亚太消费品行业：亚洲美妆黄金时代

Investment Rating - The report aligns with the views of CITIC Securities and CLSA, indicating a cautious outlook on the Asia-Pacific cosmetics industry, particularly in China and Japan [5]. Core Insights - Chinese consumers are taking longer to decide on beauty products, leading to potential sales growth as they expand their product portfolios, but price sensitivity is a key consideration [5]. - In Japan, cosmetic consumption is under pressure, with consumers accepting some degree of product downgrading, necessitating a focus on select winners for investors [5]. - The "golden age" of skincare is partially over, with evidence suggesting that companies can build sustainable brand recognition and defensible brand assets, but consumer attention has been diluted by an influx of new products [8]. Summary by Sections Market Trends - The overall cosmetics market in China is expected to see year-on-year growth by 2025, with a slight improvement compared to 2024. Leading foreign brands have gained market share, but tourism retail sales have contracted, impacting operating profit margins and stock prices [6]. - The willingness of Chinese consumers to pursue high-end products has cooled for the first time, with brand loyalty at a historical low and price factors becoming increasingly critical [7]. Brand Dynamics - Brands need to adapt to changing consumer attitudes amid a trend of consumption downgrading, with 2026 identified as a pivotal year for the industry [7]. - Effective marketing strategies, including word-of-mouth recommendations and new product launches, continue to influence purchasing decisions [7]. Competitive Landscape - Japanese companies like Shiseido, Kose, and Kao are seeking to enhance profitability by shifting focus to e-commerce and reducing fixed costs, despite challenges from reduced Chinese tourist sales and changes in duty-free policies [9].