中信证券：当前国货美妆公司尚处于萌芽布局期

Group 1 - The overall performance of beauty listed companies is significantly better than the industry in H1 2025, with market share further concentrating towards leading brands [1] - The market share of domestic brands is recovering [1] - Excluding channel and structural factors, most brands have seen an increase in gross profit margins, although online marketing and promotion costs remain high, leading to differentiated profitability [1] Group 2 - The trend of multi-brand, multi-category, and group-oriented strategies in beauty companies will not change, supported by comprehensive capabilities in organization, products, channels, and marketing for continuous growth [1] - Most companies are expanding from skincare categories to color cosmetics, perfumes, hair care, maternal and infant products, and mosquito repellents through main brand product line extensions, mergers and acquisitions, or self-incubated sub-brands [1] - Domestic beauty companies are currently in the nascent stage of international expansion [1]