美容护理行业：毛戈平预计将于12月10日上市，韩束11月重回抖音护肤类目第一

Investment Rating - The industry rating is maintained at "Accumulate" [4] Core Insights - The report highlights that the beauty care industry is experiencing a slowdown in growth rates, particularly in November, influenced by the early promotional activities of the Double 11 shopping festival [1] - The report emphasizes the strong performance of specific companies, such as 毛戈平, which is positioned as a high-end beauty brand and is set to become the first domestic color cosmetics stock listed in Hong Kong [1][3] - The report suggests monitoring leading domestic skincare companies like 珀莱雅, as well as other listed companies such as 爱美客, 华熙生物, 丸美股份, 贝泰妮, and 福瑞达 [1] Summary by Sections Company Performance - 毛戈平 plans to issue 70.5882 million shares at a price range of HKD 26.3-29.8 per share, with an expected market capitalization of HKD 12.376-14.024 billion [1] - 毛戈平's online sales performance is notable, with GMV in the color cosmetics category on Douyin reaching over 141 million and 68.583 million in October and November respectively, showing year-on-year growth of 169.62% and 73.0% [1] - 韩束 regained the top position in the Douyin skincare category in November with a GMV exceeding 650 million, while 珀莱雅 ranked second [1] Market Trends - The report indicates that the GMV for Douyin's beauty category grew by 6.54% year-on-year in November, a significant decrease from the 30.49% growth in October [1] - The skincare category on Douyin saw a GMV of over 13.49 billion, with a year-on-year growth of 7.77%, but a month-on-month decline of 27.8% [1] - The color cosmetics category's GMV exceeded 5.4 billion, with a year-on-year growth of 14.22% and a month-on-month decline of 11.91% [1]