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 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Group 1 - The Hang Seng Index rose by 0.12%, gaining 26 points to close at 21,998 points, while the Hang Seng Tech Index increased by 0.81% with a trading volume of HKD 97.3 billion in the morning session [1] - Ant Group plans to invest HKD 28.14 billion to acquire a controlling stake in Yau Tat Securities, leading to a surge in Alibaba-related stocks, with Yau Tat Securities rising by 20% and Alibaba Health increasing by 6% [1] - Meituan-W saw a morning increase of 3.82%, as institutions expect the competition landscape in the food delivery industry to remain stable, suggesting long-term value release for the platform [1] - Longjiang Life Science (00775) rose over 9% after showcasing various cancer vaccine data at AACR 2025 [1] - Horizon Robotics-W (09660) also increased by over 9% following a strategic partnership with Denso, with institutions indicating a positive outlook for the industry chain [1] Group 2 - Zai Lab (09911) increased by 6.48%, driven by significant growth in social business revenue in Q1, and the company is exploring overseas acquisition opportunities [2] - Lao Pu Gold (06181) rose over 6%, as institutions noted that fixed-price gold products benefit from the rising gold prices [3] - Shangmei Co., Ltd. (02145) surged by 8%, reaching a new historical high, with institutions optimistic about the long-term growth potential of the beauty care sector [4] - Tigermed (03347) fell over 2% post-earnings, with Q1 net profit attributable to shareholders decreasing by nearly 30%, although there is still room for improvement in gross margin [4] - Qingdao Beer Co., Ltd. (00168) dropped by 3.7% post-earnings, despite a 7.08% year-on-year increase in net profit for Q1 [4] - Longyuan Power (00916) declined over 6% post-earnings, with Q1 net profit attributable to shareholders decreasing by 21.82% and wind power segment revenue down by 1.89% [4] - Rongchang Bio (09995) fell by 8.21% post-earnings, despite nearly 60% year-on-year revenue growth in Q1, with losses narrowing to CNY 254 million [4]

Core Viewpoint - Domestic beauty brands are gaining competitive advantages in the market through high cost-performance ratios and refined operations [1][7]. Group 1: Market Performance - In early 2024, the retail sales of cosmetics in China are projected to be 435.7 billion yuan, a year-on-year decline of 1.1% [2]. - Despite the overall market stagnation, several domestic beauty companies have reported impressive performance, with Proya (603605.SH) achieving a revenue of 10.778 billion yuan, a year-on-year increase of 21.04% [2][3]. - Other established beauty companies such as Shiseido (02145.HK), Maogeping (01318.HK), and Marubi (603983.SH) also reported revenue growth exceeding 20% [2]. Group 2: Online Sales Strategy - Leading beauty companies are increasingly focusing on online sales, with Proya's online sales ratio exceeding 95% and sales surpassing 10 billion yuan [4]. - Shiseido's online sales ratio is over 90%, with sales exceeding 6 billion yuan, while Marubi's online sales ratio is above 85% [4]. - In the e-commerce landscape, Douyin has emerged as a significant player, with total beauty sales reaching between 2.5 billion to 5 billion units and total sales exceeding 100 billion yuan [4]. Group 3: Quarterly Performance - In Q1 2025, the retail sales of cosmetics reached 114.9 billion yuan, a year-on-year increase of 3.2% [6]. - Proya reported a Q1 2025 revenue of 2.359 billion yuan, up 8.13% year-on-year, and a net profit of 390 million yuan, up 28.87% [6]. - Marubi achieved a Q1 2025 revenue of 847 million yuan, a year-on-year increase of 28.01%, with a net profit of 135 million yuan, up 22.07% [6]. Group 4: Future Outlook - The management of Juzhi Biological aims for a revenue growth of 25% to 28% and a net profit growth of 21% to 24% for the 2025 fiscal year [7]. - The cosmetics and medical beauty industry is expected to show stable growth driven by policy support and consumer recovery [7]. - Domestic beauty brands are focusing on reducing traffic costs and enhancing digital marketing strategies to ensure measurable business growth [7].

