行 业 及 产 业 美容护理 2026 年 03 月 01 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 38 大促进行时，国货经典大单品合作超头主播 看好 ——化妆品医美行业周报 20260301 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 - ⚫ 本阶段化妆品医美板块表现弱于市场。2026 年 2 月 6 日至 2026 年 2 月 27 日期间， 申万美容护理指数下滑 0.9%，表现弱于市场。其中，申万化妆品指数下滑 0.9%，弱于 申万 A 指 4.9pct；申万个护用品指数上涨 2 ...

Core Viewpoint - Winona, a leading brand in sensitive skin care, has appointed world champion table tennis player Wang Chuqin as its brand ambassador for the Asia-Pacific region, highlighting a synergy between the athlete's competitive spirit and the brand's professional expertise in skin care [1][3][14] Group 1: Brand and Athlete Collaboration - The partnership between Winona and Wang Chuqin reflects a mutual commitment to excellence, with both parties demonstrating a relentless pursuit of improvement and mastery in their respective fields [3][7] - Wang Chuqin's recent victory at the 35th Asian Cup, where he defended his men's singles title, serves as a powerful endorsement for the collaboration, reinforcing the credibility of both the athlete and the brand [1][3] Group 2: Product Focus and Innovation - The collaboration emphasizes Winona's core product, the second-generation special care mask, which incorporates innovative "membrane repair" technology, enhancing the product's effectiveness [4][6] - Winona's special care series has undergone over 56 clinical studies involving 5,590 participants, showcasing the brand's commitment to scientific validation and consumer safety [7][10] Group 3: Market Position and Research - Winona has been recognized as the number one brand in sensitive skin care sales in China for five consecutive years (2020-2024), reflecting strong consumer trust and brand loyalty [8][10] - The brand employs a pharmaceutical approach to skin care, collaborating with 63 top-tier hospitals for clinical validation, and has conducted over 300 global dermatological studies [10][11] Group 4: Emotional and Psychological Connection - Winona aims to address not only the physical needs of sensitive skin users but also their emotional well-being, resonating with the spirit of resilience exemplified by Wang Chuqin [13][14] - The partnership enriches the brand's narrative by linking skin health with mental empowerment, reinforcing the importance of professional care for sensitive skin [13][14]

Core Viewpoint - Winona, a leading brand in sensitive skin care in China, has appointed world table tennis champion Wang Chuqin as its brand ambassador for the Asia-Pacific region, highlighting the synergy between the athlete's professional spirit and the brand's expertise in sensitive skin care [1][15]. Group 1: Brand and Athlete Collaboration - The partnership between Winona and Wang Chuqin reflects a mutual commitment to excellence, with both parties demonstrating a relentless pursuit of improvement and professional integrity [3][8]. - Wang Chuqin's recent victory at the 35th Asian Cup, where he defended his men's singles title, serves as a powerful endorsement of the collaboration [1][3]. Group 2: Product Focus - The collaboration emphasizes Winona's core product line, particularly the second-generation special care mask, which integrates innovative technology for skin repair [4][6]. - The mask features a unique "membrane repair" technology, incorporating soothing fibers into the fabric, which enhances its effectiveness [6][9]. Group 3: Research and Development - Winona has established a rigorous scientific standard for product development, conducting over 56 clinical studies involving 5,590 participants across 61 hospitals, demonstrating its commitment to safety and efficacy [6][12]. - The brand has been recognized as the top seller in the sensitive skin care market in China for five consecutive years (2020-2024), reflecting strong consumer trust and a solid professional barrier [9][11]. Group 4: Brand Philosophy - Winona's approach to skin care is rooted in pharmaceutical principles, collaborating with top-tier hospitals for clinical validation, which has led to the development of effective products for over 69 million users with sensitive skin [11][12]. - The brand aims to address not only skin health but also the emotional well-being of sensitive skin users, resonating with their experiences of skin anxiety and self-confidence [14][15].

