Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

内容概要：A醇，化学名视黄醇，是维生素A家族的一员，分子式为C₂₀H₃₀O。从化学结构上看，它由 一个β-紫罗兰酮环和一个不饱和侧链组成，这种特殊结构赋予它强大的生物活性。作为护肤品中的"明 星"成分，A醇一直以来都因其强大的抗衰、控油等功效而备受推崇。随着抗衰理念的持续渗透，以及 银发经济的崛起，抗衰老成为消费者选择护肤品的首要考虑因素。在2024年中国消费者使用护肤品的最 主要诉求调查中，抗皱抗衰老位居第一，占比接近六成。其次，美白祛斑、保湿锁水等功效也是日常所 需。对于需求明确的消费者来说，具有抗皱抗衰老这一类功效型护肤品更受消费者喜爱。受益于抗衰老 需求的持续增长及功效护肤理念的深化，近年来中国A醇护肤品市场迅速崛起，成为功效护肤赛道中的 高关注细分领域。A醇护肤品正从专业小众市场向大众消费领域加速渗透，行业呈现技术迭代加速、产 品矩阵多元化及市场集中度提升的显著特征。2020-2024年期间，中国A醇护肤品行业规模从38.8亿元增 长至57.2亿元，年复合增长率达10.2%。未来行业规模将继续保持增长态势，预计到2030年中国A醇护 肤品市场规模将超90亿元。在中国市场，A醇护肤品的商业化应用起步较 ...

珀莱雅今年以来股价跌17.12%，近5个交易日涨1.27%，近20日跌3.88%，近60日跌14.14%。 今年以来珀莱雅已经1次登上龙虎榜，最近一次登上龙虎榜为4月28日。 12月19日，珀莱雅盘中上涨2.01%，截至14:29，报68.56元/股，成交2.99亿元，换手率1.11%，总市值 271.48亿元。 资金流向方面，主力资金净流入343.24万元，特大单买入1520.82万元，占比5.09%，卖出2159.92万元， 占比7.24%；大单买入6223.36万元，占比20.85%，卖出5241.02万元，占比17.56%。 资料显示，珀莱雅化妆品股份有限公司位于浙江省杭州市西湖区西溪路588号珀莱雅大厦,香港铜锣湾希 慎道33号利园1期19楼1919室，成立日期2006年5月24日，上市日期2017年11月15日，公司主营业务涉及 化妆品的研发、生产和销售。主营业务收入构成为：珀莱雅品牌74.19%，其他品牌25.70%，其他(补 充)0.11%。 分红方面，珀莱雅A股上市后累计派现21.25亿元。近三年，累计派现15.40亿元。 机构持仓方面，截止2025年9月30日，珀莱雅十大流通股东中，香港中 ...

Core Viewpoint - The company emphasizes that its stock price fluctuations are influenced by various factors, and its operational management activities are normal [1] Group 1: Company Operations - The company is focused on improving quality and maintaining stable operations while solidifying a diversified brand matrix and an omnichannel layout [1] - The company is committed to enhancing investor communication by regularly holding performance briefings and promptly addressing investor concerns [1] Group 2: Investor Returns - The company actively seeks to reward investors by increasing the frequency and proportion of dividends, thereby enhancing investor return levels and satisfaction [1] - The company aims to continuously improve its operational management to boost core competitiveness and profitability, further enhancing investment value and shareholder return capabilities [1]

证券日报网讯12月18日，珀莱雅（603605）在互动平台回答投资者提问时表示，公司严格按照监管要求 及时履行信息披露义务，不存在应披露而未披露的事项。公司以提高公司质量为基础，坚持稳健经营， 夯实多元化品牌矩阵和全渠道布局；持续加强投资者沟通，常态化召开业绩说明会，及时回应投资者关 切；积极回报投资者，提高分红频次和分红比例，增强投资者回报水平和获得感。公司将持续做好经营 管理工作，提高公司核心竞争力和盈利能力，进一步提升公司投资价值和股东回报能力。 ...

证券日报网讯 12月18日，珀莱雅在互动平台回答投资者提问时表示，公司重视投资者回报，坚持稳健 经营，公司将持续在公司治理、日常经营等相关事项决策中充分考虑投资者利益和回报，增强投资者回 报水平和获得感。 （编辑 丛可心） ...

证券日报网讯12月18日，珀莱雅（603605）在互动平台回答投资者提问时表示，公司股价波动受多重因 素的影响，公司将持续做好经营管理工作，坚持稳健经营，强化公司战略执行，夯实多元化品牌矩阵和 全渠道布局，持续打造与优化核心大单品矩阵，提高品牌力、产品力、科技力，促进公司稳健高质量发 展。有关信息请以公司在上海证券交易所网站披露的信息为准。 ...

Core Viewpoint - The company, Proya (603605), emphasizes its commitment to enhancing operational management, core competitiveness, and profitability to increase investment value and shareholder returns [1] Group 1 - The company will continue to focus on improving operational management [1] - The company aims to enhance its core competitiveness and profitability [1] - The company is dedicated to increasing investment value and shareholder return capabilities [1]

Group 1 - The company is enhancing investor communication by regularly holding performance briefings with management present to engage with investors [2] - During these briefings, the company addresses operational results, development strategies, and financial metrics, actively responding to investor concerns [2]