Investment Rating - The industry investment rating is "stronger than the market" (预计6个月内，行业指数表现强于沪深300指数5%以上) [63] Core Insights - The beauty industry is currently in a rational development phase, with increasing consumer power and competitiveness of domestic brands, particularly those that can quickly respond to consumer needs [3][59] - The 2025 edition of "All Girls' Offer" features 88 brands and 166 SKUs, with a significant increase in participation from domestic brands, reflecting the rise of domestic products and the pursuit of greater exposure by emerging brands [3][10][59] - The negotiation mechanism for this season's offers is more consumer-friendly, with deeper discounts, new products upgraded without price increases, and combinations that better meet consumer needs [3][59] Summary by Sections Consumer Power and Market Dynamics - Consumer power has significantly increased, indicating a "buyer’s market" in the current beauty industry [3][59] - The 2025 offer introduced a competitive mechanism where consumer votes account for 60% of the total, intensifying brand competition [10][59] Brand Participation and Offer Characteristics - This season's offers include a higher proportion of domestic and mass-market brands, with 32 domestic brands and 20 international brands participating [3][10][59] - The offers are characterized by deeper discounts, new products with no price increases, and simpler, cleaner bundles for returning customers [3][25][59] International and Domestic Brand Competition - International brands are continuously upgrading their products, while domestic brands are enhancing their research capabilities and actively participating in offer negotiations [3][42][45] - Emerging domestic brands are seeking greater exposure and sales growth by participating in the offers [53][59] Investment Recommendations - The report suggests focusing on brands such as 毛戈平, 珀莱雅, 上美股份, 爱美客, 贝泰妮, 润本股份, 巨子生物, and 丸美股份, which are well-positioned in the current market [3][59]