化妆品行业基础研究框架之四：美妆个护跨品类研究，长坡厚雪，国货方兴

Industry Investment Rating - The report maintains an Overweight rating for the cosmetics industry, consistent with the previous rating [2] Core Viewpoints - The cosmetics and personal care industry exhibits resilience in demand, with domestic brands having significant room for growth in market share [4] - Domestic brands are expected to rise in the long term due to improvements in channels, products, and organizational efficiency [4] - The industry is projected to have a market size of around 1 trillion RMB, with significant growth potential driven by generational shifts and product innovation [10] - Domestic brands currently hold a smaller share compared to international brands, with the largest gaps in skincare, makeup, haircare, and bath products [22] Market Growth Potential - The cosmetics and personal care market in China is estimated to be around 6.4 trillion RMB, with potential to reach 3-5 trillion RMB when compared to per capita consumption in Japan, the US, and South Korea [10] - Per capita consumption of skincare, makeup, haircare, and bath products in China is significantly lower than in these countries, indicating substantial growth potential [10] - Generational shifts and product innovation are key drivers of long-term growth, with younger consumers showing higher spending on beauty and personal care products [13] Domestic Brand Opportunities - Domestic brands have the most significant growth potential in haircare and bath products, where their market share is only around 20% [19] - Skincare and makeup brands have a 30%+ market share, with room for further growth, especially in mid-to-high-end segments [20] - Oral care and sanitary napkins have a 40%+ market share, with domestic brands like Yunnan Baiyao and Heng'an showing strong performance [20] - Baby care and laundry care have a 60%+ market share, with domestic brands leading in these categories [20] Competitive Landscape - International brands dominate in skincare, makeup, haircare, and bath products, with domestic brands lagging in brand matrix and high-end segments [22] - Domestic brands like Proya, Chando, and Adolph have made significant strides but still face challenges in competing with global giants like L'Oréal and P&G [22] - The baby care market is highly fragmented, with domestic brands like Decos and Babycare gaining traction [22] Channel and Product Innovation - Content e-commerce is reshaping consumer purchasing paths, providing opportunities for domestic brands to challenge international brands' dominance [27] - Domestic brands are leveraging organizational efficiency and faster decision-making to adapt to changing consumer preferences and channel dynamics [41] - Product innovation, driven by local consumer insights and R&D improvements, is helping domestic brands gain market share and brand recognition [38] Long-term Competitive Advantages - Domestic brands' long-term competitiveness lies in their higher organizational efficiency and sensitivity to local consumer needs [41] - Talent repatriation from international companies is strengthening domestic brands' R&D and brand-building capabilities [42] - Domestic brands are focusing on differentiation through brand positioning, product innovation, and cost leadership strategies [44] Strategic Recommendations - Domestic brands should focus on building brand equity, product innovation, and cost efficiency to compete effectively in the market [44] - High-margin brands like Proya and Chando are achieving profitability on platforms like Douyin, while low-margin brands rely on spillover effects to other channels [34] - The industry should continue to invest in R&D and consumer insights to drive product innovation and meet evolving consumer demands [38]