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 ...

公开资料显示，菌落总数是指在一定条件下每克（每毫升）检样所生长出来的细菌菌落总数，表示着产品受细菌 污染的程度，是关系到产品质量和消费者健康、安全的重要指标。使用菌落总数超标的化妆品，如果皮肤上有微 小的伤口便可能引起感染或炎症。 新京报贝壳财经讯（记者李铮）2月5日，新京报贝壳财经记者从国家药品监督管理局官网获悉，在2025年国家化 妆品抽样检验工作中，经贵州省食品药品检验所等单位检验，共有50批次化妆品不符合规定，涉及俏因子、康之 本、维她丽等品牌，涵盖护发素、洗发乳、祛斑霜、防晒乳等品类。 进一步查看不符合规定的化妆品信息，记者注意到，菌落总数超标、成分比对项目不符合规定，成为"重灾区"。 其中，共有7批次化妆品的菌落总数超标，占比约14%。 | | | | 费州省遭 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 义市汇川 | | | | | | | | | | | | | | 广州市花都区花 | 区流可避 | | | ...

Core Viewpoint - The leading baby care brand, Daikosi, is under investigation for alleged false advertising related to its children's lip balm, which claimed to be "food grade," violating regulations on children's cosmetics [1][5]. Group 1: Regulatory Violations - The investigation centers on Daikosi's children's lip balm, which prominently advertised "food grade" and "safe if licked" on an e-commerce platform, misleading consumers [2][7]. - The National Medical Products Administration has clarified that cosmetics and food are governed by different regulations, and there is no such thing as "food grade" cosmetics [2][7]. - According to the Children's Cosmetics Supervision and Administration Regulations, labels on children's cosmetics must not include terms like "food grade" or "edible" [2][7]. Group 2: Compliance Issues - This is not the first compliance crisis for Daikosi; the company was fined 5,000 yuan for false advertising in December 2025 for claiming certain products were suitable for pregnant women without evidence [3][8]. - Since its establishment in 2017, Daikosi has faced at least five administrative penalties for various violations, including false claims about product efficacy and suitability [3][8]. - Despite being a leading brand with nearly 1.5 billion yuan in annual sales and significant backing from industry players, Daikosi has repeatedly failed in compliance management [3][8]. Group 3: Industry Implications - Daikosi issued an apology on January 22, stating that the misleading claims were due to a misunderstanding by promotional staff and have since been retracted [4][9]. - The product in question, which previously ranked high in sales, has had its "food grade" claims removed from e-commerce platforms, with over 300,000 units sold [4][9]. - This incident highlights ongoing compliance issues within the baby skincare industry, where some brands prioritize marketing over regulatory adherence, prompting a shift towards compliance-focused competition in the future [4][9].

Core Viewpoint - The article discusses the controversy surrounding the brand "Dexter," which has been accused of misleading advertising for its baby lip balm, claiming it is "food-grade" and safe for babies to lick, violating regulations on children's cosmetics [1][3]. Group 1: Brand and Product Overview - Dexter, endorsed by Liu Tao, has sold a total of 29 million units of its baby lip balm, ranking first in sales and positive reviews on Tmall [3]. - The brand is under the parent company Wuxi Dexter Biotechnology Co., Ltd., which offers a full range of maternal and infant daily chemical products [5]. Group 2: Regulatory Issues and Investigations - The brand's advertising has triggered regulatory scrutiny, leading to an official investigation by the Wuxi New District Market Supervision Administration [5]. - Dexter issued a statement claiming the controversy pertains only to advertising language and not product safety, attributing the issue to a misunderstanding by promotional staff [5][8]. Group 3: Consumer Reactions and Complaints - Following the controversy, multiple consumer complaints have emerged, with some customers feeling misled by the "food-grade" claims and seeking refunds [8]. - There are reports of adverse reactions from consumers using other Dexter products, leading to further distrust in the brand [8]. Group 4: Previous Violations and Penalties - This is not the first instance of advertising violations by Dexter; previous infractions included misleading claims about products suitable for pregnant women and children [10][11]. - The company was fined 5,000 yuan for violating the Advertising Law of the People's Republic of China [11]. Group 5: Company Background and Ownership - Dexter was founded in 2017 by Zhang Xiaojun, who holds a 21.35% stake in the company and has been recognized in various entrepreneurial rankings [11][13]. - The company has secured eight rounds of financing from notable investors, indicating a strong backing despite the current controversies [13].

