行 业 及 产 业 美容护理 2025 年 07 月 13 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com ⚫ 本周化妆品医美板块表现弱于市场。2025 年 7 月 4 日至 2025 年 7 月 11 日期间，申 万美容护理指数上涨 1.5%，表现弱于市场。其中，申万化妆品指数上涨 2.6%，强于申 万 A 指 1.1pct；申万个护用品指数基本持平，弱于申万 A 指数 1.6pct。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 再生药械再添两员，轻医美概念方兴未艾 看好 ——化妆品医美行业周报 20250713 - 本期投资提示： ⚫ 周观点：再生药械再添两员，轻医美概念方兴未 ...

Core Insights - The beauty industry is experiencing significant shifts, with a competitive landscape characterized by the rise of domestic brands and the stability of international brands [1][2][4] - The top beauty brands on Douyin are dominated by domestic players, with 韩束, 珀莱雅, and 欧莱雅 leading the rankings [2][9] - New entrants like 百雀羚 and 丸美 have made their way into the top 20, indicating a resurgence of domestic brands [9][11] Brand Performance - 韩束 has maintained its position as the top brand, followed by 珀莱雅 and 欧莱雅, while international brands like YSL and 兰蔻 have shown mixed results [2][9] - The emergence of brands like MEICHIC美诗 and 蒂洛薇 highlights the competitive nature of the market, with 蒂洛薇 recently achieving the top spot in the color cosmetics category [9][27] - The performance of brands such as 花西子 and 极萌 has declined, indicating a shift in consumer preferences [7][9] Influencer Ecosystem - The influencer landscape is shifting towards entertainment-oriented and comprehensive content creators, with traditional beauty influencers losing ground [1][44] - Influencers like 韦雪 have gained prominence, showcasing the changing dynamics in the beauty influencer market [44][48] - Brands are increasingly relying on a mix of influencer marketing and self-operated accounts to drive sales [41][42] Market Trends - The beauty market is seeing a trend towards self-operated models and direct-to-consumer strategies, with brands like 林清轩 and 百雀羚 successfully leveraging these approaches [14][20] - The reliance on heavy investment in advertising and low pricing strategies by brands like ELL and 三资堂 raises questions about long-term sustainability [37][39] - The competitive landscape is expected to evolve as brands focus on product development and brand strength to navigate market fluctuations [49]

Core Insights - The marketing landscape in the first week of summer 2025 showcases a diverse and dynamic approach, with brands like Meituan, Lululemon, Xianyu, and Proya engaging users through empathetic and relatable strategies [2][5][6][12][15] Group 1: Innovative Marketing Strategies - Meituan's new advertisement creatively uses "small lobsters as tools," effectively compressing and communicating the core value of the product as "sufficient, full, and cost-effective" through humor and metaphor [5] - Xianyu's appointment of Liu Yuning as its first brand ambassador emphasizes a "immersive identity binding," where the celebrity actively engages with the community rather than merely serving as a symbolic face [8][10] - Lululemon's "Summer Fun Challenge" promotes participation over performance, encouraging users to find their own movement style rather than adhering to traditional fitness standards [10][11] Group 2: Emotional Connection and Brand Identity - Proya's collaboration with actress Kwang Lingling focuses on the theme of "the secret of youth," redefining anti-aging and self-worth through storytelling and emotional resonance rather than just product promotion [14] - The overarching trend in marketing is shifting towards rebuilding relationships, where emotional engagement, rhythm, and participation are prioritized over mere technical execution or budget allocation [15][16] - Brands are increasingly striving to become entities that users want to connect with, share, and remember, reflecting a collective identity rather than a singular brand image [18]

证券研究报告|商贸零售 [Table_Title] 情绪消费兴起，关注潮玩、黄金珠宝、美 妆赛道 2025 年 07 月 07 日 [Table_Chart] 行业相对沪深 300 指数表现 [Table_ReportList] 相关研究 [Table_ReportType]——2025 年中期商贸零售行业投资策略报告[Table_ReportDate] [投资要点： Table_Summary] 回顾与展望：消费分级时代来临，情绪消费兴起带火相关产业发展。我国 消费现状已从过去的"消费升级" 逐步进入到"消费分级"的新阶段， 具体体现为：1）更加追求性价比：对于那些技术附加值较低、产品同质 化严重的传统消费品，消费者表现出更理性、更追求性价比的行为；2） 愿意对部分新型产品或服务付出一定溢价。快节奏的生活方式和信息过 载等因素影响当代人的心理健康，推动情绪消费兴起，加之随着时代的发 展，我国消费结构从生存型消费往享受型、精神型消费扩展，潮玩、古法 金、美容护肤等相关行业受到追捧。 潮玩：我国潮玩市场快速扩容，优质企业有望实现强者恒强。受益于人均 可支配收入的增长、情绪消费兴起以及国内潮流文化和优质 IP 的 ...

