费用前置致业绩承压，洗护类目增长迅速 珀莱雅(603605) 证券研究报告 化妆品/ 公司点评/ 2025.11.03 投资评级:买入(维持) | 基本数据 | 2025-11-03 | | --- | --- | | 收盘价(元) | 72.95 | | 流通股本(亿股) | 3.96 | | 每股净资产(元) | 14.19 | | 总股本(亿股) | 3.96 | 最近 12 月市场表现 -22% -14% -5% 3% 12% 20% 珀莱雅 沪深300 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 联系人 陈思 chensi01@ctsec.com 相关报告 1. 《入股花知晓加速资源整合，拟赴港上 市多元发展》 2025-10-21 2. 《主品牌表现稳健，OR 与原色波塔快速 增长》 2025-08-28 3. 《Q3 淡季保持稳健增长，美妆国货龙头 韧性彰显》 2024-10-26 核心观点 ❖ 风险提示：行业竞争加剧；产品拓展不及预期风险；消费意愿下行风险。 请阅读最后一页的重要声明！ ❖ 事件：公司发布 2025 年三季报。公司 3Q20 ...

Core Viewpoint - The article highlights the success of Ziyuan's Sapindus Mukorossi (Soapberry) series, which has sold 150 million bottles globally, showcasing the integration of Eastern botanical wisdom with modern scientific validation in the hair care industry [1][24][29] Group 1: Research and Development Achievements - Ziyuan's research on the fermentation essence of Sapindus Mukorossi has been published in top international microbiology journals, indicating a significant recognition of China's scalp care research capabilities [2][10] - Over 11 years, Ziyuan has developed a complete research chain from raw material selection to clinical validation, achieving a closed-loop system that addresses the industry's common issue of disconnect between research and product application [4][18] - The company has established a strong scientific barrier with five patents and five published papers, demonstrating the effectiveness of its products in meeting consumer needs [4][21] Group 2: Market Position and Brand Recognition - Ziyuan has been recognized as the "First Brand of High-end Hair Care in China" by the China Fragrance and Cosmetic Industry Association, breaking the perception that high-end hair care is solely dominated by international brands [5][21] - The brand's success is evidenced by its top rankings on platforms like Douyin and Tmall, reflecting a shift in consumer trust towards domestic high-end products [21][24] Group 3: Innovation in Scalp Care - Ziyuan has redefined the concept of scalp care, emphasizing the importance of scalp health over just hair cleanliness, which has led to a broader consumer awareness [23][29] - The company has pioneered the establishment of standards in scalp microbiome care, moving the industry towards a more scientifically validated approach [6][20] Group 4: Contribution to the Industry - Ziyuan's model serves as a benchmark for domestic brands, demonstrating that scientific rigor and quality can lead to success in the high-end market [18][28] - The publication of the "White Paper on Scalp Microbiome Care" provides a framework for the industry, promoting the development of standards and practices in scalp care [28][29]