Core Viewpoint - The children's care brand "Dai Kesi" is under investigation for allegedly misleading advertising regarding a children's lip balm claimed to be "food-grade," violating regulations on children's cosmetics [1][6]. Group 1: Company Response - On January 22, Dai Kesi issued a statement clarifying that the "food-grade" claim was a misunderstanding by promotional staff and was not approved by the company, and the content was only displayed on a single platform [1][6]. - The company emphasized that the controversy pertains only to advertising language and does not involve the safety or quality of the product itself [6][7]. - Dai Kesi has committed to improving the review process for advertising content to prevent similar incidents in the future [6][7]. Group 2: Regulatory Actions - On January 19, the Wuxi Market Supervision Administration decided to investigate Dai Kesi after confirming that the case met the criteria for filing [6]. - The company had previously faced regulatory penalties in December 2025 for false advertising related to other products, including claims about suitability for pregnant women and unsupported benefits [7]. - Dai Kesi was fined 5,000 yuan for these violations and was ordered to correct its advertising practices [7].

Core Viewpoint - The company is actively expanding its product lines in the health sector, including beverages, cosmetics, and health drinks, with a focus on brand and channel development for future growth [1] Group 1: Beverage Business - The beverage segment includes products such as electrolyte supplements, purified water, large bottled water, glucose rehydration solutions, and solid beverages [1] Group 2: Cosmetics Business - The cosmetics division features products developed through a collaboration between the subsidiary Hubei Huaren Tongji and Tongji Hospital, focusing on medical science skincare [1] - Key products include collagen sleep masks, small molecule collagen water, vitamin E moisturizing cream, aurora night essence, vitamin E lotion, and sunscreen [1] Group 3: Health Drinks - The health drink line includes the "Huaren Tongji Bird's Nest Collagen Tripeptide Drink," which has been launched and is supported by the "Huaren Tongji Joint Laboratory" [1] - Currently, the sales revenue from this product line is relatively small, but the company plans to enhance brand and channel development for both online and offline sales [1]

Core Viewpoint - The National Medical Products Administration (NMPA) of China reported that 37 batches of cosmetics, including shampoos, body washes, hair dyes, masks, sunscreens, and conditioners, do not meet regulatory standards [1] Regulatory Actions - The NMPA has mandated local drug supervision departments in Shanghai, Shandong, Guangdong, and other provinces to investigate the manufacturers and registrants of the non-compliant cosmetics [1] - Companies are required to implement risk control measures and conduct self-inspections and corrections [1] - Local authorities must order the cessation of sales of the non-compliant products and investigate the procurement records of the retailers [1] Legal Consequences - The NMPA emphasized that any illegal activities discovered during the investigations will be dealt with severely, and cases involving criminal offenses will be referred to law enforcement [1]

