万亿美妆市场洗牌加速：靠营销的短命品牌退场，研发型公司逆势突围

Core Viewpoint - The Chinese beauty and cosmetics industry has transitioned from "incremental competition" to "stock game," shifting from channel-driven to brand-driven strategies, with significant advancements in raw material innovation, efficacy verification, and technology transformation [3]. Group 1: Market Overview - The market size of China's cosmetics industry has exceeded 1 trillion yuan for two consecutive years since 2023, making it the largest cosmetics consumption market globally [3]. - In 2024, the total transaction volume of China's cosmetics market is projected to reach 1,073.82 billion yuan, reflecting a year-on-year growth of 2.8% [6]. Group 2: Industry Challenges - The core driving force of the cosmetics market is the raw materials, with domestic companies primarily focused on mid-to-low-end markets due to insufficient R&D investment and outdated production processes [6][9]. - High-end raw materials are still heavily reliant on imports, highlighting the need for domestic companies to enhance their R&D capabilities [6]. Group 3: Technological Advancements - Many domestic beauty companies are investing in R&D to develop new raw materials, with examples including the establishment of an intelligent bio-fermentation raw material factory by the natural brand Chando [8]. - Companies like Huaxi Biological have achieved breakthroughs in synthetic biology technology, allowing for precise control over hyaluronic acid molecular weight [9]. Group 4: Government Support - The Chinese government is encouraging innovation in upstream raw material development, implementing policies such as "immediate reporting and review" for new cosmetic raw materials [10]. - In September, Shanghai introduced measures to promote high-quality development in the cosmetics industry, offering substantial subsidies for new raw material development [10]. Group 5: Collaboration and Innovation - The industry is focusing on systematic and foundational innovation, with companies like Yunnan Betaini emphasizing the integration of medical research and technological innovation to build strong brand barriers [12]. - Collaborative projects, such as the establishment of a joint laboratory for artemisinin and traditional Chinese medicinal plants by Shanghai Jahwa and the Chinese Academy of Medical Sciences, aim to enhance the application of artemisinin in skincare [17].