化妆品医美行业周报：AI+概念席卷美业，国货积极布局

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting the potential for growth driven by AI integration and domestic brand advancements [2]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 0.8% from February 14 to February 21, 2025, compared to a 2.9% drop in the Shenwan A Index [4][6]. - The integration of AI concepts in the beauty industry is gaining momentum, with domestic brands actively leveraging AI technologies for user data collection, market analysis, and customer service [7]. - The report emphasizes the strong growth potential of domestic brands in the AI+beauty sector, aiming to catch up with international giants like L'Oréal and LVMH [7]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 0.6%, and the Shenwan Personal Care Index dropped by 1.6%, both underperforming against the Shenwan A Index [4][6]. Key Company Highlights - Ruoyuchen (003010) is noted for its robust e-commerce operations and the successful launch of its own brand "Zhanjia," which is expected to achieve significant growth in GMV [8][9]. - Proya has announced actress Liu Yifei as its global spokesperson for sunscreen, enhancing its brand image and marketing efforts [17]. - Marubi's investment in Moyang Biotechnology has led to the approval of the first domestic "hydroxyapatite" facial filler product, marking a significant milestone in the industry [17]. Investment Recommendations - The report recommends several companies based on their market positioning and growth potential, including Proya, Shiseido, and Marubi for cosmetics, and Aimeike for medical beauty [2][8]. - It suggests focusing on companies with strong product pipelines and high profitability in the upstream segment of the medical beauty industry [2]. Market Trends - The report indicates that the retail sales of cosmetics in 2024 are expected to stabilize, with a slight decline of 1.1% year-on-year, while overall retail consumption is recovering [13]. - The domestic skincare market reached a size of 281.8 billion yuan in 2023, with a year-on-year growth of 2%, reflecting the rising market share of domestic brands [24]. Company Announcements - Ruoyuchen plans to repurchase shares worth 100-200 million yuan to support its stock price and employee incentive plans [24].