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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]

社会服务 社会服务 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-03 2025-07 2025-11 社会服务 沪深300 相关研究报告 《中东局势或利好中国香港地产持续 复苏，多特倍斯 2 月仍保持高增—行 业周报》-2026.3.15 《中国香港房价及租金回暖，市场维 持美国年内两次降息预期—行业周 报》-2026.3.8 《体验与首店经济驱动高端商业体， 三丽鸥上修全年预期—行业周报》 -2026.3.1 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | liruixian@kysec.cn 证书编号：S0790525020004 chengjingya@kysec.cn 证书编号：S07905 ...

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 ...

美容护理 2026 年 03 月 19 日 医美化妆品 2 月月报：锦波生物、华熙生物、上美股 份发布年度业绩快报，38 大促国货美妆表现亮眼 ——行业点评报告 | 行业走势图 | | --- | 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 美容护理 沪深300 相关研究报告 《医美化妆品 1 月月报：美丽田园发 布盈喜公告，美护迎来上市潮，半亩 花田与 HBN 母公司均递表港交所— 行业点评报告》-2026.2.5 《医美化妆品 12 月月报：山茶花专家 林清轩港交所上市，新增重点推荐美 丽田园医疗健康—行业点评报告》 -2026.1.10 | 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 | 板块行情回顾 医美（选取 13 家上市公司）：2 月个股涨幅靠前为华韩股份（+3.4%）、普门科 技（+2.5%）；化妆品（选取 21 家上市公 ...

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].

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 - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can rapidly increase NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4]. Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with the highest conversion efficiency and no known adverse reactions [6][7]. Natural Sources and Supplementation - Natural food sources of NMN are limited, with dietary intake often insufficient to meet effective dosage levels; NMN supplements provide a much higher intake efficiency [8]. Synthesis Technology - The NMN synthesis process has shifted from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][12]. - Leading companies are innovating in full enzyme technology, establishing patents to create competitive advantages in the NMN market [12]. Market Trends and Applications - NMN is primarily used in health supplements and cosmetics, with potential expansion into pet nutrition, medical health, and agricultural technology [24][28]. - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by policy relaxation and new applications [28]. Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60%-70% of market share [35]. Certification and Compliance - The "blue hat" certification for health supplements in China represents the highest standard for NMN products, with strict approval processes impacting market dynamics [37]. Future Prospects - The NMN industry is poised for growth, with increasing demand driven by an aging population and younger consumers seeking anti-aging solutions [19][21]. - Technological advancements in synthesis, quality control, and delivery methods are expected to enhance NMN's market position [21][22]. Challenges - The NMN industry faces challenges related to regulatory compliance, market education, and technological advancements, necessitating a collaborative approach among stakeholders [61][63].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting potential growth despite recent market underperformance [2][3]. Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 3.0% from February 27 to March 6, 2026. The Shenwan Cosmetics Index fell by 4.9%, while the Shenwan Personal Care Products Index decreased by 0.7% [3][4]. - Upbeauty Co., Ltd. has exceeded expectations for 2025, forecasting revenue between 9.1 billion and 9.2 billion yuan, representing a year-on-year increase of 34.0%-35.4%. The net profit attributable to shareholders is expected to be between 1.14 billion and 1.16 billion yuan, reflecting a growth of 41.9%-44.4% [9]. - The report emphasizes the importance of Upbeauty’s core anti-aging product line, which is continuously iterating to meet the upgrading trend of domestic anti-aging consumption, thereby enhancing both brand and product strength [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the overall market, with significant declines in key indices [3][4]. - The report notes that the Shenwan Cosmetics Index's decline of 4.9% is notably worse than the Shenwan A Index by 2.5 percentage points [4]. Company Highlights - Upbeauty Co., Ltd. is highlighted for its strong performance, with a positive earnings forecast for 2025, driven by its core business and product innovation [9]. - Huaxi Biological (688363.SH) reported a net profit of 291 million yuan for 2025, a year-on-year increase of 67.03%, indicating a successful strategic transformation [3][9]. - Yixian E-commerce reported a revenue of 4.3 billion yuan for 2025, a 26.7% increase year-on-year, marking its first annual Non-GAAP profit since its listing [22]. Market Trends - The report identifies a structural growth phase in the nutrition and health food market, with a market size reaching over 100 billion yuan, significantly outpacing traditional food sectors [11]. - The online DTC channel is recognized as a core growth engine for the industry, with companies like Xizi Health achieving over 98% of their revenue from online sales [11]. Investment Recommendations - The report recommends focusing on companies with strong channel and brand matrices, such as Upbeauty Co., Ltd. and Mao Ge Ping, which are expected to see high GMV growth [3][9]. - It also suggests monitoring companies with improving performance metrics, including Proya, Marubi, and Huaxi Biological, as well as those in the maternal and infant sector like Shengbeila and Kidswant [3].

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Group 1: NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can rapidly increase NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, metabolism, and cognitive function [4][6]. Group 2: NMN Industry Development - The NMN industry has evolved from scientific research to commercialization, with significant milestones achieved in various countries, including Japan, the U.S., and Australia, which have recognized NMN's legal status [1][15]. - China is currently the largest producer of NMN raw materials, with key companies building competitive barriers through technological innovation and industry chain layout [2][32]. Group 3: Regulatory Environment - The global regulatory landscape for NMN is shifting from strict restrictions to cautious openness, with China making strides in legalizing NMN for cosmetic and health food applications [17][18]. - As of April 2025, NMN has been included in China's health food approval list, indicating a positive trend towards regulatory acceptance [17][18]. Group 4: Market Demand - The aging population in China is expected to drive the "silver economy," with the elderly population projected to grow from 320 million to 390 million between 2025 and 2030, creating a substantial market for anti-aging products [19]. - Younger generations, particularly those born in the 1990s, are increasingly aware of anti-aging needs, further boosting market demand for NMN products [19]. Group 5: Technological Innovations - Advances in NMN synthesis methods, particularly the full enzyme method, have significantly improved production efficiency and reduced costs, driving industry upgrades [21][22]. - Innovations in delivery technologies are enhancing the bioavailability and user experience of NMN products, ensuring effective absorption [22]. Group 6: Application Areas - NMN is primarily used in health supplements and cosmetics, with the health supplement market accounting for nearly 90% of its applications [24][28]. - Future applications are expected to expand into pet nutrition, medical health, and agricultural technology, opening new growth avenues [24][28]. Group 7: Market Size and Growth - The NMN market in China is anticipated to exceed 3 billion yuan by 2025, driven by increasing regulatory acceptance and research breakthroughs in various application areas [28][32]. Group 8: Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60%-70% of market share [35]. Group 9: Certification and Standards - The "blue hat" certification for health foods in China represents the highest standard for NMN products, indicating safety and compliance [37]. Group 10: Challenges and Opportunities - The NMN industry faces challenges such as exaggerated claims, lack of awareness, and technological iterations, necessitating a focus on compliance and innovation to unlock market potential [61][63].