Core Insights - The announcement of Zhou Keyu as the skincare ambassador for Winona, a core brand of Betaini Group, reflects a strategic partnership aimed at enhancing professional value and brand image in the sensitive skin care market [1][3] Group 1: Brand and Market Positioning - Winona has been recognized as the top-selling brand in China's sensitive skin care market for five consecutive years (2020-2024), showcasing its strong market presence and professional credibility [4] - The collaboration between Winona and Zhou Keyu is rooted in a shared commitment to professional values, beauty, and health, indicating a long-term strategic vision for Betaini Group [3][4] Group 2: Strategic Development and Ecosystem - Betaini Group is transitioning from a single-brand operation to a multi-brand ecosystem, emphasizing sustainable growth and collaborative synergies among its brands [7][9] - Winona is evolving from a focus on sensitivity repair to a broader range of solutions addressing various sensitive skin needs, which supports the group's ecological expansion and enhances its market offerings [6][9] Group 3: Research and Innovation - Betaini Group's commitment to research and innovation is evident in its high R&D expenditure and the successful registration of new plant-based ingredients, which strengthens its competitive edge in the market [10][13] - The company has established a comprehensive research framework that integrates clinical insights and technological advancements, ensuring the continuous development of unique products [10] Group 4: Sustainability and Social Responsibility - Betaini Group integrates sustainability into its core operations, with initiatives such as ecological restoration in raw material sourcing and a product lifecycle responsibility program [13][15] - The company's long-standing commitment to social responsibility is exemplified by the "We Smile Sunshine Program," which provides skin health services in underserved areas, reinforcing its brand value and market trust [13][15] Group 5: Future Outlook - The strategic focus on building a tightly integrated ecosystem that fosters both internal collaboration and external partnerships is crucial for the long-term viability of Betaini Group [15] - The company's approach to leveraging its professional brand advantages and research capabilities positions it well for sustained growth in the evolving beauty industry [15]

Core Insights - Winona, a leading brand in sensitive skin care in China, announced Zhou Keyu as its brand ambassador, marking a strategic partnership that aligns with both parties' commitment to professional values, beauty, and health [1][4][10] Group 1: Partnership Announcement - Zhou Keyu has been associated with Winona since 2021, showcasing the brand in previous appearances, which laid the foundation for this collaboration [4] - The partnership is positioned as a significant business move following Zhou's recent success in the drama "Sniper Butterfly," highlighting his professional dedication and popularity [4][10] Group 2: Winona's Product Expertise - Winona specializes in sensitive skin care, focusing on safety and efficacy, and has established a strong reputation with its flagship product, the Winona Special Care Cream, designed specifically for sensitive skin [4][9] - The Special Care Cream is backed by scientific research, adhering to the NUTE principles: Need, Unique, Technology, and Evidence, which solidify its professional standing in the market [7][9] Group 3: Research and Development - Winona has conducted extensive research on the pathophysiology of sensitive skin, identifying skin barrier damage as a core issue, and has developed targeted ingredients to address this [9][11] - The brand has completed over 56 clinical studies involving 5,590 participants, demonstrating the effectiveness and safety of its products, with SGS testing showing significant improvements in skin sensitivity after 28 days of use [9][11] Group 4: Market Position and Growth - Since its establishment in 2010, Winona has focused on scientific innovation, collaborating with top hospitals for clinical validation, and has treated over 69 million users with sensitive skin [11][14] - Winona has maintained its position as the number one brand in sensitive skin care sales in China for five consecutive years (2020-2024), reflecting strong consumer recognition and a solid professional barrier [11][14] Group 5: Future Directions - The sensitive skin care market is evolving towards scientific, standardized, and international practices, with Winona leading the way in empowering effective skin care solutions [14] - The brand's ongoing commitment to high standards and scientific validation aims to provide consumers with safer and more effective skin care options, reinforcing its foundational mission [14]

