一个非典型"高端"美妆的生存法则。 作者 | 贺哲馨 编辑 | 乔芊 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 4月1日，毛戈平在交流会上这样回答投资者的关于品牌定位的疑问。去年年底，毛戈平顶着"国货高端第一股"登陆香港，前不久发布了收入盈利大增的 首份财报后，最终收盘113港元，也创下上市以来股价的最高点，比上市首日大涨了117%。 不过，一路上扬的股价也为这只消费牛股惹来不少争议。 有资深财经观察人士向36氪表示，部分投资者对毛戈平的质疑包括："公司个体的高增长与美 妆市场平价当道的现状有脱节，其次是我们会怀疑毛戈平本身的高端市场定位是不是能立得住。" 因此，本文试图探讨两个问题： 毛戈平所言的"高端"定位究竟该如何理解，它重要吗？以及，疯狂的股价上涨背后， 市场到底在为何买单？ 但毛戈平显然不属于此列。 一是它主攻的底妆品类价格高，但相较于护肤品类溢价空间更小，价格上限低； 二是与珀莱雅主打线上渠道不同，毛戈平一 直重点布局百货，这是一个没那么快看到成绩的渠道。 百货以中高收入人群为目标，对价格敏感度低，但渠道会收取较高的扣点（25%-40%为主），部分高 ...

Core Insights - The report from Evercore ISI indicates a 3% year-on-year decline in China's beauty product imports in March, while online retail sales grew by 10%, suggesting a potential market bottoming out [1][2][5] - The sales in Korean duty-free shops are projected to reach $10 billion in 2024, which is 2.5 times that of Hainan, but recent subsidy cuts have led to a 22% drop in sales for January and February, resulting in some store closures in Seoul [1][6][7] - The decline in beauty product imports serves as a reference for retailers' reordering of high-end beauty products, with a notable double-digit decrease in reorders from Hainan duty-free shops [1][2][6] Industry Trends - Online sales and import data indicate that the inventory levels in China's beauty market, including Hainan duty-free shops, are balanced [5][6] - The beauty ecosystem in China is interconnected with the Korean market, where duty-free sales are supported by subsidies aimed at attracting customers [6] - The overall beauty market in mainland China is estimated to be $25.1 billion in 2024, with online sales accounting for 48% and offline sales for 52%, both showing slight declines [6] Company Impact - The turbulence in the Korean market is significant for companies like Estée Lauder, which derives 8% of its sales from Korea and 26% from China, including Hainan [7] - The recent performance of LVMH also reflects the broader market trends, with a reported decline in organic sales for the third quarter of fiscal year 2025 [7]

Core Viewpoint - L'Oréal reported a 3.5% year-on-year sales growth in Q1 2025, driven by an IT transformation project and a gradual recovery in the Chinese beauty market, outperforming the global beauty market [1] Group 1: Financial Performance - L'Oréal's Q1 sales reached €11.73 billion, with a consolidated growth of over 4.4% [1] - The North Asia region saw a sales increase of 6.9% year-on-year, with a consolidated growth of 8.4% [1] - The luxury cosmetics division, skin science beauty division, and professional hair products division continued to outperform the market, while the mass cosmetics division's growth was slightly below the market average [1][2] Group 2: Market Strategy - L'Oréal is actively participating in the China International Consumer Products Expo for the fifth consecutive year to strengthen its position in the travel retail market [2] - The company is undergoing a strategic transformation in its travel retail business to adapt to changing market conditions and consumer demands [2] - L'Oréal plans to invest in innovative retail experiences and sustainable growth solutions in collaboration with Hainan [2] Group 3: Future Initiatives - The "Beauty Stimulus Plan" for 2025 emphasizes investment in R&D and supply chain improvements, including the establishment of smart operation centers [3] - L'Oréal aims to enhance brand positioning and personalization to meet evolving consumer expectations, focusing on the unique identity of each brand [3][4] - The company plans to expand its presence in third- and fourth-tier cities and transform offline sales points into experiential locations [5]

或许你已经发现，走进家里小区楼下的药店，第一眼看到的可能不是药品，而是薇诺娜、可复 美、绽妍等品牌的护肤产品，这一幕正悄然成为中国药店的"新常态"。 近日，福瑞达生物公布了年内覆盖1 0个千万级OTC连锁的大计划。无独有偶，百雀羚也于年 初宣布正式入驻北京同仁堂渠道。随着线上红利逐渐见顶，不少品牌开始瞄准线下OTC专业渠 道掘金。 《FBe a u t y未来迹》经过调研发现，美妆在OTC渠道的生意，比起未开发的蓝海，更像是一支 蓄势待发的弓箭。在已经跑出薇诺娜这个十亿级销售规模美妆品牌的情况下，依旧还有巨大的 想象空间。 OTC渠道可以说是目前在线下分布最广的一类渠道，正如居民楼附近不一定会有化妆品店，但 一定会有药店，而这不是错觉。 根据薇诺娜母公司贝泰妮集团发布的2 0 2 4年上半年财报，OTC分销渠道销售模式实现营业收 入人民币3 5 , 4 7 0 . 1 4万元，约占主营业务收入1 2 . 7 1%，同比增长约2 0 . 0 1%。 按照这一增速， 薇诺娜在OTC的年销售规模大概率已经迈过1 0亿门槛。 据公开资料，薇诺娜从2 0 1 6年开始与连锁药房合作，彼时市场体量只有5 0万左右；8年后 ...

