Mixue Group's 2025 revenue is expected to increase by 35.2% year-over-year; PepsiCo CEO Ramon Laguarta: China is an important source of global innovation for PepsiCo Group | Consumer Early Insights

| March 25, 2026, Wednesday |

NO.1 Snowflake Group: 2025 Revenue Up 35.2% Year-over-Year, Net Profit Attributable to Parent Up 32.7%

On March 24, Snowflake Group released its 2025 annual performance report. During the reporting period, the company achieved revenue of 33.56 billion yuan, up 35.2% year-over-year; gross profit of 10.45 billion yuan, up 29.7%; net profit attributable to parent of 5.88 billion yuan, up 32.7%. All core financial indicators exceeded market expectations.

By the end of 2025, the group’s global stores covered 13 countries in China and abroad. Based on 2025 retail sales, Snowflake Group ranked 62nd in the global food and beverage industry, climbing 10 places from 2024. Its brands include the freshly brewed tea brand Snowflake Ice City, the freshly ground coffee brand Lucky Coffee, and the freshly tapped craft beer brand Fresh Beer Deer Family.

Comment: Snowflake Group’s 2025 revenue and net profit both increased by over 30%, with key indicators surpassing expectations. With stores in 13 countries and a ranking jump of 10 places, it leverages a multi-brand matrix including Snowflake Ice City, Lucky Coffee, and Fresh Beer Deer Family, supported by supply chain advantages and franchise models to drive scale and profitability. This demonstrates the resilience of the affordable freshly made beverage sector and provides a model for global chain expansion and multi-category development, potentially further increasing industry concentration.

NO.2 China’s Cosmetics Market Surpasses 1 Trillion Yuan in 2025, Domestic Brands Account for Nearly 60%

According to the 2026 National Cosmetics Supervision and Management Work Conference, in 2025, China approved and registered nearly twice as many new raw materials and new raw materials filings compared to the previous year. The cosmetics market size in China exceeded 1 trillion yuan in 2025, with domestic brands accounting for nearly 60%.

Statistics show that in 2025, China’s cosmetics industry market size surpassed 1.1 trillion yuan, a 2.8% increase year-over-year, with domestic brands accounting for 57.4% of sales. China’s cosmetics exports have maintained rapid growth for several years, reaching a total of $7.82 billion in 2025, up 9.2% year-over-year.

Comment: In 2025, China’s cosmetics market exceeded 1 trillion yuan, with domestic brands making up nearly 60%. The approval process for new raw materials has accelerated significantly, exports continue to grow rapidly, reflecting high-quality industry development. Regulatory encouragement of innovation and raw material approval supports local brands’ R&D; rising consumer preference for domestic潮流 and quality upgrades drive the share of domestic brands upward. Overall, China’s cosmetics industry is shifting from scale growth to innovation-driven development, with internationalization and branding as long-term trends.

NO.3 Estée Lauder Responds to Merger Rumors with Beauty Group PUIG

Market rumors suggest that American beauty giant Estée Lauder plans to merge with Spanish beauty company PUIG. In response, Estée Lauder issued a statement to Jiemian News saying that the merger is “indeed under discussion,” but no agreement has been reached yet.

PUIG owns perfume brands such as Byredo and Penhaligon’s, and also manages fragrance businesses for brands like Charlotte Tilbury and some fashion brands. In 2025, its revenue first exceeded 5 billion euros, with a market valuation around $10 billion.

Comment: Estée Lauder’s confirmation of merger negotiations with PUIG indicates potential for creating a new global beauty giant through complementary strengths, but the deal has not yet been finalized and remains uncertain. Estée Lauder could strengthen its perfume and makeup portfolio with PUIG, while PUIG could expand its global channels. However, the sharp decline in Estée Lauder’s stock price reflects market concerns about integration and transformation pace. This move highlights accelerated consolidation in the beauty industry’s top tier, with increased competition in the high-end segment.

NO.4 CITIC Construction Investment: Focus on Investment Opportunities in the Consumer Sector

CITIC Construction Investment’s research report points out that, with expanding domestic demand as a top priority for 2026’s economic work, combined with many core consumer assets potentially bottoming out in the cycle and new consumption patterns emerging, investment opportunities in the consumer sector should be prioritized.

Comment: The report suggests that Baijiu (white liquor) may experience a decade-long bottom, with new consumption driven by health, functionality, and emotional value. Coupled with retail channel reforms, recovery of high-end consumption, exchange rates, and AI hardware, the consumer sector faces structural opportunities. Investors should seize high-quality targets amid cyclical recovery and new trends, while remaining cautious of risks such as weaker-than-expected demand recovery.

NO.5 Pepsi CEO Ramon Laguarta: China Is Not Only One of PepsiCo’s Most Important Growth Engines but Also a Key Source of Global Innovation

On March 24, during the China Development High-Level Forum, PepsiCo Chairman and CEO Ramon Laguarta attended a seminar on “New Trends and Opportunities in Consumer Growth.” He emphasized that China is not only one of PepsiCo’s most important growth engines but also a vital source of global innovation. Many innovative products inspired by Chinese traditional food culture and local consumer insights have been successfully promoted across Asia and beyond. He stated, “Our success in China is closely linked to the vitality of China’s consumer economy. We see ourselves as long-term partners, investors, and co-creators in China’s next development phase.”

Comment: Pepsi CEO’s high praise positioning China as a “growth engine” and “innovation source” signals strong foreign investment confidence in China’s market. Endorsement from a major multinational boosts market confidence in the food and beverage sector.