Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The report highlights that the beauty and personal care industry has shown a relative return of -2.84% over the past month, -13.54% over the past three months, and -14.02% over the past year compared to the CSI 300 index [3] - The report notes that the newly approved recombinant type I collagen products by Juzhi Biotech are expected to enhance market competition, with various specifications available [6] - The report emphasizes the strong performance of brands like Han Shu and Proya during the "Double 11" shopping festival, indicating robust consumer demand [6] Summary by Sections Industry Performance - The beauty and personal care sector has experienced a relative return of -2.84% in the last month, -13.54% in the last three months, and -14.02% in the last year compared to the CSI 300 index [3] Product Developments - Juzhi Biotech's recombinant type I collagen has been approved, with product specifications ranging from 10mg to 24mg per bottle, primarily used for facial dermal filling to correct dynamic wrinkles [6] - The report mentions that the recombinant collagen market is seeing new entrants, with Juzhi Biotech and Jinbo Biotech being key players [6] Market Trends - Data from Q3 2025 shows that the GMV for the beauty category on Douyin grew by 19.69% year-on-year, with Han Shu leading with over 500 million in GMV [6] - The report indicates that Proya has consistently ranked first in the Tmall beauty category for three consecutive years, with expectations to maintain this position in 2025 [6] Investment Recommendations - The report suggests monitoring Juzhi Biotech's marketing strategies and sales performance for its new collagen products [6] - It recommends focusing on leading domestic skincare companies like Proya and Shanghai Jahwa, as well as other listed companies in the collagen sector [6]