Shenwan Hongyuan Securities·2025-06-22 13:29Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry [3] Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of June 13 to June 20, 2025, with the Shenwan Beauty Care Index declining by 5.9% [5][6] - The 618 shopping festival saw a total GMV of 659.09 billion yuan across major platforms, with a year-on-year growth of over 10% [11][12] - Domestic brands are gaining market share, with significant sales performances noted for brands like 韩束 (Han Shu) and 珀莱雅 (Proya) [11][12] Summary by Sections Industry Performance - The Shenwan Beauty Care Index fell by 5.9%, with the cosmetics index down 6.0% and personal care index down 8.8%, indicating a weaker performance compared to the broader market [5][6][8] Market Trends - The 618 shopping festival results showed 淘系 (Taobao) leading with a 41.3% market share, while 抖音 (Douyin) continued to experience high growth in the beauty category [11][12] - Notable performances included 珀莱雅 ranking first in GMV on Tmall, while 韩束 topped the sales on Douyin [11][12] Investment Recommendations - Recommended stocks include 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美生物 (Marubi) for their strong brand matrices and growth potential [17] - Suggested to pay attention to companies like 爱美客 (Aimeike) and 朗姿股份 (Langzi) in the medical beauty sector due to their strong product pipelines [17] Recent Developments - 橘宜集团 (Ju Yi Group) announced the acquisition of 百植萃 (Bai Zhi Cui), marking a strategic move into the scientific skincare segment [29] - 珀莱雅 appointed a new product development head from a major Korean cosmetics company, aiming to enhance its innovation capabilities [30] E-commerce Insights - The report highlights the growth of domestic brands in e-commerce, with significant contributions from platforms like Douyin and Tmall [20][22] - The overall retail sales of cosmetics in May 2025 showed a year-on-year growth of 4.4%, indicating a steady demand [22][23]