Group 1 - Lafang Jiahua experienced a decline of 5.09% on November 21, with a stock price of 22.21 yuan per share, a trading volume of 47.34 million yuan, a turnover rate of 0.93%, and a total market capitalization of 5.002 billion yuan [1] - Lafang Jiahua, established on December 14, 2001, and listed on March 13, 2017, is located in Shantou, Guangdong Province. The company specializes in the research, production, and sales of personal care products, including hair care, skin care, and cosmetics [1] - The revenue composition of Lafang Jiahua includes hair care products at 87.57%, other products at 9.52%, soap at 2.84%, and miscellaneous at 0.08% [1] Group 2 - Huaxia Fund's Huaxia Domestic Demand Driven Mixed A (011278) fund entered the top ten circulating shareholders of Lafang Jiahua in the third quarter, holding 985,800 shares, which accounts for 0.44% of the circulating shares. The estimated floating loss today is approximately 1.1731 million yuan [2] - Huaxia Domestic Demand Driven Mixed A was established on February 9, 2021, with a current scale of 1.365 billion yuan. The fund has experienced a loss of 0.57% this year, ranking 7967 out of 8136 in its category, and a loss of 1.66% over the past year, ranking 7851 out of 8056. Since its inception, the fund has lost 47.85% [2] Group 3 - The fund manager of Huaxia Domestic Demand Driven Mixed A is Qi Xinxing, who has been in the position for 8 years and 315 days, with a total asset scale of 2.369 billion yuan. The best fund return during his tenure is 163.78%, while the worst return is -49.1% [3] - Xu Man, the co-manager, has been in the role for 2 years and 275 days, managing assets totaling 3.288 billion yuan. The best return during his tenure is 16.5%, and the worst return is -6.95% [3]

Market Overview - The cosmetics sector experienced a decline of 2.85% on November 20, with Bavi Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Jiahen Home Cosmetics (300955) closed at 38.29, up 1.48% with a trading volume of 27,300 shares and a turnover of 103 million yuan [1] - Bavi Co. (920123) saw a significant drop of 9.28%, closing at 17.89 with a trading volume of 88,500 shares and a turnover of 163 million yuan [2] - Qingdao Kingway (002094) closed at 7.69, down 2.16%, with a trading volume of 214,700 shares and a turnover of 166 million yuan [1][2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The main capital inflow and outflow for various stocks indicate a mixed sentiment, with some stocks like Jiahen Home Cosmetics seeing a net inflow of 9.93 million yuan from institutional investors [3] Notable Stock Movements - Fuleida (600223) had a net outflow of 25.36 million yuan from institutional investors, but a net inflow of 9.99 million yuan from retail investors [3] - Kesheng Co. (300856) experienced a net outflow of 29.14 million yuan from institutional investors, while retail investors contributed a net inflow of 12.29 million yuan [3]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]

Market Overview - The cosmetics sector increased by 1.72% on November 19, with Keshare leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Key Performers - Keshare (300856) closed at 15.29, up 7.98% with a trading volume of 315,500 shares and a turnover of 475 million yuan [1] - Bavi (920123) closed at 19.72, up 4.89% with a trading volume of 118,600 shares and a turnover of 229 million yuan [1] - Lafang (603630) closed at 24.60, up 4.15% with a trading volume of 145,700 shares and a turnover of 353 million yuan [1] - Other notable performers include Shuiyang (300740) and Tian Cai Ya (603605), with increases of 3.28% and 2.55% respectively [1] Fund Flow Analysis - The cosmetics sector saw a net inflow of 201 million yuan from institutional investors, while retail investors experienced a net outflow of 252 million yuan [2] - Keshare had a net inflow of 63.71 million yuan from institutional investors, while retail investors had a net outflow of 47.79 million yuan [3] - Other companies like Shuiyang and Furuida also experienced significant net inflows from institutional investors, indicating strong interest in the sector [3]