Core Insights - Filorga, a well-known French skincare brand, announced its withdrawal from the Chinese market, closing its Tmall flagship store on January 31, 2026, along with its 3.03 million followers and popular products like the "Ten Full Nourishing Mask" [1] - The exit of Filorga is part of a broader trend, with over 60 foreign beauty brands leaving the Chinese market between 2024 and 2025, indicating a significant retreat of foreign skincare brands [1] - Domestic beauty brands have gained market share, surpassing foreign brands for the first time in 2023, with Proya becoming the first domestic brand to exceed 10 billion yuan in revenue [1] Group 1: Filorga's Market Performance - Filorga entered the Chinese market in 2015 and quickly gained popularity, achieving a sales record of over 1 billion yuan during the 2018 Double Eleven shopping festival, with a year-on-year growth of 148% [2] - However, growth slowed significantly after 2020, attributed to ineffective pricing strategies and a lack of competitive advantage against domestic brands [2][3] - The brand's high-priced star product, the mask priced at 599 yuan, failed to maintain its premium image due to frequent discounts, while domestic competitors offered more affordable alternatives [2] Group 2: Challenges in Channel Operations - Filorga's online sales performance was poor, with only 2.5 million to 5 million yuan in sales on Douyin in 2025, indicating a lack of effective online marketing strategies [3] - The closure of physical stores resulted in a loss of high-end brand image and direct consumer engagement opportunities [3] - In contrast, other brands under the L'Oréal group, such as La Roche-Posay and Kiehl's, maintained strong market positions through effective product offerings and operational strategies [3] Group 3: Broader Industry Trends - The withdrawal of Filorga aligns with Colgate's global strategy to streamline operations, as the company's personal care segment saw a 2.05% decline in net sales in the first half of 2025 [4] - Similar strategic adjustments are occurring across the foreign beauty sector, with brands like Shiseido and LVMH also closing stores or withdrawing from the market due to declining performance [5] - Domestic brands like Proya and Winona have shown significant growth, with Proya achieving over 10.778 billion yuan in revenue in 2024, marking a year-on-year increase of over 20% [5] Group 4: Future Outlook - Analysts suggest that the challenges faced by foreign brands are not solely due to their foreign status but rather their inability to adapt to the Chinese market and consumer preferences [6] - L'Oréal's success is attributed to its localized operations, contrasting with Filorga's failure to establish a coherent market strategy in China [6] - The Chinese high-end beauty market is expected to continue facing challenges, but opportunities remain for brands that can effectively engage with local consumers [6]

Core Insights - The article discusses the rising demand for sensitive skin care products in China, driven by a significant portion of the population experiencing skin sensitivity issues, with estimates suggesting that 30% of individuals are affected [3][4][6]. - The sensitive skin care market in China is projected to reach a scale of 66.44 billion yuan by June 2025, indicating a robust growth trajectory [4]. - Domestic brands, particularly those focusing on sensitive skin, have gained substantial market share, with brands like Winona and Huaxi Biological showing remarkable growth in sales and market presence [6][11][17]. Market Dynamics - The sensitive skin care market is characterized by a high incidence of skin sensitivity, with a daily occurrence rate of 64.1% among consumers [3]. - The demand for sensitive skin care products has led to the emergence of a billion-dollar market, with brands capitalizing on the need for effective solutions [4][6]. - The competitive landscape is shifting, with domestic brands outperforming international counterparts in terms of market share, reaching nearly 49.1% by 2022 [17]. Consumer Behavior - Consumers are increasingly willing to invest in skin care products to address their skin issues, often resorting to multiple purchases and trying various products to find effective solutions [6][25]. - The article highlights the psychological impact of skin conditions on consumers, leading to a cycle of purchasing and dissatisfaction as they seek effective remedies [9][28]. - The trend of "medical beauty" is on the rise, with a growing number of individuals seeking cosmetic procedures to enhance their appearance, further fueling the demand for sensitive skin care products [8][9]. Brand Strategies - Domestic brands have shifted their strategies from affordability to premium pricing, with significant price increases observed in their product lines [20][21]. - The article notes that brands are increasingly focusing on innovation and technology to differentiate themselves in a crowded market, with a notable increase in patent applications related to sensitive skin care [32]. - Marketing strategies have evolved, with brands now emphasizing product efficacy and scientific backing rather than solely relying on influencer endorsements [32][33].

