Core Insights - Douyin's beauty category GMV increased by 19.7% year-on-year in September 2025, but saw a quarter-on-quarter decline of 10.4% [1] - Domestic brands showed strong performance in self-operated sales, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated channels than from influencers [2] - The trend of domestic brands replacing foreign ones continues, suggesting a focus on domestic brands that are expanding their market presence and brand influence [1] Group 1: Market Performance - The total GMV of the top 20 beauty brands on Douyin reached over 3 billion yuan in September, marking a year-on-year growth of 38.59% [1] - Han Shu maintained the top position with a GMV exceeding 500 million yuan, with 40% of brands experiencing over 100% growth [1] - Seven new brands entered the top 20 list, accounting for 35%, including Meishi, Shiseido, and Afu, with significant ranking improvements [1] Group 2: Price Distribution - The price distribution in the beauty and skincare category is relatively balanced, with products priced under 150 yuan holding the largest market share at 49.54% [3] - The GMV contribution from products priced under 300 yuan increased by 2.54 percentage points, while the share of products priced over 1,000 yuan decreased by 1.09 percentage points [3] - In the color cosmetics and fragrance category, 74% of GMV comes from products priced under 150 yuan, indicating a concentration in lower price ranges [3] Group 3: Investment Recommendations - Recommended stocks include: 1. Mao Ge Ping (01318), a leading domestic high-end beauty brand with strong product and channel expansion [4] 2. Proya (603605), known for its mature organizational structure and industry-leading marketing capabilities [4] 3. Marubi Biological (603983), which continues to release strong single product potential [4] 4. Shangmei Co. (02145), benefiting from the trend of affordable consumption with multi-category and multi-channel development [4] 5. Runben Co. (603193), a quality domestic brand in the mosquito repellent and baby products sector with significant growth potential [4]

Investment Rating - The investment rating for the beauty care industry is "Positive" (maintained) [4] Core Insights - In September 2025, the GMV (Gross Merchandise Value) of the beauty category on Douyin increased by 19.7% year-on-year, although it saw a month-on-month decline of 10.4% [4] - The top 20 beauty brands on Douyin achieved a total GMV exceeding 3 billion yuan, with a year-on-year growth of 38.59%. Notably, the brand Han Shu maintained its leading position with over 500 million yuan in GMV, and 40% of brands in the top 20 experienced more than double growth [4] - Domestic brands showed strong performance, with 60% of the top 20 brands having a higher GMV contribution from self-operated channels than from influencer promotions. Brands like Han Shu and Bai Que Ling had over 70% of their GMV from self-operated channels, indicating a competitive advantage for domestic brands in self-operated channels [4] Summary by Sections Market Performance - The beauty and skincare product price distribution is relatively balanced, while the color cosmetics and fragrance categories heavily rely on affordable products. The price segment under 150 yuan accounted for 49.54% of the market share in September, marking it as the main price segment [4] - Products priced under 150 yuan made up 36.23% of the skincare category, while products priced over 1,000 yuan contributed over 10% to GMV. In contrast, 74% of the GMV in the color cosmetics and fragrance category came from products priced under 150 yuan, indicating a more concentrated price distribution [4] Investment Recommendations - The report suggests focusing on domestic brands that are continuously enhancing their market scale and brand influence through mainstream channels. Recommended stocks include: 1. Mao Ge Ping, a leading high-end domestic beauty brand with strong product and channel expansion capabilities 2. Po Lai Ya, known for its mature organizational structure and industry-leading marketing and management capabilities 3. Wan Mei Biological, which is experiencing accelerated brand growth through its flagship products 4. Shang Mei Co., benefiting from the trend of affordable consumption with multi-category and multi-channel development [4]

