美容护理行业点评报告：7月京东美妆护肤销售额增速显著，外资品牌中国区业务承压

Investment Rating - Industry rating: Overweight (maintained) [2] Core Insights - The beauty and skincare category on JD.com has shown significant growth, maintaining double-digit growth since March 2024, with a sales figure of 28.14 billion RMB in July, representing a year-on-year increase of 37.4% [2] - Shiseido's sales growth in the China region has slowed, with net sales of 131.67 billion JPY (approximately 6.45 billion RMB) in the first half of 2024, reflecting a year-on-year increase of only 0.8% [2] - L'Oréal faces challenges in the North Asia market, particularly in China, with a 3.1% decline in sales in the first half of 2024 due to low consumer confidence [2] Summary by Sections Sales Performance - In July, Douyin's cosmetics category GMV exceeded 15.5 billion RMB, with a year-on-year growth of 24.7% [2] - For the first seven months of 2024, JD.com's beauty and skincare sales reached 23.99 billion RMB, a year-on-year increase of 10% [2] Brand Analysis - The top brands on Douyin include Han Shu with a GMV of 268 million RMB, showing a year-on-year growth of 103.2% [2] - On JD.com, SK-II led with a GMV of 178 million RMB, reflecting a year-on-year growth of 132.82% [2] Market Trends - The high-end segment shows resilience, while the mid-to-high-end market appears weaker, and the mass market continues to expand [2] - Price sensitivity among middle-class and regional consumers is increasing, alongside intensified price competition [2] Investment Recommendations - Focus on companies like Proya, Jiangsu Wuzhong, and Huaxi Biological, which maintain good growth rates on JD and Douyin platforms [2]