; According to the magic mirror data, Amoy beauty cosmetics were-18.9% year-on-year (skin care was-16.9%, and makeup was-23%); According to cicada mother’s data, Tik Tok’s beauty cosmetics maintained a positive growth, and the growth rate dropped sharply year on year. According to the magic mirror data, Tmall’s 3.8 festival was greatly promoted, and the sales of skin care/make-up/beauty instruments all showed a significant decline. The impact of epidemic situation on purchasing power, frequent and vigorous promotion in the past, purchase behavior beyond real demand in live broadcast scenes, high "home" inventory, and the current introverted investment of brands and platforms in the off-season, efforts to reduce the dependence on promotion and promote daily sales are the main reasons for the unsatisfactory performance of beauty cosmetics in the first quarter.

▍ Differentiation and commonness coexist in the platform period of industry development, and medical beauty and skin care scenes are integrated.

During the platform period of industry development, the focus of brand work is divided, and at the same time, there are commonalities in building large single products and expanding the ecological circle.

1) Differentiation: international brands, raising the price of classic products and speeding up the innovation to maintain high-end positioning and brand image; Local brands make up lessons for the rapid development of the previous stage and prepare for the development of the next stage. For example, Huaxi Bio’s four major brands have been upgraded, in which Runbaiyan has changed from moisturizing and hydrating to hyaluronic acid technology to repair aesthetics, and Quadi has taken the initiative to slow down and promote the creation of anti-aging mind with more energy; Winona, Bettini’s main brand, will streamline SKUs and sort out channels; Giant creatures maintain the dominant position of dressing while exerting their strength in functional skin care products;

2) Commonality: Large items have both scale benefits and brand effects, which is the common direction of all beauty cosmetics leaders; Seeking the second growth curve and laying out multi-category and multi-brand skin care products, medical beauty equipment and functional food and beverage around "beauty" and "health" have become the common direction of Huaxi Bio, Betani, Polaiya, Marubi and other companies. Concept and new marketing direction: fine efficacy, integration of medical beauty and skin care scenes. The effects of anti-aging and repair are refined according to the induced reasons, product action mechanism and application scenarios, and the whole-layer anti-aging has become a common hot spot in skin care and medical beauty; AOXMED and other brands entered the blue ocean market for immediate and recent repair and efficiency improvement after light medical art.

▍ Outlook for the second quarter: After the winter, the industry growth rate and valuation are expected to bottom out.

On the demand side, further economic recovery, further recovery of business, social and tourism scenes and gradual digestion of "family" inventory will promote demand recovery; On the supply side, it entered the last season in April, and continued to plant grass in May, and it was greatly promoted in June 18. To sum up, superimposed on the low base caused by the epidemic in the same period of 2022Q2, the growth rate of the beauty industry in the second quarter is expected to bottom out; However, at present, there is a lack of large driving force at the bottom, and the rebound height is limited.

In terms of valuation, considering the development stage of China’s beauty cosmetics and the growth rate of the leading brands, we think that the PE of the A-share beauty brand leader is around 40x, and the PE of the H-share beauty brand leader is around PE30x. Factors such as reducing holdings may lead to a large deviation in the short term, but the growth resilience of the industry and the company in the medium term will promote the valuation repair.

▍ Risk factors:

Beauty cosmetics and medical beauty are optional consumption, and the recovery progress after the epidemic, insufficient willingness to consume, sustained recovery, etc. may have negative effects; Strict supervision or exceeding expectations; The progress of product development or approval may be less than expected, which will have a negative impact on performance.

This article comes from a selection of brokerage research reports.

Visiting the First Baseball Village in China： How does a ＂baseball＂ incite rural development？

Baseball hall experience hitting baseball photo by Hu Fengsheng

Jiaxing, China, May 10 (Hu Fengsheng, Liu Mengru) Xujiadai Village, located in Lindai Town, pinghu city, Jiaxing City, Zhejiang Province, was once a well-known pig-raising village, but now it has turned into the "No.1 Baseball Village in China". What is the development mystery hidden in it?