Core Viewpoint - Chando, a Chinese cosmetics brand, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance brand power and expand its brand matrix, amidst increasing reliance on its main brand and rising sales expenses [1][3][4]. Group 1: IPO and Market Position - Chando has officially submitted its IPO application, marking its entry into the capital market after 24 years of establishment, with Huatai International and UBS as joint sponsors [3][4]. - Unlike competitors like Proya and Marubi, which have already gone public, Chando's delayed IPO has raised industry speculation regarding its motivations, including financial independence and desire for greater control [3][4]. - The company claims to be the "third largest domestic cosmetics group in China," indicating its ambition to join the top tier of the industry [5][9]. Group 2: Financial Performance - Chando's revenue has shown consistent growth, with projected revenues of 42.92 billion, 44.42 billion, and 46.01 billion CNY for 2022, 2023, and 2024 respectively, reflecting growth rates of 3.49% and 3.58% for 2023 and 2024 [4][6]. - In the first half of 2025, Chando achieved revenue of 24.48 billion CNY, marking a year-on-year growth of 6.43% [4]. Group 3: Brand Dependency and Strategy - Chando's revenue heavily relies on its main brand, which accounted for 94.6%, 95.9%, and 95.4% of total revenue from 2022 to 2024, indicating a significant brand dependency [6][7]. - The company has several sub-brands, but their contribution to revenue is less than 10%, highlighting a lack of diversification [6][7]. - Experts suggest that Chando's IPO could provide solutions to its brand dependency issues through acquisitions and a more balanced multi-brand strategy [6][7]. Group 4: Sales and R&D Expenses - Chando's sales expenses have been high, with figures of 24.45 billion, 24.06 billion, and 27.16 billion CNY from 2022 to 2024, representing 57%, 54.2%, and 59% of annual revenue respectively [10]. - In contrast, R&D expenditures have been decreasing, with 1.2 billion CNY in 2022, dropping to 423.8 million CNY in the first half of 2025, indicating a declining focus on product development [10]. - The company plans to allocate part of the IPO proceeds to enhance R&D capabilities and expand its international presence [10][11].

证券之星消息，10月13日化妆品板块较上一交易日下跌1.87%，嘉亨家化领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300955 嘉亨家化 | | 1070.30万 | 2.95% | - 1069.71万 | 2.95% | -2140.01万 | -5.90% | | 603630 | 拉芳家化 | 211.14万 | 2.09% | -55.36万 | -0.55% | -155.79万 | -1.54% | | 600223 | 福瑞达 | 61.87万 | 1.21% | 92.31万 | 1.80% | -154.19万 | -3.00% | | 603983 丸美生物 | | -15.15万 | -0.19% | -387.52万 | -4.75% | 402.67万 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance exceeding the market by more than 5% within the next six months [34]. Core Insights - The consumer sector showed mixed performance during the recent holiday period, with certain segments like textiles and apparel outperforming the market, while others like media and consumer services lagged [3][8]. - The overall market remains stable, with expectations for improved consumer demand due to macroeconomic policies and increased liquidity [3]. - The travel and tourism sector experienced significant growth, with domestic travel reaching 8.88 billion person-trips and generating revenue of 809 billion yuan during the holiday [11]. - The beauty market is evolving, with domestic brands gaining traction as they respond quickly to consumer needs [4]. - The food and beverage sector, particularly high-end liquor, is expected to maintain strong demand, while non-premium products face challenges [5][22]. Summary by Sections Market Overview - The A-share market saw a slight decline, with the CSI 300 index down by 0.51% during the week of October 6-10 [3][8]. - The textile and apparel sector rose by 1.67%, while consumer services and media sectors fell by 2.81% and 3.58%, respectively [3][8]. Social Services - The travel sector benefited from increased travel during the holiday, with a notable rise in both domestic and outbound tourism [11]. - Recommendations include focusing on OTA platforms and leading hotel groups that are likely to benefit from the travel surge [4]. Food and Beverage - The holiday period saw a 41.1% increase in jewelry sales, driven by rising gold prices and consumer spending [4][18]. - The liquor market is characterized by a clear divide between premium and non-premium products, with premium brands expected to gain market share [5][22]. Retail and Consumer Goods - Retail sales during the holiday period showed positive growth, with specific categories like organic food and national brands performing particularly well [18]. - Major retail players reported significant sales increases, with some achieving over 40% growth in specific categories [14]. Media and Entertainment - The film industry faced challenges during the holiday, with total box office receipts down 13% year-on-year [5][20]. - Companies with strong IP reserves in gaming and film are recommended for investment [5]. Key Company Updates - Companies like Huazhu Group and Ctrip reported significant increases in guest numbers and bookings during the holiday, indicating strong performance in the hospitality sector [12]. - Retailers such as Chongqing Department Store and Pinduoduo saw substantial sales growth, highlighting the effectiveness of targeted marketing strategies [14].

