美护行业2024年报及2025一季报综述：行业增速趋稳，重组胶原蛋白保持高景气

Investment Rating - The report maintains a "Positive" investment rating for the beauty industry [3] Core Insights - The beauty industry is experiencing stable growth, with a notable performance in the collagen restructuring segment [1][5] - The overall revenue growth for the cosmetics sector has shown slight improvement, with a year-on-year increase of 3.1% in Q1 2025, recovering from previous negative growth [12][19] - The average revenue growth for the cosmetics industry is projected to be 8% in 2024, followed by a decline to -5% in Q1 2025, indicating a trend of increasing differentiation among brands [19] Summary by Sections Cosmetics - The cosmetics industry has shown a steady growth rate, with Q1 2025 marking a recovery from three consecutive quarters of negative growth [12] - Online sales channels, particularly Tmall and Douyin, have seen significant growth, with a combined increase of 17% in Q1 2025 [12] - The average revenue growth for brands has been more resilient compared to upstream and downstream segments, with mid-sized brands like Marubi and Runben achieving good growth despite a generally weak market [19] Medical Beauty - The medical beauty sector has seen a convergence in revenue, while the collagen restructuring segment continues to maintain high growth rates [1][5] Revenue and Profitability - The average revenue growth for the cosmetics industry has been declining, with a notable differentiation in performance among brands [19] - The average gross margin for the brand segment has slightly increased, attributed to improved business structure and price control measures [20] Product Innovation - Brands are focusing on upgrading main product lines and expanding functional categories, particularly in sun protection and whitening, with increased competition expected [25] - New product launches include significant upgrades in major brands like Proya and Bethany, focusing on whitening and sun protection [24][25] Expenses and Profit Margins - The average sales expense ratio for brands has increased, reflecting heightened competition and rising platform costs [26] - The gross profit margin has generally decreased across the industry, although leading brands like Proya have managed to improve their margins through effective cost management [26][35] R&D and Management Expenses - There is a trend of increasing R&D investment among leading brands, with a shift towards foundational research [45] - Management expense ratios have shown a divergence, with leading companies optimizing their expenses while others have seen increases due to business adjustments [45]