截至目前，多家国货美妆品牌交出上半年成绩单，珀莱雅、上美股份、毛戈平、水羊股份营收、净利润 双增，贝泰妮、华熙生物依然挣扎在增长难的困境中，逸仙电商仍徘徊在亏损边缘。当流量红利期退 去，国货美妆各家面临的困境浮出水面。多品牌、高端化、出海……各美妆品牌纷纷亮牌，随着国内美 妆市场竞争进入下半场，谁能抢先寻得破解之法，谁便能在接下来的竞争中抢占先机。 毛戈平净利增长 逸仙电商持续亏损 单从业绩数据来看，上半年上美股份表现亮眼，收入41.08亿元，同比增长17.3%；净利润5.24亿元，同 比增长30.65%。其中主品牌韩束撑起大半江山。同样在上半年表现不错的还有毛戈平和水羊股份。根 据财报数据，毛戈平上半年营收25.88亿元，同比增长31.3%；净利润6.7亿元，同比增长36.1%。水羊股 份上半年收入25亿元，同比增长9.02%；净利润1.23亿元，同比增长16.54%。与去年同期相比，水羊股 份净利润下滑状态。 相较上述美妆品牌的增长幅度，国货美妆龙头珀莱雅"中规中矩"。财报显示，今年上半年，珀莱雅营收 53.62亿元，同比增长7.21%；净利润7.99亿元，同比增长13.8%。不过，与前几年相比，珀莱雅的 ...

Core Insights - HuazhiXiao, a domestic cosmetics brand, has completed a Series B financing round exclusively funded by Proya, with Chishan Capital serving as the long-term exclusive financial advisor [2] - Proya's investment reflects its alignment with HuazhiXiao's long-term commitment to product quality and innovation, appealing to the Gen Z consumer demographic [2] - HuazhiXiao, founded in 2016, focuses on original design and targets young consumers, becoming a popular brand amid the rise of domestic products [2] Company Development - HuazhiXiao has completed three rounds of financing, with previous rounds led by Tiantu Investment and Kunyan Capital, raising nearly 100 million yuan in the A round [2] - The brand positions itself in the affordable market, with product prices generally under 100 yuan, and is projected to achieve over 1 billion yuan in revenue by 2025 [2] International Expansion - HuazhiXiao has made significant strides in international markets, entering Japan in 2019 and establishing a presence in over ten countries, including the U.S. and Southeast Asia [3] - The brand's overseas revenue currently accounts for 10% of its total revenue, with the recent financing aimed at further global expansion and supply chain integration [3] Strategic Partnerships - Proya's investment is seen as mutually beneficial, enhancing HuazhiXiao's competitive edge in the cosmetics sector while allowing Proya to leverage HuazhiXiao's international experience [4] - Proya is also pursuing its own international strategy, planning to issue H-shares for listing in Hong Kong to accelerate overseas business development [4] Market Trends - The domestic beauty market is becoming increasingly competitive, prompting many local brands to seek growth opportunities abroad [4] - The current investment climate has shifted, with a cooling in financial institution investments in the consumer sector, presenting opportunities for industry-specific investments in brands like HuazhiXiao [4]

Core Insights - The export value of beauty cosmetics and personal care products reached 25.8 billion yuan in the first half of 2025, marking a year-on-year growth of 12% [1] - The Chinese cosmetics industry has become the world's largest consumer market, with a market size exceeding 1 trillion yuan for two consecutive years since 2023 [3] - Domestic brands have gained a market share of over 55%, showcasing significant market vitality and development potential [3] Industry Growth - The market transaction total for cosmetics in 2024 was 1,073.82 billion yuan, reflecting a year-on-year increase of 2.8% [3] - Retail sales of cosmetics above designated size reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9% [3] - The rapid rise of domestic beauty brands is supported by government policies aimed at promoting cultural and tourism consumption [3] International Expansion - Chinese beauty brands are accelerating their international expansion, with companies like Orange Group entering over 30 countries since 2021 [5] - The brand Mao Geping is also seeking to enter overseas markets, planning to establish department store counters and online stores in regions like Europe and Asia-Pacific [5][9] - The overall production, brand operation, and marketing capabilities of Chinese beauty brands have improved, leading to a surge in international presence [6] Company Performance - Up to August 5, 2025, Up Beauty Co. expects revenue between 4.09 billion and 4.11 billion yuan, a year-on-year increase of approximately 16.8% to 17.3% [8] - Mao Geping anticipates revenue of 2.57 billion to 2.60 billion yuan for the first half of 2025, reflecting a year-on-year growth of 30.4% to 31.9% [9] - Proya achieved a revenue of 2.36 billion yuan in Q1 2025, an increase of 8.13% compared to the previous year [10]

