Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty industry, highlighting the potential for domestic brands to gain market share and improve competitive dynamics [4]. Core Insights - The domestic beauty market is expected to see an optimization in competitive dynamics, driven by a rise in domestic consumption and a retreat of international brands due to increasing geopolitical uncertainties [9][10]. - The cosmetics and medical beauty sector outperformed the market during the period from April 3 to April 11, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the Shenwan A Index's decline of 1.9 percentage points [5][6]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed resilience, with key indices performing better than the overall market, indicating a positive trend for domestic brands [5][6]. - The report notes that the retail sales growth for cosmetics in January and February 2025 was 4.4%, outperforming the overall retail sales growth of 4.0% [23]. Market Trends - According to Euromonitor data, the market for domestic skincare and makeup brands is on the rise, with significant improvements in market share for brands like Proya and Natural Hall, which have entered the top ten in market share [9][35]. - The report anticipates that domestic brands will continue to benefit from the trend of rising domestic consumption, especially as international brands face challenges [10][35]. Company Performance Forecasts - For Q1 2025, several companies are expected to report positive growth: - Up Beauty Co. is projected to see a revenue and net profit increase of 10% year-on-year [11]. - Marubi is expected to achieve a revenue increase of 40% and a net profit increase of 35% [11]. - Proya is forecasted to have a revenue increase of 8% and a net profit increase of 10% [11]. - The report highlights that companies like Giant Biological and Mao Geping are also expected to see significant growth, with revenue and net profit both projected to increase by 40% and 25% respectively [11]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as Up Beauty Co., Proya, and Marubi, which are well-positioned to leverage the e-commerce boom [14]. - It also suggests keeping an eye on companies like Shanghai Jahwa and Betaini, which are expected to perform well in the upcoming quarters [14]. Industry Dynamics - The report discusses the entry of four prominent researchers into Proya, indicating a strong focus on technological innovation and talent development within the company [26]. - The competitive landscape in the medical beauty sector is evolving, with new products and innovations expected to drive growth and market share for companies like Jinbo Biological and Huaxi Biological [29][30].

暴利行业持续分化洗牌。 作者 | 贝壳XY 编辑 | 小白 正所谓，爱美之心，人皆有之。如今，美容护理已越发融入人们的日常生活中，其市场需求持续扩 大。国家统计局数据显示，我国化妆品类零售总额在过去二十多年里呈现稳步提升，2023年达到4,14 2亿元，较2011年增长接近3倍。 但2024年1-11月的情况却有些不同，化妆品类零售总额罕见出现负增长，同比下滑了1.3%，莫非化妆 品生意不好做了？ （来源：Choice终端，制表：市值风云APP） 这组数据背后，其实意味着两层含义，其一是化妆品需求的小幅减少，其二则是行业内卷越发严重。 消费需求越发向头部品牌集中，质量不佳、规模较小、生产不良的尾部企业正逐渐被淘汰出局，一场 席卷整个行业的大洗牌或许正在进行。 动荡过后，仍能留在牌桌上的企业必定各有各的看家本领，今天我们便从美容护理板块前十大市值公 司来一探究竟。 参考申万行业分类及截至2024年12月31日的市值排名，前十大公司分别为爱美客（300896.SZ）、珀 莱雅（603605.SH）、华熙生物（688363.SH）、稳健医疗（300888.SZ）、锦波生物（832982.BJ）、 贝泰妮（30095 ...