去扭转的我们也看到了就去年618那么抖音他之前也披露了就是他这个商城的GMB同比增长是85%订单量增长94%那肯定是要比这个超头的达人的这个增速要更快的然后我们也和一些行业内比较资深的这种专业人士去交流他们的观点呢就是说现在在这个美妆的行业内啊就是这个抖音护肤和彩妆的商品卡的比例啊都从21年的1%啊就上升到了护肤在24年是12%这个商品卡 然后呢这个彩妆的商品卡是20%也就是通过三年的时间就是抖音他的这个商品卡占比其实已经提到了百分之十几甚至百分之二十几的美妆这个行业所以说这个趋势其实就是一个嗯长期的这样一个趋势啊那么预估到他们预估啊到二三二到三年后啊就是像这个啊综合商城包括搜索包括店铺啊这样的一些泛商城的一个销售占比将达到品牌整体销售额的啊这个50%以上 这个仍然是第一就是说这个格局我们并没有觉得说中长期会变差对吧就是这个函数仍然是第一名的那么很多人会说哎呀这个一二月这个函数的数据确实一般那么是对我们确实也看到了就是说市面上的这个第三方数据的这个 这个增速是负20%的这个函数这个是第三方那些数据但因为第三方数据本身肯定有一些这个误差所以说实际上应该是没有到这个程度但是说这个数据背后反映的本质我们就是说的这个 ...

上海上美化妆品股份有限公司（02145.HK，以下简称"上美股份"）近日发布2024年报，2024年营收为6793亿元，同比高涨62.1%；净利润为8.03亿元，同比 激增74%；毛利率提升3.1个百分点至75.2%。 技术方面，上美股份2024年应用于红蛮腰系列的自研成分"环六肽-9"获3项发明专利；2024年新申请76项专利，含36项发明，累计获27项授权。 上美股份消费渠道方面高度依赖线上渠道。2024年线上渠道销售占比90.5%，自营电商销售同比增长82.6%至53.12亿元；线下分销同比增长63.9%，但零售商 渠道同比下降15.2%。 年报披露，上美股份2024年销售费用暴增76.2%至39.47亿元，占营收的58.1%；研发投入为1.8亿元，同比增长43%，占比从3%降至2.6%；经营活动现金流净 额为54.7亿元，同比下降26.7%。 上美股份爆款依赖症逐步加深。2024年韩束品牌营收为55.91亿元，同比激增80.9%，营收贡献率达82.3%，该线上GMV居国货第二，爆款X肽面霜2024年"双 十一"大促期间销售额超4000万元。 上美股份其他品牌的发展迎来了较大的变化。母婴护理品牌newp ...

这是新消费智库第 2 6 1 6 期文章 新消费导读 1.Crocs携手Marimek ko推出首款合作系列 2.怡宝魔力运动饮料1L装新品全国上市 3. Inner Brightnes s推出Ak kermans ia益生菌补充剂 4.必胜客披萨有蛇出没 5.承德露露跨界推出露露草本「养生饮」 6.圣农发展拟11.26亿元收购太阳谷剩余54%股权 7.达能拟在德国爱他美工厂进行重大投资 8.美国拟成立Ti kTok美国独立公司，亚马逊等多方竞购 9.联合利华宣布收购Wi ld 10.Safi lo收购眼镜品牌Blender s多数股权 11.真维斯关闭澳洲所有门店 12.ZITA TAN发布2025秋冬系列 13.上美股份AI智能化妆品无人车间已正式投产 14.GymNation打造全球首个于健身房中的酒店 15.AUTEUR发布「星际漫游」系列 新消费 1.Crocs携手Marimek ko推出首款合作系列 怡宝官宣魔力运动饮料1L装新品全国上市。新品特别添加电解质、氨基酸、GLU葡萄糖和维生素B6，助力身体代谢、提供能量，1L大容量， 为不同流汗场景提供补充。（食业头条） 3. Inner Bright ...

