Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [2] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 4.8% from March 13 to March 20, 2026, which is 0.7 percentage points worse than the Shenwan A Index [4][5] - Upcoming earnings reports from key companies such as Lin Qingxuan and Shangmei will be critical to monitor [4][10] - The report highlights the performance of major companies, noting that Aimeike's revenue for 2025 is projected at 2.453 billion yuan, a year-on-year decrease of 18.94% [11] Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 3.4%, while the Shenwan Personal Care Index dropped by 4.4%, indicating varied performance within the sector [4][5] - The report notes that the beauty care sector is entering earnings season, with several companies set to announce their financial results [10] Company Highlights - Aimeike's 2025 performance shows a revenue of 2.453 billion yuan, down 18.94% year-on-year, with a net profit of 1.291 billion yuan, down 34.05% [11] - Juzi Biotechnology reported a slight revenue decline of 0.4% to 5.519 billion yuan, with a net profit decrease of 7.2% [11] - The report emphasizes the importance of product matrix improvement and collaboration for growth in Aimeike's future performance [12] Market Trends - The report indicates that the retail sales of cosmetics in China grew by 4.5% year-on-year in the first two months of 2026, outperforming overall retail growth [16] - The report also notes that the domestic market is seeing a shift towards local brands, with significant growth in market share for domestic products [23] Industry Dynamics - The report discusses the strategic partnership between L'Oréal and NVIDIA to enhance AI research in beauty products, reflecting a trend towards technological integration in the industry [20] - The competitive landscape is evolving, with domestic brands gaining ground against international players, particularly in the skincare segment [23]

数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 商贸零售 沪深300 商贸零售 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 相关研究报告 《2026 年 1-2 月社零同比+2.8%，春节 消 费 稳 健 恢 复 — 行 业 点 评 报 告 》 -2026.3.17 《逸仙电商获 1.2 亿美元投资，老铺黄 金业绩预告高增 — 行 业 周 报 》 -2026.3.15 《38 大促国货美妆表现亮眼，上美股 份发布盈喜预告 — 行 业 周 报 》 -2026.3.8 京东 Joybuy 欧洲上线，自营模式打开差异化空间 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（分析师） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790526030002 | lixintian@kysec.cn 证书编号：S0790526030002 跨境电商平台 Joybuy 上线，自营模式布局差异化竞争 ...

同比+5.1%，跑赢社零大盘1.4pct、较2024年显著回暖，其中25H1、25H2分别同比增长2.9%、7.3%， 下半年行业增速改善明显 2 / CONTENTS 3 / 01 02 03 04 05 4 / 01 美妆大盘：化妆品增速回暖跑赢社零，线上天猫回暖、抖音降速 • 2025年化妆品社零同比增长5.1%跑赢社零，线上天猫、抖音平台增速收敛。据国家统计局，2025年限额以上单位化妆品累 零售额4653亿元，同比+5.1%，跑赢社零大盘1.4pct、较2024年显著回暖，其中25H1、25H2分别同比增长2.9%、7.3%， 下半年行业增速改善明显。重点线上平台方面，据久谦数据，2025年天猫、抖音美妆大盘分别同比+2%、+16%，抖音依 然为主要增量渠道，但2025Q3起线上渠道格局逐渐生变，25Q3天猫、抖音美妆个护品类分别同比+8%、+8%，两核心平 台增速收敛，且这一趋势延续至Q4，我们判断主要因天猫平台在即时零售的拉动下增速呈回暖态势，而抖音随着规模增 大、达播趋弱，增速有所放缓，电商渠道格局趋于稳定。 01 品类趋势：彩妆、个护品类增长强于护肤，个护新品牌破局 • 2025年彩妆、个护 ...

