美容护理行业：2024年美妆数据出炉，锦波生物ProtYouth 5款产品获得FDA认证

Investment Rating - The industry investment rating is maintained as "Overweight" [8] Core Insights - The skincare market in China is projected to reach CNY 421.87 billion in 2024, reflecting a year-on-year decline of 12.54% [8] - The overall cosmetics market size is expected to be CNY 774.65 billion in 2024, with a year-on-year decrease of 2.83% [8] - Online cosmetics market size is estimated at CNY 405.53 billion, showing a slight growth of 0.4% year-on-year [8] - Domestic cosmetic brands have shown resilience, with sales increasing by 7.46% year-on-year, while imported brands face declining sales [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has experienced a relative return of -29.42% compared to the CSI 300 index [3] - Absolute returns for the same period are reported at -12.29% [3] Market Dynamics - The online market share for Taobao is 41.1%, with a year-on-year decline of 7.7%, while Douyin's market share is 37.8%, showing a growth of 13.9% [8] - JD.com holds an 11.6% market share, with a significant increase of 36.7% year-on-year [8] - Offline sales have decreased to CNY 369.12 billion, down 6.1% year-on-year [8] Product Developments - Jinbo Bio announced that three of its ProtYouth products received FDA certification, highlighting advancements in product formulation and efficacy [8] - The ProtYouth collagen products are noted for their high activity, concentration, and penetration capabilities [8] Future Outlook - The beauty industry is expected to face intensified competition in 2025, leading to further consolidation and the elimination of companies lacking technological strength and core competitiveness [8] - Recommended companies to watch include domestic skincare leader Proya, along with Aimeike, Huaxi Biological, Marubi, Betaine, and Furuida [8]