证券研究报告 行业研究 / 行业深度 2025 年 12 月 30 日 美容护理 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《卡牌产业深度报告：全球娱乐文化轻量级增 长引擎》2025-09-23 《泡泡玛特首次覆盖报告：全球化战略成效显 著，盈利能力实现结构性跃升》2025-08-28 范林泉 S0820525020001 021-32229888-25516 fanlinquan@ajzq.com 目录 | 1. | 美妆：品类繁杂、场景多元的广阔赛道 | 5 | | --- | --- | --- | | | 1.1 护肤与彩妆引领美妆赛道，覆盖全场景美妆需求 | 5 | | | 1.2 聚焦高价值赛道，面部用美妆产品势头较猛 6 | | | | 1.3 线上渠道主导，线下高端化支撑品牌溢价 8 | | | | 1.4 电商类目对照：核心渠道的品类布局与流量逻辑差异 | 10 | | | 1.5 注册与备案构成双轨制下的品类边界 12 | | | 2. | 美妆市场广阔，国货全面崛起，重塑竞争格局 14 | | | | 2.1 国货品 ...

央广网北京12月24日消息（记者李海锋 钟华夏）据中央广播电视总台中国之声《新闻和报纸摘 要》报道，海南自由贸易港全岛封关正式启动以来，三亚免税消费市场持续火爆。最新统计数据显示， 12月18日至22日，连续5天单日销售额突破一亿元大关。 在三亚国际免税城，宠物用品、便携乐器、陶瓷、丝绸、茶叶等新增免税品陈列整齐，吸引不少顾 客驻足咨询、挑选。 长沙游客罗方琳：性价比挺高的。买了口红、粉底液、护肤品，还想去逛一下香水。 12月18日海南自贸港封关首日，三亚国际免税城进店客流超3.6万人次，同比增长超60%，销售额 同比增长85%，充分彰显海南自贸港制度创新的强劲动能。 三亚市商务局局长郑聪辉表示：（三亚发放）1000万的消费券，发完即止。免税店正在开展全年的 年终大促活动，一直持续到春节，这个也是给市民游客的休闲购物消费提供了很好的机会。 三亚国际免税城工作人员郭俊利：我们同步全岛六店特别企划了特别主题活动，例如1.218亿元代 金券放送、进店礼遇等等，还有满额换购超值好物。 12月18日至22日，三亚全市免税店单日销售额都突破一亿元大关，累计销售额5.35亿元，同比增长 50.3%。海口海关推出"集中+自动 ...

Core Insights - The beauty industry is shifting focus from broad traffic strategies to niche, high-certainty consumption scenarios, particularly weddings, which represent significant emotional and financial investment for consumers [1][2][3] Group 1: Market Dynamics - The beauty industry has experienced a decline in broad traffic opportunities, necessitating brands to explore smaller, targeted "pools" of consumer engagement [2] - Weddings are emerging as a high-value niche market, characterized by high budgets and emotional significance, making them a strategic battleground for beauty brands [3][4] Group 2: Consumer Behavior - Consumers are willing to pay premium prices for beauty products that ensure long-lasting performance on their wedding day, reflecting a zero-tolerance approach to mistakes [4] - The wedding context creates heightened consumer demand for beauty products, as every moment is meticulously documented and shared on social media [7][10] Group 3: Marketing Strategies - Brands are increasingly developing comprehensive "beauty + happiness solutions" that cover the entire wedding experience, moving beyond just bridal makeup to include pre-wedding skincare and post-wedding products [11][14] - Collaborations between beauty brands and other wedding-related industries (e.g., bridal wear, photography) are becoming common, creating an ecosystem that enhances the overall wedding experience [14][17] Group 4: Emotional Connection - Weddings are moments of peak emotional intensity, leading to a strong consumer attachment to brands that enhance their experience, fostering long-term loyalty [10][20] - The concept of "node marketing" is gaining traction, where brands target significant life events, such as weddings, to create lasting emotional connections with consumers [22][24]

