相关研究 证 券 研 究 报 告 行 业 及 产 业 美容护理 2026 年 01 月 25 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 化妆品 12 月社零高增，Q4 需求端景气度明显提升 看好 ——化妆品医美行业周报 20260125 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 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 本阶段化妆品医美板块表现强于市场。2026 年 1 月 16 日至 2026 年 1 月 23 日期间， 申万美容护理指数上涨 2.0%，表现强于市场。其中，申万化妆品指数上涨 2.6%，强于 申万 A 指 0.8pct；申万个护用品指数上涨 4.2%，强于申万 A 指数 2.4pct。 ⚫ 周观点：化妆品 1 ...

Core Viewpoint - Lin Qingxuan is positioned as a leading high-end domestic skincare brand in China, focusing on camellia oil-based products and the concept of "oil-based skincare" [1][4]. Company Overview - Founded in 2003, Lin Qingxuan has a concentrated and stable shareholding structure, with founder Sun Laichun holding approximately 71.34% of the shares [1]. - The management team, led by Sun Laichun, has over 20 years of industry experience, contributing to strategic and brand development [1]. Financial Performance - Revenue is projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a CAGR of 32.7% [1]. - Net profit is expected to turn from a loss of 6 million yuan to a profit of 187 million yuan, with a year-on-year increase of 120% in 2024 [1]. - In the first half of 2025, revenue reached 1.052 billion yuan, a year-on-year increase of 98.3%, and net profit was 182 million yuan, up 109.9%, with a net profit margin of 17.3% [1]. Industry Trends - The skincare market in China has reached a scale of 400 billion yuan, with significant growth potential compared to Europe and the U.S. [2]. - The facial essence oil segment is experiencing rapid growth, with a CAGR of 42.8% from 2019 to 2024, significantly outpacing the overall industry growth [2]. - The high-end skincare market is expected to expand to 218.5 billion yuan by 2029, driven by the mainstream adoption of the "oil-based skincare" concept [2]. Product Development - Lin Qingxuan's core product, the camellia oil essence, has undergone five iterations and has sold over 45 million bottles, maintaining the top position in the national facial essence oil sales for 11 consecutive years [3]. - The product matrix is expanding with stable growth in sales of creams and essence waters, contributing to a second growth line [3]. - The company has established a professional R&D team and developed key ingredients through innovative processes, enhancing product efficacy [3]. Market Positioning - Lin Qingxuan is the only domestic brand among the top 15 high-end skincare brands in China for 2024, holding a market share of 1.4% in a market dominated by international brands [3]. - The company has built a comprehensive business model that includes a core product matrix, deep channel layout, and collaborative operations across the entire supply chain, enhancing brand recognition and customer loyalty [4].

Core Insights - Yunnan Baiyao has officially launched the "Nanzhao Huaying" series of red lipsticks under its Caizhi Ji brand, indicating its expansion into the beauty market [2] - The company has previously introduced various beauty products since 2011, but its skincare business has not significantly contributed to revenue as per the 2025 mid-year performance report [3] Company Overview - Yunnan Baiyao is primarily focused on four core business segments: pharmaceuticals, health products, traditional Chinese medicine resources, and Yunnan provincial pharmaceutical companies [3] - The Caizhi Ji brand has previously launched products such as masks, essence water, and medical auxiliary materials, but its impact on overall revenue remains limited [3] Market Challenges - The beauty market is highly competitive, with numerous brands and established players that rely on scientific research and technological strength [3] - Despite Yunnan Baiyao's brand recognition and expertise in pharmaceuticals, converting these advantages into sales in the beauty sector remains uncertain [3] - The company faces significant challenges in capturing market share and expanding its beauty business due to the distinct differences in product development, channel strategies, and marketing logic between pharmaceuticals and beauty products [3]