Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][3]. Company Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation. Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [3]. - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, up 5.21%. The company focused on a big product strategy [3]. - Up Beauty Holdings projected revenue between 4.09 billion and 4.11 billion yuan, a year-on-year growth of 16.8% to 17.3%, with net profit expected to reach between 540 million and 560 million yuan, up 30.9% to 35.8% [3]. - Beitaini has not yet released its semi-annual report, but its Q1 revenue was 949 million yuan, down 13.51%, with a net profit of 28.34 million yuan, down 83.97% [4]. Market Trends - The market for functional skincare products in China is projected to reach approximately 48.743 billion yuan in 2024, with Beitaini holding an 11.71% market share [5]. - The sensitive skin market is becoming a hot sector, with consumer numbers expected to approach 100 million and a market size of around 45 billion yuan in 2024, reflecting a compound annual growth rate of 21.7% over the past three years [7]. - The demand for sensitive skin care is evolving, with consumers seeking products that offer multiple benefits beyond basic repair, such as whitening and anti-aging [7]. Technological Challenges - The sensitive skin market faces core technological bottlenecks, particularly in the area of whitening products, which often struggle to balance effectiveness and gentleness for sensitive skin [8]. - Companies like Ximu Yuan are focusing on R&D in sensitive skin whitening, with new ingredients aimed at addressing these challenges, although large-scale application remains difficult [8]. Competitive Landscape - The competition in the sensitive skin market has shifted from initial market entry to a deeper technological contest, where brands must address advanced needs like whitening and anti-aging while ensuring scientific validation [9].

记者丨翁榕涛 实习生赖桂筠、吴梓轩 编辑丨张伟贤 国货美妆正步入发展深水区。 近日，包括上海家化（600315.SH）、丸美生物（603983.SH）、上美股份（02145.HK）等国 货美妆上市公司纷纷披露2025年半年报或者盈利预告， 从财报数据来看，行业业绩呈现明显 分化，反映市场竞争已从早期的渠道扩张，转向研发创新与精准化布局的科技较量。 丸 美 生 物 同 期 实 现 营 收 17.69 亿 元 ， 同 比 增 长 30.83%； 归 母 净 利 润 1.86 亿 元 ， 同 比 增 长 5.21%。报告期内，丸美深化大单品策略，构建大单品矩阵；丸美与PL恋火双品牌市场渗透率 不断提升。 上美股份也在八月初发布盈利预告，预计上半年实现营收40.9亿元至41.1亿元，同比增长 16.8%～17.3%；净利润预计达5.4亿元至5.6亿元，同比增长30.9%～35.8%。公司表示，业绩 大幅提升主要得益于主力品牌韩束通过低价策略抢占市场，持续加大电商投入与营销力度，同 时新品牌增长迅速，成为业绩新引擎。 部分企业仍处于战略调整期。如贝泰妮（300957.SZ）尚未发布半年报，而2025年第一季度实 现营业 ...

Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][2] - The performance of domestic beauty companies shows significant divergence, reflecting the competitive landscape and the impact of consumer awareness and purchasing power on functional skincare products [1][3] Company Performance - Shanghai Jahwa reported revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi achieved revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, growing by 5.21% [2] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a growth of 16.8% to 17.3%, with net profit projected between 540 million and 560 million yuan, an increase of 30.9% to 35.8% [2] Market Trends - The functional skincare market in China is projected to reach approximately 48.743 billion yuan in 2024, with Betaini holding an 11.71% market share at 5.707 billion yuan [3] - The sensitive skin market is becoming a hot sector, with an expected consumer base nearing 100 million and a market size of around 45 billion yuan, reflecting a compound annual growth rate of 21.7% over the past three years [4] Innovation and Consumer Demand - There is a growing emphasis on "skin-specific care" rather than a one-size-fits-all approach, with brands focusing on personalized solutions for different skin types [5] - The sensitive skin market faces challenges in achieving effective and gentle whitening solutions, as traditional ingredients often irritate sensitive skin [5] - Brands that can address advanced needs such as whitening and anti-aging while ensuring scientific validation will be better positioned to capture market share in this expanding sector [5]

具体来看，上海家化上半年实现营收34.8亿元，同比增长4.7%；归母净利润2.7亿元，同比增长11.7%。 公司持续推进核心品牌战略与线上渠道建设，旗下六神、玉泽等品牌通过产品线拓展实现显著增长。 国货美妆正步入发展深水区。 近日，包括上海家化（600315）（600315.SH）、丸美生物（603983）（603983.SH）、上美股份 （02145.HK）等国货美妆上市公司纷纷披露2025年半年报或者盈利预告，从财报数据来看，行业业绩 呈现明显分化，反映市场竞争已从早期的渠道扩张，转向研发创新与精准化布局的科技较量。 从竞争格局来看，尽管全球市场上流行的功能性护肤品品牌基本被欧莱雅、资生堂、雅诗兰黛等欧洲、 日本和美国领先的化妆品企业所拥有，但中国的功能性护肤品受消费者意识觉醒、购买能力提升等因素 的影响，正通过精准定位与研发投入，逐步改变市场格局。 上半年国货美妆上市公司业绩分化 2025年上半年，国货美妆上市公司整体业绩表现亮眼。从发展策略来看，各企业思路较为相似，主要集 中在推动核心品牌建设、发力电商渠道营销以及持续孵化新产品线，共同拉动收入与利润双增长。 丸美生物同期实现营收17.69亿元，同比增 ...

