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国货美妆站上了前所未有的高点，也正在直面前所未有的考验。 中国香妆协会公布的数据显示，2 0 2 5年国货品牌的市场份额已提升至5 7 . 3 7%，扎扎实实坐稳 了"半壁江山"。过去几年，我们也已经习惯了国货崛起的叙事。流量红利、渠道扩张、爆款频 出，一批品牌快速长大。但规模成型之后，行业开始进入一个新的阶段——不是"淘汰赛"的结 束，而是"能力淘汰赛"的开始。 什么叫能力淘汰赛？ 流量依赖减弱，品牌价值增强；价格竞争趋缓，价值竞争抬头；单一爆款难以支撑长期增长， 系统能力成为新的分水岭。 你会发现，当企业开始反复谈论产业升级与长期主义，当资本市场对利润质量提出更高要求， 当越来越多的品牌把全球布局写入战略蓝图——这些变化其实都在指向同一个方向：国货美妆 正在从"机会驱动"走向"能力驱动"。这些变化同时也是整个行业逐渐步入成熟阶段的信号。 先看几个关键词。 珀莱雅股份总经理侯亚孟用了三个词定义2 0 2 6年的发展准则： 协同、聚焦、体系化 。在内部 沟通中，他强调组织协同效率与资源聚焦的重要性，认为只有体系能力成熟，品牌才具备持续 竞争力。 华熙生物旗下四大核心品牌：润百颜、夸迪、肌活、米蓓尔 这些调整在 ...

Core Insights - The rise of short dramas in the Chinese market has attracted significant investment from beauty companies, with major players like Proya, Shiseido, Marubi, and Bethany actively participating in this trend [1][2][4] - Short dramas have proven to be effective marketing tools, generating substantial viewership and sales for brands, with some series achieving over 10 billion views [1][2][3] - However, the increasing competition in the short drama space has led to concerns about diminishing returns and effectiveness, prompting some companies to reconsider their strategies [5][6][7] Company Summaries - **Proya**: Launched multiple short dramas in 2023, including "The Full-Time Husband Training Plan," which garnered 3.6 billion views. The brand's sales through Douyin reached approximately 33.4 billion yuan in 2023, a 374.4% increase year-on-year [2][3] - **Shiseido**: Released nearly 30 short dramas from 2023 to 2024, with significant viewership and sales impact, including a notable 793.6 million units sold of a featured product [2][4] - **Marubi**: Continued to invest in short dramas, with a total viewership exceeding 12 billion across various series. The company reported a 39.31% increase in sales expenses in 2025, reflecting the rising costs of online marketing [4][9][10] - **Bethany**: Although previously involved in short dramas, the company has indicated a shift away from this strategy in the coming years [6][7] Industry Trends - The short drama marketing strategy has become increasingly popular among beauty brands, with many integrating product placements into their narratives to drive sales [1][4] - The cost of producing short dramas has risen significantly, with estimates for high-quality productions ranging from 6 to 8 million yuan per episode, leading to increased marketing expenses for companies [7][10] - Despite initial success, the market for short dramas is becoming saturated, leading to concerns about the effectiveness and ROI of such marketing efforts [5][6][7]

当中国美妆市场从"增量红利"彻底滑入"存量博弈"，国际巨头们过去那套"高位入局、品牌碾压"的打法 正在失效。一边是LVMH被传计划剥离包括Make Up For Ever在内的多个大众向"包袱"，试图轻装上阵 守住奢侈品腹地；另一边，爱茉莉太平洋借功效型品牌Aestura卷土重来，不再赌"爆款"，而是押注"复 购"。而作为高端美妆"守门人"的丝芙兰，也开始把抖音上跑出来的网红国货摆上C位——当潮水褪去， 巨头们终于意识到：在中国市场，没有谁能永远站在高地。 这批新面孔清一色是彩妆品牌，分成两类。一类是酵色、恋火、朱栈这样的新锐选手，已经在市场上打 出名堂。恋火背靠丸美生物（603983），2022年才2.86亿营收，2025年就要冲10亿；酵色2023年就破了 9亿。另一类更生猛——从抖音里杀出来的"抖系"品牌。三资堂2023年才成立，靠一支二叉眉笔卖成 2024年中国眉笔销冠，抖音一年干出8.4亿，是天猫的7.5倍。BABI更狠，一款定妆喷雾卖出685万件， 2025年冲到7.5亿。 丝芙兰买手团队解释为什么看上三资堂时，说得挺实在：创始人两年改了八次产品，50块的眉笔找的是 业内最好的代工厂。另一句潜台词 ...

