美容护理行业周报：12月社零同比+3.7%

Investment Rating - The report maintains an "Overweight" rating for the beauty care industry [1] Core Viewpoints - The beauty care industry is expected to see a continued increase in medical beauty penetration rates, with a focus on companies like Kemei Biotech, Aimeike, and Jiangsu Wuzhong, which are anticipated to perform well in sales and product development [5] - The report highlights a significant growth in online retail, with a projected increase of 7.2% in 2024, indicating a shift in consumer purchasing behavior towards e-commerce [2] - The cosmetics sector experienced a slight decline of 1.1% year-on-year in 2024, with December retail sales reaching 34.5 billion yuan, showing a modest growth of 0.9% [3] Summary by Sections Industry Overview - The beauty care industry index outperformed the CSI 300 index, with a growth of 32% compared to 1.5% and 6.3% for the latter [1] - The total retail sales of consumer goods in December reached 45,172 billion yuan, growing by 3.7% year-on-year, with non-automotive retail sales increasing by 4.2% [2] Company News - Jinbo Biotech's ProtYouth brand received FDA certification for three collagen products, enhancing its market competitiveness and brand recognition through international expansion efforts [4] - The report emphasizes the performance of domestic high-end beauty brands, which are expected to continue leading the market due to their advantages in branding, channels, and product offerings [5] Market Trends - The report notes a competitive landscape in the cosmetics channel, with a focus on domestic brands like Maogeping and Proya, which are expected to maintain strong market positions [5] - The report identifies potential improvements for companies like Marubi, Furuida, and Shanghai Jahwa, indicating a positive outlook for these firms in the beauty care sector [6]