行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 美容护理 2025 年 07 月 06 日 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 25H1 收官国货表现分化，毛戈平等领衔增长 看好 ——化妆品医美行业周报 20250706 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 6 月 27 日至 2025 年 7 月 4 日期间，申 万美容护理指数下滑 0.6%，表现弱于市场。其中，申万化妆品指数下滑 1.5%，弱于申 万 A 指 2.7pct；申万个护用品指数上涨 0.7%，弱于申万 A 指数 0.4pct。 ⚫ 周观点：25H1 收官国货表 ...

Core Points - The announcement details the conversion results of the convertible bonds issued by Proya Cosmetics Co., Ltd. and the changes in share capital [1] Group 1: Convertible Bond Conversion Status - As of June 30, 2025, a total of RMB 969,000 of Proya's convertible bonds have been converted into A-shares, resulting in 7,092 shares, which accounts for 0.0025% of the company's total shares before conversion [2][7] - The amount of convertible bonds that have not been converted as of June 30, 2025, is RMB 750,744,000, representing 99.8711% of the total issuance [2][7] - During the quarter from April 1, 2025, to June 30, 2025, RMB 4,000 of convertible bonds were converted, resulting in 40 shares, which is 0.00001% of the total shares before conversion [2][7] Group 2: Convertible Bond Issuance Overview - Proya issued 7,517,130 convertible bonds on December 8, 2021, with a total value of RMB 75,171.30 million and a maturity of 6 years [3] - The initial conversion price was set at RMB 195.98 per share, which has been adjusted multiple times, with the latest conversion price being RMB 98.24 per share effective from October 23, 2023 [3][5][6] - The bond has a tiered interest rate structure, starting from 0.30% in the first year and increasing to 2.00% in the sixth year [3] Group 3: Share Capital Changes - The announcement includes details on the changes in share capital due to the conversion of convertible bonds, although specific figures for share capital changes are not provided [8]

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

重要内容提示： 累计转股情况：珀莱转债自 2022 年 6 月 14 日开始转股，截至 2025 年 6 月 30 日,累计共有人民币 969,000 元珀莱转债转换为珀莱雅化妆品股份有限公司 （以下简称"公司"）A 股股票，因转股形成的股份数量为 7,092 股，占可转债 转股前公司已发行股份总额的 0.0025%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的珀莱转债金额为人 民币 750,744,000 元，占珀莱转债发行总量的 99.8711%。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，珀莱转债 转股的金额为人民币 4,000 元，因转股形成的股份数量为 40 股，占可转债转股 前公司已发行股份总额的 0.00001%。 一、可转债发行上市概况 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

Core Viewpoint - The article highlights that Proya's products are marketed with "anti-aging" claims, but official registrations only support "anti-wrinkle" claims, indicating potential regulatory non-compliance [2][3][11]. Product Claims - Proya's flagship store lists multiple products, including "Early C Late A Dual Anti-aging Essence" and "Ruby Cream 3.0," with "anti-aging" claims in their promotional materials [3][10]. - The "Ruby Essence 3.0" is described as based on "cross-field anti-aging core concepts," while another platform refers to it as "anti-wrinkle" [3][5]. - The "Ruby Cream 3.0" claims to lead a new era of anti-aging based on 17 years of peptide research, but the same product is marketed as "anti-wrinkle" on different platforms [3][5]. Regulatory Compliance - The National Medical Products Administration (NMPA) only recognizes "anti-wrinkle" as a valid claim for the mentioned Proya products, with no mention of "anti-aging" [5][11]. - The NMPA's guidelines specify that any new claims must undergo evaluation by registered testing institutions and comply with national standards [11][14]. Market Performance - The "Ruby Cream 3.0" was launched in 2023 and has sold over 700,000 units on Tmall, while the "Ruby Essence 3.0" has sold over 100,000 units [10]. - The "Early C Late A Dual Anti-aging Essence" was first introduced in 2020 and currently ranks first in Tmall's A-retinol liquid essence repurchase list [10]. Industry Context - The article references a previous case involving Lin Qingxuan, which faced penalties for using "anti-aging" claims in advertising, emphasizing the regulatory scrutiny in this sector [11][14]. - Experts indicate that claims like "anti-aging" are considered violations, and companies should adhere strictly to the NMPA's defined categories for cosmetic claims [14].

珀莱雅化妆品股份有限公司（以下简称"公司"）第四届董事会第五次会议、 第四届监事会第四次会议于 2025 年 6 月 26 日审议通过了《关于回购注销部分股 权激励限制性股票的议案》。鉴于公司 2022 年限制性股票激励计划授予的 14 名 激励对象已离职而不再符合激励条件，同意将对其已获授但尚未解除限售的 242,424 股限制性股票进行回购注销。 | | | 珀莱雅化妆品股份有限公司 关于回购注销部分限制性股票通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原由 本次回购注销完成后，公司总股本将由 396,247,606 股减少至 396,005,182 股，注册资本由人民币 396,247,606 元减少至人民币 396,005,182 元。 二、需债权人知晓的相关情况 由于公司本次回购注销部分限制性股票将导致注册资本减少，根据《中华人 民共和国公司法》等相关法律法规的规定，公司特此通知债权人，公司债权人自 接到公司通知起30日内、未接到通知者自本公告披露之日起45日内，均有权凭有 效债 ...