行 业 及 产 业 美容护理 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@swsresearch.com 2025 年 08 月 24 日 细分化功效化趋势不改，国货洗护 潜力无限 看好 ——洗护行业深度研究报告 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 洗护行业仅次于护肤品为化妆品赛道第二大领域，有较大国产替代潜力。洗护用品指清 洁和修饰皮肤、身体、头发等部位的产品，主要可分为沐浴、护发、洁面等护理产品， 为化妆品行业的第二大细分类目，在国民生活中占据重要地位。随着消费者对生活品质 的追求提升，洗护产品需求不断升级，市场呈现出细分化和个性化的特点。国内品牌因 更了解本土消费者需求而具有优势，在国际大牌主导，国货市场份额分散的背景下，差 异化定位抢占细分市场客群蕴藏机会。 ...

Investment Rating - Investment rating for the social services industry is "Positive (Maintain)" [1] Core Insights - The report highlights the strong performance of the Japanese toy company Sanrio, with FY2026Q1 revenue reaching 431 billion yen, a year-on-year increase of 49%, and a net profit of 141.9 billion yen, up 38% year-on-year [14][27] - The report emphasizes the growing demand for vocational education in China, with over 12 million college graduates in 2025, and a significant talent gap in the service industry, estimated at over 20 million [5][12] - The tea beverage sector is experiencing high demand, driven by promotional campaigns such as "The First Cup of Milk Tea in Autumn" launched by delivery platforms [5][12] Summary by Sections Section 1: Toy Industry - Sanrio's FY2026Q1 revenue and profit exceeded expectations, with a significant contribution from the Chinese market, which saw a revenue increase of 125% year-on-year [14][27] - Bandai's FY2026Q1 revenue was 3004 billion yen, a 7.1% increase year-on-year, with a net profit of 383 billion yen, up 12.6% year-on-year [30][36] Section 2: Vocational Education - The vocational education sector is targeting the service industry's talent gap, with a focus on practical training and skill development [5][12] - New Oriental's vocational programs are designed with 80% of the curriculum focused on practical training, leading to higher average salaries for graduates [5][12] Section 3: Beverage Industry - The tea beverage market is thriving, with promotional activities driving sales growth [5][12] - Companies like Mixue and Luckin Coffee are positioned to benefit from this trend [5][12] Section 4: Market Performance - The social services sector underperformed the broader market, with the social services index down 0.11% compared to a 1.34% increase in the CSI 300 index [6][28] - Recommendations for investment include tourism, education, and consumer services, with specific companies highlighted for their growth potential [6][28]

Core Viewpoint - The article discusses the investment pitfalls in the booming hair care industry, particularly focusing on the case of JolieJolie, a brand that initially attracted many middle-class consumers but has now turned into a nightmare for its investors due to alleged fraudulent practices [1][3]. Group 1: Company Overview - JolieJolie, founded in 2019, aimed to serve one hundred million women with quality lifestyle services and opened over 20 physical stores in high-end shopping malls in Shanghai [2][17]. - The brand's business model promised high returns, with claims of a rapid payback period of 6 to 10 months and a monthly revenue of 150,000 yuan per store, leading to a net profit margin of 26.3% across its 18 stores [13][14]. Group 2: Investment Experience - Since 2020, over 20 investors contributed between 300,000 to 2 million yuan to JolieJolie, totaling more than 10 million yuan, but many are now facing significant losses [4][15]. - Investors were initially attracted by the brand's consumer appeal and the promise of substantial profits, often based on their experiences as customers [10][11]. Group 3: Allegations and Legal Issues - In July 2024, it was revealed that JolieJolie was involved in fraudulent activities, including "selling" the same store to multiple investors, leading to a police investigation for illegal fundraising [5][20]. - By late July 2024, all 20 stores closed suddenly, and employees reported unpaid wages, while the brand's management cited operational difficulties and financial issues [21][24]. Group 4: Investor Reactions - Many investors reported not receiving the promised returns, with some claiming that the brand's management provided misleading financial reports to cover up losses [25][27]. - Legal experts noted that cases of illegal fundraising are complex and challenging to resolve, emphasizing the need for investors to conduct thorough due diligence before committing funds [28][29].