Core Insights - Marubi Biotech's stock price decreased by 2.01% on October 13, trading at 37.98 CNY per share with a market capitalization of 15.23 billion CNY [1] - The company has seen a year-to-date stock price increase of 19.58%, but has experienced declines of 3.33% over the last five trading days, 7.41% over the last 20 days, and 7.03% over the last 60 days [1] - Marubi Biotech's revenue for the first half of 2025 reached 1.769 billion CNY, representing a year-on-year growth of 30.83%, while net profit attributable to shareholders was 186 million CNY, up 5.21% year-on-year [2] Financial Performance - The company has distributed a total of 983 million CNY in dividends since its A-share listing, with 610 million CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 36.85% to 17,400, while the average number of circulating shares per person decreased by 26.93% to 23,084 shares [2] Shareholder Structure - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 4.85 million shares, an increase of 1.49 million shares from the previous period [3] - Several funds, including 富国消费主题混合A and 富国价值创造混合A, have seen changes in their holdings, with some increasing and others decreasing their share counts [3] Business Overview - Marubi Biotech, established on April 2, 2002, specializes in the research, design, production, and sales of various skincare products, with a revenue composition of 39.20% from skincare, 29.30% from beauty and other categories, 23.75% from eye care, and 7.66% from cleansing products [1]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Core Insights - The beauty brand Chando, founded by former Liao Yang billionaire Zheng Chunying, has submitted its listing application to the Hong Kong Stock Exchange, aiming to join other domestic beauty brands in the international capital market [1][2] - Chando's rise in the beauty industry has been significant, with the brand becoming the third-largest domestic cosmetics group in China, achieving a revenue of 4.601 billion yuan in 2024 [1][3] Group 1: Company Background - Zheng Chunying left his stable government job in 1996 to start a beauty brand, recognizing the potential in the largely foreign-dominated market [1] - Chando was established in 2001 and quickly gained popularity with effective marketing strategies, including the famous slogan "You are already beautiful" [1] Group 2: Financial Performance - Chando's revenue has become heavily reliant on its main brand, contributing approximately 95% to the group's income from 2022 to 2024 [3] - The company's revenue growth is nearing a ceiling, with a projected year-on-year growth rate of only 3.58% for 2024 and 3.48% for 2023 [3] - Despite revenue growth, Chando faces a "dilemma" of increasing revenue without corresponding profit, with a net profit of only 203 million yuan and a net profit margin of 4.4% in 2024 [4] Group 3: Listing Strategy - The company plans to raise up to $500 million through its Hong Kong listing to enhance its brand matrix and invest in research and development [2][5] - As of mid-2023, Chando's cash reserves were only 931 million yuan, while its current liabilities exceeded 1.7 billion yuan, indicating a need for additional funding [5] Group 4: Market Sentiment - There are concerns regarding Chando's ability to attract investors, given the sluggish performance of the Hong Kong consumer sector and a more rational investor sentiment towards domestic brands [6][7]

Core Insights - The cosmetics sector experienced a rise of 1.51% on October 10, with Shuiyang Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Company Performance - Shuiyang Co. (300740) closed at 23.93, up 8.72%, with a trading volume of 397,000 shares and a transaction value of 931 million yuan [1] - Jiahen Jiahua (300955) closed at 37.76, up 7.95%, with a trading volume of 119,800 shares and a transaction value of 438 million yuan [1] - Lafang Jiahua (603630) closed at 23.80, up 3.30%, with a trading volume of 73,600 shares and a transaction value of 17.5 million yuan [1] - Other notable performers include Bawi Co. (920123) up 2.45%, Shanghai Jahwa (600315) up 1.91%, and Jingsheng New Materials (300849) up 1.40% [1] Fund Flow Analysis - The cosmetics sector saw a net inflow of 96.14 million yuan from institutional investors, while retail investors experienced a net outflow of 98.20 million yuan [1] - Shuiyang Co. had a net inflow of 43.09 million yuan from institutional investors, but a net outflow of 33.48 million yuan from retail investors [2] - Jiahen Jiahua recorded a net inflow of 33.03 million yuan from institutional investors, with a significant net outflow of 67.04 million yuan from retail investors [2]

[Table_Title] 研究报告 Research Report 9 Oct 2025 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 大消费渠道脉搏：2025 双 11 美妆行业前瞻，抖音与淘天平台策略分化 Consumer Channel Pulse: 2025 Double 11 Beauty Industry Outlook, Divergent Strategies of Douyin and Taobao/Tmall yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 8 日，海通国际举办专家系列会，邀请美妆品牌操盘专家分享行业看法和趋势。 此次双 11 活动时间延长，核心时间段集中在 10.31 日之前，抖音和淘系平台目标积极。从此次双 11 活动的时间段 来看，抖音平台从 9.16 开 ...