Core Viewpoint - Bilibili (B站) has launched a support program called "SUPER UP" aimed at enhancing its fashion and beauty content creator ecosystem, with a significant investment of 10 billion in traffic support for 100 selected creators [1][3]. Group 1: Program Details - The "SUPER UP" program will provide selected creators with resources for commercial collaboration with international luxury brands and invitations to major events to boost their industry influence [1]. - Creators with over 100,000 followers on Xiaohongshu and over 1 million followers on Douyin, as well as industry professionals like fashion editors and stylists, will have access to a "green channel" for head creators, offering exclusive services [1][3]. Group 2: Market Context - Bilibili's core user base is Gen Z, whose demand for fashion and beauty content has seen explosive growth, prompting the platform to enhance its offerings in this area [3]. - Despite Bilibili's efforts to diversify content beyond ACG (Anime, Comics, and Games), the platform has struggled to attract high-quality creators in the fashion and beauty sectors, as evidenced by the low representation of beauty creators in the annual top UP master list [3]. Group 3: Financial Insights - In Q4 2024, Bilibili reported revenues of 7.73 billion, a 22% year-on-year increase, with advertising revenue reaching 2.39 billion, up 24%, accounting for 31% of total revenue [5]. - The beauty and fashion industry is known for significant marketing expenditures, with brands like Mao Geping reporting sales and distribution expenses of 1.904 billion, representing 49% of their revenue during the same period [5]. Group 4: E-commerce Strategy - Bilibili is shifting towards e-commerce, having upgraded its merchant management platform to "Bilibili Small Shop," facilitating direct purchases and third-party platform transitions [7]. - The fashion and beauty sector is expected to drive high conversion rates in e-commerce, with online sales in this category showing a 15.65% year-on-year growth, totaling 95.822 billion from January to February [7]. Group 5: Competitive Landscape - Bilibili is actively promoting its fashion and beauty e-commerce initiatives, including a recent video sales incentive program to boost creator engagement [9]. - To differentiate itself from competitors like Douyin and Xiaohongshu, Bilibili is focusing on long-form horizontal video content, which may not align with the typical vertical video format preferred by creators on other platforms [9][11].

这是新消费智库第 2 6 1 9 期文章 2. 水獭吨吨官宣上新春季限定冻干龙井茶 近日，水獭吨吨官宣上新春季限定冻干龙井茶，新品选用杭州龙井茶，采用鲜萃冻干 5.0 技术，低温冻住茶色香味， 0 糖 0 脂 0 卡，最大 程度保留茶叶原本味道，支持热泡冷泡。 （ TOPBRAND ） 3. 空刻冲泡意面口味上新 近日，空刻官宣其冲泡意面系列上新四种新口味。 上新的口味分别是：经典番茄肉酱、黑椒菌菇鸡肉、辣火鸡风味和金枪鱼柠香风味，该款 冲泡意面采用了 2 分钟免煮新技术，冲泡即可食用。 （ FBIF 食品饮料创新） 新消费导读 1.水獭吨吨官宣上新春季限定冻干龙井茶 2.空刻冲泡意面口味上新 3.达美乐中国今年Q1新开门店97家 4.三只羊上线小杨臻选APP 5.雀巢咖啡即饮系列官宣代言人虞书欣 6.凯乐石FUGA新门店或将落户上海新天地 7.王老吉将进入马来西亚市场 8.美国烧酒品牌Hello Soju完成680万美元融资 9.椰子水品牌if拟赴香港上市 10.杭州团家完成3000万元A轮融资 11.LYS美妆完成A轮融资 12.资生堂集团推出首个高端医美品牌 13.橘朵推出首个高性能彩妆副牌 . . . ...

