告别了"经济上行期的美"，"口红效应"开始奏效了吗？ 今年上半年，美国关税冲击下，马来西亚、新加坡、泰国、印尼、越南这五个东盟主要国家，经济增速 都出现明显放缓。但这似乎还不影响东南亚人买买买。电商服务平台TMO Group预测，2025年东南亚 化妆品市场将以4%～5%的增长率稳步扩张。 "口红效应"在东南亚的威力不减，不过，这里的消费者也摸索出了更精明的购物模式——自带补充装的 护肤品，还有售价更低的小样套装，都成为了新宠。Lazada、TikTok、Shopee在东南亚"混战"，当地人 也学会了跨平台比价，甚至找准购物节、打折促销的时机再下单。 这对国货美妆来说，则意味着机会来了。他们掌握性价比这一绝对优势，电商和流量的玩法已经在国内 实战了无数回。当然，当美妆企业真正走出去，他们也会遇到人、货、钱这些具体又现实的挑战。 近期，21世纪经济报道记者专访了美尚集团首席财务官兼海外业务负责人赵剑，透过他的讲述，来试图 摸清美妆出海的水温和潮水走向。 在东南亚卖美妆，难在哪？ 再者则是不少国产美妆都在努力翻越的"品牌化"这座大山。在赵剑看来，当企业走过本土化落地的阶 段，下一道坎就是把品牌落地、抢占用户心智， ...

Core Insights - The "beautiful economy" in Hangzhou is thriving, with a complete industrial chain supporting the beauty and cosmetics sector, which has surpassed a scale of 30 billion yuan [1] - Hangzhou is leveraging its digital economy advantages to enhance the beauty industry through digital transformation and ecosystem improvement [1] Industry Overview - The beauty industry in Hangzhou has reached a scale of over 30 billion yuan, positioning it as a leader in the national cosmetics sector [1] - The Qiantang District, where the intelligent factory of Huaxizi is located, has gathered over 100 beauty enterprises, generating total revenue in the hundreds of millions [3] Technological Advancements - Huaxizi's intelligent factory features 7 production lines with an annual output of 50 million products, utilizing advanced international equipment and achieving a 100% connectivity rate for monitoring devices [2] - The factory has implemented IoT technology for digital management, allowing for traceability and optimization of production processes [2] Infrastructure Development - The MoShang PARK international beauty fashion industry base is set to invest over 4 billion yuan, aiming to become a national hub for beauty and fashion enterprises [4] - The Hangzhou government has initiated reforms to facilitate the registration of domestic cosmetics, enhancing the ecosystem for the beauty industry [4] Future Prospects - The integration of digital workshops and a robust industrial ecosystem is driving the beauty industry in Hangzhou, with data and algorithms playing crucial roles in production efficiency [5] - The "platform + beauty industry" model is emerging as a significant engine for propelling Chinese beauty products onto the global stage [5]

Core Insights - The report from Yien Data indicates that the Chinese beauty market is experiencing steady growth and has entered a stable development phase, with domestic beauty brands rapidly gaining market share, projected to reach 55.2% by 2024, an increase of 2.9% from previous figures, surpassing foreign brands [1][11][13]. Group 1: Domestic Beauty Market Analysis - The domestic beauty market's social media presence remains robust, with a volume of 39.313 million and an interaction count of 485 million from August 2024 to July 2025, reflecting a 20% increase [1][14][16]. - The primary consumer demographic consists of women born in the 1990s, with nearly 30% of consumers being male; over 90% of consumers have purchased domestic beauty products, with younger consumers showing a higher preference for domestic brands [1][20][22]. Group 2: Domestic Skincare Market Insights - In the domestic skincare market, 80% of consumers are female, with 62% aged between 18-34, primarily located in high-tier cities. The demand for facial masks and serums is notably increasing, with brands like Proya leading in social media heat [2][36]. - Key consumer demands focus on anti-aging, repair, and whitening, with specific needs such as anti-aging eye creams and acne-controlling cleansers each accounting for 33% of consumer interest [2][35]. Group 3: Domestic Makeup Market Insights - The domestic makeup market also sees a significant female consumer base at 74%, with 68% aged 18-34, concentrated in high-tier cities. There is a rising interest in base makeup products, with a shift towards more advanced categories like blush and contour [2][36]. - The industry is witnessing three major trends: multifunctional products gaining popularity, a focus on niche markets, and a consensus on combining makeup and skincare functionalities [2][36]. Group 4: Emerging Trends in Domestic Beauty - The domestic skincare market is experiencing four key trends: the expansion of the men's skincare market, increased focus on Chinese ingredients, refined consumer demands, and the rise of short drama marketing strategies [2][36][38]. - The men's skincare market is projected to exceed 10 billion yuan, with brands launching dedicated product lines to capture this growing segment [2][39].

