Core Insights - The beauty and personal care industry is experiencing operational fluctuations globally, with international brands showing varied performance [1] - In China, only L'Oréal has achieved sustained sales growth, while other companies are facing operational challenges despite strategic restructuring [1] - The operational volatility of international brands in China provides growth opportunities for domestic brands, particularly in the high-end beauty segment where domestic brands have less presence [1] Industry Analysis - The fluctuations and differentiation in the operations of international beauty companies highlight the need for comprehensive capabilities in organization, product, channel, and marketing to support growth [1] - The outlook remains positive for domestic cosmetics brands, which are expected to increase market share through organizational evolution, product enhancement, and improved marketing operations [1] - The overall rating for the beauty industry is maintained at "outperforming the market" [1]