美容护理年报披露季叠加政策加码，板块景气度迎持续修复

Investment Rating - The industry investment rating is "In line with the market" [2] Core Viewpoints - The beauty and personal care industry is expected to show steady growth driven by continuous policy support, consumer recovery, and ongoing trade tensions. Domestic brands are gaining market share due to their high cost-performance ratio and refined operations, indicating a positive outlook for the beauty sector [10][11] - The cosmetics sector has seen a recovery in sales due to the "March 8th" promotional events, with significant growth in GMV on platforms like Douyin. The overall market is anticipated to enter an accelerated recovery phase supported by favorable policies and improved market sentiment [10][11] Market Performance Review - In the last month (March 11, 2025 - April 10, 2025), the Shenwan Beauty and Personal Care Index increased by 0.37%, ranking 5th among 31 sub-industries, outperforming the Shanghai Composite, CSI 300, and ChiNext indices by 4.6 percentage points, 5.3 percentage points, and 13.98 percentage points respectively. The monthly performance of sub-sectors included personal care products at -0.85%, cosmetics at -0.65%, and medical beauty at +10.99% [12] - As of April 10, 2025, the price-to-earnings ratio (TTM) for the Shenwan Beauty and Personal Care sector is 38.07, which is at the 28.7% percentile of historical values since 2016, indicating a premium of 1.03 times over the CSI 300 [21] Industry Information Tracking - The sales performance across different channels has shown a differentiated recovery, with significant growth in GMV on Douyin. In March 2025, the combined GMV for skincare/personal care and cosmetics/perfume on Tmall, Douyin, and Kuaishou was 103.75 billion, 236.44 billion, and 35.56 billion yuan respectively, with year-on-year changes of -8.0%, +49.4%, and +15.2% [27][28] - The skincare category performed better than cosmetics, with March 2025 GMV for skincare/personal care on Tmall, Douyin, and Kuaishou being 76.76 billion, 173.7 billion, and 31.35 billion yuan respectively, showing year-on-year changes of -8.9%, +52.9%, and +18% [28]