蓝灰坑 2025 年 12 月 14 日 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 申万宏源研究微信服务号 11 月化妆品淘系略承压，胶原医美赛道再添两员 -化妆品医美行业周报 20251214 本期投资提示: 破壞 行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 本周化妆品医美板块表现弱于市场。2025 年 12 月 5 日至 2025 年 12 月 12 日期间, ● 申万美容护理指数下滑 1.6%，表现弱于市场。其中，申万化妆品指数下滑 1.2%，弱于 申万 A 指 1.4pct; 申万个护用品指数下滑 1.7%, 弱于申万 A 指数 1.9pct。 周观点：11 月化妆品淘系略承压,胶原医美赛道再添两员。据魔镜数据,11 月化妆品 ○ 淘系 GMV 整体偏弱，一方面受双 11 ...

来源：滚动播报 （来源：北京商报） 收购、投资，欧莱雅正在用一切可行的办法扩大版图，抢占市场份额。近日，欧莱雅官方发布消息称， 从由EQT牵头的财团手中收购高德美额外10%的股权。在更早的10月，欧莱雅刚刚斥资40亿欧元拿下开 云集团多个奢侈品品牌美妆授权；11月，欧莱雅再投国产护肤品牌LAN兰……这背后或许是欧莱雅正 在面临的增长放缓现实情况。 增资高德美 此次交易完成后，欧莱雅对高德美的持股比例将增至20%。早在2024年底，欧莱雅收购了高德美10%的 股权。欧莱雅官方披露的信息中，并没有透露此次增持的具体金额。不过欧莱雅方面透露，鉴于投资增 加，高德美董事会将考虑从2026年年度股东大会起，提名2名来自欧莱雅的非独立董事候选人，以取代 由EQT领导的财团。 高德美是一家专业的皮肤科学公司，专注于护肤品和医美赛道。2024年3月，高德美在瑞士证券交易所 正式敲钟上市。目前，高德美的业务领域包括注射美学、皮肤护理和皮肤治疗三个板块，旗下品牌组合 包括瑞蓝、吉适、Azzalure等注射美学品牌，丝塔芙和Alastin等日常护肤品牌，以及Soolantra、 Epiduo、达芙文等皮肤治疗品牌，公司业务遍及约9 ...

FLEER CA 本 20 HELENA RUBINSTEIN 增资高德美 收购、投资，欧莱雅正在用一切可行的办法扩大版图，抢占市场份额。近日，欧莱雅官方发布消息称，从由EQT牵头的财团手中收购高德美额外10%的股 权。在更早的10月，欧莱雅刚刚斥资40亿欧元拿下开云集团多个奢侈品品牌美妆授权；11月，欧莱雅再投国产护肤品牌LAN兰……这背后或许是欧莱雅正 在面临的增长放缓现实情况。 此次交易完成后，欧莱雅对高德美的持股比例将增至20%。早在2024年底，欧莱雅收购了高德美10%的股权。欧莱雅官方披露的信息中，并没有透露此次增 持的具体金额。不过欧莱雅方面透露，鉴于投资增加，高德美董事会将考虑从2026年年度股东大会起，提名2名来自欧莱雅的非独立董事候选人，以取代由 EQT领导的财团。 欧莱雅看中的不只是医美赛道。近年来，欧莱雅正在构建足够涵盖高奢、大众、护肤、美发等全场景的美妆体系。不论是对医美赛道的势在必得，还是对高 奢美妆的加持，以及对中国更具发展潜力的护肤品牌的投资，都在推动欧莱雅向更丰富的阵容、更完整的版图挺进。 今年10月，欧莱雅宣布与开云集团在高端美容与健康领域建立长期战略合作关系，涉及收购Cr ...

Core Viewpoint - The Chinese medical beauty market is rapidly expanding, with a market size of 217.9 billion yuan in 2021, projected to exceed 1 trillion yuan by 2030. The "perioperative skincare" segment is gaining traction, attracting over 20 beauty companies to enter the field [2]. Group 1: Market Expansion and Trends - The "perioperative skincare" segment is a professional blue ocean attracting major beauty brands, with international giants and emerging brands competing for growth [2]. - The concept of "holistic skincare" was first introduced by SkinCeuticals in China in 2012, establishing a scientific system and comprehensive product matrix in the perioperative skincare field [4]. Group 2: Academic Leadership and Events - SkinCeuticals has been invited to the IMCAS conference for 12 consecutive years, showcasing its academic strength and industry leadership through various dimensions [3]. - The IMCAS conference featured a satellite meeting led by Professor Xiang Lei Hong from Fudan University, discussing global trends in medical beauty and advancements in holistic skincare [6]. Group 3: Holistic Skincare Development - SkinCeuticals has established a mature "dual beauty" concept system under the holistic skincare philosophy, setting standardized guidelines for the industry [8]. - The brand emphasizes the synergy between effective skincare products and medical beauty projects, supported by clinical research and global case studies [9]. Group 4: Innovations and Product Launches - SkinCeuticals is expanding the holistic skincare concept into holistic aesthetics with the launch of the "SkinCeuticals Collagen Injection," the only human-derived collagen solution certified as a Class III medical device in China [15]. - The introduction of the A.G.E. serum, featuring 30% progerin solution and five patented anti-glycation technologies, highlights the brand's commitment to advanced anti-aging solutions [23]. Group 5: Industry Challenges and Solutions - The medical beauty industry faces challenges such as excessive marketing and misinformation, which can lead to safety risks for consumers [19]. - A roundtable forum was held to discuss the core needs of consumers and explore solutions to industry pain points, emphasizing a return to scientific principles in anti-aging practices [21].