从自然堂看国货化妆品集团发展趋势：喜马拉雅自然科技，铸就国货美妆头部品牌

Investment Rating - The report does not explicitly state an investment rating for the industry or the company Core Insights - Himalaya Natural Technology has established itself as a leading domestic beauty brand in China, with its flagship brand "Naturally" recognized for its high consumer acceptance and brand value [4] - The company's revenue has shown steady growth, with a notable increase in online sales channels, contributing significantly to overall revenue [4][26] - The skincare segment remains the largest category in the beauty market, with a projected market size of 3,826 billion yuan in 2024, representing 40.9% of the total cosmetics market [4][65] Summary by Sections Company Overview - Himalaya Natural Technology, founded in 2001, has launched multiple brands including "Naturally" and "MAYSU," focusing on natural technology and anti-aging products [4][7] - The company has undergone significant growth phases, expanding its brand portfolio and market presence [7][8] Financial Analysis - The company's overall revenue increased from 4.292 billion yuan in 2022 to approximately 4.601 billion yuan in 2024, with skincare business dominating revenue contributions [4][26] - Net profit has fluctuated, with figures of 147 million yuan in 2022 and 191 million yuan in the first half of 2025, reflecting a net profit margin increase [4][57] Industry Analysis - The cosmetics market in China is projected to reach 9,346 billion yuan by 2024, with a compound annual growth rate (CAGR) of 3.7% from 2019 to 2024 [4][61] - Domestic brands are gaining market share, with the domestic cosmetics market expected to grow at a CAGR of 5.9% from 2019 to 2024 [4][62] - Skincare products are the largest segment, with a market size expected to reach 3,826 billion yuan in 2024, growing at a CAGR of 4.7% [4][65] Competitive Landscape - The company has established a multi-brand strategy centered around "Naturally," which contributes over 94% of total revenue [4][81] - The competitive landscape shows that domestic brands are successfully capturing market share from international brands, with "Naturally" being one of the top domestic brands [4][71][78]