美容护理行业月度点评：板块整体回暖，国货品牌延续高增

Investment Rating - The industry investment rating is "In line with the market" [1] Core Views - The cosmetics sector showed a significant improvement in May, with a total retail sales of 406 billion yuan, representing a year-on-year growth of 18.7% [9][19] - The skincare category outperformed the color cosmetics category in terms of month-on-month growth, with notable increases in sales across major platforms [21][22] - Domestic brands, particularly Proya, are expected to gain more market share due to their strong growth momentum and competitive pricing [5][9] Market Performance Review - The Shenwan Beauty Care Index fell by 10.02% from May 16 to June 15, ranking 29th among 31 sub-industries [13] - The individual sub-sectors of personal care products, cosmetics, and medical beauty experienced declines of -10.73%, -14.36%, and -7.52% respectively [13] - The overall market underperformed compared to the Shanghai Composite, CSI 300, and ChiNext indices by 7.22 percentage points, 7.69 percentage points, and 7.44 percentage points respectively [13] Industry Information Tracking - In May, the total GMV for skincare and color cosmetics on platforms like Tmall, Douyin, and Kuaishou reached 180.1 billion yuan, 194.15 billion yuan, and 31.8 billion yuan, with month-on-month growth rates of 103.2%, 34.3%, and 53.2% respectively [21][22] - The top three brands in the skincare category on Tmall were Proya, L'Oreal, and Lancôme, while Douyin's top three were Han Shu, Proya, and L'Oreal [25] - The medical beauty sector is expected to continue its growth trajectory, supported by the approval of multiple new products and increasing market penetration [10]