此外，"资生堂医美恒采循环"致力于构建"医学美容与居家护理科学协同体系"，形成一个完整、可持续的美肤生命周期闭环，实现从"精准检 测"到"专业护理"，再到"居家维效"的科学循环。凭借资生堂研发库中超过500种活性成分的研究成果，体系强力促进医美与日常护肤的协同效应， 确保卓越功效；同时，严格承袭资生堂日本医美业务二十年的成熟运营体系与安全标准，为消费者提供坚实的安全保障。 在进博展台，资生堂重点呈现了其与上海第九人民医院合作完成临床验证的"械妆连用"方案，以及与创健医疗共同开发的重组胶原蛋白医疗器械。 这些扎实的本土科研合作，不仅为"医美恒采循环"在术后修护与功效协同方面的卓越能力提供了科学背书，更将前沿科技直接转化为消费者可触可 感的创新产品。此次进博会上，首个资生堂中国团队打造的医美品牌RQ PYOLOGY律曜重磅首秀。这一品牌的诞生，是"资生堂医美恒采循环"的实 践，也是资生堂深度践行本土化共创战略的典范。 RQ律曜品牌首秀即带来其核心科技——"三重重组胶原蛋白复配技术"。该技术通过精准配比1型、3型与17型胶原蛋白，实现了对表皮层、基底膜到 真皮层的全皮层精准修复。RQ律曜还引入了其独创的"肌肤律商" ...

Core Insights - The beauty and personal care sector has emerged as a key driver of sales during the "618" shopping festival, with significant year-on-year growth in sales for various beauty brands [1][2] - The medical aesthetics industry is experiencing rapid technological advancements and product innovations, leading to a diversified development landscape [1] - Domestic beauty brands are gaining competitive advantages through high cost-performance ratios and refined operations, indicating strong future growth potential in the beauty and personal care segment [1] E-commerce Performance - During the "618" promotion, beauty care products showed robust growth, with platforms like Tmall and JD.com reporting significant sales increases [1] - JD.com's data revealed that on May 20, sales of perfume and makeup sets surged nearly 300% year-on-year, with other categories like lipsticks and serums also seeing over 100% growth [1] - Tmall's data indicated that several beauty brands, including Proya and Lancôme, achieved over 100 million yuan in sales within minutes of the promotion's start [2] Product Innovation and Development - Companies are intensifying their focus on the beauty care sector, leveraging technological breakthroughs to gain competitive advantages [2][3] - Lepu Medical has expanded into ophthalmology and dermatology, recently receiving regulatory approval for a new facial filler product [3] - Proya launched a medical-grade collagen patch, while Jinbo Bio has introduced a new type of injectable collagen gel, marking significant advancements in their respective fields [3] Financial Performance and Market Trends - The beauty and personal care industry is witnessing a positive trend in net profit growth among several companies, with Jinbo Bio reporting a 62.51% increase in revenue and a 66.25% rise in net profit for Q1 2025 [4] - The demand for beauty care products is highly sensitive to new consumer trends, positioning them as a primary growth area in the market [4] - The high added value and profit margins of beauty care products, combined with the rapid innovation cycle, are driving structural growth opportunities for brands in the sector [4]

Core Viewpoint - The domestic cosmetics and medical beauty industry is experiencing rapid growth driven by policy incentives, recovering consumption, and trade friction, with domestic brands gaining significant market share and attention [1][20]. Group 1: Market Performance - The Wind Cosmetics Index has risen over 20% since April 7, with Proya's stock increasing by more than 20% in the same period, and Marubi's stock rising nearly 70% over three months since February [1]. - During the 618 pre-sale event, over 13,000 brands saw doubled sales, with 43 brands quickly surpassing 100 million yuan in sales, marking a 50% increase in the number of brands in the "billion club" compared to last year [4]. - The beauty industry saw a 6.6% year-on-year increase in total sales during the 2024 618 event, with skincare sales reaching 38.876 billion yuan (up 5.18%) and fragrance and makeup sales at 11.073 billion yuan (up 12.08%) [5]. Group 2: Brand Performance - Domestic brands are outperforming international brands, with Proya's sales on Tmall increasing by 70% year-on-year and Douyin's GMV rising by 110%, significantly exceeding platform growth rates [6]. - International brands like L'Oréal and Estée Lauder have seen a decline in sales, with Lancôme experiencing only slight growth [7]. - The market share of domestic beauty brands reached 50.4% for the first time, surpassing international brands and establishing them as the main force in China's cosmetics market [20]. Group 3: Consumer Trends - There is a growing recognition of domestic brands among consumers, particularly younger consumers who prioritize cost-effectiveness and cultural identity in products, laying a foundation for long-term growth [21]. - The 2024 China Beauty Industry White Paper indicates that over 60% of consumers are willing to purchase domestic beauty products with innovative technology or ingredients [35]. Group 4: Financial Performance - Proya's revenue for 2024 exceeded 10.778 billion yuan, with a net profit growth of 30%, leading to a stock price surge [22]. - Marubi reported a revenue of 2.970 billion yuan for 2024, a year-on-year increase of 33.44%, with a net profit of 342 million yuan, also showing strong growth [25]. - Yatsen Holding, the parent company of Perfect Diary, reported a revenue of 3.393 billion yuan for 2024, a slight decline of 0.63%, and a net loss of 708 million yuan, indicating ongoing financial struggles [30]. Group 5: Competitive Landscape - The beauty industry is becoming increasingly saturated, with brands competing fiercely for market share, leading to a more challenging operating environment for brand owners [18]. - Brands with strong R&D capabilities and comprehensive channel operations are likely to survive, while those lacking core competitiveness may face elimination [39].

Core Viewpoint - The beauty and personal care sector is experiencing a strong resurgence, with stocks such as Lafang Home and others seeing significant gains due to multiple driving factors including policy benefits, consumer recovery, and ongoing trade tensions [1] Group 1: Stock Performance - Lafang Home has reached its daily limit increase [1] - Other companies such as Shuiyang Co., Bavi Co., Proya, Runben, Jieya, Beitaini, Zhongshun Jierou, and Fulejia have also seen stock price increases [1] Group 2: Industry Drivers - The cosmetics and medical beauty industry is showing a stable and positive development trend [1] - Factors contributing to this trend include the continuous release of policy dividends, recovery in consumer spending, and the escalation of trade frictions [1]