Group 1 - The trend of refined parenting is emerging as a new generation of parents, primarily those born in the 1990s and 2000s, are driving changes in child-rearing concepts and consumption patterns, leading to an increased demand for children's skincare products [1] - The baby and toddler skincare market in China is expected to reach nearly 50 billion yuan by 2026, with the skincare segment projected to reach 18 billion yuan, expanding from basic cleaning and moisturizing to more functional areas such as sensitive skin, eczema, sun protection, and mosquito repellent [1] - Domestic beauty companies are increasingly entering the baby skincare market, with brands like Jichu launching products that address common skin issues in infants, such as eczema, through patented micro-ecological balance technology [1] Group 2 - Sales of baby skincare products on major e-commerce platforms are reaching new highs, with companies like Shiseido's subsidiary, Up Beauty, launching multiple baby skincare brands, including Red Elephant and Newpage, which reported significant revenue growth [4] - Newpage achieved a revenue of 376 million yuan in 2024, marking a year-on-year growth of 146.3%, while its revenue growth in 2023 was nearly five times [4] - Other brands like Winona Baby and Qichu are also gaining traction, with Winona Baby generating 201 million yuan in revenue in 2024, reflecting a year-on-year increase of 34.03% [4]

[Table_Title] 证券研究报告 / 港股公司报告 从韩束到多点开花，领先国货集团迈向新征程 报告摘要： [Table_Summary] 上美股份：深耕美妆二十余载，打造国货领先美妆集团。公司历史可追 溯到 2002 年，公司创始人吕义雄先生开始在上海从事化妆品行业，随后 在 2003 年创立第一个自主品牌—韩束，此后陆续创立一叶子、红色小 象、极方、一页、安敏优等品牌。目前公司正筹备打造高端抗衰护肤品 牌 TAZU、母婴护理品牌面包超人、彩妆品牌 NAN beauty，持续完善品 牌及产品矩阵，延续集团稳健增长势能。 多品类+多渠道+多品牌，迈向集团发展新阶段。公司 2023 年业绩的陡 然提升离不开对抖音短剧的敏锐发掘，一方面可以看出公司深耕市场历 练出了灵活的战略调整能力和对市场的深刻理解，同时也奠定了公司在 美妆行业的领先优势。公司将进一步突破品牌及集团的天花板，韩束产 品类型由套装向大单品延展，渠道由抖音向天猫等布局，目前 X 肽及次 抛大单品表现优异，天猫渠道已逐步起量；此外公司加紧子品牌打造， 依托自身研发优势和营销优势，为子品牌充分赋能，接力推动集团业绩 再上台阶。长远来看，公司战略规 ...

Core Insights - The performance of domestic beauty companies in China is showing significant divergence, with some achieving remarkable growth while others face declines, indicating a reshaping of the market landscape [1][4][42] Group 1: Company Performance - Proya has become the first domestic beauty company to enter the 10 billion yuan club, with a revenue of 10.778 billion yuan, growing by 21.04% [2] - Other companies like Shangmei and Juzi Biological also reported substantial revenue increases of 62.08% and 57.17% respectively, while Shanghai Jahwa experienced a revenue decline of 13.93% [2][3] - Six beauty companies have revenues exceeding 5 billion yuan, suggesting that this threshold will soon become a significant benchmark for the top 10 domestic beauty brands [1] Group 2: Profitability Trends - Juzi Biological leads in profitability with a profit of 2.062 billion yuan, up 42.06%, while Proya's profit reached 1.552 billion yuan, growing by 30% [3] - In contrast, Shanghai Jahwa reported a loss of 833 million yuan, marking a 266.60% decline, highlighting the stark differences in profitability among companies [3][11] Group 3: Market Dynamics - The current market dynamics indicate a shift towards efficacy-driven products, with companies that successfully launched standout products seeing better performance [4][5] - The competition is intensifying, with new entrants emerging and established brands needing to adapt to changing consumer preferences and market trends [7][30] Group 4: R&D and Strategic Focus - Companies are increasingly focusing on R&D, with most reporting a rise in R&D expenditures, indicating a strategic shift towards innovation and efficacy [20][21] - The trend of acquisitions and investments in technology is becoming a key strategy for companies aiming to enhance market share and scale [23][24] Group 5: Emerging Opportunities - The male skincare market is growing rapidly, presenting new opportunities for brands to capture this segment [36] - The aging population is creating demand for products targeting older consumers, which remains largely untapped [39] - As online sales plateau, brands are shifting focus to offline channels, indicating a potential new battleground for market share [40]

