Core Insights - The skincare and daily chemical industry in A-share listed companies shows a persistent trend of high gross margins and low net margins, with over 80% of companies having a gross margin above 50% and more than half having a net margin below 10% [1][2] Group 1: Financial Performance - In the first half of 2025, the top three companies by gross margin are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Despite high gross margins, over half of the selected companies have net margins below 10%, with Jinbo Biological, Fulejia, and Proya leading in net margins at 45.5%, 26.61%, and 15.41% respectively [2] Group 2: Marketing and Expenses - The high gross margin and low net margin phenomenon is closely linked to the significant marketing expenditures in the industry, with companies like Marubi Biological having a sales expense ratio as high as 56.5% [1][3] - Many companies in the skincare and daily chemical sector are spending over 40% of their revenue on marketing, indicating a highly competitive marketing environment [3] Group 3: Research and Development - The investment in R&D is significantly lower than marketing expenditures, with Marubi Biological's R&D expense ratio being only 2.3% compared to its high sales expense ratio [3] - The focus on marketing over R&D has led to severe product homogeneity, limiting innovation and the ability to meet consumer skincare needs effectively [3]

截至2025年8月31日，护肤日化行业A股上市公司已完成2025年半年报的披露，对此我们挑选了14家具有代表性的上市公司进行业绩比对分析。 从存货规模角度看，2025年上半年，护肤日化上市公司存货状况都有所改善，在我们所选的14家上市公司中，仅有6家上市公司存货规模有所增长，其中锦波生物的存货规模同比增幅最大。报告 在所选取的14日化护肤公司中，仅有嘉亨家化、青松股份、珀莱雅、上海家化、拉芳家化5家公司的存货周转天数低于90天，其他9家公司存货周转天数均超出了90天，其中华熙生物、锦波生物 除此之外，2025年上半年日化护肤行业上市存货周转效率指标变化并不容乐观。在所选取的14家日化护肤公司中，水羊股份、拉芳家化、上海家化、珀莱雅、嘉亨家化、青松股份6家公司存货周 值得关注的是，日化护肤产品都会有保质期限，存货周转天数过长，或说明公司产品从生产出来到出售需要较长时间，或存在产品滞销风险。 责任编辑：公司观察 出品：新浪财经上市公司研究院 作者：新消费主张/cici ...

Core Insights - The skincare and daily chemical industry in A-share listed companies has shown improvements in inventory levels as of the first half of 2025, with only 6 out of 14 selected companies experiencing an increase in inventory size [1][2] Inventory Size Analysis - Jinbo Biological had the largest year-on-year increase in inventory, reaching 153 million yuan, a growth of 116.79% compared to the first half of 2024 [1][2] - Kesheng Co. also saw significant growth, with inventory at 628 million yuan, up 40.87% year-on-year [1][2] - Other companies with notable inventory increases include Marubi Biological (35.91%), Chuang'er Biological (34.02%), and Jiaheng Home Care (31.39%) [2] Inventory Turnover Days - Among the 14 selected companies, only 5 had inventory turnover days below 90 days, indicating efficient inventory management [3] - Companies with inventory turnover days exceeding 180 days include Huaxi Biological (331.61 days), Jinbo Biological (280.81 days), Kesheng Co. (230.92 days), and Betaini (195.78 days) [3][4] - The overall inventory turnover efficiency has not improved, with 8 companies experiencing longer turnover days, particularly those exceeding 180 days [3] Year-on-Year Changes in Inventory Turnover Days - Huaxi Biological's turnover days increased by 13.34%, Jinbo Biological by 15.66%, Kesheng Co. by 115.83%, and Betaini by 0.54% [3][4] - Notably, the turnover days for LaFang Home Care decreased by 27.40%, and Shanghai Home Care by 15.74%, indicating some companies are managing their inventory more effectively [4]

Core Viewpoint - The skincare and daily chemical industry in A-share listed companies has shown improvements in inventory levels for the first half of 2025, with only six out of fourteen selected companies experiencing an increase in inventory size [1][2]. Inventory Scale Analysis - In the first half of 2025, Jinbo Biological had the largest year-on-year increase in inventory, reaching 153 million yuan, a growth of 116.79% [2]. - Kesheng Co. also saw significant inventory growth, with a total of 628 million yuan, marking a 40.87% increase [2]. - Other companies with notable inventory increases include Marubi Biological (35.91%), Chuang'er Biological (34.02%), and Jiaheng Home Care (31.39%) [2]. Inventory Turnover Days - Among the fourteen selected companies, only five had inventory turnover days below 90 days, indicating efficient inventory management [2]. - Companies with inventory turnover days exceeding 180 days include Huaxi Biological (331.61 days), Jinbo Biological (280.81 days), Kesheng Co. (230.92 days), and Beitaini (195.78 days) [2][4]. - The overall inventory turnover efficiency in the industry is concerning, with six companies showing improvement while eight companies experienced longer turnover days [3]. Year-on-Year Changes in Inventory Turnover Days - Huaxi Biological's inventory turnover days increased by 13.34%, reaching 331.61 days [4]. - Jinbo Biological's turnover days rose by 15.66% to 280.81 days [4]. - Kesheng Co. saw a dramatic increase of 115.83% in turnover days, reaching 230.92 days [4]. - Other companies like Fushijia and Shanghai Jahwa also reported changes in turnover days, with Fushijia increasing by 31.52% [4].

