Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The beauty care sector saw significant activity, with Douyin's beauty category GMV exceeding 20 billion yuan in June, where skincare accounted for 66.4% and color cosmetics for 33.6% [3][24]. - Notable companies like MINISO achieved over 100 million yuan in sales within nine months of opening their global flagship store [4][29]. - The report highlights the performance of key companies, with projected net profits for Xiaoshangpin City expected to be between 1.63 billion to 1.7 billion yuan, marking a year-on-year increase of 12.57% to 17.40% [30]. Market Performance - During the week of June 30 to July 4, 2025, the retail trade, social services, and beauty care sectors experienced declines of 0.16%, 0.74%, and 0.55% respectively, ranking 27th, 17th, and 29th among 31 primary industries [14][18]. - The report notes that the education, professional chain, and trade sectors saw the highest gains, with increases of 7.47%, 7.42%, and 5.2% respectively [2][14]. Key Industry Events and News - The report discusses various industry events, including the approval of a topical finasteride spray by NMPA, marking it as the first and only approved product for male androgenetic alopecia [3][24]. - L'Oréal announced the acquisition of the professional hair care brand Color Wow, valued at approximately 10 billion yuan [3][26]. - The report also mentions the performance of companies like Huaxi Biological, which reported significant revenue declines for its brands in 2024 [31]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzhi Biological, Marubi Biological, and others within the beauty care sector [5][32].
美护商社行业周报：孩子王小商品城25H1业绩预增，MINISOLAND全球壹号店开业9个月业绩破亿-20250707
Guoyuan Securities·2025-07-07 11:42