Core Insights - The Chinese cosmetics industry is experiencing a significant shift towards the use of domestic plant ingredients, driven by innovation and the demand for unique, region-specific components [4][6][12] Group 1: Industry Trends - The trend of utilizing plant-based ingredients has become a common strategy among domestic cosmetics companies, with many brands showcasing their research and development achievements at industry events [3][5] - The number of new plant-based raw materials registered has surged, with 42 new plant materials recorded in 2024, surpassing chemical raw materials for the first time [6][12] - The market for domestic brands is growing, with over 55.2% market share in 2024, indicating a shift away from reliance on foreign brands [13] Group 2: Technological Advancements - Advances in technology have enabled the precise extraction and identification of active ingredients from plants, enhancing the efficacy of cosmetic products [8][9] - Companies are increasingly using AI technology to streamline the selection of effective cosmetic ingredients, significantly improving the efficiency of product development [10] Group 3: Market Dynamics - The capital market is showing increased interest in companies that focus on plant-based ingredients, with several firms initiating IPO processes and attracting significant investments [11][12] - The push for domestic raw material usage is expected to reshape the market landscape, with predictions that local ingredients will dominate the market share in the future [12][13]

Core Insights - The Chinese fragrance and cosmetics industry is transitioning from "incremental competition" to "stock game" dynamics, with a shift from channel-driven to brand-driven competition [1] - The market size of China's cosmetics industry has exceeded 1 trillion yuan for two consecutive years, making it the largest cosmetics consumer market globally [1] - Companies are focusing on technological innovation, brand value reconstruction, and collaborative networks to enhance their competitiveness in the global value chain [1] Industry Trends - The Chinese cosmetics market is projected to reach a total transaction value of 1,073.82 billion yuan in 2024, reflecting a year-on-year growth of 2.8% [3] - The core driving force of the cosmetics market is the innovation in raw materials, with domestic companies primarily concentrated in the mid-to-low-end sectors [3] - Many local beauty companies are investing in R&D to develop proprietary raw materials, moving away from reliance on imports [5][6] Technological Advancements - Companies like Huaxi Biological Technology are emphasizing the importance of core technology and R&D capabilities to survive in a competitive market [2] - Natural堂 has developed over 20 proprietary raw materials, showcasing a shift from dependence on imports to self-sufficiency in high-quality ingredients [6] - The Chinese government is implementing policies to support innovation in cosmetic raw materials, including expedited review processes for new ingredients [7] Collaborative Efforts - The establishment of partnerships between research institutions and cosmetic companies aims to bridge the gap between laboratory innovations and market applications [9][12] - The launch of the "Beautiful Health Medical Research and Enterprise Transformation Center" in Nanjing signifies a commitment to enhancing collaboration in the industry [9] - Shanghai Jahwa's collaboration with the Chinese Academy of Traditional Chinese Medicine highlights the potential of traditional ingredients like artemisinin in skincare applications [11]

Core Viewpoint - Goldman Sachs is optimistic about the growth of local Chinese beauty brands during the upcoming Double 11 shopping festival, predicting that brands like Shanghai Jahwa and Mao Geping will lead the high-growth tier [2]. Group 1: GMV Targets and Growth Expectations - Tmall/Taobao aims for a total GMV growth of 20%-25% (approximately 600 billion), with the beauty category expected to grow around 20% [2]. - Douyin is projected to achieve over 40% GMV growth across the platform, with the beauty category exceeding 30%, making it a key growth driver [3]. - Tmall's promotional efforts are more aggressive than previous events, while Douyin continues to attract brand investments through content e-commerce and live streaming advantages [3]. Group 2: Promotional Period Extensions - The promotional period for Double 11 has been extended significantly this year, with Douyin extending by 22 days, starting pre-sales on September 16 [4]. - JD.com has extended its promotional period by 8 days, while Tmall has added 2 days, with pre-sales starting on October 15 [5]. Group 3: Brand Performance Insights - Local leading brands are expected to outperform the industry, with high-growth brands like Mao Geping (40%-50%) and Shanghai Jahwa showing strong potential [6]. - Multinational high-end brands like Lancôme and Estée Lauder are expected to grow between 10%-30%, while mass-market brands face pressure with growth below 10% [7]. Group 4: KOL Trends and Strategies - The trend is shifting towards mid-tier KOLs, with Douyin directing traffic towards them, resulting in reduced commission rates for brands [8]. - Both local and multinational brands are adopting a dual strategy of collaborating with both top-tier and mid-tier KOLs to enhance reach and conversion efficiency [8]. Group 5: Industry Dynamics and Consumer Experience - The Double 11 event is seen as an accelerator for industry differentiation, with local brands gaining market share through live streaming and product innovation [8]. - Consumers will benefit from a longer promotional period, lower prices, and simplified rules, while investors should focus on high-growth local leaders and established multinational brands [8].

Core Insights - The cosmetics sector experienced a rise of 1.51% on October 10, with Shuiyang Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Company Performance - Shuiyang Co. (300740) closed at 23.93, up 8.72%, with a trading volume of 397,000 shares and a transaction value of 931 million yuan [1] - Jiahen Jiahua (300955) closed at 37.76, up 7.95%, with a trading volume of 119,800 shares and a transaction value of 438 million yuan [1] - Lafang Jiahua (603630) closed at 23.80, up 3.30%, with a trading volume of 73,600 shares and a transaction value of 17.5 million yuan [1] - Other notable performers include Bawi Co. (920123) up 2.45%, Shanghai Jahwa (600315) up 1.91%, and Jingsheng New Materials (300849) up 1.40% [1] Fund Flow Analysis - The cosmetics sector saw a net inflow of 96.14 million yuan from institutional investors, while retail investors experienced a net outflow of 98.20 million yuan [1] - Shuiyang Co. had a net inflow of 43.09 million yuan from institutional investors, but a net outflow of 33.48 million yuan from retail investors [2] - Jiahen Jiahua recorded a net inflow of 33.03 million yuan from institutional investors, with a significant net outflow of 67.04 million yuan from retail investors [2]