On May 10th, the reporter went into Xujiadai village to find the answer to the punching place of baseball in online celebrity, a remote village.

"Misplaced Development" Seeking Opportunities

The commentator explained at the baseball stadium. Photo by Hu Fengsheng

Liu Jianqun, Party Secretary of Xujiadai Village, is known as the "baseball secretary". In fact, before becoming a village cadre, Liu Jianqun worked as a professional manager for 12 years, and it was this professional experience that made him keenly capture new opportunities for rural development. When dealing with local Japanese enterprises and enterprises in Taiwan Province, China, Liu Jianqun found that baseball is a sport that many executives and employees are keen on, but because there is no venue in Pinghu, they often need to drive to Shanghai to play.

Why not seize this opportunity and aim at the baseball market? The idea took root in Liu Jianqun’s heart.

After a deep understanding of baseball, Liu Jianqun made it clear that this is the ideal direction for the development of Xujiadai Village: "In China, baseball is still relatively small, so we can’ misplace development’ and do something’ no one has me’. Since we want to revitalize the countryside, we must revitalize our characteristics." He embedded sports in rural revitalization.

In November 2018, the Xujiadai Baseball Base was completed, becoming the first "country baseball field" for young people in China that meets the standards. At the same time, Liu Jianqun traveled to Beishangguang and other places to contact and undertake baseball games. In 2019, the first event, the Yangtze River Delta Deer League Baseball Game, was ushered in, which was the first appearance of Xujiadai Baseball Base.

Since then, the village has successively hosted more than 30 national and provincial baseball and softball competitions, and has been promoted to the U10 training base of China Junior Baseball, gaining the reputation of "the first baseball village in China".

Baseball field not only enriches the daily life in the countryside, but also develops a juvenile baseball team that has won trophies frequently in national and provincial competitions. Chen Jingyan was one of the 24 players selected by Lin Dai Xiaolong People’s Baseball Team when it was first established. He was successfully selected into the main list of the National Youth Baseball Team in this year’s U15 national youth baseball team selection activity, and was also the only player finally selected in Zhejiang.

Deep integration promotes development

Visit the baseball field on the spot. Photo by Hu Fengsheng

In the changeable market environment, Liu Jianqun is more and more aware of the importance of the vertical development of the baseball industry, and set out to build a "baseball culture experience hall" to broaden the boundaries of the baseball industry in Xujiadai Village.

In order to improve the supporting facilities of baseball base, Xujiadai Village expropriated idle houses and transformed them into seven baseball theme homestays. At the same time, the first comprehensive baseball culture exhibition hall integrating baseball display and sales, product research and development, experience and entertainment will be built in China to further strengthen the baseball culture atmosphere.

Liu Jianqun transferred the idea of running a company to running a village, and established Jiaxing Country Garden Culture and Sports Tourism Development Co., Ltd. in Xujiadai Village, adopting the model of "company+social capital+villagers", allowing villagers to participate in the company’s operation and share dividends, so as to help them increase their income.

In recent years, the baseball field has continuously strengthened industrial attraction, promoted the construction of key projects such as adult baseball field and catering complex, fully activated the development potential, empowered beautiful countryside with sports, endowed the urban and rural features with beauty, and promoted the common prosperity of the United States.

Xujiadai Village skillfully combines baseball culture with rural tourism to create a village-level rural garden complex scenic spot integrating leisure sightseeing, catering accommodation, baseball games (training) and folk experience, and has successively attracted Spark Farm, Dayin Farm, Eight Bowls of Catering, Wulu B&B and other projects to enter the scenic spot to promote the deep integration of agriculture, culture and tourism.

With the baseball industry getting better and better, baseball is gradually integrated into the lives of local villagers. "We have introduced baseball into students’ daily after-school evening care, and students in evening care can practice baseball for one hour every day." Mo Yun, a member of the Party Committee of Linyi Town, introduced.