Core Viewpoint - Lafang Home's stock price increased by 5.21% to 24.85 CNY per share, with a trading volume of 2.12 billion CNY and a turnover rate of 3.95%, resulting in a total market capitalization of 5.596 billion CNY [1] Group 1: Company Overview - Lafang Home was established on December 14, 2001, and went public on March 13, 2017 [1] - The company is located in the Longhu District of Shantou City, Guangdong Province, and specializes in the research, production, and sales of personal care products, including hair care, skin care, and cosmetics [1] - The revenue composition of Lafang Home is as follows: hair care products account for 87.57%, other products 9.52%, soap 2.84%, and miscellaneous 0.08% [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Lafang Home, one fund from Huaxia Fund, Huaxia Domestic Demand Driven Mixed A (011278), entered the list in the third quarter, holding 985,800 shares, which is 0.44% of the circulating shares [2] - The estimated floating profit for this fund today is approximately 1.2125 million CNY [2] Group 3: Fund Manager Performance - The fund manager of Huaxia Domestic Demand Driven Mixed A is Qi Xinxing, who has been in the position for 8 years and 313 days, with a total fund asset size of 2.369 billion CNY and a best return of 163.78% during his tenure [3] - The co-manager, Xu Man, has been in the role for 2 years and 273 days, managing assets of 3.288 billion CNY, with a best return of 16.5% during his tenure [3]

Core Viewpoint - The National Medical Products Administration of China released an opinion on November 17 to deepen cosmetic regulation reform and promote high-quality industry development through 24 reform measures focusing on innovation, registration management, risk prevention, smart regulation, and international alignment [1] Group 1: Regulatory Changes - The opinion includes measures to encourage innovation and optimize registration and filing management in the cosmetics industry [1] - It aims to strengthen risk prevention across the entire supply chain and enhance smart regulatory capabilities [1] - The initiative seeks to solidify the quality and safety baseline of cosmetics while fostering new productive forces [1] Group 2: Market Impact - Following the announcement, cosmetic stocks surged on November 18, with companies like Liren Lizhuang hitting the daily limit, and others such as Fulejia, Lafang Family, Bawi Co., and Shuiyang Co. also experiencing gains [1] - Current consumer sentiment is identified as a significant driver of cosmetic consumption [1] Group 3: Industry Statistics - As of November 18, there are 21.398 million existing cosmetic-related enterprises in China, with over 30% located in the East China region, followed by South China and Central China [6] - In 2025, 4.249 million cosmetic-related enterprises have been registered, with the highest number of new registrations in the Central China region, accounting for 27% [8]

Core Viewpoint - Lafang Home's stock increased by 5.63% on November 18, reaching a price of 24.19 yuan per share, with a total market capitalization of 5.448 billion yuan [1] Company Overview - Lafang Home Products Co., Ltd. is located in Shantou, Guangdong Province, established on December 14, 2001, and listed on March 13, 2017 [1] - The company's main business includes the research, production, and sales of personal care products, with revenue composition as follows: 87.57% from hair care, 9.52% from other products, 2.84% from soap, and 0.08% from other supplementary products [1] Shareholder Information - Among the top ten circulating shareholders of Lafang Home, Huaxia Fund's Huaxia Domestic Demand Driven Mixed A (011278) entered the list in the third quarter, holding 985,800 shares, which is 0.44% of the circulating shares [2] - The estimated floating profit for Huaxia Domestic Demand Driven Mixed A on the day of reporting is approximately 1.2716 million yuan [2] Fund Manager Performance - The fund manager of Huaxia Domestic Demand Driven Mixed A, Ji Xinxing, has a tenure of 8 years and 312 days, with a total fund size of 2.369 billion yuan, achieving a best return of 163.78% and a worst return of -48.67% during his tenure [3] - Co-manager Xu Man has a tenure of 2 years and 272 days, managing a fund size of 3.288 billion yuan, with a best return of 17.99% and a worst return of -6.16% during his tenure [3]

