证券研究报告|行业点评报告 [Table_Date] 2025 年 11 月 17 日 [Table_Title] 双 11 美妆延续复苏态势，行业景气度有望继续回升 [Table_Title2] 美容护理 行业评级: 推荐 [Table_Summary] ► 大盘:大盘增长平稳，即时零售表现亮眼 大促常态化后，各个平台通过拉长周期、加大优惠力度等方式提升大促销售规模。根据星图数据，2025 年双十 一全网电商销售总额达 16950 亿元，同比增长 14.2%（2025/10/7-11/11 对比 2024/10/14-11/11）。其中综合电 商销售额 16191 亿元，同比+12.3%，各大平台显著改善；天猫双 11 实现四年来最好增长，88VIP 贡献明显；京 东成交额创历史新高，下单用户数增长 40%，订单量增长近 60%；抖音推动内容和直播协同，双 11 直播销售额 破千万元的美妆品牌数增长 313%。此外即时零售表现亮眼，双十一期间销售额达 670 亿元，同比+138.4%，电商 APP 通过扶持即时零售拉动 DAU 增长，进而推动整体销售额提升；即时零售已逐步培养起中国消费者的消费习 惯，同时产 ...

消息面上，据21世纪经济报道，青眼数据显示，2023年—2025年天猫大促美妆榜单中，可复美从第10位 上升至第5位，而后今年回落到第20位。此外，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前 20名。花旗此前研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更严谨"导致价格吸 引力下降。蝉妈妈数据进一步印证了这一趋势：10月9日至16日，可复美在抖音平台的GMV为0.5—0.75 亿元，较去年同期1亿元以上明显缩水。 巨子生物(02367)盘中跌超5%，截至发稿，跌4.42%，报37.62港元，成交额2.85亿港元。 ...

消息面上，据21世纪经济报道，青眼数据显示，2023年—2025年天猫大促美妆榜单中，可复美从第10位 上升至第5位，而后今年回落到第20位。此外，以往常居抖音美妆榜的可复美，自今年6月起连续跌出前 20名。花旗此前研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更严谨"导致价格吸 引力下降。蝉妈妈数据进一步印证了这一趋势：10月9日至16日，可复美在抖音平台的GMV为0.5—0.75 亿元，较去年同期1亿元以上明显缩水。 智通财经APP获悉，巨子生物(02367)盘中跌超5%，截至发稿，跌4.42%，报37.62港元，成交额2.85亿港 元。 ...

Core Insights - The beauty industry is undergoing a technological transformation, with the integration of medical research driving value upgrades in cosmetics. This dual integration of medicine and beauty is defining a new competitive logic in the industry [3][6][24]. Industry Trends - The 20th China Dermatology Association (CDA) conference showcased over 10,000 dermatologists and more than 100 companies, including both domestic and international beauty brands, highlighting the industry's focus on scientific collaboration [3][4]. - The concept of "medical-research co-creation" emerged as a key theme, with brands actively participating in discussions on how to contribute to the skin science system, moving from mere users of research to active participants in scientific understanding and industry standards [7][24]. Brand Innovations - Winona, a brand known for its scientific foundation, showcased its "NUTE" principle at CDA 2025, which emphasizes clinical needs, unique mechanisms, technology empowerment, and credible evidence in product development [10]. - HBN, a domestic skincare brand, initiated the establishment of a group standard for "Cosmetic Efficacy Evidence Weight Assessment Guidelines," aiming to shift the industry from experience-driven to evidence-based competition [11][13]. - Estee Lauder's Clinique presented a white paper on the causes and distribution patterns of post-inflammatory hyperpigmentation, demonstrating the brand's commitment to scientific validation [14][16]. Research and Development - The integration of research and clinical application is evident in the initiatives taken by brands like Giant Bio and Zhenyan Bio, which are expanding the boundaries of medical-research co-creation through innovative collagen products and clinical studies [20][22]. - The collaboration between brands and medical experts is evolving, with companies like Ximu Yuan conducting extensive research on sensitive skin, showcasing a shift from being mere users of research to contributors to scientific inquiry [24][25]. Future Outlook - The CDA conference highlighted a significant shift in the beauty industry towards a more scientific and collaborative approach, with brands, medical institutions, and research organizations forming a new ecosystem that emphasizes shared data and mutual advancement [47][48]. - The focus on original ingredient research is becoming a core strategy for leading domestic brands, as they aim to differentiate themselves from homogenized competition [38][39].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant shift with domestic brands gaining market share, while international brands like L'Oréal are facing challenges [4][6][10] - The medical beauty sector is expanding, with companies like Juzhi Biotech and Naturals launching innovative products, indicating a trend towards cross-industry collaboration [4][6] - The soap market is evolving with a focus on high-end products and natural ingredients, appealing to environmentally conscious consumers [6] - PDRN technology is transitioning from niche medical applications to mainstream skincare, enhancing product efficacy and market accessibility [6][10] - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, leveraging its mature market and tourism recovery [6][10] - The competitive landscape is intensifying, with domestic brands dominating the top rankings and new entrants disrupting traditional market dynamics [4][6][10] Industry Environment - L'Oréal has dropped out of the top 10 rankings in the Douyin beauty market, with domestic brands like Han Shu and Proya leading the charge [4] - The medical beauty market is projected to reach 370 billion by 2025, attracting investments from beauty companies [4] - The soap market is witnessing a shift towards premium products, with handmade soaps gaining traction among consumers [6] - PDRN technology is being adopted in mainstream skincare, with various brands innovating in formulations and applications [6] - Domestic beauty brands are increasingly focusing on international markets, with Hong Kong serving as a strategic entry point [6] Top Brand News - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual strategy for online and offline sales [12] - Influencer Zhu Guagua has regained prominence in the Douyin beauty market, significantly impacting brand sales through effective marketing strategies [12] - Hermès is exploring the skincare segment, with plans to launch products post-2028, indicating a strategic move to enhance its beauty portfolio [12] - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development [12] - Juyi Group has acquired the Italian brand Foltène to strengthen its position in the hair care market, reflecting a trend of consolidation among domestic beauty companies [12]