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion, with domestic brands surpassing international brands in market share and consumer preference significantly increasing for domestic products [1][2]. Group 1: High-Quality Development and New Productive Forces - The high-quality development of the beauty and skincare industry relies on the cultivation and implementation of new productive forces, which are essential for transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production logic by utilizing automation and intelligent equipment to address batch fluctuations and quality control issues, thereby improving production efficiency and product consistency [4]. - These forces also align with consumer upgrade demands, facilitating product innovation that shifts from "concept marketing" to "technology empowerment" [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - Over the past decade, the beauty and skincare manufacturing industry has transitioned from experience-driven to data-driven upgrades, establishing a clear three-stage evolution path [6]. - The current stage is characterized by intelligent data-driven systems that enable full-process traceability and flexible collaboration, meeting the industry's demands for rapid product iteration and compliance [6]. - Leading brands like Han Shu and Hua Xi have made significant investments in intelligent manufacturing, achieving production capacity increases and quality control improvements that rival international brands [10][15]. Group 3: R&D Innovation and Cost Investment - R&D expenditure rates vary across categories, with skincare products averaging 1.5%-3% and medical beauty products ranging from 2%-5%, indicating a stratified investment landscape driven by product attributes and technological barriers [19][20]. - Domestic brands like Hua Xi and Bei Tai Ni have significantly increased their R&D personnel ratios, aligning closely with international brands, showcasing their commitment to innovation and development [21][22]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing while ensuring quality [25][27]. Group 4: International Competitiveness of Domestic Brands - Domestic beauty brands, exemplified by Han Shu, Peiliya, and Bei Tai Ni, have achieved comprehensive breakthroughs in core competitiveness through new productive forces [28]. - The implementation of intelligent manufacturing has enabled micro-level quality control, establishing trust barriers in product quality [30]. - The integration of AI-driven workshops and 5G smart factories has positioned domestic brands at the forefront of technological advancement and operational efficiency, contributing to the high-quality development of China's beauty and skincare industry [30].

Core Viewpoint - The competition between brands like Chando and Proya is not merely a brand rivalry but represents a generational shift in the Chinese beauty industry, where first-generation companies are being outperformed by second and third-generation companies that adapt to new consumer behaviors and market dynamics [2][34]. Group 1: First-Generation Companies - First-generation companies like Chando, Pechoin, and Shanghai Jahwa thrived in an era focused on distribution and brand management, leveraging traditional retail channels to control sales [4][10]. - These companies built their success on a solid foundation of distribution networks and advertising, which are now becoming less effective in the current market landscape [8][10]. - Chando was perceived as a high-end domestic brand, particularly in lower-tier cities, but struggles to adapt to the new content-driven consumer environment [8][28]. Group 2: Second-Generation Companies - Second-generation companies such as Proya, Han Shu, and Winona emerged in the e-commerce and content era, focusing on user-driven strategies and rapid product iteration [11][15]. - Proya's success is attributed not just to effective marketing but to its organizational structure that aligns with modern content distribution systems, making it more agile and responsive to consumer needs [19][20]. - The shift from channel control to content platform control has fundamentally changed how brands grow, with visibility becoming more critical than mere shelf presence [13][14]. Group 3: Third-Generation Companies - Third-generation companies like Kefu Mei and Juzi Biotech are defining a new narrative by focusing on efficacy, ingredients, and medical storytelling to build consumer trust [2][31]. - These companies are not just competing for shelf space or online visibility but are creating new standards for consumer engagement and product relevance [31][34]. Group 4: Market Dynamics and Challenges - As online growth opportunities plateau and platform costs rise, first-generation companies like Chando are returning to their strengths in offline retail, indicating a recognition of their limitations in the new market [2][38]. - The challenge for Chando is not merely about whether to focus on online or offline strategies but whether it can rekindle strong consumer demand among a new generation [37][40]. - The beauty industry is evolving, and first-generation companies must confront the reality that their established advantages are diminishing in the face of new consumer expectations and competitive models [29][33].