Core Insights - The skincare and daily chemical industry in A-shares has shown a high gross profit margin but low net profit margin, with over 80% of companies having a gross profit margin above 50% and more than half having a net profit margin below 10% [1][4] - The significant gap between gross and net profit margins is attributed to high sales expenses, which consume profits, with Marubi Biological's sales expense ratio reaching 56.5%, making it the highest in the industry [1][6] Financial Performance - The top three companies by gross profit margin in the first half of 2025 are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Only four companies reported a gross profit margin below 50%, namely Lafang, Kesi, Qingsong, and Jiaheng, with margins of 49.26%, 32.05%, 17.51%, and 14.98% respectively [2] Profitability Analysis - Despite high gross profit margins, over half of the selected companies have net profit margins below 10%, with Jinbo Biological, Fulejia, and Polaroid leading in net profit margins at 45.5%, 26.61%, and 15.41% respectively [4] - Jiaheng, Lafang, and Qingsong have low net profit margins of -6.26%, 1.58%, and 2.66% respectively [4] Marketing and R&D Expenditure - The high marketing expenses in the industry are closely linked to the high gross and low net profit margins, with many companies spending over 40% of their revenue on marketing [6][9] - Marubi Biological's sales expense ratio is 56.5%, while its R&D expense ratio is only 2.3%, indicating a heavy reliance on marketing over research and development [8] Industry Challenges - The focus on marketing over R&D has led to severe product homogeneity, limiting innovation and hindering brand development [8] - The industry faces ongoing price wars and promotional activities that further erode profitability, creating a vicious cycle [9] - Companies need to balance marketing and R&D expenditures to transition from a marketing-driven to a product-driven approach [9]

Core Insights - The skincare and daily chemical industry in A-shares has shown a high gross profit margin but low net profit margin, with over 80% of companies having a gross profit margin above 50% and more than half having a net profit margin below 10% [1][4] - The significant gap between gross and net profit margins is attributed to high sales expenses, which consume profits, with Marubi Biological's sales expense ratio reaching 56.5%, making it the highest in the industry [1][6] Group 1: Financial Performance - The top three companies by gross profit margin in the first half of 2025 are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Only four companies reported a gross profit margin below 50%, namely Lafang, Kesi, Qingsong, and Jiaheng, with margins of 49.26%, 32.05%, 17.51%, and 14.98% respectively [2] - The leading companies in net profit margin are Jinbo Biological (45.5%), Fulejia (26.61%), and Polaroid (15.41%), while Jiaheng, Lafang, and Qingsong have low margins of -6.26%, 1.58%, and 2.66% respectively [4] Group 2: Marketing and R&D Expenditure - The high marketing expenses in the industry are closely linked to the high gross profit but low net profit, with many companies spending over 40% of their revenue on marketing [6][9] - Marubi Biological's sales expense ratio is 56.5%, while its R&D expense ratio is only 2.3%, indicating a heavy reliance on marketing over research and development [8] - The focus on marketing over R&D has led to severe product homogenization, limiting innovation and hindering brand development [8][9] Group 3: Industry Challenges - The industry faces challenges in balancing marketing and R&D expenditures, with a need to shift from marketing-driven to product-driven strategies [9]

Core Insights - The skincare and daily chemical industry in A-shares has shown a high gross profit margin but low net profit margin, with over 80% of companies having a gross profit margin above 50% and more than half having a net profit margin below 10% [1][4] - The significant gap between gross and net profit margins is attributed to high sales expenses, which consume profits, with Marubi Biological's sales expense ratio reaching 56.5%, making it the highest in the industry [1][6] Financial Performance - The top three companies in terms of gross profit margin for the first half of 2025 are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Only four companies reported a gross profit margin below 50%, with figures of 49.26% for Lafang, 32.05% for Kesi, 17.51% for Qingsong, and 14.98% for Jiaheng [2] Marketing and R&D Expenditure - The industry is characterized by high marketing expenditures, with many companies spending over 40% of their revenue on marketing, leading to a focus on brand marketing over product development [6][9] - Marubi Biological's sales expense ratio is 56.5%, while its R&D expense ratio is only 2.3%, indicating a heavy reliance on marketing rather than innovation [8] Industry Challenges - The heavy emphasis on marketing has resulted in severe product homogeneity, limiting true innovation and hindering brand development [8] - The industry faces ongoing price wars and promotional activities that further erode profitability, creating a vicious cycle [9] - Companies must find a balance between marketing and R&D expenditures to transition from a marketing-driven approach to a product-driven strategy [9]

