文 | 壹览商业 李彦 编辑 | 木鱼 618落下帷幕，各平台发布行业榜单，作为各平台重点品类，美妆销售额再创新高。 根据星图数据，618大促期间（5月13日至6月18日）全网美妆护肤销售额达到575亿元，同比增长超过六成，创下近年新 高。其中，美容护肤贡献432亿元，彩妆香水达143亿元，均大幅超越2024年同期。 在这场超500亿级的美妆鏖战中，天猫与抖音两大平台呈现出截然不同的生态路径：天猫榜单体现出品牌力沉淀与供应 链统筹能力，头部品牌座次稳固，国货与外资分化鲜明；而抖音则延续"短周期爆款逻辑"，榜单大幅洗牌，视觉叙事与 内容操盘决定了品牌能否翻红出圈。 天猫618美妆榜单：品牌力驱动 最突出的赢家无疑是珀莱雅。从5月16日晚8点开启的首日榜单，到5月26日结束的抢先购周期，再到6月20日收官的全周 期排名，珀莱雅连续三次夺冠。 兰蔻与巴黎欧莱雅则分别稳居榜单第二与第三位，尽管在细微波动中略有座次调整，但始终牢牢占据TOP3。 从更长时间维度看，天猫美妆榜单头部品牌的集中度进一步提高。Top10基本被珀莱雅、欧莱雅系（兰蔻、巴黎欧莱 雅、赫莲娜）、雅诗兰黛系（雅诗兰黛、海蓝之谜）占据，形成典型的"品牌 ...

证券研究报告|行业点评报告 证券研究报告|行业点评报告 [Table_Date] 2025 年 06 月 22 日 彩妆香水类目：新锐品牌突围，毛戈平等国货依然主导。此次 抖音彩妆类目第一是国货新品牌蒂洛薇，其通过聚焦底妆类产 品而实现快速破圈。此外，抖音彩妆类目品牌榜 TOP10 中，共 有 8 个国货品牌，毛戈平排名提升了 9 名升至第二外资品牌中 仅有圣罗兰和 MAC 上榜，分别为第三和第六。天猫彩妆香水类 [Table_Title] 平台与品牌格局变革，美妆 618 平稳收官 [Table_Title2] 化妆品 [Table_Summary] ►降佣让利政策+兴趣内容生态，平台格局持续变革 大促期间抖音美妆板块 GMV 占比正逐步接近淘系平台，交易规模 庞大。根据青眼情报，四大电商（淘系、京东、抖音、快手）平 台 618 全周期美妆 GMV 为 600-700 亿元，同比增长超 10%，其中 淘系平台以 41.3%的市场份额稳居线上美妆第一渠道，抖音贡献 35.7%的 GMV，京东占比 14.8%，快手占据 8.2%份额。 抖音美妆赛道增长态势迅猛，以扶持商家降佣让利和依托兴趣占 领消费者心智为引擎 ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 6 月 20 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 94 | | 产业别 | | | 化工 | | --- | --- | --- | --- | | A 股价(2025/6/19) | | | 80.98 | | 上证指数(2025/6/19) | | | 3362.11 | | 股价 12 个月高/低 | | | 119.38/72.68 | | 总发行股数(百万) | | | 396.25 | | A 股数(百万) | | | 395.41 | | A 市值(亿元) | | 320.20 | | | 主要股东 | | 侯军呈(34.51%) | | | 每股净值(元) | | | 13.32 | | 股价/账面净值 | | | 6.08 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | -14.4 | | -2.7 -23.7 | 股价相对大盘走势 珀莱雅(603605. ...

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].