美容护理行业月报：38节大促收官，国货美妆竞争力提升

Investment Rating - The report assigns a "Neutral" investment rating to the beauty and personal care industry, indicating that the industry index is expected to fluctuate between a 10% increase and a 10% decrease relative to the broader market over the next six months [28]. Core Insights - In 2023, the retail sales of cosmetics in China reached 414.2 billion yuan, reflecting a year-on-year growth of 5.1%, which underperformed the overall retail sales growth by 2.1 percentage points, indicating a weak recovery in the industry [2][22]. - The 2024 International Women's Day sales event showed an increase in the competitiveness of domestic beauty brands, with the top 10 brands on platforms like Tmall and Douyin seeing a higher market share compared to the previous year [2][17]. - The report highlights that domestic brands are expected to continue gaining market share due to factors such as declining imports, increased focus on R&D, and a strong cultural acceptance among Generation Z consumers for high-quality domestic products [2][17]. Summary by Sections Market Review - In February 2024, the beauty and personal care sector rose by 14.43%, outperforming the Shanghai Composite Index by 5.08 percentage points, ranking fifth among all sectors [8]. Medical Aesthetics and Cosmetics Industry Dynamics - Haohai Biological Technology reported a revenue of 2.654 billion yuan in 2023, a year-on-year increase of 24.59%, with its medical aesthetics business growing by 41.27% [12]. - The 2024 International Women's Day sales event revealed that domestic brands like Proya and Han Shu topped the sales charts on Tmall and Douyin, indicating a significant shift in consumer preferences [14][17]. - Proya launched new products, including the "Source Power Cream 2.0" and "Shield Sunscreen," which incorporate innovative ingredients like recombinant collagen [20]. Cosmetics Industry Data Tracking - The retail sales of cosmetics in China for 2023 were 414.2 billion yuan, with a growth rate of 5.1%, indicating a gradual recovery in consumer demand [22]. - Douyin's beauty segment achieved a sales volume of 12.747 billion yuan in February 2024, marking a year-on-year growth of 66.4% [23].