Group 1 - The popularity of Chinese beauty products in overseas markets is increasing, with a 12% year-on-year growth in cosmetic exports, reaching 18.7 billion RMB (approximately 2.6 billion USD) in the first half of this year [1] - Major export destinations for Chinese cosmetics include the United States, the United Kingdom, Indonesia, the Netherlands, and Japan [1] - The overseas sales of Chinese beauty products on AliExpress doubled in the past year, with Europe, Mexico, Brazil, and Japan being the best-performing markets [1] Group 2 - A McKinsey survey revealed that 63% of consumers do not believe high-end brands are superior to mass-market brands, contributing to a 5% and 4% increase in global market share for mass skincare and makeup products, respectively, over the past five years [1] - Since June of last year, 24% of consumers have shifted towards cheaper beauty products, particularly notable in Southeast Asia [1] - The compound annual growth rates for Chinese mass makeup, skincare, and facial care brands in Southeast Asia from 2019 to 2024 are projected to be 70%, 115%, and 111%, respectively [2] Group 3 - Chinese brands are leveraging their cost-performance advantage and extensive digital marketing to penetrate international markets, with over 50 domestic beauty brands already expanding overseas [2] - Brands like Huaxizi and HuazhiXiao have gained significant recognition in overseas markets, particularly through platforms like TikTok [2] - Despite rapid growth, Chinese brands face challenges in establishing credibility and reputation in new markets, requiring strong supply chains, marketing, and mature sales channels for success [2]

Core Insights - Ju Yi Group is accelerating its international expansion, with its brand "Jiao Se" opening its first overseas physical store in Singapore's Wisma Atria shopping center [1][5] - The brand has historically focused on online sales but is now exploring physical retail to enhance brand building and technology output [5][10] - Since starting its overseas expansion in 2021, Ju Yi Group has entered over 30 countries and established local teams in markets like Singapore, Indonesia, and Vietnam [7][10] Company Strategy - Ju Yi Group's revenue reached 3.5 billion in 2023, marking a 36% year-on-year growth, indicating a strong performance despite a challenging market environment [8] - The company plans to continue expanding its brand matrix through new brand incubation and acquisitions, including the recent acquisition of a domestic skincare brand [8][10] - The opening of physical stores is seen as a crucial step for Ju Yi Group to enhance its sub-brands and adapt to the preferences of Southeast Asian consumers [10][11] Market Dynamics - Southeast Asia is a preferred market for Chinese beauty brands due to the limited growth potential in the domestic market [8][10] - Local market research and tailored product offerings are essential for success, as consumer preferences and cultural differences vary significantly [10][11] - Many Chinese beauty brands face challenges in differentiating themselves in overseas markets, where competition is fierce and price sensitivity is high [10][11]

Core Insights - The beauty industry is a rapidly growing segment in cross-border e-commerce, with significant opportunities for Chinese beauty brands to expand globally [1] Group 1: Market Trends - The global beauty and personal care market is projected to reach $677.19 billion by 2025 and exceed $799.07 billion by 2030, with oral care, beauty devices, and bathing products being the top three segments [1] - The demand for home beauty devices is expected to grow explosively after 2023, indicating a "blue ocean" market for brands focusing on technology and performance [2] Group 2: Brand Strategies - JOVS, a personal care brand, has successfully entered 35 countries since its launch in 2018, emphasizing the importance of a strong supply chain and high-performance products [2] - Yangbo Trading Co., a leader in the nail care industry, maintains over 20% annual revenue growth by understanding customer needs and leveraging social media for marketing [3] Group 3: Localization Efforts - Companies are increasingly focusing on localization to meet the specific demands of different markets, including product preferences and language requirements [4] - Effective localization strategies involve understanding local customer preferences and deploying localized marketing teams to enhance brand presence [4] Group 4: Market Opportunities - The U.S. beauty and personal care market is expected to reach $85.44 billion by 2029, with significant growth also anticipated in the UK, Germany, and Japan [5] - High-growth beauty categories on Amazon include anti-aging devices and multifunctional styling tools in North America, and eco-friendly bathing tools in Europe [5]

