Core Viewpoint - The demand for anti-wrinkle and firming skincare products in China is rapidly increasing, with the retail market expected to reach 64.027 billion yuan in 2024, reflecting a year-on-year growth of 21.50%. Consumers are shifting from a focus on single efficacy to multi-functional products that offer benefits such as anti-free radical and skin barrier repair, marking a transition from "ingredient stacking" to "mechanism-driven" innovations in the industry [1][16]. Overview - Anti-wrinkle and firming skincare products aim to improve skin wrinkles and enhance elasticity and firmness. Their mechanisms include supplementing or stimulating the synthesis of collagen and elastin, improving skin moisture content and barrier function, inhibiting the activity of enzymes that damage skin structure, and providing antioxidant and anti-inflammatory effects to mitigate skin aging [2][5]. Development History - The domestic skincare market was in its infancy before the 1990s, with limited demand for anti-wrinkle products. The introduction of these products began in the 1990s, primarily through imported brands. Post-2010, the market experienced rapid growth due to increased consumer awareness and economic development, leading to the rise of domestic brands that began to compete effectively with multinational companies [5][6]. Market Policies - The Chinese government has implemented a series of policies to enhance the development of the cosmetics industry, including regulations on production quality management, adverse reaction monitoring, and electronic registration. These policies aim to promote standardization and high-quality development in the anti-wrinkle and firming skincare sector [10][11]. Industry Chain - The upstream of the anti-wrinkle and firming skincare industry includes suppliers of active ingredients like hyaluronic acid and peptides, as well as suppliers of moisturizing agents and packaging materials. The downstream consists of various sales channels, including department stores, supermarkets, specialty stores, beauty salons, and e-commerce platforms [13][15]. Consumer Insights - The consumer base for anti-wrinkle and firming products is predominantly female, accounting for over 85%, while the male anti-aging market is growing at a rate of 30%. The core consumer group is aged 26-35, focusing on preventive anti-aging and multifunctional products. Safety is the primary concern for 94.93% of consumers, significantly impacting repurchase rates and brand trust [15][16]. Competitive Landscape - The market is becoming increasingly competitive, with international brands like Estée Lauder, L'Oréal, Procter & Gamble, and Shiseido dominating the mid-to-high-end segments. Domestic brands such as Proya, Chando, and Marubi are gaining significant market share due to their understanding of local consumer preferences and competitive pricing [19][22]. Future Trends - The future demand for anti-aging products will focus on multi-functional benefits, including anti-wrinkle, anti-free radical, and skin barrier repair. There is a growing emphasis on emotional value, with over half of female consumers willing to purchase products that offer additional emotional satisfaction, prompting brands to enhance their offerings through packaging design and brand storytelling [27][29].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603630 | 拉芳家化 | 22.66 | 3.00% | 6.44万 | | 1.44亿 | | 300957 | 贝泰妮 | 45.69 | 1.83% | 4.35万 | | · 1.97亿 | | 002243 | 力合科创 | 8.36 | 1.33% | 19.12万 | | 1.59亿 | | 002094 | 青岛金王 | 8.71 | 0.93% | 1 32.81万 | | 2.85亿 | | 300886 | 《星彩 | 29.30 | 0.83% | 2.08万 | | 6075.58万 | | 300849 | 锦盛新材 | 13.23 | 0.61% | 4.20万 | | 5526.81万 | | 603605 | 班莱雅 | 82.49 | 0.51% | 3.52万 | | 2.90亿 | | 300955 | 嘉亨家化 | 21.05 | 0.48% | 5.21万 | | 1.10亿 | | ...

通过天眼查大数据分析，珀莱雅化妆品股份有限公司共对外投资了37家企业，参与招投标项目17次，知 识产权方面有商标信息1203条，专利信息416条，此外企业还拥有行政许可49个。 资金流向方面，今日主力资金净流入3285.39万元，占比成交额11.33%。其中，超大单净流入1782.29万 元、占成交额6.14%，大单净流入1503.10万元、占成交额5.18%，中单净流出流出3935.36万元、占成交 额13.57%，小单净流入649.97万元、占成交额2.24%。 金融界消息 截至2025年8月5日收盘，珀莱雅（603605）报收于82.49元，上涨0.51%，换手率0.89%，成 交量3.52万手，成交金额2.90亿元。 天眼查商业履历信息显示，珀莱雅化妆品股份有限公司，成立于2006年，位于杭州市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本39624.7606万人民币，实缴资本39624.6981万人民 币。公司法定代表人为侯军呈。 珀莱雅最新一期业绩显示，截至2025一季报，公司营业总收入23.59亿元、同比增长8.13%，归属净利润 3.90亿元，同比增长28.87%，扣非净利润 ...

