美容护理行业2025年中期投资策略：焕新，变革

Investment Rating - The report rates the beauty and personal care industry as "Positive" for investment [3]. Core Insights - The beauty and personal care sector has shown strong performance, with a cumulative increase of 6.90% as of June 2025, outperforming the market by 6.87 percentage points [7]. - The industry is entering a stable development phase, with performance differentiation among companies. Leading firms like Proya and Marubi are achieving steady growth, while emerging material companies like Jinbo Bio and Juzi Bio are experiencing rapid growth [9]. - The cosmetics market is maturing, with a slight decline in market size expected in 2024, projected at 774.645 billion yuan, down 2.83% year-on-year [19]. Summary by Sections Market Review - The beauty and personal care sector has shown a strong performance, with the beauty care segment outperforming the market [7][9]. - The cosmetics market is transitioning to a stable growth phase, with a strong siphoning effect observed during major shopping events like "618" and "Double Eleven" [18]. Cosmetics - The cosmetics market is experiencing a stable growth phase, with a year-on-year increase of 4.1% in the first five months of 2025, compared to a decline of 1.1% in 2024 [18]. - The market size for cosmetics is projected to be 774.645 billion yuan in 2024, reflecting a slight decline from previous years [19]. - Domestic brands are gaining market share, with the market share of domestic products reaching 55.7% in 2024 [45]. Medical Aesthetics - The non-surgical medical aesthetics market is growing rapidly due to its safety and ease of operation, with a projected compound annual growth rate (CAGR) of 15%-20% over the next five years [55]. - The market for collagen products is expected to reach 58.57 billion yuan by 2025, with significant growth anticipated in the coming years [65]. Personal Care - The personal care segment has shown strong growth, driven by new consumer trends and increased awareness of personal health care [91]. - The online penetration rate for personal care products is currently low, indicating significant growth potential in e-commerce [97].