Industry Overview - The demand for sunscreen products is increasing due to rising temperatures and UV intensity, with social media promoting awareness and expanding the product range beyond basic sunscreen to include hats, sunglasses, and protective clothing [1][9] - The market size of China's sunscreen industry grew from 11.4 billion yuan in 2018 to 16.7 billion yuan in 2021, but saw a decline of 5.51% in 2022 due to pandemic-related restrictions, before recovering to over 20 billion yuan in 2024 [1][9] Product Classification - Sunscreen products can be categorized into hard and soft sunscreen. Hard sunscreen includes items like protective clothing and umbrellas, while soft sunscreen refers to creams and lotions that absorb or reflect UV rays [2][3] Industry Chain - The sunscreen industry consists of three segments: upstream suppliers providing raw materials (like UV filters), midstream manufacturers producing finished products, and downstream sales through e-commerce platforms and retail stores [5] Market Trends - The online retail market in China has expanded significantly, with online retail sales growing from 7.18 trillion yuan in 2017 to 15.23 trillion yuan in 2024, despite a slowdown in growth rate [7] - The core consumer group for sunscreen products remains predominantly female, accounting for over 95%, but there is a rising trend in male consumers, with a compound annual growth rate of 4.61% in male interest in sunscreen sprays over the past five years [11] Competitive Landscape - The Chinese sunscreen market has been historically dominated by foreign brands like Anessa and Shiseido, but domestic brands such as Winona, Proya, and Meifubao are gaining market share [13][15] Company Performance - Winona, a brand under Yunnan Betaini Biotechnology Group, reported a revenue of 4.018 billion yuan in the first three quarters of 2024, a year-on-year increase of 17.09%, but a net profit decline of 28.39% [15] - Proya Cosmetics achieved a revenue of 6.966 billion yuan in the same period, with a year-on-year growth of 32.72% and a net profit increase of 33.95% [17] Future Development Trends - Hard sunscreen products are becoming increasingly popular as consumers seek convenient and effective sun protection options [19] - There is a trend towards cross-industry integration, with sunscreen products combining multiple functions, such as sun protection with whitening or anti-aging properties [20] - The industry is focusing on technological advancements and quality improvements, utilizing new materials and extraction methods to enhance product effectiveness and safety [21]