Market Size and Growth Characteristics - The sensitive skin market is expected to show robust growth in 2024, with sales increasing by 35% year-on-year and volume by 34%, indicating strong market potential [1][21][22] - Monthly data indicates higher growth rates in January, May, and October, likely influenced by seasonal changes and promotional activities [1][21] - The expansion of market size is attributed to increased consumer awareness regarding sensitive skin care, with market voice growing by 11% year-on-year, although interaction volume has decreased by 40%, suggesting a need for brands to optimize marketing strategies to enhance user engagement [1][22] User Profile and Demand Insights - The primary users of sensitive skin products are women aged 24-40, accounting for 72.34%, predominantly located in first and second-tier cities such as Guangzhou, Chongqing, and Beijing [2][24] - Core pain points for users include redness repair (39.82% search share) and barrier repair (31%), with a significant demand for differentiated skin care based on skin type [2][28] - Emerging trends in efficacy focus on anti-wrinkle and anti-aging (antioxidant voice +91.7%) and "skin-nourishing brightening" (nourishing voice +72.1%), while the demand for oil control and acne treatment is shifting towards "oil control and acne prevention" (pore tightening voice +175%) [2][32] Beauty and Personal Care Market Performance - The beauty category dominates the market, accounting for 82% of sales, with facial masks, lotions/creams, serums, and facial care sets being core categories [3][42] - The fastest-growing segment is cleansing products, with a growth rate of 79.91%, while brands like 温博士, 赫莲娜, and 可复美 lead the market [3][42] - In the personal care category, hair care accounts for 50%, with body care (body lotions/creams) growing at 74.98%. Brands like 潘婷 and 赛逸 are performing well in the hair care market [3][42] Future Trends and Market Outlook - The sensitive skin market is projected to continue expanding, reaching 30 billion yuan in 2023 and potentially growing to 40.39 billion yuan by 2028, driven by factors such as increased environmental pollution and rising demand for safe, effective products [4] - Future development will focus on three main innovations: 1. Ingredients and technology: Combining natural plant extracts (e.g., chamomile, green tea) with biotechnology (e.g., nano-encapsulation technology) to enhance repair precision [4] 2. Products and services: Deepening customized skin care (e.g., targeted care for mixed skin) and expanding special scenarios (e.g., pregnancy care, outdoor protection) [4] 3. Emotion and experience: Enhancing user enjoyment through aromatherapy (e.g., essential oil rollers, aromatherapy washes) and convenient forms (e.g., sprays, rollers) [4] Brand Strategy and Marketing Opportunities - Brands need to seize social media marketing opportunities by optimizing content strategies based on data from platforms like Douyin, while reinforcing the perception of "gentle, safe, and professional" products to address market competition and evolving consumer demands [5]

4月2 8日，"中国美都"广州花都区迎来一场美业盛事——樊文花花园式产业园盛大开园，各界 领 导 、 权 威 专 家 、 优 秀 上 下 游 合 作 伙 伴 、 媒 体 代 表 等 嘉 宾 齐 聚 ， 共 同 见 证 樊 文 花 开 启 全 新 征 程。这座历时4年半打造的现代化花园式园区，不仅是樊文花供应链升级的核心载体，更被樊 文花面部护理品牌创始人樊文花称为"美业马拉松的新起点"。 从 1 9 8 8 年 太 原 南 城 服 务 公 司 的 一 名 学 徒 ， 到 如 今 执 掌 全 国 6 0 0 0 家 门 店 * 2 ， 这 位 被 称 作 美 业"花木兰"的企业家，用一场开园庆典向外界宣告：以科技为引擎、供应链为根基，中国专业 面部护理的黄金时代正在到来。 坐落于广州花都区的樊文花产业园，在春日暖阳下宛若一座科技与自然共生的"美业绿洲"。 占地5 0亩的生态园区内一共建有 6 栋楼，建筑以绽放的花朵为灵感源泉，从外立面的绽放花 姿造型到内部空间的柔美曲线，将花卉元素巧妙融入每一处细节；近百种绿植错落分布，让生 态之美在园区内生生不息。这不仅是樊文花3 7年 * 1 发展的集大成之作，更被创始人樊 ...