It is reported that starting from May this year, Xujiadai Village is about to enter a four-month competition season, and several competitions, such as the 2023 "Jinping Lake Cup" cross-strait youth slow softball invitational tournament, the U10 Group of the National Junior Baseball Championship, and the baseball and softball of the 10th Jiaxing Sports Meeting, are about to start fierce competition and competition in this baseball field. (End)

＂Game inventory＂ reorganizes itself before the end of this year, and then welcomes itself next year.

Author: Yunji

Another year has passed. Surely you have changed a little more than last year? Maybe there are some good things that happen, maybe there are some bad things that affect my mood for a year, or maybe nothing has changed. But the game of life is still very long. Before we reach the end, we need to reorganize ourselves every year to meet the next New Year, which is not good or bad, but we still have to move forward. So this time, I will take stock of three mindless but life-related games. I also hope that through these games, you can tidy yourself up and start again in the last month of this year.

The gardens between (Between Gardens)

No one will deny that life is from constant gain to constant loss, whether it is family, friendship or love. Therefore, "Between the Gardens" is about the last "adventure memory" of friendship between two good friends, which will definitely remind you of many happiness that you haven’t forgotten or are still around now.

The gameplay is that we need to control the two protagonists to advance or retreat to the top of each chapter by fast forward and backward, and then complete some puzzles combined with memories and scenes on the road, and finally collect corresponding memory fragments to promote the plot. In the game, when we saw two people jumping on the keyboard, we activated the printer in the distance. Looking for the small lampholders that fled everywhere, we knocked over all kinds of strange treasure boxes that we had collected together. The trigger mechanism pushed the dominoes and the built building blocks on the giant table, as well as many lovely interactions behind them, which were the best testimony of the friendship between the two children.

The game doesn’t tell players these things through straightforward words, but we can slowly realize through these scenes, and then think of those warm feelings, isn’t it interesting? What’s more, the game has been transplanted to the mobile game platform, and we can experience such excellent game content at a more affordable price, and then continue to walk to the end of life with this rare sincerity.

Long dream

Every time I think of Long Dream, it’s not because there is a lot of content in the game that is made of things around my life, nor because the game depicts the old man’s constancy in love in art and the solution of the plot, but in his life, he has tasted the ups and downs of life, but still left only the best time for them in one place in his heart. And the love for the loved ones in front of you.

Most of the time in the game, we push the story horizontally from the perspective of the elderly and grandchildren, and the smoothness of each game transition is no less than that of the short video. The occasional puzzle-solving link combined with the old people’s changes in memory, whether it is to give players playability or to express Alzheimer’s disease, has a just performance. In addition, we can also see the relatives around him (the protagonist and his mother), who are also doing their best to accompany and support him with some sense and memory.

Even if they see the old people who are also suffering from Alzheimer’s disease and their relatives and friends who take care of these old people, even doctors and nurses, the frictions and contradictions between their care and being taken care of have not changed everyone’s idea of taking care of the old people wholeheartedly. Of course, in addition, there are many interesting and moving places. Therefore, after playing this game, no matter who encounters a similar situation in the future, he should not be too afraid that a person can’t be the master in the affairs of the elderly and leave regrets in life.

《unpacking》

As far as moving is concerned, as long as you are a friend who has lived outside, you will never be unfamiliar. In unpacking, you will find that we have the same thing as the game settings, that is, we will definitely choose to keep what we need most at this stage, and then take it out every time we move and put it in the most conspicuous place. Because they are not only an ordinary object at this time, but also the first-class equipment to ensure our quality of life. And in the process of sorting out these objects, we will gradually be in a tangled state where we will spit out so many things, but we can’t help but finish it in one breath.

While we are enjoying the decompression process that the game gives us, we may find that my life experience can be so wonderful. From a dreamy teenager in childhood to a fledgling graduate who likes all kinds of strange paintings; From ordinary young women who got a job and then fell in love to decadent young people who lost their love and returned to single apartments to work hard; Finally, I became a freelancer who worked in children’s picture books and won an award. Love and family also had a happy ending. Of course, as ordinary people, we also have such special life changes, but these things have become hidden in our daily lives and have a close relationship with us. Only when you pay attention to them one day will you realize that you have really gone a long way in life.

