Zhao Yin Guo Ji·2025-03-14 08:23Industry Insights - The beauty industry, particularly domestic brands, is experiencing significant growth, with notable performances from brands like Mao Geping and Juzi Biotechnology, which have shown remarkable sales increases on platforms like Douyin [2][5] - In February, the online GMV for beauty products reached 31.6 billion RMB, marking an 18% year-on-year increase and a 1% month-on-month increase, driven primarily by skincare products [5][6] - The performance of domestic brands on Douyin is particularly strong, with brands like Marubi and Mao Geping showing growth rates of 336% and 274% year-on-year, respectively [5][6] Company Analysis - EHang Intelligent (EH US) reported a 1.9 times year-on-year revenue increase to 164 million RMB in Q4 2024, driven by eVTOL aircraft deliveries [7][8] - EHang aims for a revenue target of 970 million RMB in 2024, representing a 97% increase, with expectations of maintaining a gross margin around 60% [8][9] - 361 Degrees (1361 HK) achieved a 20% year-on-year sales growth to 10 billion RMB in FY24, with net profit increasing by 19% to 1.15 billion RMB, exceeding market expectations [9][10] - 361 Degrees has set a conservative sales growth target of 10-15% for FY25, focusing on volume increases and maintaining a gross margin of 40-42% [10][11] - The report highlights the potential for 361 Degrees' new store expansion strategy, which could serve as a catalyst for future growth [11][12]