化妆品双周报：渠道变革、产品创新，口腔护理行业迎机遇

Investment Rating - The report maintains an "Accumulate" rating for the cosmetics industry, consistent with the previous rating [4][5]. Core Insights - The oral care industry is experiencing new opportunities due to channel transformation and product innovation, particularly with the launch of high-end sensitive toothpaste under the Denkan brand, which has seen significant sales growth on Douyin [4][5][18]. - The third quarter is typically a slow season for beauty consumption, prompting brands to focus on new product launches in preparation for the Double Eleven shopping festival [7][8]. - Domestic beauty groups are expected to drive brand upgrades and market share through product innovation and channel expansion targeting lower-tier consumers [7][8]. Summary by Sections Investment Recommendations - Suggested stocks for accumulation include: 1. Strong brand momentum: Proya, Juzhibio, and Jinbo Bio, driven by single product growth. 2. Affordable consumer brands: Runben and Shuangmei, focusing on continuous channel expansion and strong operations. 3. Companies expected to reach a turning point: Denkan Oral, Furuida, Beitaini, Shanghai Jahwa, Marubi, Shuiyang, Huaxi Biological, Fulejia, and Meili Tianyuan Medical Health. 4. Companies with capacity release and overseas expansion: Jiabiyou [5][7][20]. Industry Updates - The oral care market's online retail sales reached CNY 266.6 billion in 2023, with a year-on-year growth of 5.3%. Douyin has emerged as the fastest-growing channel, with growth rates of 60% in 2023 and 36% in the first half of 2024 [8][10]. - The online toothpaste market has seen a significant increase in the share of high-end products, with sales exceeding CNY 150 billion, reflecting a 6% year-on-year growth [11][13]. - The trend of "beauty-ification" in toothpaste is evident, with brands focusing on unique ingredients and technologies to enhance product appeal [15][18]. Key Industry Information and Profit Forecasts - Proya has appointed a new management team, with the former general manager transitioning to an advisory role [20]. - The report provides updated profit forecasts for key companies, indicating a positive outlook for several brands, with expected CAGR of 20-30% for leading companies [21][22].