Proya(SH:603605) Jianghai Securities·2026-02-26 08:34Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - In January 2026, the sales of beauty and skincare products on Tmall increased by 24% year-on-year, with skincare/body/essential oils growing by 27.5%, makeup/perfume/beauty tools by 15.6%, and hair care/wigs by 24.3% [6] - Douyin's beauty category saw a month-on-month growth of 11.1% in January 2026, although high-end beauty consumption (products priced above 500 yuan) experienced a decline of 4.6% year-on-year [6] - In 2025, Tmall's cosmetics sales reached 168.451 billion yuan, with domestic brands holding a market share of 31.8% and foreign brands 68.2% [6] - The top 100 brands on Tmall had five high-end cosmetics brands with an average price of 500 yuan or more, an increase of one compared to 2024 [6] - Douyin's cosmetics GMV grew by over 16% year-on-year in 2025, with domestic brands capturing 65.9% of the market share [6] Summary by Sections Market Performance - The beauty and skincare industry has shown a relative return of -2.51% over the past month, -5.22% over the past three months, and -14.9% over the past year [3] Competitive Landscape - The market concentration in Tmall's beauty segment is increasing, with the top 20 brands accounting for 28.7% of sales [6] - The leading brands in Tmall for three consecutive months include L'Oreal, Proya, La Mer, Lancôme, and Estée Lauder [6] - Douyin's top 20 beauty brands saw a GMV share of 19.5%, a decrease of 2.5 percentage points [6] Investment Recommendations - The report suggests focusing on leading domestic beauty companies with strong multi-channel operational capabilities and comprehensive product matrices, such as Proya, Shuyuan, Shanghai Jahwa, Betaini, Aimeike, Marubi, and Jinbo Biological [6]