Investment Rating - The report maintains a positive outlook on the domestic beauty and skincare industry, particularly focusing on the potential of Chinese brands expanding into Southeast Asia [4]. Core Insights - The domestic skincare market is entering a steady growth phase, with the market size projected to increase from CNY 244.9 billion in 2019 to CNY 271.2 billion by 2024, reflecting a CAGR of 2.1%. The color cosmetics market is expected to grow from CNY 59.3 billion to CNY 62.0 billion during the same period, with a CAGR of 0.9% [6][20]. - Southeast Asia is positioned as a crucial trade hub with high economic growth rates, where countries like Indonesia, Malaysia, and Vietnam are expected to maintain GDP growth around 5% from 2024 to 2026, outpacing developed nations by 1.5%-2% [6][8]. - The increasing e-commerce penetration in Southeast Asia is driving online beauty consumption, with Indonesia's e-commerce sales for skincare rising from 1.3% in 2016 to 20.9% in 2021 [6][8]. - The Southeast Asian market exhibits a layered consumer demand, with high-end brands having potential in Singapore, while mid-range brands can thrive in Malaysia, and cost-effective products are favored in Indonesia, Thailand, and Vietnam [6][8]. Summary by Sections Supply Chain Advantages - Domestic beauty brands are enhancing their supply chain capabilities, which allows them to explore new markets abroad. The trend of outsourcing to export-oriented brands is becoming a viable strategy for differentiation [6][20]. - The geographical advantages and high growth potential of Southeast Asia make it an attractive market for beauty consumption [6][29]. Production and Channel Flexibility - The report highlights the role of OEM/ODM factories in enabling brands to scale quickly in Southeast Asia, reducing investment risks and allowing brands to focus on marketing [46]. - The rise of online sales channels, particularly through platforms like Shopee and Lazada, is transforming the beauty retail landscape in Southeast Asia, with significant sales contributions from these platforms [60]. Consumer Demand Segmentation - The report identifies three tiers of consumer demand in Southeast Asia, suggesting that high-end brands can succeed in Singapore, while mid-range brands can find opportunities in Malaysia, and budget-friendly products are suitable for Indonesia and Vietnam [6][8]. Industry Trends - The report emphasizes the importance of localizing operations and leveraging supply chain advantages for Chinese beauty brands entering Southeast Asia, with several companies already establishing a presence in the region [7][48].

Core Insights - Colorkey has established itself as a leading brand in the Vietnamese beauty market, particularly in lip makeup and face masks, with a monthly GMV exceeding $1 million [1][12] - The rise of domestic beauty brands like Colorkey, O.Two.O, and 菲鹿儿 in Southeast Asia reflects a growing trend of Chinese companies successfully penetrating this market [2][13] - The average price point for beauty products in Southeast Asia is low, ranging from $1 to $6, allowing Chinese brands to leverage their supply chain for competitive pricing [16][18] Market Dynamics - The initial phase of entering the Southeast Asian market involved leveraging cross-border e-commerce platforms, but companies are now facing challenges from local competitors who better understand consumer preferences [6][8] - Colorkey's strategy has shifted to include local warehousing to reduce logistics costs and improve delivery times, enhancing customer experience [9][12] - The beauty market in Southeast Asia is not homogeneous; brands must adapt to diverse cultural preferences across different countries [11][28] Competitive Landscape - Chinese beauty brands are increasingly competing with established international brands, with some local players already achieving significant market shares [14][26] - The rapid growth of Chinese beauty companies in Southeast Asia is supported by a robust supply chain and a focus on high-quality products at low prices [16][18] - The competitive environment is intensifying, with brands needing to build strong local identities and marketing strategies to succeed [30][33] Marketing and Branding - Traditional marketing methods, such as television and outdoor advertising, remain effective in Vietnam, contrasting with trends in China [31] - Localized marketing strategies, including the use of local influencers and adapting products to meet regional preferences, are crucial for building brand loyalty [32][34] - The perception of quality and brand strength is vital, as consumers in Southeast Asia are sensitive to product quality and price [17][28]

Core Insights - The Southeast Asian beauty market is seen as a promising opportunity for growth, especially for Chinese brands like Colorkey, which has established a strong presence in Vietnam [2][5][8] - Colorkey's success in Vietnam is attributed to its understanding of local consumer preferences and effective use of social media platforms like TikTok for marketing [5][13][18] - The competitive landscape in Southeast Asia is characterized by a mix of local players and international brands, making brand recognition and consumer loyalty crucial for sustained growth [4][16][19] Market Dynamics - The beauty market in Southeast Asia is less saturated compared to China, allowing for easier entry and growth for brands [2][4] - Local consumer preferences differ significantly from those in China, with a preference for lighter, more vibrant makeup products [3][4] - The average purchase price for beauty products in Southeast Asia is lower, which aligns well with the cost advantages of Chinese manufacturers [10] Business Strategies - Colorkey initially entered the Southeast Asian market through cross-border e-commerce, which allowed for low investment and rapid testing of products [3][4] - To scale operations, Colorkey is shifting towards local warehousing and distribution to improve logistics and reduce costs [4][5] - The company plans to establish a comprehensive sales network, including both online and offline channels, to enhance market penetration [15][19] Competitive Landscape - Chinese beauty brands are gaining market share in Southeast Asia, with significant growth rates reported [8][10] - International brands like L'Oréal and Maybelline still dominate the market, but local Chinese brands are increasingly recognized for their value [7][10] - The competition is intensifying, with established international brands having a strong foothold and local adaptation strategies [19] Future Outlook - The Southeast Asian beauty market is expected to continue growing, driven by a young population and increasing beauty product usage [16] - However, brands must focus on building long-term relationships with consumers rather than seeking quick profits to succeed in this market [16][19] - The importance of localizing products and marketing strategies to align with consumer preferences is emphasized for sustained success [19]