2026年中国化妆品展望：为高质量增长重置，ROI改善利好品牌领导者

Reset for higher-quality growth; improving ROI favors branded leaders China Cosmetics 2026 Outlook Jan 2026 Valerie Zhou Goldman Sachs (Asia) L.L.C. (852) 2978-0820 oldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a nflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. r Reg AC certification a ...