Core Insights - The 67th China (Shanghai) International Beauty Expo successfully showcased the vitality and potential of the beauty industry, emphasizing resilience, innovation, and intelligence in development [1][2] Group 1: Event Overview - The expo covered an exhibition area of 150,000 square meters, featuring over 1,800 exhibitors from more than 68 countries and regions, displaying over 10,000 selected product categories [2] - The event attracted significant foot traffic and facilitated vibrant business exchanges, highlighting the robust market activity within the beauty sector [2] Group 2: Global Expansion - The expo aimed to build a new ecosystem for diverse cooperation in the beauty industry, establishing an efficient global communication platform for sourcing and sales [3] - It gathered professional buyers from various channels, including traditional retailers and new e-commerce trends, showcasing international exhibitors from countries like South Korea, Japan, the USA, and Canada [3] - Plans for 2025 include the addition of the "Indonesia International Beauty Expo" and "Vietnam International Beauty Expo," supporting Chinese beauty brands in expanding overseas [3] Group 3: Industry Innovation - The expo focused on industry logic, uniting upstream and downstream brand forces, with new products covering multiple fields, enhancing brand competitiveness and driving technological upgrades [4] - AI technology in beauty attracted attention, while several medical beauty brands accelerated their entry into the daily skincare market [4] - The event highlighted the "Matthew Effect" in the daily chemical sector, with leading brands leveraging resources to enter professional channels [4] Group 4: Future Trends - The expo outlined a development blueprint for the beauty industry through a systematic approach of summits, activities, and special exhibitions, providing forward-looking insights [5] - Over 50 special events were held during the expo, covering topics such as beauty, health, and e-commerce, enhancing the industry's outreach and impact [5] - The event featured 15+ themed exhibition areas, showcasing innovations in professional technology, AI applications, and cross-industry segments [5] Group 5: Looking Ahead - The beauty expo is set to embark on a new journey, focusing on domestic demand and actively exploring new growth areas for Chinese beauty brands [6] - The next edition, the 68th China (Guangzhou) International Beauty Expo, is scheduled for September 4-6, 2025, in Guangzhou [6]

Core Insights - The analysis focuses on the inventory status of 14 representative listed companies in the daily chemical skincare sector for the year 2024, highlighting trends in inventory scale and turnover efficiency [1][2]. Inventory Scale and Proportion - Over half of the selected skincare companies experienced growth in inventory scale in 2024, with Chuang'er Biological showing the highest year-on-year increase of 62.44%, reaching an inventory scale of 0.35 billion [2][3]. - Other companies with significant inventory growth include Kesi Co. (0.97 billion, up 47.96%), Jinbo Biological (0.97 billion, up 45.68%), and Fulejia (1.6 billion, up 30.26%) [2][3]. - Water Sheep Co. has the highest inventory proportion relative to total assets at approximately 19.52% in 2024, indicating a notable increase from 19.32% in 2023 [4]. Inventory Turnover Efficiency - Among the analyzed companies, only Marubi and Qingsong Co. showed improvement in inventory turnover efficiency, while the remaining eight companies experienced an increase in inventory turnover days, indicating a decline in efficiency [1][5]. - Jinbo Biological, Huaxi Biological, and Beitaini reported inventory turnover days exceeding 270 days (approximately 9 months), with turnover days of 307.93 and 254.45 respectively for Jinbo and Huaxi [1][5]. - Eight out of the 14 companies improved their inventory turnover efficiency, while companies like Fulejia, Kesi Co., Marubi, Huaxi, Water Sheep, and Jiaheng Household experienced a decline in efficiency [7].

Group 1 - The core viewpoint is that the high sales expenses in the daily chemical skincare industry significantly erode profits, leading to high gross margins but low net margins [1][3] - In 2024, over half of the selected companies in the daily chemical skincare industry have a sales expense ratio exceeding 40%, indicating that they allocate more than 40% of their revenue to marketing [1] - Yatsen E-commerce has the highest sales expense ratio at 60.1%, followed by Shangmei Co. and Marubi Biotechnology with ratios of 58.11% and 55.04% respectively [1] Group 2 - Many listed companies in the daily chemical skincare industry invest heavily in marketing while underinvesting in research and development, leading to severe product homogeneity and insufficient innovation [3] - The heavy reliance on marketing has resulted in a price war within the industry, which diminishes profitability and creates a vicious cycle [3] - Companies like Betaini have become overly dependent on a single brand, with over 90% of their main business revenue coming from the "Winona" brand, which has seen a sales decline of 5.45% in 2024 [3] Group 3 - The challenge for many companies in the daily chemical skincare industry in 2025 will be to balance marketing and research and development expenditures, transitioning from a marketing-driven approach to a product-driven one [4]