Market Overview - The foundation makeup market is leading in growth within the cosmetics sector, with a market size of 52.6 billion yuan in 2023, projected to reach 61 billion yuan by 2025 [1][2] - Domestic brands such as Huaxizi and Perfect Diary are performing exceptionally well, targeting primarily young female consumers under 26.55 years old, with a significant proportion having oily skin [1][2] Consumer Trends - The demand for long-lasting makeup technology is a core selling point, with stable year-round demand for long-wear foundation products. Brands like Mary Dajia are leveraging innovative marketing strategies to boost sales [1][2] - The rise of functional foundations that integrate skincare and sun protection features is notable, with 51% of sun-protective foundations falling under the isolation/pre-makeup category [1][2] - There is a growing preference for simplified makeup routines, with products like tinted moisturizers gaining popularity among consumers seeking efficiency and natural finishes [1][2] Regulatory Environment - The National Medical Products Administration is enhancing ingredient safety and regulation of children's cosmetics, promoting standardized development within the industry [1][2] Product Category Dynamics - Traditional categories such as foundation and cushion still dominate, but pre-makeup, concealers, and setting sprays are experiencing rapid growth, with increases of 13%, 16%, and 5% respectively [2] - The price range for foundation products is concentrated between 0-300 yuan, with 61% of sales in the 0-100 yuan segment, indicating a strong preference for economical options [2][27] Brand Performance - International brands lead the foundation market, with top rankings for brands like CPB, YSL, and NARS, while domestic brands like Huaxizi are also gaining traction [32][31] - The market is characterized by a high demand for products that offer durability, adherence, and a natural finish, prompting brands to enhance their product performance to meet consumer expectations [29]

Core Viewpoint - Huaxizi launched its first "Smart Factory Open Day" to showcase its exploration and practice in new productivity in the beauty industry [1] Group 1: Smart Factory Overview - The smart factory began production in the second half of 2024, featuring 7 digital production lines with an annual capacity of 50 million units, covering skincare, foundation, and powder makeup categories [1] - The production philosophy of "Intelligent Manufacturing × Quality Manufacturing × Green Manufacturing" is introduced, focusing on new technology, quality control standards, and sustainable efficiency [1] Group 2: Intelligent Manufacturing - "Intelligent Manufacturing" relies on full-process digital management, AI technologies, and automated equipment to create "smart workshops" [2] - The production operation system acts as the factory's "smart brain," enabling digital management throughout the production lifecycle, including raw material management and digital traceability [2] - The factory aims for paperless production with efficient one-click ordering through a tablet [2] Group 3: Quality Manufacturing - "Quality Manufacturing" is ensured through the "Huaxizi Standard" and a digital quality control system, which incorporates stricter quality standards based on multiple international benchmarks [2] - Strict raw material selection and acceptance standards are implemented, along with a cleanroom environment [2] Group 4: Green Manufacturing - "Green Manufacturing" focuses on sustainable production through the use of green energy, intelligent energy management, and recyclable packaging [2] - The factory's rooftop solar power station generates approximately 2.8 million kWh annually, reducing CO2 emissions by about 2,500 tons each year [2] - The use of recyclable containers in logistics is expected to reduce cardboard usage by approximately 30 tons annually [2] Group 5: Integration of Production, Education, and Research - The establishment of the smart factory signifies Huaxizi's entry into a new model of integrated development of production, education, and research [3] - This integration shortens the technology transfer cycle, enhancing the innovation potential of Huaxizi's R&D team [3] - The flexible production lines allow for agile practices, enabling rapid response to user feedback in product development [3]

