行业研究丨深度报告丨零售业 [Table_Title] 化妆品掘金增长系列：品类视角拆解竞争格局 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为对美妆竞争格局的判断，如细致拆解为品类和渠道，则可得出两方面结论：其一，对 于已建立领先优势的品牌，乳液面霜、面部精华为其品类基本盘，前者头部效应显著、后者更 易实现品类间连带；天猫为其渠道基本盘，在该渠道占据头部地位的品牌公司更易实现"强者 恒强"。其二，对于寻求增量、力求拓品类的品牌，抖音渠道尚处格局成长期，更易依托运营及 产品力实现排名突破。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 李锦 罗祎 曾维朵 [Table_Title2] 化妆品掘金增长系列：品类视角拆解竞争格局 [Table_Summary2] 总量：行业增速平稳，核心品类仍具国产化空间 护肤行业增速平稳 ...

Investment Rating - The report indicates a positive investment outlook for the facial skincare industry, particularly in the e-commerce segment, with a projected growth rate of 19.4% year-on-year [9]. Core Insights - The facial skincare category is leading the beauty and skincare market, with significant sales growth on e-commerce platforms, especially on Douyin, which is expected to surpass 1340.39 billion in sales by 2024 [9][10]. - Tmall's market share is declining, projected to drop to 30.5% by 2024, while Douyin is rapidly gaining market share [9][10]. - The report highlights various product categories within facial skincare, noting that while some categories are experiencing growth, others are facing declines [12][14][16]. E-commerce Market Trends - The overall e-commerce market for facial skincare is expected to grow by 19.4% year-on-year, with Douyin becoming the leading platform [9]. - Tmall's sales are projected to decline, while Douyin's sales are expected to grow significantly, reaching 1340.39 billion by 2024 [9][10]. - The report provides detailed sales figures for major platforms, indicating a shift in consumer preferences towards Douyin [10]. Product Category Performance - The report categorizes facial skincare products into several key segments, including serums, creams, masks, and cleansers, with varying growth rates across these categories [8][12][14][16]. - Specific product categories such as lotions and toners are showing positive growth, while others like facial scrubs and certain masks are declining [12][14][16]. - Douyin shows remarkable growth in categories like facial care sets and liquid serums, with growth rates of 48.6% and 54.0% respectively [16][17]. Brand Performance - The report lists top-performing brands in the facial skincare market, highlighting significant sales figures and growth rates for brands like Proya, L'Oreal, and Estee Lauder [19][20][21]. - Proya is noted for its strong growth, with a sales increase of 103.9%, while other brands like Sk-II and Olay are experiencing declines [19][20][21]. - The competitive landscape is shifting, with emerging brands gaining traction alongside established players [19][20][21].