Global Market Overview - The Hang Seng Index closed at 24,508, down 1.60% for the day but up 45.32% year-to-date [1] - The Shanghai Composite Index closed at 3,573, down 1.18% for the day and up 20.11% year-to-date [1] - The U.S. Dow Jones closed at 44,131, down 0.74% for the day and up 17.09% year-to-date [1] Hong Kong Stock Performance - The Hang Seng Financial Index closed at 44,485, down 1.37% for the day and up 49.16% year-to-date [2] - The Hang Seng Real Estate Index closed at 18,268, down 2.31% for the day and down 0.33% year-to-date [2] Chinese Stock Market Insights - The Chinese stock market saw a rebound, with sectors like materials, information technology, and finance leading gains, while telecommunications and consumer staples lagged [3] - A total of 1.96 million new A-share accounts were opened in July, a 71% year-on-year increase [3] - The People's Bank of China indicated a preference for a strong RMB policy, with personal stock trading income remaining tax-exempt [3] Investment Opportunities - Geely Automobile (175 HK) is rated as a buy with a target price of 24.00, representing a 34% upside potential [4] - Luckin Coffee (LKNCY US) is rated as a buy with a target price of 44.95, indicating a 21% upside potential [4] - Tencent (700 HK) is rated as a buy with a target price of 660.00, suggesting a 22% upside potential [4] Sector Analysis - The equipment manufacturing sector, represented by companies like Sany International (631 HK) and Zoomlion (1157 HK), shows strong buy ratings with target prices indicating significant upside potential [4] - The semiconductor sector, including companies like Horizon Robotics (9660 HK) and Beike Micro (2149 HK), is also rated as a buy, reflecting optimism in technological advancements [4]

Investment Rating - The industry investment rating is "Buy" for companies with strong functional attributes and emotional consumption characteristics, particularly those with good digital infrastructure [4][9]. Core Insights - The report emphasizes that digital capabilities will become a core competitive advantage for consumer goods companies in the future [3]. - The domestic market is expected to continue experiencing consumption differentiation, with intense competition among existing players. Local brands with strong functional and emotional attributes are likely to perform better [4][9]. - The report highlights the importance of digitalization and artificial intelligence as strategic focuses for overseas consumer brands, which are increasingly investing in product innovation and operational efficiency [9]. Summary by Sections Industry Overview - The textile and apparel industry is undergoing transformation, with a focus on brands that possess genuine brand power [8]. - Traditional luxury brands are facing sales pressure in the Chinese market, with many reporting declines in sales [9]. Investment Recommendations - The report suggests focusing on companies in the outdoor sports, beauty, and jewelry sectors that exhibit strong functional attributes and emotional consumption characteristics, such as Anta Sports, Bosideng, and Proya [4][9]. - The report notes that brands with strong efficacy and emotional value continue to see good growth in the Chinese market, contrasting with the struggles of traditional luxury brands [9]. Market Dynamics - The report indicates that the Asia-Pacific market, particularly China, accounts for a significant portion of overseas brands' revenue, making localization strategies essential for these brands [9]. - The report also mentions that the application of digitalization and AI is becoming increasingly important for enhancing product innovation and consumer engagement [9].