Core Viewpoint - The article highlights the transformation of Huaxizi from a "internet celebrity brand" to a "long-lasting brand" through the establishment of its intelligent factory, which represents a significant milestone in the future of Chinese manufacturing, particularly in the beauty industry, by integrating technology and culture [2][6]. Group 1: Intelligent Factory Overview - The Huaxizi intelligent factory, located in Hangzhou, began construction in 2021 and is set to be operational by the second half of 2024, with an annual production capacity of approximately 50 million items [8]. - The factory features seven digital production lines and is recognized for its high level of digitalization and intelligence, with a 100% equipment networking rate and over 75% production equipment networking rate, enabling full-process digital management [9][12]. Group 2: Quality Control and Standards - Huaxizi established its own stringent "Huaxizi Standard" in 2019, which is more rigorous than national standards, exemplified by the decision to destroy a batch of products that fell short by 0.0000007 [6][12]. - The factory employs a digital quality control system that enhances product quality stability and reliability, ensuring that the "Huaxizi Standard" is quantifiable and actionable [12][13]. Group 3: Efficiency and Productivity - The introduction of intelligent and digital technologies has tripled labor efficiency for core products and reduced overall order delivery cycles by 30%, allowing the factory to operate with only one-third of the workforce typically required [13][16]. - Automated systems, such as AGV robots and intelligent visual inspection devices, significantly improve material flow efficiency and product quality, with precision in filling processes comparable to medical-grade standards [16][18]. Group 4: Environmental and Human-Centric Design - The factory incorporates ESG principles, such as a spacious working environment with a ceiling height of 5.5 meters, which enhances worker comfort and productivity while also allowing for the establishment of a visitor-friendly facility [21][23]. - A rooftop solar power station generates approximately 2.8 million kWh of clean energy annually, reducing carbon emissions by about 2,500 tons [21][24]. Group 5: Cultural Integration and Innovation - Huaxizi's approach integrates traditional Chinese culture into its products, creating a unique "Oriental Beauty Narrative" that informs its research and development processes [27][28]. - The intelligent factory represents the final piece in Huaxizi's integration of production, research, and application, enhancing innovation efficiency through a fully connected data chain [31][33].

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [6][10][11][12][13][15][16][19]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to show strong growth potential, driven by factors such as brand expansion, technological advancements, and market demand recovery [10][11][12][13][15][16][19]. Summary by Sector Agriculture - Recommended Stock: Zhongchong Co., Ltd. (中宠股份) - Focus on pet food industry with strong brand growth and global capacity expansion. Expected net profits for 2024-2026 are 380 million, 430 million, and 540 million CNY, with corresponding PE ratios of 33, 29, and 23 [10]. Retail - Recommended Stock: Mao Ge Ping (毛戈平) - Multi-category expansion strategy with strong growth in membership and repeat purchases. Expected net profits for 2025-2027 are 1.17 billion, 1.50 billion, and 1.86 billion CNY, with PE ratios of 39.9, 31.0, and 25.0 [11]. Social Services - Recommended Stock: Keri International (科锐国际) - Benefiting from cyclical recovery and AI integration, with expected net profits of 287 million and 400 million CNY for 2025-2026, corresponding to PE ratios of 24 and 17 [11]. Automotive - Recommended Stock: BYD (比亚迪) - Strong competitive edge through technology and scale, with expected net profits of 57 billion, 69.3 billion, and 79.1 billion CNY for 2025-2027, with PE ratios of 20.4, 16.8, and 14.7 [12]. Textiles - Recommended Stock: Hailan Home (海澜之家) - Steady brand performance and expansion into high-value markets, with expected net profits of 2.04 billion, 2.58 billion, and 3.44 billion CNY for 2024-2026, with PE ratios of 19, 15, and 11 [13]. Light Industry - Recommended Stock: Yingqu Technology (盈趣科技) - Focus on multiple growth segments with expected net profits of 250 million, 500 million, and 660 million CNY for 2024-2026, with PE ratios of 49, 24, and 18 [14]. Food - Recommended Stock: Qingdao Beer (青岛啤酒) - Recovery in sales and cost improvements expected, with projected EPS of 3.78 and 4.10 CNY for 2025-2026, corresponding to PE ratios of 20 and 19 [15]. Home Appliances - Recommended Stock: Gree Electric (格力电器) - Strong brand and cost advantages in the air conditioning market, with expected net profits of 31.44 billion, 34.06 billion, and 36.96 billion CNY for 2024-2026, with PE ratios of 8.1, 7.4, and 6.9 [16]. Pharmaceuticals - Recommended Stock: Sanofi Pharmaceutical (三生制药) - Promising pipeline with innovative products, expected net profits of 640 million, 860 million, and 990 million CNY for 2024-2026, with PE ratios of 17.8, 13.2, and 11.4 [19].