Group 1 - The beauty and personal care sector has shown a slight decline of 0.4% since the beginning of 2026, with significant stock performance variation among key players, ranging from -27.3% to 35.6% [4][12] - The cosmetics market is characterized by intense competition, with domestic brands making significant advancements in R&D and distribution, while international brands are adapting with localized products and flexible marketing strategies [4][20] - The medical beauty sector is witnessing a surge in new products and innovations, with a focus on affordable and specialized offerings, positioning domestic companies to compete effectively against foreign counterparts [4][48] Group 2 - The e-commerce operation segment is undergoing a transformation, with companies like RuYuchen and YiWangYiChuang leveraging self-owned brands and AI to create new growth trajectories [4][43] - Key recommendations for investment include brands with strong channel and product matrices such as MaoGePing and ShangMei, as well as companies like AiMeiKe and LangZi in the medical beauty space [4][45] - The report emphasizes the importance of promotional events like 618 and Double 11, which are critical for brand visibility and sales growth in the competitive online landscape [4][37] Group 3 - The skincare and makeup market is expected to enter a consolidation phase, with strong brands likely to thrive while weaker ones may struggle, particularly in segments like fragrance and hair care [20][21] - Domestic brands are increasingly capturing market share from international brands, with a notable decline in the latter's market presence over recent years [22][27] - The report highlights the strategic importance of product innovation and family series development, as seen with brands like Peiliya, which successfully extend their product lines to enhance sales [28][30]

Core Viewpoint - The article discusses the brand upgrade and product launch of Proya's skincare brand, Yuefuti, which targets young skin by addressing their specific skincare needs through innovative products and a deep understanding of their lifestyle [2][20]. Brand Upgrade - Yuefuti has undergone a comprehensive brand upgrade since August last year, introducing a new slogan "Youth Research, Joyful Vitality" and a refreshed visual identity to resonate more with the younger generation [2][3]. - The brand aims to redefine scientific skincare standards for young skin by leveraging Proya's global research capabilities [3]. Understanding Young Consumers - Yuefuti emphasizes the importance of understanding the lifestyle and skincare pain points of young consumers, which often intertwine in three core dimensions: skin issues, lifestyle contradictions, and skincare demands [6][7]. - The brand identifies that young skin, while having natural advantages, often suffers from issues like excess oil, leading to a vicious cycle of acne and sensitivity [6]. New Product Launches - Yuefuti has launched three new products: Dual-Tube Cleanser, Peach Makeup Remover, and Powder Essence, each addressing different stubborn skin issues faced by young consumers [9][16]. - The Peach Makeup Remover has been particularly noted for its innovative structure and effectiveness, quickly gaining popularity among users [11]. Innovative Solutions - The Dual-Tube Cleanser combines two formulations to provide both deep cleaning and gentle care, addressing the common dilemma of choosing between strong cleansing and mildness [12][14]. - The Powder Essence targets dullness and roughness caused by stress and lack of sleep, employing a three-level skin rejuvenation mechanism [16][18]. Research and Development - Yuefuti's product logic is supported by Proya's extensive research network, which includes R&D centers in Hangzhou, Shanghai, and Europe, ensuring a blend of local needs and international technology [21]. - The brand has maintained a double-digit growth in R&D expenses since 2022, with a projected R&D budget of 210 million yuan in 2024 and a total of 229 authorized patents [21]. Market Performance - In the first half of 2025, Yuefuti's sales volume increased by 3.31% year-on-year, indicating a steady growth trend and establishing its independent competitive strength in the young skincare market [23]. - The brand's recent upgrades and product launches reflect a redefinition of "skincare for young skin," focusing on efficiency and scientific formulation to meet complex skincare goals [23][24].