Financial Performance - Revenue increased to RMB6,792.5 million in 2024 from RMB4,190.7 million in 2023, representing a growth of 62.2%[17] - Gross profit rose to RMB5,109.4 million in 2024 from RMB3,019.5 million in 2023, marking an increase of 69.2%[17] - Profit for the full year of 2024 was RMB803.3 million, compared to RMB461.7 million in 2023, reflecting a growth of 73.9%[17] - Total revenue generated from four primary brands in 2024 was RMB6,571.9 million, reflecting a 65.3% increase compared to 2023, contributing 96.7% of total revenue[68] - Revenue from the KANS brand surged by 80.9% to RMB5,591.0 million in 2024 from RMB3,090.4 million in 2023[122] - Revenue from the One Leaf brand decreased by 35.7% to RMB229.3 million in 2024 from RMB356.5 million in 2023[122] - Revenue from the Baby Elephant brand remained stable, increasing by 0.1% to RMB376.0 million in 2024[124] - Revenue from the newpage brand grew significantly by 146.3% to RMB375.6 million in 2024 from RMB152.5 million in 2023[125] - Other income and gains increased by 60.5% from RMB156.5 million in 2023 to RMB251.2 million in 2024, primarily due to higher government grants[141] - Cash generated from operating activities decreased to approximately RMB547.0 million in 2024 from RMB746.2 million in 2023, representing a decline of 26.7%[157] - The Group's annual profit increased to RMB803.3 million in 2024 from RMB461.7 million in 2023, reflecting a growth of 73.9%[162] Dividends and Shareholder Returns - A final dividend of RMB0.75 per share was proposed for the year ended December 31, 2024, consistent with the previous year's dividend[18] Brand Performance and Market Position - KANS ranked second in GMV among domestic cosmetics brands in 2024, with the highest growth rate among top cosmetics brands[23] - Baby Elephant was certified as the No. 1 online sales of children's makeup in China in 2024, selling a total of 0.4 million children's makeup products[47][48] - One Leaf underwent a brand revamp in 2024, targeting younger consumers with a new brand positioning and spokesperson[39][40] - Baby Elephant won the "Outstanding Performance Award for Children's Cosmetics Brand of the Year" at the 9th Cherry Awards in 2024[53] Product Development and Innovation - KANS upgraded the Polypeptide Collagen Softening series to version 2.0, introducing the new ingredient "CYCLOHEXAPEPTIDE-9" for enhanced anti-wrinkle effects[29][32] - The launch of the "X-peptide Cream" achieved over RMB 40 million in sales during the Double Eleven shopping festival[29][32] - The newly launched youth 0U series targets teenagers aged 12-18, addressing oily skin and acne issues[50] - The brand is developing a sensitive skincare brand ARMIYO using "artemisia annua oil AN+" as a core ingredient[72] - The company is preparing to launch the maternity and childcare brand Anpanman, licensed to use well-known IPs[72] Research and Development - In 2024, the company incurred R&D expenses of RMB179.9 million, accounting for 2.6% of its revenue, compared to RMB125.8 million and 3.0% in 2023[75][79] - The company applied for 76 new patents in 2024, including 36 invention patents, and was granted 27 patents, 5 of which are invention patents[78][81] - The company published 15 scientific research papers in 2024, contributing to a comprehensive research system covering basic research, process optimization, and clinical validation[83][84] - The company worked with industry departments to publish several industry standards in 2024, including methods for testing cosmetic ingredients and sun protection factors[76][79] Operational Efficiency and Strategy - The Group is committed to a "six-six" strategy to promote overall business growth through six main competitive aspects and the planning of six major sectors[95] - The Group aims to enhance R&D investments in core skincare technologies, including anti-aging and skin barrier repair, to drive product innovations[103] - The introduction of AI-powered management tools is expected to improve data analysis, resource allocation, and overall operational efficiency[103] - The Group plans to expand its marketing networks, particularly in online e-commerce platforms, to enhance user penetration and consumer engagement[105] - The strategic layout includes six major sectors: mass skincare, personal care, maternal and baby products, skin medical beauty, makeup, and high-end skincare[107] - The Group aims to enhance its international R&D capabilities and brand awareness to become a world-class cosmetics group[108] Employee and Management Information - The total remuneration cost for 2024 was RMB551.3 million, an increase from RMB494.6 million in 2023, reflecting a reasonable growth in employee compensation[89][92] - The company has a total of 2,086 full-time employees as of December 31, 2024, with 2,007 based in the PRC and 79 overseas[89][92] - The company focuses on attracting and cultivating talent, maintaining a strong R&D team with rich experience[75][79] - The management team includes experienced professionals with backgrounds in finance, operations, and product development, enhancing strategic decision-making[185][190] Financial Position and Ratios - The debt to asset ratio increased to 37.9% in 2024 from 35.1% in 2023, while the current ratio decreased to 1.8 times from 2.0 times[165] - Interest-bearing bank and other borrowings decreased by 39.9% to RMB60.1 million as of December 31, 2024, down from RMB100.0 million in 2023, due to abundant working capital[166] Management Team - Mr. Lyu Yixiong has been the CEO since the company's founding in June 2004 and is a controlling shareholder[178] - Ms. Luo Yan, who joined the group in March 2012, is currently the vice president responsible for managing and marketing several brands[181] - Mr. Feng Yifeng, the CFO since July 2016, has extensive experience in finance and asset management, previously holding senior positions at major firms[185] - Ms. Song Yang, who joined in December 2013, is responsible for research and development and product innovation within the group[190]