Core Viewpoint - The article highlights the innovative marketing strategy of the local Guangdong personal care brand Qianxiang, which successfully resonates with the local culture and consumer sentiment through creative advertising, particularly the "bullet screen" bus campaign that captures the essence of summer heat in Guangdong [5][12]. Group 1: Marketing Strategy - Qianxiang's "bullet screen" bus campaign features a straightforward message that connects with the local population's experiences, emphasizing practicality over elaborate branding [5][7]. - The campaign has sparked widespread discussion on social media platforms, with residents sharing their experiences and sentiments related to the heat, thus creating a viral effect [3][10]. - The brand's approach of using relatable language and avoiding jargon has helped establish a trustworthy image among consumers [5][7]. Group 2: Cultural Resonance - Qianxiang's marketing strategy is deeply rooted in the local culture, effectively integrating elements of Guangdong's identity into its product offerings, such as the "Tea Awakening" series that reflects local tea culture [9][12]. - The brand has successfully tapped into regional customs and sentiments, such as the "live chicken parade" during the Spring Festival, which aligns with local dining traditions [9][10]. - By engaging with younger demographics through events and collaborations, Qianxiang has strengthened its presence in the community and enhanced brand recognition [9][10]. Group 3: Consumer Engagement - The "bullet screen" bus serves as a powerful medium for emotional connection, allowing consumers to express their shared experiences of the heat, thus fostering a sense of community [7][10]. - Qianxiang's campaigns are timed to coincide with significant seasonal events, ensuring that they resonate with current consumer emotions and societal discussions [10][12]. - The brand's focus on genuine consumer needs and cultural relevance has led to a deeper emotional engagement, making its marketing efforts more impactful [12].

Core Viewpoint - The article discusses the intense interest from private equity firms in acquiring Starbucks' China operations, highlighting the competitive landscape and the challenges faced by Starbucks in the Chinese market [1][2][5]. Group 1: Acquisition Interest - Hillhouse Capital has shown interest in acquiring Starbucks' China business, participating in a management roadshow [1][5]. - Other notable investment firms, including Carlyle Group and Xincheng Capital, are also involved in the bidding process for Starbucks China, with the business valued at approximately $5 to $6 billion (around 350 to 430 billion RMB) [2][5]. - The competitive bidding landscape includes major players like KKR, PAG, and potential domestic buyers such as China Resources Group and Meituan [5]. Group 2: Market Challenges - Starbucks has been operating in China for 26 years, with over 7,700 stores, but faces fierce competition from local brands like Luckin Coffee and Mixue Ice Cream [3][7]. - The emergence of Luckin Coffee has significantly impacted Starbucks' market position, with Luckin achieving a store count of 24,097 by Q1 2025, nearly three times that of Starbucks China [8][9]. - Starbucks reported a 6% decline in same-store sales in Q1 2025 and announced its first price reduction in 25 years, indicating the pressure from competitors [9]. Group 3: Strategic Shifts - Starbucks is exploring various strategies to enhance its growth in China, including seeking external strategic investors [9]. - The article draws parallels with McDonald's China, which successfully navigated a similar acquisition and localization process, suggesting that Starbucks could benefit from a similar approach [11]. - The current environment in the consumer market is characterized by significant mergers and acquisitions, with many brands being targeted for acquisition due to favorable pricing and cash reserves among buyers [12][14].

Core Insights - Lafang has been recognized as a leading brand in the domestic personal care sector, making it to the "2025 Upward Brand TOP100" list, reflecting strong market and consumer recognition of its brand upgrade and quality improvement efforts [1][20]. Group 1: Brand Quality and Innovation - Lafang has maintained a commitment to high-quality domestic products, investing nearly 30 years in research and development, adhering to the principle of "technology for good" [3][20]. - The brand has collaborated with top Chinese research institutions to overcome significant technical challenges in the personal care industry, achieving breakthroughs in various key technologies [3][14]. - Lafang's flagship product, the "Lafang Hair Core Repair Series," has set a world record for "strong hair," establishing itself as a global quality benchmark in the personal care sector [5][20]. Group 2: Strategic Partnerships and Marketing - In the past six months, Lafang has made significant brand advancements by becoming the official partner of the Chinese National Diving Team and announcing actor Ren Jialun as its brand ambassador, showcasing its market insight and long-term strategic vision [8][10]. - The partnership with the diving team aligns with Lafang's commitment to precision and quality, enhancing its brand image through association with top-tier sports events [10][12]. - Lafang's participation in the 2025 World Swimming Federation Diving World Cup as an official partner signifies a new era of sports marketing for personal care brands [10][12]. Group 3: Reconstructing Brand Value - Lafang's journey represents a deeper reconstruction of the value of domestic brands, successfully challenging the stereotype of domestic personal care products as "cheap" and "basic" [20][22]. - The brand has demonstrated that domestic products can offer world-class quality, driven by strong technological capabilities and a keen understanding of evolving consumer demands [22]. - Lafang's strategic focus on quality, brand enhancement, and value reconstruction positions it favorably in a competitive market, allowing it to navigate towards broader opportunities [22].