21世纪经济报道记者 凌晨 报道 2025年双十一落幕，胶原蛋白市场凉意凸显。 风向的转变，往往始于细微处。可复美GMV的同比下滑，行业龙头巨子生物与锦波生物增长步伐的放 缓……这个曾经被资本与市场共同追捧的"成分明星"，似乎正迎来自己的冷静期。 更为直接的信号，来自于市场本身的收缩。华熙生物旗下胶原蛋白品牌"润熙泉"，在多个平台的官方店 铺已悄然清空；而上美股份旗下曾专注于该领域的"胶原丽"，也已完成了工商注销手续。 事实上，重组胶原蛋白的故事曾有一个清晰的脚本：高昂的技术门槛与持续的研发投入，为先行者们构 筑起一道坚固的护城河，确保了早期的超额回报。 然而，当技术瓶颈逐步被突破、市场认知日益普及，这本应预示着繁荣的全面降临，市场的反应却出乎 意料地转向了冷静。 有观察者将这一阶段视为一场必然的"分化"。巨头的战略收缩，是对资源效率的重新聚焦；部分企业的 退场，则是基于产品商业化的现实焦虑。 但细观美妆板块，昔日明星胶原蛋白品牌的表现难言乐观。 销售数据是最直观的体现。花旗研报指出，巨子生物的主打产品在李佳琦直播间预售中因"促销策略更 严谨"导致价格吸引力下降。 蝉妈妈数据进一步印证了这一趋势：10月9日至 ...

招银国际发布研报称，MSCI中国医疗指数年初至今累计升幅达59.5%，跑赢MSCI中国指数24%，至近 期医药板块出现回调，10月初起回落约10%，认为部分股份估值较低，仍具吸引力，看好三生制药 (01530)、固生堂(02273)、巨子生物(02367)、药明合联(02268)、信达生物(01801)及中国生物制药 (01177)，均予"买入"评级。 该行预期，资本市场融资活动恢复，创新药出海交易规模扩张，国内创新药研发需求回暖，加上美国进 入降息周期，CXO企业下半年业绩表现有望复苏，预期已授权的创新药管线在海外的临床发展可成为 创新药板块最重要催化剂。 ...