Core Viewpoint - Green Source Group Holdings has officially launched a new strategy focusing on extending into the mobility service sector while maintaining its manufacturing advantages, aiming to provide a comprehensive "all-scenario light mobility solution" [1] Group 1: Strategic Overview - The "all-scenario light mobility solution" is not merely an extension of product lines but a user-centric approach that integrates "hardware + software + services" to enhance user experience across various scenarios [1] - This strategic release signifies Green Source Group Holdings' proactive response to structural changes in the industry, breaking free from traditional competitive constraints [1] Group 2: Market and Product Development - Green Source Group Holdings has developed multiple products to meet diverse user needs, including the LYVA brand for outdoor health mobility [2] - The company is transitioning from a single brand operation to a "main multi-brand composite structure" [2] - The global market expansion is progressing steadily, with products sold in 80 countries and regions, achieving full-scenario application [2] Group 3: Future Plans and Innovations - By 2025, the company plans to leverage its core technological advantages to implement localization strategies in key overseas markets such as Southeast Asia, South Asia, and Latin America, while also targeting the electric bicycle market in Europe and the U.S. [2] - The "all-scenario light mobility solution" represents both a direction for product innovation and a shift from traditional sales models to user service extensions [2] - The company is focused on product iteration and service system optimization to enhance technical accumulation and model exploration, aiming to continuously adapt to changing user demands [2]

Core Insights - The peak profitability period for Han Shu has likely passed, with a notable decline in revenue growth in the second half of 2024 compared to the first half [3][4][22] - Han Shu's revenue surged by 80.9% year-on-year in 2024, reaching 5.591 billion RMB, contributing significantly to the overall revenue growth of the company [1][8] - The competitive landscape in the beauty industry is shifting, with increased participation in short drama marketing leading to higher costs and reduced effectiveness for Han Shu [5][19][26] Group 1: Company Performance - In 2024, the total revenue of Shangmei Co. increased by 62.1% to 6.793 billion RMB, with a profit of 803 million RMB, marking a 74% year-on-year growth [1][3] - The main brand Han Shu accounted for a significant portion of this growth, with a total revenue of 5.591 billion RMB [1][8] - The company's marketing expenses rose sharply, with sales and distribution costs reaching 3.95 billion RMB, a 76% increase, and marketing expenses alone growing by 90% to 3.317 billion RMB [27][28] Group 2: Market Dynamics - The beauty market is experiencing a transformation, with domestic brands like Han Shu and Pechoin gaining market share as international brands face declining sales [29][30] - The domestic beauty market saw a 7.46% increase in sales in 2024, with domestic brands capturing over 60% of the skincare market [30][33] - The influx of brands into short drama marketing has diluted Han Shu's competitive advantage, as other brands like Pechoin and international players also engage in similar marketing strategies [5][26] Group 3: Marketing Strategy - Han Shu's previous success was largely attributed to its early investment in short drama marketing, which generated significant sales and brand exposure [12][14] - However, the effectiveness of short drama marketing has diminished, with reports indicating a 40-fold decrease in marketing effectiveness despite increased costs [21][22] - The company is now shifting focus towards offline channels, emphasizing the importance of a balanced marketing strategy that includes both online and offline efforts [23][24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a net profit of 781 million yuan in 2024, representing a year-on-year increase of 69.4%, with total revenue reaching 6.793 billion yuan, up 62.1% [6] - The main brand, Han Shu, showed strong growth with revenue of 5.591 billion yuan, an increase of 80.9%, and is positioned as the second in online GMV among domestic beauty brands [7] - The company is expected to continue its growth trajectory with projected net profits of 1.006 billion yuan, 1.258 billion yuan, and 1.532 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53, 3.16, and 3.85 yuan [6] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 6.793 billion yuan, with a year-on-year growth of 62.1% [9] - The gross margin for 2024 is 75.2%, an increase of 3.2 percentage points, driven by changes in product structure [7] - The projected P/E ratios for 2025, 2026, and 2027 are 16.9, 13.5, and 11.1 respectively, indicating a relatively low valuation [6][9]