Summary of Conference Call Records Industry Overview - The beauty and personal care industry in China is experiencing significant growth, driven by domestic consumption and the expansion of domestic brands [1][2]. Key Company Insights Shangmei Co., Ltd. (上美股份) - **Sales Growth**: - Tmall sales increased by 30% - JD.com sales grew nearly 70% - Kuaishou and Pinduoduo saw growth between 150% to 200% [1] - **NewPage Performance**: - Q1 revenue reached 160 million, with a 100% growth rate - Expected profit margin improvement for the year [1] - **Product Launches**: - NanBeauty plans to launch mid-to-high-end cosmetics in the second half of the year - Jifang Hair Care is set to expand after obtaining necessary certifications [1] - **Douyin Growth**: - Sales recovery began in April, with an increase in self-broadcasting and improved profit margins [1] - **Marketing Strategy**: - X Peptide aims for a GMV of 1 billion, with new endorsements to enhance marketing effectiveness [1] - Increased brand promotion and collaborations with influencers, including Ding Yuxi as the global ambassador for Han Shu [1] Runben Co., Ltd. (润本股份) - **Revenue Growth**: - Overall revenue increased by approximately 30% in April, with online sales up by about 10% - Significant growth in offline non-platform distribution (toB business) exceeding 50%, particularly in the Sam's Club channel [2] - **Sales Performance**: - Sales in Sam's Club reached over 20 million in April, up from approximately 12 million in March [2] - **Future Projections**: - Anticipates a revenue growth of over 20% in Q2, maintaining a target of 30% growth for both revenue and profit for the first half of the year [2] Marubi Biotechnology Co., Ltd. (丸美生物) - **Q1 Performance**: - Revenue growth of 28% with a net profit increase of 22% [2] - **Annual Targets**: - Aiming for a 32% growth in net profit for the year, referencing the previous year's performance [2] - **Product Sales Forecast**: - Xiaohongbi Eye Cream projected to achieve over 500 million in sales for 2024, representing a 146% growth - Xiaojin Needle expected to reach 350 million in online sales, with a 96% increase, alongside a doubling of offline sales [2] Additional Insights - The emphasis on high-quality ingredients and effective products is becoming a key profitability driver for companies in the beauty sector [3]

Core Insights - The domestic beauty industry in China is expected to undergo a significant restructuring by 2025, with companies showing rapid growth driven by strong single-brand performance and a shift in consumer focus towards verified efficacy rather than just ingredient composition [2][10] Revenue Performance - Proya has become the first domestic beauty company to surpass 10 billion yuan in revenue for 2024, achieving 10.779 billion yuan, maintaining its top position [4] - Shangmei Co. has shown the fastest revenue growth, with a 62.1% increase from 4.191 billion yuan in 2023 to 6.793 billion yuan in 2024, rising from sixth to second place among the sample companies [3][4] - Other notable companies include Betaini with 5.736 billion yuan, Shanghai Jahwa with 5.679 billion yuan, and Juzhibio with 5.54 billion yuan, all showing varying degrees of growth [4] Brand Performance - Shangmei's brand Han Shu generated nearly 5.6 billion yuan in 2024, accounting for 82.3% of the group's total revenue, with a growth rate of 73.7% [5] - Juzhibio's brand Kefu Mei achieved 4.54 billion yuan in revenue, representing 82% of its total revenue, with a growth rate of 62.9% [6] Market Trends - The popularity of hyaluronic acid is declining, while "recombinant collagen" is emerging as a lucrative ingredient, reflecting a shift in consumer preferences towards efficacy-driven skincare [7][9] - The market is witnessing a transition from ingredient-focused to efficacy-focused products, with companies like Proya leveraging this trend to capture market share [10][11] R&D and Investment - There is a growing disparity between revenue growth and R&D investment among companies, with Proya's R&D expenditure at only 1.95% of total revenue, the lowest among the sample companies [12] - In contrast, Juzhibio, despite its rapid revenue growth, has a low R&D investment ratio of 1.9%, indicating a potential risk in long-term sustainability [12] Industry Dynamics - The beauty industry is moving towards a phase where product efficacy and R&D capabilities are becoming critical competitive factors, as opposed to relying solely on marketing [13] - The gap in revenue between leading and mid-tier companies is widening, suggesting a trend towards market consolidation and structural transformation within the industry [13]

当下，国货美妆企业正在步入科研竞赛新阶段。 2 0 2 4年头部国货美妆企业规模再创新高，上美股份以总营收6 7 . 9 3亿元（同比+6 2 . 1%）、净 利润8 . 0 3亿元（同比+7 4%）的业绩规模，跃升为中国美妆企业第二。以上美股份为代表的头 部国货美妆企业，正处于新一轮的研发布局期。 在这一阶段，国货企业们不仅需要理清自身的研发核心及架构，更需要通过科研转化、科学传 播等，打造更加扎实且领先的"科研基建"，以此来承托越来越大的企业规模，实现行业技术话 语权的争夺。 5月1 0日，上美股份作为国货美妆代表企业，出席以"科学传播"为核心议题的第十一届化妆品 趋势大会。上美股份旗下品牌韩束作为科学品牌代表，在多环节亮相，与在场来自医学界、产 业端、品牌端的重磅嘉宾，共同探讨品牌科研创新及科学传播的新路径。 《FBe a u t y未来迹》发现，近段时间以来，上美股份围绕科研转化、科学传播、体系升级进行 了一系列研发进阶，为国货企业的研发全链条布局开拓出一条新路。 研发成果倘若一直束之高阁，将会失去它原本的意义。 近年来，随着十四五规划纲要的提出，国家鼓励在化妆品等消费品领域培育高端品牌。行业亟 需 ...