2026年，中资企业境外上市格局正经历深刻重塑。随着中央经济工作会议于2025年12月明确提出"拓宽企业境外上市渠道，强化香港作为连接内地与国际市 场的枢纽功能"，港股的战略地位被提升至全新高度。这一表述不仅肯定了香港市场的既有价值，更赋予其在国家资本市场开放中的核心地位。在当前国际 环境复杂多变的背景下，香港作为人民币国际化和资本账户渐进开放的"试验田"与"防火墙"作用将进一步凸显，成为连接内外资本的"超级联系人"。 与此同时，美股市场虽呈回暖态势，但纳斯达克新规已将IPO核心财务门槛最高提升200%，公众持股市值要求从500万美元直接跃升至1500万美元，并赋予 交易所对"易操纵风险"企业的更大的自由裁量权。SEC于2025年12月正式签署的《追究外国内幕人士责任法案》更进一步要求外国私人发行人的董事及高管 自2026年3月18日起遵守内幕人士申报义务取消披露豁免，纳入统一监管。这意味着，中小市值企业若缺乏扎实的业绩支撑和规范的治理结构，将很难跨越 美股上市门槛。 港股凭借深港通、沪港通的互联互通机制，能无缝衔接内地资金与产业资源，2025年已有17家A股企业赴港实现A+H股上市，贡献了港股53.65%的 ...

证券研究报告·行业点评报告 2026 年 2 月 26 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.51 -5.22 -14.9 绝对收益 -2.41 0.62 3.69 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业深度报告-美容护理行 业：专业皮肤护理行业研究-巨子生物、敷 尔佳、创尔生物 – 2026.01.14 2. 江海证券-行业点评报告-美容护理行 业：创健医疗重组胶原蛋白植入剂获批， 林清轩通过港交所上市聆讯 – 2025.12.30 3. 江海证券-行业点评报告-美容护理行 业："双 11"天猫抖音美妆榜出炉，巨子 生物重组 I 型胶原蛋白冻干纤维获批 – 2025.10.27 执业证书编号：S1410525120001 消费行业研究组 分析师：黄燕芝 2025 年，珀莱雅稳居淘宝天猫化妆品 榜首，韩束蝉联抖音化妆品榜首 事件： 美容护理行业 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 ...

2025年以来，中国美妆行业迎来一场久违的资本竞速赛。 林清轩、HBN、半亩花田、自然堂、植物医生等一众国货美妆品牌密集递交招股书，甚至是已经上市的老牌国货美妆品牌珀莱雅、丸美生物亦向 港交所发起冲刺。 表面上看这是国货美妆集体爆发的"高光时刻"。 但透过厚重的招股书与财报数据，却能嗅到一股强烈的行业焦虑：线上流量红利见顶，"买量换增长"的边际效益逐渐递减。 面对这一增长瓶颈，向实体零售要增量成为破局的共识。以HBN、半亩花田等为代表的新锐国货品牌正急于抢抓IPO的时间窗口，试图募资"弹 药"大举加码线下市场，通过在一二线核心商圈铺设直营专柜、快闪店与精品店，构建起更重的资产壁垒。 而在新锐势力"线下"的攻势面前，那些原本拥有庞大实体分销网络的老牌美妆巨头正面临更多挑战。 面对传统客流被分流的压力，老牌巨头们被迫走出渠道舒适区，加速在美团、京东秒送等"即时零售"新业态中寻找增量以图反击，试图用数字化 网络重新激活厚重的线下基本盘。 这种触达路径的根本性颠覆，让那些原本难以攻入核心商圈的新锐国货可以绕过巨头，在直播间的聚光灯下获得一条足以"弯道超车"的黄金赛 道。 正是在这一时期，国货美妆品牌纷纷崛起。 以HB ...