Just from the point of view of real life, the cost of this game is not small, and there are few levels. In addition, players are required to place items in a set position, which will definitely make some friends dislike this game. It’s just that those friends may not realize that the problem of judging the wrong red line of items needs only to be changed in the game settings, and everything will be solved if we start with half price or fracture price.

Let’s talk about my experience in this game in detail. In addition to some necessities, there are many items in the game that always accompany me to the next new home (I am definitely not complaining because the protagonist always keeps those lamps of different shapes). Some of them are not necessarily what I need most, but their emotional and life significance can sum up my life. Just like every time we tidy up, some things can obviously be thrown away to make the home more tidy, and they will appear in different boxes every time, and then we are happy to tell "me": "Our new home is really nice. What new story are you going to write with us here?"

From my favorite friends, to my inseparable family and lover, and then to myself, I will gradually become another look because of time. But in most cases, their love for you and your love for them will not change much, and these are also a journey that you can’t miss on your life. As yourself, you don’t have to worry about not being able to see the future now, just be your favorite adult and continue to cheer next year.

World Cup summary： Portugal and Brazil win, South Korea draw Uruguay, Switzerland 1.

On November 25th, Beijing time, on the last match day of the first round of the World Cup group match, Switzerland, Portugal and Brazil won, while South Korea drew 0-0 with Uruguay.

Switzerland 1-0 Cameroon

Embolo scored in the first three minutes of the second half, but he refused to celebrate because Cameroon was his country of birth. In the end, his goal helped Switzerland beat Cameroon 1-0 and made a good start. In the history of the World Cup, Switzerland won all the African teams twice, after they beat Togo 2-0 in the 2006 World Cup group match. At the same time, Switzerland has also continued its unbeaten record in the first round of the last six World Cups (3 wins and 3 draws). The last time they lost in the first round of the World Cup, they lost to Germany 0-5 in 1966, and it has been 56 years since then.

Brazil 2-0 Serbia

Richard Lisson scored twice, which finally helped Brazil beat Serbia 2-0, and continued the unbeaten record of the team’s last 16 World Cup group matches (13 wins and 3 draws) while winning three games against Serbia. This is also their eight-game winning streak in recent competitions.

Korea 0-0 Uruguay

The left column rejected Godin’s and valverde’s shots, and in the near stoppage time, Sun Xingyi missed the winner with a long shot outside the restricted area. In the end, South Korea drew 0-0 with Uruguay and scored 1 point.

Portugal 3-2 Ghana

Cristiano Ronaldo scored the first goal with a penalty and became the first player in history to score in five consecutive World Cups. Then Felix and Leo each scored a goal, which finally helped Portugal beat Ghana 3-2 and won the first victory in the first battle of the last four World Cups.

Zhang Yimou’s son attended the Parisian Celebrity Ball： he said that he wanted to do the work of cultural and entertainment communication in the future.

　　[Four Chinese celebrities appeared at the top social ball in Paris] The world’s most prestigious top celebrity ball, the 2023 Paris Celebrity Ball, was opened on November 25th, and 21 young girls appeared one by one. This year, many Chinese faces also appeared, including Zhen Jiru, the daughter of action superstar Donnie Yen, Zhao Ruoxi, the daughter of Zhao Yan, the "Queen of Hyaluronic Acid", Huang Tianqing, a banker girl from Hong Kong, and Yao Siya, the granddaughter of the founder of the first contemporary art gallery in Hong Kong. Four young girls dressed in fine clothes made a beautiful appearance. In addition, Zhang Yinan, the son of Zhang Yimou, appeared as a dancing knight.

　　Zhang Yinan, the son of Zhang Yimou, appeared as a dancing knight and danced with American socialite Louise Dub from new york. Chinese jewelry brand V Muse and designer Guo Pei’s evening dresses also showed the design elements with China characteristics at the dance.

　　This dance is not only a social feast, but also a charitable one, aiming at supporting worthy charities. By participating in the dance, these young celebrities have the opportunity to make contributions to society, and at the same time show the charm of oriental culture.