国货领跑，中国化妆品交易首次突破1.1万亿元

Core Insights - The Chinese cosmetics market is projected to reach a total transaction value of 1.1 trillion yuan by 2025, marking a year-on-year growth of 2.83% and maintaining its position as the world's largest cosmetics consumer market [2] - Domestic brands have seen a significant increase in market share, surpassing 50% for the first time in 2022 and reaching 52.82% in 2023, with expectations to grow to 57.37% by 2025 [2][3] - The rise of domestic brands indicates a shift in the market from being dominated by international brands to being led by local brands, reflecting a new development phase in the industry [3] Market Trends - The growth trajectory of the cosmetics industry shows a year-on-year increase of 3.61% in 2023 and 2.80% in 2024, demonstrating resilience amid global economic adjustments [2] - The market is transitioning from "total expansion" to "structural optimization," focusing on depth competition rather than breadth expansion [4] - Consumer behavior is evolving, with a shift towards rational purchasing decisions based on product ingredients and efficacy, rather than brand prestige [4] Consumer Preferences - The consumption structure is increasingly polarized, with products priced below 300 yuan accounting for 58.88% of sales, while high-end products priced above 1000 yuan represent 14.75% [4] - Sales in the 300-500 yuan and 500-1000 yuan price ranges are declining, indicating a clear trend towards high-value and premium products [4] Industry Developments - A significant number of beauty-related companies are preparing for IPOs in 2025, covering various segments of the supply chain [3] - Notable companies such as Gu Yu and Lin Qingxuan are actively pursuing listings, indicating a robust interest in capital markets within the cosmetics sector [3]