行 业 及 产 业 美容护理 2026 年 02 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 A0230511040052 wanglp@swsresearch.com 业绩预告彰显板块景气度，建议关注节前促销 看好 ——化妆品医美行业周报 20260201 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 1 月 23 日至 2026 年 1 月 30 日期间， 申万美容护理指数下滑 3.8%，表现弱于市场。其中，申万化妆品指数下滑 3.6%，弱于 申万 A 指 1.9pct；申万个护用品指数下滑 4.6%，弱于申万 A 指数 3.0pct。 ⚫ 周观点：业绩预告彰显板块景气度 ...

行 业 及 产 业 美容护理 2026 年 01 月 27 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 聂霜 A0230524120002 nieshuang@swsresearch.com 预计 25 年品牌端稳中有进，上下游边际改善 看好 ——化妆品医美行业 25 年业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 化妆品医美板块：需求端增长同比提速，2025 年化妆品社零增速跑赢大盘。25 年全年 社会消费品零售总额合计 50.1 万亿元，同比增长 3.7%，其中 25 年限额以上化妆品类 零售额合计 4653 亿元，同比增长 5.1%，跑赢社零大盘 1.4pct。具体到 25Q4，化妆品 社零增速高达 9.9%，增速明显高于前三个季度，再次印证双十一大促对美妆的带动， 以及围绕 ...

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, highlighting strong performance relative to the market [5][6]. Core Insights - The Tmall Double 11 event showcased strong sales for domestic brands, with significant demand for products from brands like Maogeping and Winona, indicating a robust market response [9][10]. - The cosmetics and medical beauty sector is expected to see continued growth, with Q3 performance meeting expectations and Q4 anticipated to benefit from promotional activities [10][11]. - The report emphasizes the importance of online channels, particularly Tmall and Douyin, in driving sales for domestic brands, which are gaining market share against international competitors [24][26]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market from October 10 to October 17, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the overall market performance [5][6]. - Key stocks in the sector included Jiaheng Jiahu (+35.0%), Yiyi Co. (+18.6%), and Yanjing Co. (+15.6%), while Maogeping (-7.2%) and Shangmei Co. (-5.4%) lagged [6]. Sales and Market Trends - The report notes that the overall retail sales of cosmetics in China reached 291.5 billion yuan in the first eight months of 2025, with a year-on-year growth of 3.3% [10][16]. - The Tmall Double 11 event attracted over 10 million viewers, with domestic brands experiencing sell-out conditions, indicating strong consumer interest and demand [9][10]. Company Highlights - Han Shu, a brand under Shangmei Co., has shown significant improvement in Tmall channel performance, collaborating with popular influencers to enhance sales [9][10]. - The report highlights the strategic partnership of Han Shu with global ambassador Wang Jiaer, aiming to elevate the brand's international presence and market perception [20][21]. Investment Recommendations - The report recommends focusing on brands with strong online sales growth, such as Maogeping, Shangmei Co., and Shanghai Jahwa, while also monitoring companies like Proya and Marubi for potential performance improvements [12][13]. - In the medical beauty segment, the report suggests investing in companies with strong R&D capabilities and product pipelines, recommending Aimeike as a key player [12][13].

Group 1: Cosmetics and Aesthetic Medicine Sector - The cosmetics retail sales growth in July and August 2025 was 4.5% and 5.1%, outperforming the overall retail market growth of 3.7% and 3.4%, indicating strong demand recovery [1][2] - The Q4 growth is expected to be boosted by the Double Eleven shopping festival and a relatively low base from the previous year, leading to further increases in cosmetics retail sales [1][2] - Domestic brands are leveraging online channels effectively, with notable performances from brands like Mao Geping and others on platforms like Taobao and Douyin [2] Group 2: Company Performance and Trends - Companies like Shuiyang and Beitaini are expected to turn profitable in Q3 2025, showing significant improvement compared to Q3 2024, which was affected by macroeconomic factors [3] - The performance of the aesthetic medicine sector is anticipated to be slightly weak due to macroeconomic influences, with both upstream and downstream segments facing challenges [4] - The mother and baby sector is gaining attention due to government subsidies, with companies like Kid King expected to see substantial profit growth [5] Group 3: Investment Recommendations - Recommended companies in the cosmetics sector include Mao Geping, Shangmei, and Shanghai Jahwa, which have strong growth in GMV [6] - Companies like Aimeike are highlighted for their strong profitability and product pipeline in the aesthetic medicine sector [6] - In the e-commerce and personal care brand space, companies like Ruoyuchen and Shuiyang are suggested for attention [7]