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 ...

行 业 及 产 业 美容护理 2025 年 12 月 14 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 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 11 月化妆品淘系略承压，胶原医美赛道再添两员 看好 ——化妆品医美行业周报 20251214 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 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 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [4][5]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance, with the Shenwan Beauty Care Index declining by 2.0% from November 28 to December 5, 2025, underperforming the market [4][5]. - Douyin's performance in November met expectations, with domestic brands preparing actively for the upcoming Double 12 sales event, indicating a strong competitive landscape for domestic products [4][10]. - The report highlights the leading market share of Minoxidil products, particularly from Mandi International, which has established itself as a top brand in the hair growth sector [11][12]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index fell by 2.2%, while the Shenwan Personal Care Index also dropped by 2.0%, both underperforming against the Shenwan A Index [4][5]. - The top-performing stocks in the sector included Juzhibio (+5.9%) and Hongmian Co. (+3.5%), while the worst performers were Kelao Co. (-7.6%) and Baiya Co. (-4.8%) [6]. Key Market Developments - Mandi International has dominated the Minoxidil market, achieving a revenue growth from 982 million yuan in 2022 to approximately 1.455 billion yuan in 2024, with a CAGR of 21.7% [12][13]. - The company has maintained a leading position in the market for ten consecutive years, with a market share of about 57% in the hair loss treatment sector and 71% in the Minoxidil product market as of 2024 [12][14]. E-commerce Insights - In November 2025, Douyin's domestic brand GMV showed significant growth, with brands like Han Shu and New Page experiencing double-digit increases [15][18]. - The overall retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, indicating a robust recovery in consumer spending [18][20]. Company Announcements - Lin Qingxuan updated its IPO prospectus for the Hong Kong market, reporting a revenue of 1.052 billion yuan in the first half of 2025, a year-on-year increase of 98.3% [22][19]. - The company plans to expand its research and development team and explore international markets in Southeast Asia [22][19]. Market Trends - The Chinese consumer healthcare market is projected to grow from 9.313 billion yuan in 2018 to 16.420 billion yuan in 2024, with a CAGR of 9.9% [13]. - The report emphasizes the increasing market share of domestic brands in the skincare sector, with a notable rise in the competitive landscape against international brands [24].