Core Viewpoint - The 2025 Double 11 shopping season reflects a significant shift in consumer behavior towards data-driven and rational consumption, moving away from impulse buying and subjective preferences to a focus on product ingredients and quantifiable benefits [2][4][6]. Consumer Behavior Trends - Nearly 90% of consumers participated in Double 11, with over half making decisive purchases and more than one-third adding desired items to their carts, indicating strong shopping enthusiasm [2]. - In the apparel and beauty sectors, over 75% of consumers plan to purchase autumn and winter clothing, while 47.2% are focused on skincare products, emphasizing a responsible approach to self-care [2][14]. - The rise of "parameter-driven" consumers is evident, as traditional impulsive and subjective buying behaviors decline [2][4]. Ingredient and Parameter Focus - In the beauty sector, nearly 70% of consumers prioritize ingredients like hyaluronic acid and collagen when making purchasing decisions, indicating a strong awareness of product efficacy [3][9]. - In apparel, 74.3% of consumers now check data such as down fill weight and fabric composition, showcasing a shift towards informed decision-making based on product specifications [3][10]. - Platforms are responding by standardizing parameters and enhancing trust through professional selections, with 79.7% of consumers viewing platforms like JD as reliable sources for product specifications [3][19]. E-commerce Platform Dynamics - The shift towards rational consumption has created a positive feedback loop among platforms, brands, and consumers, where brands optimize parameters to meet consumer expectations, and platforms enhance trust through professional curation [4][22]. - Consumers express a need for transparent parameter information, with 36.8% concerned about parameter fraud and 32.8% finding it difficult to obtain accurate information [22][24]. - Leading e-commerce platforms are addressing these challenges by providing clear, certified parameters, which helps consumers make informed choices and reduces the risk of misleading information [23][28]. Seasonal Shopping Insights - During the 2025 Double 11, 65.2% of consumers plan to purchase skincare products, while 61.2% intend to buy winter clothing, reflecting a trend towards "image investment" and self-care [14][18]. - The focus on quality over quantity is evident, with 60.5% prioritizing high-quality materials in winter clothing purchases [18]. - The demand for specific parameters in winter apparel, such as down fill weight and fabric breathability, is high, with 79.7% of consumers considering these factors crucial in their purchasing decisions [12][19].

Core Insights - The 2025 JD Beauty Awards, in collaboration with the fashion magazine "Jia Ren," celebrated the beauty industry with a focus on consumer-centric evaluation, establishing itself as a benchmark for brand reputation in the beauty sector [1] - The Chinese high-end beauty brand Mao Geping won the "Annual Best Foundation Award," highlighting its strong foundation in the makeup industry and its commitment to excellence in product development [1][2] Group 1: Brand Recognition and Awards - Mao Geping's recognition with the "Annual Best Foundation Award" is a significant validation of its long-term dedication to the foundation makeup sector [2][4] - The awards ceremony featured various celebrities and beauty influencers, emphasizing the event's prestige and the brand's visibility in the beauty community [1] Group 2: Product Development Philosophy - Mao Geping adheres to a dual principle of "skin care + makeup effect," exemplified by its classic caviar cushion foundation, which balances delicate coverage with a satin finish [2] - The brand focuses on understanding the unique needs of different skin types and tones, ensuring that its foundation products cater to a diverse range of consumers [2] Group 3: Commitment to Aesthetics and Education - Over its 25-year history, Mao Geping has been dedicated to promoting Eastern aesthetics and the internationalization of Chinese beauty culture [4][6] - The brand aims to provide professional aesthetic experiences through beauty education and lectures, reinforcing its mission to spread beauty concepts suitable for Eastern consumers [4][6]

Core Insights - The article highlights the prevalence of fake sales and interactions in the live-streaming e-commerce industry, where merchants and influencers create a false sense of urgency and demand for products through manipulated data [1][3][4] - The phenomenon of "brushing" has evolved alongside e-commerce, with sophisticated methods to fabricate sales figures and online engagement, indicating a well-established gray industry chain [1][3] Group 1: Industry Practices - Many merchants and influencers are engaging in deceptive practices such as fabricating sales and online interaction metrics to create a false impression of product popularity [1][3] - The live-streaming e-commerce sector is characterized by a "data anxiety," where the reliance on traffic and sales data drives merchants to resort to fake sales to gain platform support [3][4] Group 2: Systemic Issues - The issue of fake sales is not merely a result of individual merchant greed but is rooted in systemic and structural factors within the industry [3][4] - Platforms benefit from inflated data, as they compete against each other for better metrics, which discourages them from taking strong action against brushing practices [4] Group 3: Regulatory Environment - The Chinese market regulatory authority has identified and is addressing "involutionary" competition, which includes practices like organizing fake sales to mislead consumers [3]

Core Viewpoint - The article highlights the issue of fake sales and misleading marketing practices in the live-streaming e-commerce sector, where some merchants and influencers create a false sense of urgency and demand for products, ultimately harming consumer rights [1] Group 1: Market Practices - Some merchants and influencers are fabricating sales figures and engagement metrics to create a false "hot sale" atmosphere [1] - The practice of falsely claiming products are sold out while maintaining sufficient inventory is becoming common [1] Group 2: Regulatory Response - The State Administration for Market Regulation is set to release the "Live E-commerce Supervision Management Measures" to address illegal activities in the sector [1] - The new regulations will establish a comprehensive responsibility system and create a closed-loop for regulatory enforcement [1]