Group 1 - The core viewpoint of the report indicates that the "China Online Consumption Brand Index (CBI)" shows a continuous growth trend in brand consumption during the second quarter of 2025, driven by e-commerce promotions and the summer consumption peak [1][2] - The CBI index increased from 63.38 in Q1 2025 to 65.21 in Q2 2025, representing a year-on-year increase of 2.21% and a growth of 9.7% compared to the 2023 baseline, highlighting consumers' increasing preference for branded products during promotional periods [1][2] - The report emphasizes that consumers are not only increasing their total spending but are also more inclined to choose quality brand products over generic ones, making it crucial for global brands to seize e-commerce promotional opportunities in the Chinese market [1][2] Group 2 - The CBI series is developed in collaboration with Peking University and is the first brand value assessment system based on actual consumer purchasing behavior, updated quarterly [2] - In Q2 2025, online retail sales of physical goods grew by 6.0% year-on-year, outpacing the overall retail sales growth of 5.0%, indicating sustained online consumption activity [2] - E-commerce platforms have effectively stimulated brand consumption potential during major promotions like "618" by simplifying promotional rules, optimizing membership systems, and enhancing shopping experiences [2][3] Group 3 - The duration of e-commerce promotional periods has significantly increased, with some platforms extending their promotional periods from 17 days to 32 days, which, along with various incentives, has led to substantial growth in GMV (Gross Merchandise Value) [3] - Seasonal categories such as ice cream, beer, insecticides, and sunscreen saw significant year-on-year sales growth of 39.4%, 19.6%, 10.8%, and 9% respectively in Q2 2025 [3] - The fast-moving consumer goods (FMCG) sector in China experienced a 3.4% year-on-year growth across all channels in Q2 2025, with online channels growing by 16.2%, driven by double-digit growth in categories like beauty, beverages, and personal care [3] Group 4 - As competition in the Chinese FMCG market intensifies, the report identifies circle marketing strategies as a key path for brand growth, emphasizing the importance of understanding core circle needs and building trust [8] - Brands are encouraged to create an efficient marketing loop of "planting seeds—conversion—repurchase—viral growth" through multi-circle outreach, which enhances ROI and builds more loyal user assets [8]

Core Viewpoint - The article discusses the regulations regarding the carrying of summer cooling items on trains during the peak travel season, emphasizing safety and compliance with transport rules [1][3]. Group 1: Allowed Items - Passengers can carry small electric fans as long as they do not disturb others, as they are considered ordinary electrical appliances [3]. - Sealed ice packs for storing perishable food and medications are permitted, provided they are intact and leak-free [5]. - Non-pressurized sunscreen products like creams and lotions can be carried without restrictions [7]. Group 2: Restricted Items - Sunscreen sprays and similar aerosol products are limited to one bottle per person, with a maximum capacity of 150 milliliters, and the total for similar products cannot exceed 600 milliliters [7]. - Flammable items such as flower dew and perfumes are restricted to a maximum of 100 milliliters per bottle, with only one bottle allowed per person [7]. - Cosmetics containing flammable substances like alcohol and ether are prohibited, while disinfectant wipes with 75% alcohol content are allowed [9]. Group 3: Additional Information - Passengers uncertain about what items can be carried are encouraged to check the railway's official app or website, or contact customer service for clarification [9]. - Items not allowed on board can be shipped via express delivery services available at many train stations [9].

Core Viewpoint - The article discusses the importance of the FAB (Features, Advantages, Benefits) model in sales and marketing, emphasizing how it can effectively translate product features into consumer value and drive sales success [8][12][55]. Group 1: FAB Model Explanation - The FAB model consists of three components: Features (the product's attributes), Advantages (the unique benefits compared to competitors), and Benefits (the specific value to the user) [9][11][12]. - An advanced version of the model includes Evidence (E), which adds credibility to the claims made through data, certifications, and testimonials [13][14]. Group 2: Practical Application of FAB - The article provides practical tips for applying the FAB model, such as focusing on key features, ensuring clarity for consumers, and linking features to user pain points [20][29]. - It highlights the importance of comparing advantages with competitors to showcase superiority and using relatable scenarios to illustrate benefits [34][40]. Group 3: Evidence and Trust - Evidence is crucial for reducing decision-making costs and enhancing trust, with suggestions for using authoritative endorsements, factual proof, user testimonials, and guarantees [45][51]. - The article emphasizes that visual elements and relatable scenarios can be more effective than certifications in building consumer trust [53]. Group 4: Call to Action - The article concludes by stressing the need for clear calls to action to guide consumers towards making a purchase, reinforcing the importance of understanding consumer needs [55].