Investment Rating - The report suggests a positive investment outlook for the cosmetics industry, highlighting strong growth potential for specific companies [29]. Core Insights - The 2025 Double 11 event showed steady double-digit growth, with total GMV reaching RMB 1.695 trillion, a 14% increase from 2024. Instant retail demonstrated significant growth, with comprehensive e-commerce and community group buying also contributing positively [29][4]. - The beauty category maintained robust growth across multiple platforms, with skincare and makeup categories achieving growth rates between 5-15%. Domestic brands like PROYA and Winona performed particularly well, with PROYA maintaining the top position in Tmall's beauty rankings [29][14][17]. - The report emphasizes the trend of full-chain integration and one-stop services across platforms, with Tmall achieving its best growth in four years, driven by high-value user contributions from 88VIP [29][8]. Summary by Sections Double 11 Performance - The 2025 Double 11 event recorded a total GMV of RMB 1.695 trillion, marking a 14% increase from the previous year. Instant retail grew significantly, with GMV for comprehensive e-commerce at RMB 1.6191 trillion, and community group buying at RMB 90 billion [4][29]. - Tmall's performance was highlighted as the best in four years, with significant contributions from 88VIP and other platforms like JD.com and Douyin also showing strong growth [11][12]. Brand Performance - Companies such as Guangzhou Ruoyuchen Technology Co., Ltd. and Shanghai Chicmax Cosmetic Co., Ltd. reported impressive growth during Double 11, with Zhenjia's GMV increasing by 80% year-on-year and Feicui's GMV growing 35 times [25][29]. - The report notes that domestic brands excelled in the beauty category, with PROYA and other brands maintaining strong positions in the market [22][29]. Investment Recommendations - The report recommends focusing on high-growth brands such as Ruoyuchen, Chicmax, and Mao Geping, as well as companies with stable fundamentals like Dentium and Shanghai Jahwa United. It also identifies companies expected to bottom out, such as PROYA and Lafang [29][38].

Market Overview - The cosmetics sector experienced a decline of 1.06% on November 14, with Bawei Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable performers included: - Jinsong New Material (300849) with a closing price of 16.28, up 0.74% [1] - Jiahen Home Care (300955) at 39.97, up 0.63% [1] - Furuida (600223) at 7.99, up 0.13% [1] - Stocks that declined included: - Bawei Co. (920123) at 17.68, down 3.49% [2] - Shuiyang Co. (300740) at 21.02, down 2.28% [2] - Shanghai Jahwa (600315) at 24.20, down 1.63% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 75.29 million yuan from institutional investors, while retail investors had a net inflow of 58.41 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with some stocks experiencing significant outflows from institutional investors [3] Detailed Capital Flow for Selected Stocks - Tian Cai Ya (603605) had a net inflow of over 10.27 million yuan from institutional investors, while it faced a net outflow of 20.13 million yuan from retail investors [3] - Jinsong New Material (300849) saw a net inflow of 4.11 million yuan from institutional investors but a net outflow of 4.36 million yuan from retail investors [3] - Jiahen Home Care (300955) experienced a net outflow of 3.05 million yuan from institutional investors, with a significant net inflow of 16.17 million yuan from retail investors [3]

Market Overview - The cosmetics sector increased by 0.2% on November 13, with Jinsheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Jinsheng New Materials (300849) closed at 16.16, up 2.08% with a trading volume of 59,500 shares and a transaction value of 95.82 million yuan [1] - Shuiyang Co. (300740) closed at 21.51, up 2.04% with a trading volume of 147,200 shares and a transaction value of 314 million yuan [1] - Beitaini (300957) closed at 43.24, up 1.08% with a trading volume of 35,900 shares and a transaction value of 154 million yuan [1] - Other notable stocks include Furuida (600223) at 7.98 (+0.63%), Qingsong Co. (300132) at 8.12 (+0.37%), and Qingdao Kingway (002094) at 7.80 (+0.26%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 56.57 million yuan from institutional investors and 32.11 million yuan from retail investors, while individual investors saw a net inflow of 88.67 million yuan [2] - The capital flow for individual stocks shows that Shuiyang Co. had a net inflow of 21.64 million yuan from institutional investors, while other stocks like Huaye Fragrance (300886) and Kesheng Co. (300856) faced net outflows [3]