证券之星消息，10月9日化妆品板块较上一交易日下跌0.53%，上海家化领跌。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。化妆品板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 34.98 | 20.00% | 3.88万 | 1.30亿 | | 300886 | 华 香料 | 29.08 | 2.76% | 2.42万 | 6945.36万 | | 300957 | 贝泰妮 | 45.81 | 1.62% | 3.58万 | 1.63亿 | | 300856 | 科思股份 | 13.27 | 0.91% | 2.96万 | 3912.75万 | | 002094 | 青岛金王 | 7.82 | 0.77% | 18.84万 | 1.47亿 | | 300740 | 水 ...

Summary of Key Points from the Conference Call on China Cosmetics Industry Industry Overview - The conference focused on the cosmetics industry in China, particularly the upcoming Double 11 Shopping Festival, which runs from October 9 to November 14, 2025. This event is expected to account for over 60% of the fourth quarter's online Gross Merchandise Value (GMV) and approximately 20% of the full year's GMV based on historical averages [1][2]. Growth Expectations - **GMV Growth Targets**: - Taobao/Tmall and Douyin are targeting year-over-year GMV growth of 20-25% and over 40%, respectively. The cosmetics segment is expected to grow at a slower rate of around 20% for Taobao/Tmall and approximately 30% for Douyin [2][12]. - Actual sales growth may exceed expectations due to a decline in return rates, with Tmall's return rate expected to drop from 15-20% last year to below 15%, and Douyin's from 35-40% to about 25% [2][15]. Promotional Strategies - **Extended Promotion Period**: - The Double 11 event will be the longest ever, lasting 31-57 days compared to 29-35 days last year. Douyin, JD, and Tmall have extended their promotion periods by 22, 8, and 2 days, respectively [3][14]. - **Discount Mechanisms**: - Platforms will focus on instant discounts (e.g., 15% off for all products) rather than spend-based discounts, leading to lower final purchase prices [3][15]. Brand Performance Insights - **Local Brands**: - Local brands such as KANS and Shanghai Jahwa are expected to outperform, with Jahwa's Herborist brand potentially achieving triple-digit growth off a low base [5][17]. - MAOGEPING is projected to deliver 40-50% growth, supported by a strong product matrix and omni-channel strategy [17]. - **MNC Brands**: - Premium multinational brands like Lancome and Estee Lauder are expected to maintain solid growth of 10-30%, while mass brands such as L'Oreal Paris and Olay may struggle with growth rates below 10% [5][17]. Market Dynamics - **KOL Influence**: - Top-tier Key Opinion Leaders (KOLs) are losing market share to mid and lower-tier KOLs, who are offering better terms to brands. The expert noted that top-tier KOLs are setting lower targets for livestreaming [7][15]. - **Merchant Support**: - Tmall/Taobao is expected to favor multinational corporations (MNCs) due to its focus on 88VIP users, while Douyin allocates traffic based on brands demonstrating high incremental growth [6][15]. Conclusion - The upcoming Double 11 Shopping Festival is poised to be a significant event for the cosmetics industry in China, with expectations of strong growth driven by extended promotional periods, aggressive pricing strategies, and a shift in KOL dynamics. Local brands are likely to outperform their multinational counterparts, reflecting changing consumer preferences and market conditions [1][5][17].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300856 | 科思股份 | 13.15 | -0.90% | 3.38万 | 4461.63万 | | 300849 | 锦盛新材 | 13.90 | -0.64% | 4.42万 | 6184.32万 | | 600223 | 福瑞达 | 7.71 | -0.52% | 4.51万 | 3476.95万 | | 300957 | 贝泰妮 | 45.08 | -0.27% | 3.58万 | 1.63亿 | | 002094 | 青岛金王 | 7.76 | -0.13% | 16.86万 | 1.31亿 | | 603605 | 珀莱雅 | 80.79 | -0.04% | 3.51万 | 2.84亿 | | 837023 | 芭薇股份 | 17.68 | 0.00% | 1.13万 | 2009.11万 | | 603630 | 拉芳家化 | 23.74 | 0.17% | 2.77万 | 6578.17万 | | 301371 | 敷尔佳 ...

Core Insights - The cosmetics sector experienced a slight decline of 0.13% on September 29, with Qingdao Jinhao leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Group 1: Stock Performance - The top-performing stocks in the cosmetics sector included: - Jinsong New Material (300849) with a closing price of 13.99, up 2.87% and a trading volume of 57,900 shares [1] - Shuiyang Co. (300740) closed at 21.36, up 2.69% with a trading volume of 116,500 shares [1] - Jiahen Home Care (300955) closed at 28.60, up 2.25% with a trading volume of 26,900 shares [1] - Qingdao Jinhao (002094) was the biggest loser, closing at 7.77, down 2.88% with a trading volume of 287,600 shares [2] - Other notable declines included: - Lafang Home Care (603630) down 1.66% [2] - Beitaini (300957) down 1.37% [2] Group 2: Capital Flow - The cosmetics sector saw a net outflow of 104 million yuan from major funds, while retail funds experienced a net inflow of 58.59 million yuan [2] - The capital flow for specific stocks showed: - Furuida (600223) had a net inflow of 9.18 million yuan from major funds [3] - Jinsong New Material (300849) saw a net inflow of 2.32 million yuan from major funds [3] - Beitaini (300957) experienced a net outflow of 2.96 million yuan from major funds [3]

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]