Core Insights - The company achieved significant growth during the 2025 "Double Eleven" shopping festival, showcasing a multi-dimensional breakthrough and impressive performance [1][2] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 25.22 million yuan, a substantial year-on-year increase of 136.55%, indicating a strong recovery in profitability [4] - The sales gross margin improved to 74.33%, and operating cash flow reached 442 million yuan, with a year-on-year increase exceeding 67 times [4] Brand Performance - The core brand Winona performed exceptionally well during "Double Eleven," ranking in the top 5 of the full beauty industry on Vipshop, top 2 in domestic goods on JD.com, and top 1 in skincare on Douyin [5] - Winona Baby maintained a position in the top 10 of the Tmall baby care rankings, while Aikeman achieved significant growth, ranking second in the Tmall domestic new brand sales list [5] - The new investment brand Yujian topped multiple lists in the shower oil category during Tmall's pre-sale period, marking a key step in the company's offline channel expansion with its first experience store opening in Shanghai [5] R&D and Innovation - The company increased R&D investment, with expenses reaching 171 million yuan in the first three quarters, leveraging Yunnan's unique plant resources to complete 17 new raw material registrations [6] - Winona has developed a complete product matrix covering sensitive skin needs, including five core products, and is advancing towards a "medical evidence-driven 2.0" era in the industry [6] Strategic Development - The company successfully transitioned from a single-brand focus to a multi-brand collaborative development strategy, achieving clear differentiation and strong growth momentum across its brands [6] - The brand ecosystem is evolving to cover various consumer groups and price ranges, from mass market to high-end, and from functional skincare to daily makeup [6] Global Expansion - The company's globalization strategy is accelerating, with Winona entering the Thai market in May 2024 and expanding into Australia, Singapore, and Malaysia [8][10] - The company has shifted from "product output" to "brand output," showcasing its research capabilities and innovative concepts at international events, gaining recognition from global authorities [10]

Group 1 - The core viewpoint indicates that Winona's performance on Tmall during the Double 11 event has improved year-on-year, ranking 8th in the beauty category, while Q3 revenue has declined due to high base effects from increased advertising on Douyin last year [1] - Winona's key products include special care cream, 311 essence, and sunscreen, which contributed to its improved ranking [1] - The company has formed a strategic partnership with Koi Medical to advance the home beauty device brand, aiming to create a comprehensive home skin beauty system in the Chinese market [1] Group 2 - In Q3 2025, the company reported revenue of 1.092 billion, a decrease of 9.95%, but achieved a net profit of 25 million, turning from loss to profit [2] - The gross profit margin for Q3 2025 was 70.68%, down by 5.7 percentage points, primarily due to product structure adjustments [2] - The company has optimized its expense ratios, with a sales expense ratio of 50.65% (down 9.8 percentage points) and a management expense ratio of 12.34% (down 1.2 percentage points), contributing to improved profitability [2]

Core Insights - The 20th China Dermatology Association (CDA) conference was held in Chongqing, showcasing the advancements in sensitive skin care, with Winona being a prominent participant for the 17th consecutive time [1] - Winona has established itself as a leader in the sensitive skin care market, adhering to the NUTE principle to guide the scientific development of effective skin care products [2][4] Group 1: NUTE Principle and Market Position - The NUTE principle focuses on clinical needs, unique mechanisms, technological empowerment, and credible evidence, addressing the challenges in the rapidly growing effective skin care market [2][4] - Winona has been the top seller in the sensitive skin care market in China for five consecutive years (2020-2024), indicating its strong market presence and authority [6] Group 2: Product Development and Clinical Research - Winona's second-generation special cream targets the core issue of sensitive skin, which is skin barrier damage, utilizing unique active ingredients like Portulaca oleracea extract and Silybum marianum oil [3] - Over the past decade, Winona has conducted more than 56 clinical studies involving 5,590 participants across 61 hospitals, validating the efficacy and safety of its products [3][4] Group 3: PLUS Solutions and Comprehensive Product Matrix - Winona has introduced the sensitive skin PLUS solution, which includes five core products addressing various needs such as repair, post-medical care, sun protection, whitening, and anti-aging [6][7] - The lightening serum has shown significant clinical efficacy in reducing melasma, supported by level I evidence published in the Journal of Cosmetic Dermatology [7] Group 4: Innovations in Treatment for Specific Conditions - Winona has developed the first domestic external antioxidant gel for vitiligo, which combines phototherapy with specific antioxidants to mitigate oxidative damage [8] - The company has been actively involved in establishing clinical guidelines and standards, enhancing the scientific understanding of sensitive skin care within the industry [9] Group 5: Academic Contributions and Industry Standards - Winona's "Red Book 3.0" compiles over 300 authoritative documents, reflecting the evolution of its research system and the growth of the effective skin care academic framework in China [9] - The company continues to push for a scientifically rigorous approach to effective skin care, contributing to the establishment of a comprehensive skin health ecosystem [9]