As part of its contribution to Beijing's "14th Five-Year Plan", Meitu has launched Moyan, a personalized cosmetics technology innovation platform2022-06-28
On June 28th, Meitu and the Changping District Government jointly launched the personalized cosmetics technology innovation platform Moyan. This platform will make full use of the strengths of both parties, create a personalized cosmetics innovation and development ecology, and strategically promote the digitalization and upgrading of the beauty and health industry.
The beauty and health industry has low resource consumption, high added value, and plenty of room for development. It is an emerging global industry, and also a key pillar for consolidating the energy levels of the real economy and cultivating new drivers of growth. Currently, the market for cosmetics consumption is booming along with the continuous improvement in people's living standards, and the beauty and health industry is on the rise. In particular, in light of the in-depth implementation of the "Regulations on the Supervision and Administration of Cosmetics" and Beijing's lifting of the access ban on the cosmetics industry, the capital's beauty and health industry is given a window of opportunity for development.
In Beijing's "14th Five-Year Plan", Changping District has thus far been positioned as the only cluster in the city that is focused on the development of the beauty and health industry. In response to the development of the cosmetics industry, Changping District has formulated an overall plan of "one core, two parks, and four highlands", while also issuing its "Ten Policies for a Beautiful Economy" that aim to provide precise support and efficient guidance from three levels. It has also pushed a series of measures such as the holding of forums on the high-quality development of the cosmetics industry, the launching of the construction of the Beijing Beauty and Health Industry Innovation Demonstration Base, and the establishing of the Beijing Beauty and Health Industry Innovation Research Institute, and it has also rapidly pushed the aggregation of key elements and the implementation of projects. In 2021, Changping's beauty and health industry achieved RMB 6.89 billion in revenue, with over 20 enterprises stationing themselves there.
Meitu launched Moyan, a personalized cosmetics technology innovation platform
In order to push the development of the personalized cosmetics industry as quickly as possible and create a personalized cosmetics industry ecology, the Changping District Government and Meitu have jointly launched the Moyan under the guidance of the Beijing Municipal Medical Products Administration, the Changping District Government and other relevant departments. The platform will make full use of Meitu's strengths in data and technology as well as the Beijing Technology and Business University's department of dermatology's strengths in scientific research and theoretical strengths, and will focus on the development of the "beauty economy" while providing enterprises and individual users with one-stop, personalized skin care solutions that include accurate skin analysis, scientific skin care guidance, and effect tracking.
Zhang Jinbai, director of the Economic and Information Bureau of Changping District, Beijing, said that Changping District will focus on six major areas, including the vigorous development the beauty and health industry (led mainly by cosmetics), the close following of current trends in development and consumption related to the beauty and health industry, base itself on Changping's natural endowment of resources and key elements and conditions, focus more on cosmetics that use plant resources, focus on customized production pilot projects, and come up with new cultural and creative beauty products. Changping District will also accelerate the aggregation of key elements and the implementation of projects, strive to open up the entire industry chain of "production, education, research, inspection, and use", and make efforts to quickly expand and strengthen the beauty and health industry.
Professor Meng Hong, Executive Dean of the Beijing Technology and Business University Cosmetics Regulatory Science Research Base, pointed out that cosmetics have become an indispensable part of people's daily lives and have a huge impact on the skin health and beauty of Chinese consumers. Being "people-oriented" is the core concept of scientific development, and it powers theoretical innovation and technological improvement in various industries. At the same time, as a trillion-dollar industry, the cosmetics industry is becoming increasingly valued by the state, with relevant guiding and supporting policies gradually becoming clearer.
Sun Kai, senior vice president of Meitu and president of Beijing Moyan Custom Biotechnology Co., Ltd., said that as a representative of the model of innovation, Moyan will seek to take advantage of the driving forces of Beijing's "14th Five-Year Plan" and Changping District's cosmetics industry policy to power the high-quality development of Chinese cosmetics, and especially personalized cosmetics.
Meitu's subsidiary Meidd provides services to tens of thousands of cosmetic stores
Previously, Meitu had a relevant arrangement on the cosmetics industry. The cutting-edge skin care brand HBN in which it has invested has frequently shown explosive growth, and is the pride of domestic cosmetic products in the eyes of young people. Meidd, a holding subsidiary of Meitu, provides cost reduction and efficiency enhancement solutions for tens of thousands of cosmetics stores. And MeituEve, a skin analyzer, has appeared in 248 cities and over 2,680 brick-and-mortar stores worldwide.
Meitu, which has been deeply involved in the beauty industry for many years, has globally advanced capabilities in areas such as facial technology, image segmentation, image enhancement, and image generation. With hundreds of millions of monthly active users, powerful data processing capabilities, and unique AI technology, it can provide products and services that are tailored to different business and consumption scenarios, empowering the beauty industry to open up more commercial space. In addition, through its collaboration with the Chinese Academy of Sciences and the Beijing Technology and Business University, among other university-level scientific research units and authoritative medical institutions, Meitu is also making advanced explorations in data on skin condition and the quantification of skin problems in Asian populations.
As the world's largest market for skin care products, China has seen rapid progress in the cosmetics market along with rising levels of consumption. According to the National Bureau of Statistics, in 2021 the size of China's cosmetics market exceeded RMB 400 billion for the first time. Also, according to analysis done by a number of other data agencies, the total retail sales of cosmetics in China will exceed RMB 800 billion by 2025.
The "Regulations on the Supervision and Administration of Cosmetics" came into force on January 1st, 2021
On June 17th, 2022, the Ministry of Industry and Information Technology, the Ministry of Human Resources and Social Security, the Ministry of Ecology and Environment, the Ministry of Commerce, and the State Administration for Market Regulation issued joint "Guidance on Promoting the High-Quality Development of Light Industry", which explicitly proposes the cultivation of a number of internationally renowned brands in cosmetics and other fields, especially the cultivation of brands with services such as "customized cosmetics".
Professor Meng Hong said that the proposal of "customized cosmetics" helped to further clarify the innovative concept of the high-quality development of cosmetics. The fundamental concept of product development has changed from its traditional focus on the "material" to being more focused on "people". The simple superposition of different cosmetic substances from the past has been transformed into a consumer-centered product development theory, which satisfies people's desire for a better life from a more scientific perspective.
In conjunction with the launch of the Beijing Moyan, some industry experts have pointed out that in the context of thriving industry development, the development trends of the Chinese cosmetics market of being diverse, personalized and digital have become more and more noticeable, which makes this a good time for the rise and development of Chinese national brand cosmetics. Also, in light of consumer's steadily increasing demand for personalized beauty, the Chinese personalized cosmetics market will be the next battleground where brands compete against one another.
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