知行数据观察：乳液面霜品类

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The lotion and cream category is fundamental in skincare, primarily used for moisturizing and nourishing the skin, with a focus on different textures and oil content [8] - Moisturizing remains the core demand in the market, accounting for 31% of the total efficacy share, but its growth rate is only 5%, indicating a mature stage with limited growth potential [10][11] - Nourishing creams, while only 5% of the market, show the highest growth rate at 16%, indicating a rising demand for high-nutrition products [10] - The market is experiencing a shift, with a decline in demand for traditional benefits like hydration and anti-aging, suggesting a saturation of these offerings [10][11] Market Overview - The online sales landscape is shifting, with Douyin's sales share increasing from 44% to 49% and Tmall's decreasing from 56% to 51% between 2023 and 2025 [17][19] - The average price on Tmall has risen significantly, while Douyin has adopted a low-price strategy to capture market share [17][19] - Overall sales growth is slowing, with a projected increase of only 4.3% from 2024 to 2025, indicating a potential market peak [19] Product Demand Analysis - Key selling points such as glycerin and moisturizing are in high demand, but the market is competitive, requiring differentiation to maintain an edge [13][14] - Sensitive skin and repair claims represent a blue ocean opportunity, with significant demand and insufficient supply, making them key areas for growth [13] - The report highlights a notable disparity in supply and demand for various product claims, with high demand for moisturizing and sensitive skin products but lower supply [14] Brand Performance - Top brands in the Tmall platform are dominated by high-end names like SkinCeuticals and Helena Rubinstein, with significant market shares [21][22] - Domestic brands like Proya and Winona are performing well in terms of growth, while established brands like Proya are experiencing declines [21][23] - The report notes that international brands maintain a high-end positioning with lower sales volumes, while domestic brands focus on competitive pricing to capture market share [23] Sales Channel Dynamics - The report indicates that Douyin's sales strategy focuses on low prices to drive volume, while Tmall emphasizes premium products [17][19] - The sales performance of brands varies significantly between platforms, with Douyin showing a higher volume of sales but at lower price points [19][23] - The report suggests that brands need to adapt their strategies to the unique characteristics of each sales channel to optimize performance [19] Consumer Trends - There is a growing consumer preference for products that offer high nutritional value, indicating a shift in consumer priorities towards more effective skincare solutions [10] - The report emphasizes the importance of understanding consumer behavior and adapting product offerings to meet evolving demands [10][13]