Core Insights - The beauty industry is experiencing an unprecedented surge in celebrity endorsements, with over a hundred announcements in the first half of 2025, indicating a shift towards a "short and quick" marketing strategy [1][4][34] - The reliance on celebrity endorsements has intensified, with brands struggling to define their identity while depending heavily on star power for sales [1][34] Group 1: Trends in Celebrity Endorsements - The endorsement landscape has become fragmented, with brands seeking to reach broader audiences by employing multiple types of endorsements such as "ambassadors" and "friends" [3][4] - A significant portion of endorsements (approximately 21%) are categorized as "ambassadors" and "friends," while 24% belong to niche endorsements [4] - The trend of celebrities endorsing multiple brands has become common, leading to frequent "overlap" where one celebrity represents various products across different categories [18][28] Group 2: Impact of Endorsements on Product Launches - Nearly 90% of celebrity endorsements are closely tied to new product launches, serving as a key promotional strategy for brands [15][34] - The beauty industry is witnessing a rise in endorsements for niche categories like fragrances, with brands like Jo Malone and Mugler actively engaging younger celebrities to enhance their market presence [22][28] Group 3: Market Dynamics and Brand Strategies - The beauty sector is under pressure to deliver quick results, leading to a focus on celebrity endorsements as a rapid solution for driving sales and traffic [35][37] - The internal pressure for performance metrics has resulted in brands increasingly relying on celebrity endorsements as a primary strategy for achieving sales targets [37][38] - The current market environment has made it more cost-effective for brands to secure endorsements in the first half of the year, as prices for celebrities have decreased due to oversupply and market fluctuations [43][44] Group 4: Evolution of Endorsement Strategies - The nature of endorsements has shifted from long-term brand-building partnerships to short-term sales-driven campaigns, with contracts often lasting only 3-6 months [47][50] - Brands are now prioritizing celebrities based on their ability to drive sales rather than their alignment with brand values, marking a significant change in endorsement criteria [47][50] - The rise of athlete endorsements is notable, as brands seek to leverage the authenticity and positive image associated with sports figures [28][31] Group 5: Future Directions for Brands - To build lasting consumer relationships, brands must move beyond reliance on celebrity endorsements and focus on creating emotional connections and community engagement [58][61] - Strategies such as IP collaborations, content production, and enhanced customer relationship management are essential for fostering long-term brand loyalty [58][59] - The shift from a "celebrity-centric" approach to a "community-centric" model may provide a more sustainable path for brands to connect with consumers [61]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The report highlights the strong performance of domestic brands in the skincare and cosmetics sectors on platforms like Douyin, with significant market share gains [5][25][28] - The report emphasizes the importance of emotional consumption trends driving growth in various retail segments, particularly in jewelry, cosmetics, and offline retail [30][31] Summary by Sections Retail Market Overview - The retail industry index decreased by 2.22% during the week of July 28 to August 1, 2025, underperforming the Shanghai Composite Index by 1.28 percentage points [7][14] - The professional chain segment showed the largest increase among retail sub-sectors, while the jewelry sector led the year-to-date performance with a 25.38% increase [17][20] Key Industry Dynamics - In July, Douyin's skincare brand Han Shu ranked first, with domestic brands occupying 15 out of the top 20 spots in the skincare category [25][28] - The cosmetics sector also saw domestic brands excel, with 19 out of the top 20 positions in the makeup category, driven by cushion products and other high-demand items [28][29] Investment Recommendations - Investment focus areas include: - **Jewelry**: Recommend brands with differentiated product offerings like Laopuhuang and Chaohongji [30][33] - **Offline Retail**: Highlight companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [30][31] - **Cosmetics**: Emphasize domestic brands with strong market positions such as Maogeping and Pola [31][32] - **Medical Aesthetics**: Focus on companies with unique product lines like Aimeike and Kedi-B [31][32] Company-Specific Insights - **Laopuhuang**: Achieved revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) in FY2024, with strong growth expected in H1 2025 [32] - **Yonghui Supermarket**: Reported a revenue of 17.479 billion yuan (-19.3%) and a net profit of 148 million yuan (-80.0%) in Q1 2025, with ongoing transformation efforts [32] - **Maogeping**: Recorded a revenue of 3.885 billion yuan (+34.6%) and a net profit of 881 million yuan (+33.0%) in FY2024, indicating strong brand momentum [32]