Investment Rating - The report provides a positive investment rating for the beauty and personal care industry, highlighting significant growth potential in various segments [1]. Core Insights - The beauty and personal care industry is experiencing a surge in user engagement, particularly in makeup and fragrance categories, driven by trends such as emotional healing and cultural collaborations [3][8]. - The report emphasizes the importance of understanding consumer trends, such as the rise of mini makeup products and the integration of fragrance into personal care routines, which are reshaping market dynamics [10][90]. User Trends - Trend 01: The rise of "mini makeup" products, with searches for mini makeup increasing by 145% year-on-year, indicating a shift towards portable beauty solutions [15][17]. - Trend 02: The "island makeup" trend reflects a desire for quick, effective beauty solutions that cater to the vacation mindset, with related searches up by 350% [38][44]. - Trend 03: The "no foundation makeup" trend is gaining traction, with a 262% increase in searches, as consumers seek lightweight, breathable products for warmer months [76][78]. Fragrance Trends - Trend 01: The focus on "energy fragrances" is growing, with a 165% increase in related searches, as consumers seek scents that resonate with their emotional states [92][94]. - Trend 02: The "memory fragrance" trend utilizes scents to evoke memories, with significant engagement on platforms like Xiaohongshu, indicating a strong consumer interest in personalized fragrance experiences [100][102]. - Trend 03: The trend of "DIY fragrances" is emerging, with a 52% increase in searches for DIY scent combinations, reflecting a growing consumer interest in personalized fragrance solutions [180][182]. Category Trends - The report identifies a significant expansion in the women's hygiene products sector, with trends such as "therapeutic sleepwear" and "private care" gaining traction due to increased consumer awareness and demand [188][194]. - The "absorbent pads" trend highlights a growing need for incontinence products, with a staggering 813% increase in related searches, indicating a previously underserved market [217][223]. - The "facial cleansing wipes" trend is also on the rise, with a focus on convenience and user experience, particularly for travel and outdoor activities, as evidenced by a 134% increase in related discussions [238][250].

Group 1 - The 29th CBE China Beauty Expo opened in Shanghai, attracting over 3200 beauty and personal care enterprises from around the world [1] - The oral care brand "Canban" from Xiaokuo Group showcased its star products including toothpaste, toothbrushes, mouthwash, and oral cleaning tools, drawing significant interest from potential partners [1] - The "Canban" brand introduced a new zeolite toothpaste, marking the first large-scale application of zeolite molecular sieve technology in toothpaste, which has received positive market feedback [1] Group 2 - Xiaokuo Group launched a new hair care brand "Arrow ABOUT FOCUS," aiming to advance the hair care market towards scientific health, fine management, and emotional healing [2] - The founder and CEO of Xiaokuo Group, Yin Kuo, emphasized the rise of domestic brands in the personal care market, which has traditionally been dominated by foreign brands [2] - Xiaokuo Group plans to focus on the personal care sector, particularly in oral care and hair care, to meet new consumer demands and enhance product experiences [2]

Core Viewpoint - The company Fengchao is diversifying its business by expanding into value-added services such as laundry, storage, and home services, while facing internal management changes and external competitive pressures [1][5][8]. Group 1: Business Expansion - Fengchao has 330,000 smart delivery cabinets covering over 209,000 communities, with only one-third of their usage dedicated to package delivery, while the rest is allocated to storage and lifestyle services [1][2]. - The revenue from value-added services, including laundry and storage, reached 960 million yuan in 2023, accounting for 25% of Fengchao's total revenue [1][2]. - The laundry service has seen significant growth, with 962,000 orders in the first five months of 2024, an increase of 89.3% compared to 2022 [3][5]. Group 2: Management Changes - Recent management upheaval includes the exit of co-founders and the appointment of a new director, indicating potential shifts in company strategy [1][5]. - The new director, Li Qiuyu, has a background in investment and mergers at SF Express, suggesting a focus on strategic growth [1]. Group 3: Competitive Landscape - Fengchao faces competition from major players like JD.com and Meituan, which have already entered the laundry and home service markets with more substantial investments [5][7]. - The company aims to leverage its extensive community coverage to offer competitive pricing and attract customers through group buying [5][10]. Group 4: Financial Performance - Fengchao has reported continuous losses over the past eight years, with cumulative losses of 4 billion yuan from 2021 to 2023, although it achieved a profit of 71.6 million yuan in the first half of 2024 [8][9]. - The operational cost of a single delivery cabinet in Shanghai is approximately 17,000 yuan annually, with revenue from delivery services only partially covering these costs [9][10]. Group 5: Challenges and Risks - The company has faced quality control issues in its laundry services, leading to customer complaints and damage to garments, which could affect customer retention [6][7]. - New regulations in the delivery sector and changes in e-commerce policies pose additional challenges to Fengchao's core business model [10].