在第五届中国国际消费品博览会（以下简称"消博会"），美妆赛道又一次成为亮眼的存在。 据《中国经营报》记者不完全统计，包括雅诗兰黛、华熙生物、花西子、欧莱雅在内的多家美妆品牌亮 相。在现场，排队领小样、打卡拍照、产品体验等活动层出不穷，而美妆品类的站台也成为消博会现场 最热闹的地方之一。 实际上，在全球的免税市场中，化妆品的销售额占比一直都是名列前茅。本土品牌借消博会契机"秀肌 肉"，国际品牌也想要进一步"掘金"中国市场，而在海南召开的消博会则成为了品牌商们集中展示自己 的窗口。 国际美妆品牌"掘金"中国市场 实际上，此前中国市场一直被众多国际化妆品牌视为业绩增长引擎，尤其是高端化妆品市场一直被国际 品牌牢牢占据。但如今，随着国货品牌的崛起，消费者需求分化、渠道生态重构，在韩妆逐渐淡出中国 市场之后，其余国际美妆巨头或也面临着时代的挑战。 国际美妆品牌在中国市场的光环或正在削减的具体表现，就包括在华业绩下滑。如雅诗兰黛集团2025财 年第二季度（2024年9月30日至12月31日），包括中国市场在内的亚太市场的净销售额同比减少11%至 12.87亿美元；欧莱雅2024年全年销售额同比增长5.6%，而北亚地区销售 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2024-2026 at 20X, 16X, and 13X respectively [4][5]. Core Insights - The company has launched a new whitening product, the "Double Anti-White Brightening Essence," which features innovative ingredients and technology aimed at enhancing skin brightness and reducing yellowing [2][3]. - The appointment of Yi Yangqianxi as the global brand ambassador is expected to strengthen the brand's market presence and appeal to younger consumers [4]. - Financial forecasts indicate significant growth in revenue and net profit, with expected net profits of 1.56 billion, 1.92 billion, and 2.36 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30.7%, 23.1%, and 22.9% [4][5]. Summary by Sections Product Development - The new "Double Anti-White Brightening Essence" incorporates advanced ingredients such as tocopherol glycoside and grapefruit peel glycoside, focusing on reducing yellowing and enhancing skin brightness [2]. - The product's pricing is set at 239 yuan for 30ml, with a strong emphasis on scientific validation through rigorous testing [2][3]. Brand Strategy - The collaboration with Yi Yangqianxi aligns with the brand's commitment to innovation and youthfulness, aiming to provide effective skincare solutions [4]. - The brand's strategy includes continuous product upgrades and a focus on scientific efficacy to differentiate from competitors [3]. Financial Performance - The company is projected to achieve total revenues of 11.75 billion, 14.40 billion, and 17.29 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 32.0%, 22.5%, and 20.1% [5][7]. - The net profit margins are expected to remain stable, with net profit rates around 13.41% to 13.66% over the forecast period [7][8].

4月16日，有媒体援引多位欧莱雅中国的员工消息指，欧莱雅中国旅游零售部门裁员，比例或多达 50%。对此，欧莱雅中国回应："欧莱雅旅游零售业务正积极推进转型，旨在加速业务增长，进一步巩 固我们的市场领导地位。目前旅游零售美妆市场变化迅速，旅行者数量大幅增加，人们对于旅行和美妆 的需求也持续高涨。我们基于该市场态势进行此次转型，旨在提升我们对市场变化和消费者需求的响应 速度，为消费者构建更敏捷、高效的服务体系。我们对旅游零售美妆行业的未来发展满怀信心，新模式 将助力我们不断创新、突破零售局限，重塑消费者在美妆消费旅程中的体验，此前报道中提及的受影响 员工的比例有误。我们始终致力于支持员工，并积极为受影响的员工寻求内部机遇。"(智通财经) ...

Core Insights - The trend of "makeup and medical integration" is gaining significant attention in the beauty industry, with major brands accelerating their entry into the medical aesthetics sector [1][5] - The medical aesthetics market is viewed as a new growth driver, despite the current early-stage development of the interaction between beauty and medical aesthetics [1][5] Industry Developments - Leading beauty brands are actively investing in the medical aesthetics sector, with various strategies such as investing in upstream research and launching related medical brands or products [2][3] - Notable actions include Shiseido's announcement of its first medical beauty brand in China, L'Oréal's strategic partnership with Tru Diagnostic, and Estée Lauder's collaboration with Jia Hui Medical in Shanghai [2][3] Domestic Market Movements - Domestic brands like Marubi and Gu Yu are also making significant moves in the medical aesthetics space, with Marubi investing in a medical materials R&D company and Gu Yu collaborating with a research institute to explore innovative medical products [3] - Other domestic brands such as Pechoin, Aimeike, and Furuida are also accelerating the integration of medical aesthetics and beauty [3] Market Potential - The medical aesthetics market in China is expected to reach a scale of 381.6 billion to 410.8 billion yuan by 2025, making it a crucial growth area globally [5][6] - The overlap between beauty and medical aesthetics consumer groups is driving beauty companies to enter the medical aesthetics market [5][6] Competitive Landscape - Differentiation is key for brands looking to penetrate the medical aesthetics market, as the sector faces high regulatory barriers and technical challenges [6][7] - The current market primarily features Class II medical devices, with brands focusing on consumer needs during the perioperative period of medical aesthetics [6] Industry Trends - The integration of beauty and medical aesthetics is reshaping the competitive landscape, with both domestic and international brands needing to adapt to a market transitioning from rapid growth to stable development [7] - The industry is undergoing a significant reshuffle, emphasizing the need for brands to balance consumer demand with the rigor of medical standards [7]