Investment Rating - The report suggests a positive outlook for domestic brands and a recovery for international beauty brands in the Chinese market, indicating potential investment opportunities in the cosmetics and medical beauty sectors [2][3]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index declining by 3.3% from July 25 to August 1, 2025, while the Shenwan Cosmetics Index fell by 2.6% [3][4]. - Domestic brands showed strong growth during the off-season, with notable increases such as Han Shu up 58%, Proya up 23%, Marubi up 72%, and Kefu Mei up 28%, indicating resilience in the market [7][17]. - International beauty brands, represented by L'Oréal, are recovering in the Chinese market, with a 3% growth in Q2 2025, supported by promotional events like the 618 shopping festival [7][24]. - The report highlights the success of Lin Qingxuan, a high-end domestic skincare brand, which saw revenue grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, showcasing the potential of domestic brands [13][14]. Summary by Sections Industry Performance - The beauty and medical aesthetics sector has shown weaker performance compared to the overall market, with specific indices declining [3][4]. - The report notes that the cosmetics market is transitioning from quantity to quality, with a significant increase in e-commerce sales, which accounted for 47% of cosmetics sales in 2024, up from 22% in 2016 [9][30]. Key Company Highlights - L'Oréal's sales in China for H1 2025 reached approximately 186.19 billion yuan, with a 3% year-on-year increase, indicating a recovery in the Chinese market [24]. - Procter & Gamble reported a record net sales of approximately 604.95 billion yuan for the 2025 fiscal year, with the beauty segment achieving a net sales of approximately 107.66 billion yuan, reflecting a 2% growth [25]. - Lin Qingxuan's product matrix includes 188 SKUs, with a focus on high-quality natural ingredients, and it has established a strong supply chain and distribution network [14][16]. Market Trends - The report emphasizes the growing market for high-end skincare products, with the market size expected to increase from 749 billion yuan in 2019 to 1,144 billion yuan by 2024, indicating a compound annual growth rate (CAGR) of 13.8% [14][15]. - The domestic brands are gaining market share, with the top ten brands in the skincare market now evenly split between domestic and international brands, reflecting a shift in consumer preferences [30][31].

（原标题：美容护理行业本周跌3.30%，主力资金净流出8.22亿元） 美容护理行业资金流向排名 | 代码 | 简称 | 一周涨跌幅（%） | 一周换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300896 | 爱美客 | -3.67 | 7.50 | -16152.43 | | 300888 | 稳健医疗 | -5.58 | 23.81 | -9903.50 | | 002094 | 青岛金王 | -3.69 | 34.44 | -8144.37 | | --- | --- | --- | --- | --- | | 603605 | 珀莱雅 | -2.38 | 6.47 | -7231.63 | | 300957 | 贝泰妮 | -3.08 | 4.64 | -6270.02 | | 002511 | 中顺洁柔 | -3.18 | 10.53 | -4998.09 | | 688363 | 华熙生物 | -3.49 | 4.95 | -4676.63 | | 603630 | 拉芳家化 | -6.52 | 16.54 | -4086.99 | ...

本报记者 何文英 国家药监局数据显示，2024年化妆品抽检不合格率为3.2%。詹军豪认为，《办法》实施后这一比例有 望下降。"《办法》对企业的影响分化加剧，合规成本的提升将加速行业向规范化转型，市场将进一步 向具备研发与资金优势的头部企业聚集，新一轮行业洗牌势在必行。" 促进行业高质量发展 在监管高压下，头部企业的技术壁垒和资源整合优势凸显。Wind资讯数据显示，2024年14家美容护理 上市公司中，云南贝泰妮生物科技集团股份有限公司（以下简称"贝泰妮"）、珀莱雅化妆品股份有限公 司（以下简称"珀莱雅"）、鲁商福瑞达医药股份有限公司、上海家化联合股份有限公司、水羊集团股份 有限公司（以下简称"水羊股份"）研发费用名列前五，研发费用合计超9亿元，占14家美容护理上市公 司研发费用总和的73%。 充足的研发费用为新原料的研发提供了坚实的基础。例如，2024年贝泰妮有9款自研植物新原料参与化 妆品新原料备案。水羊股份相关负责人在接受《证券日报》记者采访时表示："2024年公司在植物提 取、生物合成、绿色化学3大核心原料研究平台上，重点开展了油茶神经酰胺等多个原料研究项目。其 中，发酵牡丹籽油采用'两段双相'发酵技术 ...