Core Viewpoint - The MSCI China Healthcare Index has increased by 59.5% year-to-date, outperforming the MSCI China Index by 24%, but has recently experienced a correction of approximately 10% since early October, indicating potential investment opportunities in undervalued stocks [1] Group 1: Market Performance - The MSCI China Healthcare Index has shown a significant year-to-date increase of 59.5% [1] - This index has outperformed the MSCI China Index by 24% [1] - The healthcare sector has seen a recent correction, with a decline of about 10% since early October [1] Group 2: Investment Recommendations - Certain stocks are considered undervalued and attractive, including: - 3SBio Inc. (01530) - Genscript Biotech Corporation (02273) - Junshi Biosciences (02367) - WuXi AppTec Co., Ltd. (02268) - Innovent Biologics, Inc. (01801) - China National Pharmaceutical Group (01177) - All the mentioned stocks have been given a "Buy" rating [1] Group 3: Market Outlook - The capital market is expected to see a recovery in financing activities [1] - There is an anticipated expansion in the trading scale of innovative drugs overseas [1] - Domestic demand for innovative drug research and development is expected to rebound [1] - The U.S. entering a rate-cutting cycle may lead to a recovery in the performance of CXO companies in the second half of the year [1] - The clinical development of authorized innovative drug pipelines overseas is expected to be a significant catalyst for the innovative drug sector [1]

Group 1 - The MSCI China Healthcare Index has increased by 59.5% year-to-date, outperforming the MSCI China Index by 24% [1] - The healthcare sector has recently experienced a correction, declining approximately 10% since early October, leading to some stocks being viewed as undervalued and attractive [1] - Companies such as 3SBio, Genscript Biotech, Junshi Biosciences, WuXi AppTec, Innovent Biologics, and China National Pharmaceutical Group are favored with a "buy" rating [1] Group 2 - The capital market is expected to see a recovery in financing activities, with an expansion in the overseas trading scale of innovative drugs [1] - There is a rebound in domestic demand for innovative drug research and development, alongside the U.S. entering a rate-cutting cycle [1] - The performance of CXO companies is anticipated to improve in the second half of the year, with the clinical development of authorized innovative drug pipelines overseas being a significant catalyst for the sector [1]

Core Viewpoint - The consumer sector is showing signs of recovery, driven by favorable policies, rising CPI, and the imminent closure of Hainan Free Trade Port, leading to increased investment enthusiasm in the sector [2][4]. Group 1: Consumer Sector Analysis - The consumer sector is believed to be at the bottom, with fundamentals gradually improving, as indicated by the third-quarter reports [4]. - The "14th Five-Year Plan" emphasizes the importance of consumption, suggesting a positive outlook for the sector [4]. - Key investment opportunities include the restaurant chain sector, which is nearing the end of price wars, and companies like Anjiexin Foods and Lihai Foods are seeing improved net profit margins [4]. Group 2: Duty-Free Industry Insights - Hainan's duty-free sales data shows a significant recovery in Q3 2025, with a notable increase in average transaction value, and a stable outlook for Q4 [5]. - Continuous policy support, including a clear timeline for the island's closure and an expanded range of duty-free products, is expected to enhance the operational conditions for companies like China Duty Free Group and Hainan Development [5]. Group 3: Structural Upgrades in Consumption - The toy industry is evolving with IP incubation and category innovation, favoring leading companies with strong design and supply chain capabilities [6]. - The beauty industry is integrating medical, beauty, and health services, which is expected to enhance customer spending and repeat purchases [6]. - The consumer industry is transitioning from "functional supply" to "scenario value supply," indicating a structural upgrade in brand consumer goods [6]. Group 4: New Consumption Trends - Four new consumption themes are emerging: 1. Brand globalization 2.0, focusing on pricing power and emerging markets [7]. 2. Emotional value sectors like trendy toys and pet products are expected to benefit from rising GDP per capita [7]. 3. AI-driven consumption in service sectors is showing potential for profitability [7]. 4. Channel transformation emphasizing user experience and operational efficiency, particularly in instant retail and cost-effective dining [7]. Group 5: High-Growth Opportunities in Emotional Consumption - The gold and jewelry sector is undergoing significant changes, with rising gold prices and a shift towards emotional consumption, suggesting opportunities in high-end and trendy gold segments [8]. - Retail e-commerce is focusing on offline retail transformation and AI-enabled cross-border e-commerce leaders [8]. - The cosmetics sector is seeing growth in domestic brands that meet emotional value and safety ingredient innovation [8]. - The medical beauty sector remains resilient, with opportunities in differentiated products and mergers in downstream medical beauty institutions [8].