——化妆品医美行业周报20251214：11月化妆品淘系略承压，胶原医美赛道再添两员-20251214

Investment Rating - The report indicates a weak performance in the cosmetics and medical beauty sector, with the Shenwan Beauty Care Index declining by 1.6% from December 5 to December 12, 2025, underperforming the market [3][4]. Core Insights - The cosmetics sector faced pressure in November, with overall GMV in the Taobao system showing weakness due to the pre-promotion of the Double 11 sales event and the rise of Douyin as a sales channel. Brands like Han Shu and Lin Qingxuan maintained stable GMV, while others like Feicui continued to grow significantly [3][9]. - The collagen medical beauty segment is expanding, with two new animal-derived collagen products approved for market entry, expected to drive growth in this area [3][9]. - The report highlights the leading market share of Minoxidil products from Mandi International in the hair loss treatment market, with a steady revenue growth from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, reflecting a CAGR of 21.7% from 2022 to 2024 [10][11]. - L'Oréal's acquisition of an additional 10% stake in Galderma, raising its total ownership to 20%, signifies a strategic shift towards the medical beauty and skin health sectors, aiming to adapt to the slowing growth in the Chinese beauty market [3][18]. Summary by Sections Industry Performance - The Shenwan Beauty Care Index and its sub-indices for cosmetics and personal care products have shown declines of 1.2% and 1.7%, respectively, indicating underperformance compared to the Shenwan A Index [4][6]. Key Market Developments - The overall GMV for cosmetics in November was weak, influenced by earlier sales spikes in October and competition from Douyin [9]. - The approval of new collagen products is expected to enhance the supply side of the medical beauty market, with projections for continued expansion in 2026 [9][22]. Company Highlights - Mandi International has maintained a dominant position in the Minoxidil market, with its products accounting for approximately 57% and 71% of the market share in the hair loss treatment and Minoxidil categories, respectively, as of 2024 [11][13]. - The report notes that the Chinese consumer healthcare market is projected to grow from 931.3 billion yuan in 2018 to 16.42 trillion yuan by 2024, with significant growth in hair health and skin health segments [12][13].