当行业还在为珀莱雅达成"中国本土首个营收破百亿的美妆公司"成就而欢呼的时候，国货美妆上市品牌公司营收TOP10强格局已悄悄改变—— 10强名单上，"中国高端彩妆第一股"毛戈平空降TOP5，上任新CEO的上海家化跌落10强； 珀莱雅蝉联TOP1，以107.78亿，一举打破国货美妆上市品牌公司营收的百亿天花板； TOP3中，上美以超60%的增幅继续高增长，成功跻身TOP2； 巨子生物首次冲进TOP5，以近60%的高增速，位至TOP4； 国货十强的上榜门槛提升到近25亿，2024年榜单变动情况与过去数年间对比，动荡较为激烈。 更值得关注的是，相比三年前，头部前五的席位确实已发生一轮更迭： 以上美股份、巨子生物、毛戈平为代表的企业，以超30%的增幅跑到前面；华熙生物、贝泰妮等企业，或以双位数下滑，或以增收不增利，共同来到调整 蓄力期，期待下一轮爆发。 珀莱雅之下，国货单品牌的"50亿"天花板 OR 3.68 悦美娱 3.32 原色波塔1.14 韩束 上美 55.91 -0+子 2.29 红色小象 3.76 美国 newpage一页 3.76 贝泰妮 贝泰妮 49.09 薇诺娜宝贝 2.01 丸美 丸美 20.55 P ...

2 0 2 4年在国货美妆发展史上是值得记录一年： 一方面，国内诞生首个突破百亿美妆企业，珀莱雅以1 0 7 . 7 8亿元营收首次跻身"百亿俱乐部"， 成 为 行 业 里 程 碑 事 件 ； 同 时 ， 十 强 门 槛 抬 高 至 近 3 0 亿 元 ， 前 十 总 营 收 规 模 扩 大 至 5 4 3 . 7 7 亿 元。 另一方面，前十座次发生较大变化，毛戈平首次闯入榜单，上海家化、华熙生物等企业持续步 入变革期深水区，迎来业绩"震荡"。 在"突飞猛进"与震荡调整并存的阶段，头部国货企业的发展预示着行业怎样的未来？ 综 合 2 0 2 1 年 至 2 0 2 4 年 国 货 美 妆 上 市 企 业 十 强 榜 单 情 况 来 看 ， 可 以 发 现 ， 名 次 发 生 了 较 大 变 化。每一年的前三名都不相同，并且持续有"突围者"闯入榜单，例如2 0 2 4年的毛戈平。 | | | | 2021年至2024年国货美妆上市企业十强榜单 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

美团-W(03690)早盘涨3.82%，机构预计外卖行业竞争格局将保持稳定，平台价值有望长期释放。 智通财经APP获悉，港股恒生指数涨0.12%，涨26点，报21998点；恒生科技指数涨0.81%；港股早盘成 交973亿港元。 蚂蚁拟斥资28.14亿港元收购耀才证券控股权，阿里系板块全线走高。耀才证券金融(01428)再涨20%； 阿里健康（00241）涨6%。 上美股份(02145)涨8%，股价续刷历史新高，机构看好美护板块优质标的长期成长性。 泰格医药(03347)绩后跌超2%，一季度归母净利同比减少近三成，机构指其毛利率水平仍有提升空间。 青岛啤酒股份(00168)绩后跌3.7%，一季度净利润同比增长7.08%。 长江生命科技(00775)再涨超9%，公司在AACR 2025展示多种癌症疫苗数据。 龙源电力(00916)绩后跌超6%，一季度归母净利同比减少21.82%，风电分部收入同比减少1.89%。 荣昌生物(09995)绩后跌8.21%，一季度营收同比增近六成，亏损收窄至2.54亿元。 地平线机器人-W(09660)涨超9%，近日与电装达成战略合作，机构指产业链景气度确定性上行。 赤子城科技(099 ...

分析人士认为，国货美妆凭借高性价比和精细化运营在市场竞争中不断占据优势。 今年年初国家统计局数据显示，2024年全年限额以上化妆品类零售额为4357亿元，较上一年同比下滑1.1%。 但在整体较为平淡的走势中，还是有不少公司获得了不俗的业绩。在近期陆续披露业绩的本土美妆企业中，本土美 妆行业迎来了首个业绩破百亿的公司。根据财报，珀莱雅(603605.SH)去年的营业收入与净利润双增，其中营收首次 突破百亿，同比增长21.04%至107.78亿元。 而除了珀莱雅，上美股份（02145.HK）、毛戈平(01318.HK)、丸美生物（603983.SH）等老牌美妆企业的业绩也有超 过20%的涨幅。 头部美妆企业"押宝"线上销售 财报显示，珀莱雅2024全年营收达107.78亿元，同比增长21.04%；归母净利润15.52亿元，同比增长30%，扣非净利 润15.22亿元，同比增长29.60%。 丸美生物于4月26日公布的财报显示公司去年营业总收入29.70亿元，同比增长33.44%；归母净利润3.42亿元，同比增 长31.69%；扣非净利润3.27亿元，同比增长73.86%；另一家上美股份旗下较为知名的品牌是韩束，该公 ...