Investment Rating - The report assigns a "Buy" rating for Runben Co., Ltd. (603193) as a new benchmark in the maternal and infant care sector [1]. Core Insights - Runben Co., Ltd. has shown steady performance with a focus on the baby mosquito repellent market, gradually expanding into baby care and plant essential oils, forming a multi-category daily chemical ecosystem. The core categories of mosquito repellent and baby care account for over 85% of revenue, driving continuous growth in revenue and profit [7][24]. - The global and Chinese markets for mosquito repellent and baby care products are expected to grow steadily, with the children's mosquito repellent market projected to reach 1.795 billion yuan by 2024, and the baby care market expected to reach 32.9 billion yuan in the same year [7][40]. - Runben's integrated research, production, and sales model creates long-term competitive barriers, with plans to invest 700 million yuan in smart factories and 600 million yuan to expand R&D and production bases [7][24]. Summary by Sections 1. Business Growth and Performance - Runben Co., Ltd. has transitioned from a single-category brand focused on mosquito repellent to a multi-scenario daily chemical enterprise, leveraging user assets and integrated operations [16]. - The company has achieved a compound annual growth rate (CAGR) of 31.32% in revenue from 582 million yuan in 2021 to 1.318 billion yuan in 2024, with net profit increasing from 121 million yuan to 300 million yuan in the same period [7][24]. - The revenue structure is concentrated, with the baby care segment's share increasing from 37.22% in 2021 to 52.36% in 2024, while the mosquito repellent segment stabilized between 31% and 33% [22]. 2. Industry Landscape and Trends - The global children's mosquito repellent market is expected to grow at a CAGR of 4.26% from 2023 to 2027, while the Chinese market is projected to grow at approximately 6.1% during the same period [7][33]. - The baby care market in China is anticipated to reach 32.9 billion yuan by 2024, with a CAGR of 7.97% from 2023 to 2027, indicating strong growth potential [40][42]. - The competitive landscape in the mosquito repellent market shows a concentration of top brands, with the top 10 brands holding significant market shares, reflecting a strong competitive environment [34]. 3. Competitive Advantages - Runben Co., Ltd. maintains a high sales net profit margin, with figures ranging from 18.69% to 22.77% from 2021 to 2025, indicating strong operational control and market positioning [54]. - The company has a superior inventory turnover efficiency, with inventory turnover days decreasing to 66.29 days in 2025, showcasing effective supply chain management [57]. - The accounts receivable turnover days are also favorable, with a notable efficiency in cash collection, primarily due to the online direct sales model [58].

去年，奥运冠军孙颖莎代言的一款洗发水"香蓬瓶"，上市1个小时销售额突破3000万。 这个叫半亩花田的国货品牌，你可能听过但未必深究。如今，它正"勇闯"港交所，拿下"港股国货个护 第一股"的头衔。招股书显示，半亩花田2025年前三季度利润暴涨465.22%。 只是，靠流量"喂大"的它，能在资本市场站稳脚跟吗？ 01 一年营收20亿，山东夫妇冲刺IPO 半亩花田要冲港股上市，不少人第一反应都是：它居然要上市了？ 在很多人印象里，它是个在抖音上卖平价身体乳、洗发水的牌子，却鲜有人知，它背后是一对山东夫妇 的15年逆袭路，如今更是带着近20亿年营收，叩响港交所的大门。 2026年1月，半亩花田的母公司山东花物堂化妆品股份有限公司，正式向港交所递表。若成功上市，它 将成为"港股国货个护第一股"。 其实，半亩花田的创业起点，并非美妆护肤赛道。 创始人亓云吉、商西梅夫妇，早年间从大山里出来，最早做的是花草茶饮生意。也是在做茶饮的时候， 夫妻俩偶然发现，老家济南平阴的玫瑰不一般。 这里的玫瑰栽培史能追溯到唐代，得天独厚的地理条件，让重瓣玫瑰有了药食同源的特质，含有不小的 护肤价值。 2010年，夫妇俩正式创立半亩花田，从最基 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]