Core Viewpoint - The report from Huafu Securities indicates that major platforms have extended their Double Eleven promotional periods, but the "promotional shopping" effect is weakening, with brands tightening discount levels and focusing more on regular sales [1] Group 1: Market Trends - Major platforms have staggered the start dates of their promotional events, leading to a diminished "shopping festival" effect [1] - Brands are reducing the discount intensity during promotions, indicating a shift towards regular sales strategies [1] Group 2: Regulatory Changes - The implementation of new regulations regarding cosmetic registration and filing is expected to enhance market concentration among leading companies [1] - The new regulations, effective from August 2025, will cover 34 technical standards, including requirements for ingredients like "colloidal silver" and "peptide raw materials," impacting a range of products from toothpaste to functional skincare [1] Group 3: Marketing and Sales Strategies - The importance of live streaming (店播) is increasing, with cosmetic brands focusing on comprehensive marketing and regular sales [1] - According to data from Qingyan, the brand Han Shu ranked first in comprehensive operations, while Proya and L'Oreal remained in the top ten, although brands emerging from the Douyin ecosystem showed more volatility [1] Group 4: Competitive Landscape - Affordable cosmetics face intense competition due to lower pricing, leading to higher marketing expense ratios, which may limit investment in research and development [1] - Despite these challenges, there is a trend towards increasing R&D investment to strengthen competitive capabilities, with product innovation and channel optimization expected to enhance profitability [1]

Core Viewpoint - The cosmetics industry, particularly Japanese cosmetics brands, is experiencing significant growth on platforms like Taobao, but faces challenges such as price chaos, intellectual property infringement, and channel disruption, necessitating effective price control strategies for sustainable operations [1][2]. Group 1: Common Issues Faced by Japanese Cosmetics Brands on Taobao - Price Chaos: Some distributors sell products below the official price, undermining the pricing structure and harming legitimate distributors [2][3]. - Intellectual Property Infringement: Unauthorized sellers often use official marketing materials, leading to consumer confusion and brand reputation damage [2][3]. - Channel Disruption: Unauthorized sales across regions and channels complicate inventory management and brand integrity [2][3]. Group 2: Practical Price Control Techniques - Utilize Taobao's Intellectual Property Complaints: Brands can file complaints against unauthorized sellers to remove infringing links quickly [4][5]. - Report Suspected Counterfeit Products: Complaints can be made against sellers using self-taken images to evade infringement claims while selling counterfeit goods [4][5]. - Source Management and Evidence Refutation: Brands should manage sources and prepare to counter seller appeals by providing evidence of infringement [4][5]. Group 3: Complaint Procedures and Evidence Requirements - Required Materials: Brands need to prepare trademark registration certificates, copyright registration, and evidence of infringement for effective complaints [5]. - Complaint Outcomes: Successful complaints can lead to penalties for the offending stores, including credit score deductions and link removals [5]. - Source Tracking: Brands can trace unauthorized sales back to regional distributors to enforce compliance with distribution agreements [5].

Core Insights - The export value of beauty cosmetics and personal care products reached 25.8 billion yuan in the first half of 2025, marking a year-on-year growth of 12% [1] - The Chinese cosmetics industry has become the world's largest consumer market, with a market size exceeding 1 trillion yuan for two consecutive years since 2023 [3] - Domestic brands have gained a market share of over 55%, showcasing significant market vitality and development potential [3] Industry Growth - The market transaction total for cosmetics in 2024 was 1,073.82 billion yuan, reflecting a year-on-year increase of 2.8% [3] - Retail sales of cosmetics above designated size reached 229.1 billion yuan in the first half of 2025, with a year-on-year growth of 2.9% [3] - The rapid rise of domestic beauty brands is supported by government policies aimed at promoting cultural and tourism consumption [3] International Expansion - Chinese beauty brands are accelerating their international expansion, with companies like Orange Group entering over 30 countries since 2021 [5] - The brand Mao Geping is also seeking to enter overseas markets, planning to establish department store counters and online stores in regions like Europe and Asia-Pacific [5][9] - The overall production, brand operation, and marketing capabilities of Chinese beauty brands have improved, leading to a surge in international presence [6] Company Performance - Up to August 5, 2025, Up Beauty Co. expects revenue between 4.09 billion and 4.11 billion yuan, a year-on-year increase of approximately 16.8% to 17.3% [8] - Mao Geping anticipates revenue of 2.57 billion to 2.60 billion yuan for the first half of 2025, reflecting a year-on-year growth of 30.4% to 31.9% [9] - Proya achieved a revenue of 2.36 billion yuan in Q1 2025, an increase of 8.13% compared to the previous year [10]