美容护理行业：国货彩妆崛起，品牌底蕴为魂，渠道壁垒为基，大单品体系为径

Investment Rating - The report rates the industry as "Buy" based on the growth potential and performance of domestic brands in the high-end makeup sector [4]. Core Insights - The makeup industry is accelerating, with domestic brands like Maogeping breaking through. The per capita spending on makeup in China is significantly lower than in other countries, indicating substantial growth potential over the next five years [3][4]. - High-end makeup is expected to grow at a compound annual growth rate (CAGR) of 10.8% over the next five years, with the growth rate of high-end makeup being approximately double that of mass-market makeup [3][4]. - The report highlights the importance of brand identity, product quality, and distribution channels in the success of domestic brands, particularly emphasizing Maogeping's unique positioning and product offerings [3][4]. Summary by Sections 1. Domestic High-End Makeup & Skincare Brands - Maogeping is a well-known brand founded by a prominent makeup artist, focusing on high-end products primarily sold through direct retail and online channels [25]. - The company has established a strong brand presence and offers professional makeup training, enhancing its market position [27][31]. 2. Acceleration of the Makeup Industry - The Chinese beauty market has grown from 402.6 billion CNY in 2018 to 579.8 billion CNY in 2023, with a CAGR of 7.6%. The market is projected to reach 876.3 billion CNY by 2028 [48]. - The report notes that while skincare has outpaced makeup in growth, the makeup sector is expected to catch up, with both sectors projected to grow at similar rates in the coming years [49]. 3. Brand, Product, and Channel Advantages - Maogeping's product strategy focuses on a healthy single-product system, with a significant portion of sales coming from core products [3][4]. - The online sales channel has seen rapid growth, with online revenue increasing from 4.46 billion CNY in 2021 to 9.95 billion CNY in 2023, reflecting a CAGR of 49.4% [31]. - The company maintains a strong offline presence, with steady growth in department store sales, contributing to a balanced sales strategy [4]. 4. Investment Recommendations - The report suggests that domestic brands are well-positioned to capture market share from international competitors due to their agility in product development and marketing strategies [4]. - The increasing acceptance of domestic products among consumers, coupled with a growing focus on product ingredients, presents a favorable environment for domestic brands to thrive [4].