行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 美容护理 2025 年 07 月 06 日 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 25H1 收官国货表现分化，毛戈平等领衔增长 看好 ——化妆品医美行业周报 20250706 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 本周化妆品医美板块表现弱于市场。2025 年 6 月 27 日至 2025 年 7 月 4 日期间，申 万美容护理指数下滑 0.6%，表现弱于市场。其中，申万化妆品指数下滑 1.5%，弱于申 万 A 指 2.7pct；申万个护用品指数上涨 0.7%，弱于申万 A 指数 0.4pct。 ⚫ 周观点：25H1 收官国货表 ...

Investment Rating - The report rates the cosmetics and medical beauty industry as "Positive" [2][3] Core Viewpoints - The cosmetics retail sales growth for January to May 2025 is 4.1%, an increase of 2 percentage points compared to the same period last year, indicating a steady recovery in demand [3] - The performance of leading brands remains strong, with double-digit growth, supported by the theme of self-care in new consumption trends, leading to a positive outlook for the first half of 2025 [3] - The 618 shopping festival saw strong performances from domestic brands, with notable rankings on platforms like Tmall and Douyin [3] Summary by Sections Cosmetics Industry Outlook - The report anticipates significant revenue and net profit growth for major companies in Q2 and H1 2025, with specific forecasts: - Up Beauty Co. is expected to see a revenue increase of 16% and a net profit increase of 25% [3] - Marubi is projected to grow revenue by 22% and net profit by 28% in Q2 2025 [3] - Proya is expected to achieve a revenue growth of 10% and net profit growth of 15% in Q2 2025 [3] Key Companies Performance - Notable companies and their expected performance include: - Mao Geping is projected to have a revenue increase of 38% and net profit increase of 35% in H1 2025 [3] - Ruibin is expected to see a revenue increase of 15% and net profit increase of 15% in Q2 2025 [3] - Huaxi Biological is expected to maintain stable performance with a 0% revenue growth and a 10% net profit increase in Q2 2025 [3] Investment Recommendations - The report recommends focusing on companies with strong brand matrices and comprehensive product layouts, such as Up Beauty Co., Marubi, and Proya, which are expected to benefit from the live e-commerce traffic [3] - It also highlights the importance of niche market players like Ruibin and Mao Geping, who are positioned to capitalize on the rise of personal care and domestic beauty trends [3] - For the medical beauty sector, the report suggests focusing on companies with high R&D barriers and strong profitability, recommending companies like Aimeike and Langzi [3] E-commerce and Other Segments - The report suggests monitoring e-commerce companies like Ruibin, which is expected to see significant growth in revenue and net profit [3] - In the maternal and infant sector, Kid King is projected to exceed market expectations with a revenue increase of 10% and a net profit increase of 70% in Q2 2025 [3]

行 业 及 产 业 美容护理 2025 年 06 月 08 日 国货抖音彰显实力，斐萃 GMV 再创新高 看好 ——化妆品医美行业周报 20250608 本期投资提示： ⚫ 风险提示：宏观不确定性加剧；市场需求变动；行业竞争加剧；医美监管趋严。 行 业 研 究 / 行 业 点 评 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 报 告 相关研究 - ⚫ 本周化妆品医美板块表现与市场基本持平。2025 年 5 月 30 日至 2025 年 6 月 6 日期 间，申万美容护理指数上涨 1.6%，与市场基本持平。其中，申万化妆品指数上涨 0.7%，弱于申万 A 指 0.8pct；申万个护用品指数上涨 1.4%，弱于申万 A 指数 0.1pct。 ⚫ 周观点：国货抖音彰显实力，斐萃 GMV 再创新高。据蝉妈妈 ...

近日，片仔癀（600436）化妆品获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research （艾媒咨询）授予的"珍珠霜全国销量第一 "" 珍珠霜第一品牌"双项市场地位确认。 艾媒咨询深度洞察行业前沿领域，以"全球产业数据库+AI算法"双轮驱动，为企业提供精准市场洞察与 战略支持，赋能全球化增长。旗下iiMedia Ranking（艾媒金榜）通过iiMeval大数据评价模型，为新消费 品牌提供权威评估与消费指南，引领行业标准。 科研赋能，打造硬核实力 作为经典国货美妆品牌，片仔癀化妆品长期以来重金投入研发创新。片仔癀化妆品公司不仅是国家高新 技术企业，其检测中心也通过了国家CNAS实验室认可。45年来片仔癀化妆品不仅设立了总部护肤研究 中心，更在上海成立了研发中心，引入国内外一流的先进科研设备，并打造了5大研究中心、3大中式成 分共建基地，构建了完善的"产、学、研、医、检"五位一体科研体系，也成为国内30余个化妆品行业团 体标准制定者之一。在一系列的科研投入之下，片仔癀化妆品完成了中式成分功效研究报告100+份， 获得了100+专利技术和33个祛斑美白特证，所有产品均通过了权威机构功效评价 ...