Core Viewpoint - The article emphasizes the evolution of the Chinese cosmetics industry over the past 47 years, highlighting the importance of sustainability and digital transformation as key drivers for future growth [5][6][30]. Group 1: Historical Context - The first National Tree Planting Day was established on March 12, 1979, marking a significant moment in China's environmental awareness [5]. - In the same year, the foundation for the Shenzhen Special Economic Zone was laid, symbolizing the start of China's economic reform [5]. - The Chinese cosmetics market has transformed from having no notable domestic products to becoming the world's largest cosmetics consumer market, with companies like L'Oréal generating over 50 billion yuan in revenue [6]. Group 2: Recent Developments - The past five years have seen significant changes in the cosmetics industry, particularly accelerated by the COVID-19 pandemic, which forced companies to recognize the necessity of digital transformation [8][9]. - In 2022, 56 companies participated in the first "Digital Future Forest" planting event, emphasizing the industry's commitment to digitalization [8]. - By 2023, the number of participating companies increased to 85, with a notable revenue growth disparity between digital leaders and laggards, highlighting digitalization as essential for survival [9][12]. Group 3: Sustainability Initiatives - In 2024, the "Beauty Sustainability Coalition" (BSC) was formed, with 85 companies releasing the first sustainability declaration for the Chinese cosmetics industry, aiming to create a responsible beauty ecosystem [12][14]. - The coalition's mission focuses on integrating sustainable development principles within the industry, promoting a collective approach to environmental responsibility [12][27]. Group 4: Technological Advancements - By 2025, the industry had progressed to an AI-driven phase, with companies like L'Oréal and Estée Lauder implementing AI in research and production processes, significantly reducing development cycles [14]. - The integration of AI and digital tools has transformed decision-making processes, shifting from intuition-based to data-driven approaches [14]. Group 5: Future Outlook - As of March 12, 2026, the BSC has reached 100 member companies, indicating a growing commitment to sustainability and collaboration within the industry [16][18]. - The article introduces the "Future Report" as a new initiative aimed at providing deep insights and trend analysis for industry decision-makers, addressing the need for clarity amidst information overload [20][21]. - The report will focus on macro trends, brand dynamics, retail channels, consumer insights, and supply chain innovations, aiming to guide the industry towards sustainable growth [23][30].

Core Viewpoint - The article discusses the evolution of women's marketing, emphasizing that it has transitioned from bold declarations to a more nuanced understanding of women's experiences and relationships, particularly highlighted by the 2026 brand attitude film "I Recognize You" by Proya [4][9]. Summary by Sections Women's Marketing Evolution - Women's marketing has not lost its value but has entered a new phase where brands must genuinely understand and respect the complex experiences of women [4][6]. - The film "I Recognize You" represents a significant shift in the beauty industry, focusing on subtle, real moments among women rather than grand statements [5][9]. Authentic Representation - The film captures the unspoken understanding between women, showcasing both competition and support in their relationships, reflecting a more authentic portrayal of female experiences [6][7]. - It emphasizes the importance of recognizing shared struggles and efforts among women, moving away from simplistic narratives to a deeper emotional connection [7][11]. Brand's Long-term Commitment - Proya has been addressing women's issues for six years, evolving from responding to biases to understanding real relationships among women, indicating a deeper brand comprehension of women's roles and societal changes [9][12]. - The brand's approach has shifted from merely advocating for women to genuinely supporting them through various initiatives, such as the "Sky's the Limit" program for women's employment equality and mental health support for new mothers [12][13]. Industry-wide Implications - The changes in Proya's marketing reflect a broader transformation in the beauty industry, where the focus has shifted from product efficacy to emotional resonance and value alignment with consumers [13][14]. - The article highlights that successful brands now recognize the complexity of women's experiences and aim to present these authentically, marking a significant shift from previous marketing strategies [14].

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026 [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [15][16] Industry Dynamics - Domestic brands performed well during the 38 promotional event, with leading brands like Proya achieving significant sales [23] - The report notes that the skincare product category is seeing strong demand, particularly for effective and functional products [23][25] Investment Recommendations - Investment focus areas include: - **Gold and Jewelry**: Recommend brands with differentiated product offerings such as Laopuhuang and Chaohongji [6][30] - **Offline Retail**: Highlight companies adapting to trends like Yonghui Supermarket and Aiyingshi [6][30] - **Cosmetics**: Focus on brands that meet emotional value and safety innovation, recommending brands like Maogeping and Proya [6][31] - **Medical Aesthetics**: Suggest companies with differentiated products and expanding chains, such as Meilitiantian Medical Health and Aimeike [6][31] Company Performance Highlights - **Shangmei Co.**: Expected revenue of 9.1-9.2 billion yuan for 2025, with a year-on-year growth of 34.0%-35.4% [27] - **Zhou Dafu**: Achieved a retail value increase of 17.8% year-on-year in Q3 2026 [32] - **Yonghui Supermarket**: Anticipated revenue decline but undergoing significant operational adjustments [32]