证券研究报告 | 公司点评 | 化妆品 Q2 业绩增长提速，高端转型效果渐显 EDB：追求良性健康发展。1）品牌建设：通过刘嘉玲、梁朝伟夫妇合作代言、 高端时尚活动、持续品牌种草等活动推广精准触达高净值客户群体，品牌高奢形 象进一步强化；2）产品梯队建设：超级面膜二代、超级 CP 组合渗透持续提 升，精华防晒、rich 面霜等储备单品高速增长，持续孵化身体护理等产品线； 3）渠道建设：线上以自播为代表的自主销售、平销占比提升，线下加快高端渠 道体系化布局，门店模型基本跑通、目标 3 年开出 50 家带 SPA 的门店。 PA：在中国区成功推出 4 款全新产品，持续完善品牌产品体系。 RV：明星单品销售亮眼。品牌曝光度与人群资产持续提升，受到胡兵、李湘、 江疏影、张俪、章小蕙等明星名媛自发种草，1H25 大单品一夜回春油持续成为 天猫进口精华油热销榜第一名，奇肌眼精华多次荣登进口眼部精华热销榜第一 名。 ❑ 大众线自有品牌及 CP 业务经营企稳 御泥坊新品 "黑参胶原盒"在抖音渠道表现突出，全年有望实现盈亏平衡；CP 业务持续完善各细分品类品牌矩阵布局，聚焦资源、聚焦质量，通过品牌分层分 阶管理，提升经营管理质 ...

Group 1: Company Overview and Strategy - The company aims to build a "new high-end luxury beauty brand management group" through high-end and global strategies, focusing on brand globalization and optimizing business structure [2][3][8]. - In 2024, the company achieved a revenue of 4.237 billion CNY, with self-owned brands generating 1.651 billion CNY, maintaining a stable revenue share [3][8]. Group 2: Self-Owned Brands Performance - The self-owned brand segment achieved a revenue of 1.651 billion CNY, with a gross margin of 74.27% in 2024, indicating an improvement in product structure and profitability [3][9]. - The French luxury skincare brand EDB saw significant growth, with a focus on high-net-worth customers and successful marketing campaigns, leading to a strong brand presence [4][17]. - The brand PA, acquired in 2024, experienced over 300% growth, with expectations for continued expansion in both domestic and international markets [6][20]. Group 3: CP Brands Performance - The CP brand segment consists of five main categories, with a focus on quality and resource allocation, although the performance of the Kefu (formerly Johnson & Johnson) brand declined significantly [8][9]. - Other CP brands, such as ESI and Mistique, reported good growth, with ESI's GMV doubling year-on-year [8][9]. Group 4: Financial Performance - The company reported a net profit of 110 million CNY in 2024, a decrease of 62.63% year-on-year, attributed to increased market expenses and external economic pressures [9][12]. - The overall gross margin improved to 63.01%, up from 58.44% in 2023, driven by a higher proportion of high-margin products [9][12]. Group 5: Research and Development - The company applied for 28 patents and published 15 papers in 2024, emphasizing its commitment to R&D and innovation [10][11]. - R&D expenses accounted for 4.98% of self-owned brand revenue, aligning with international standards for leading beauty companies [9][11]. Group 6: Market Outlook and Challenges - The company anticipates a focus on high-end brands and a strategic reduction in lower-end brands to improve profitability [27][30]. - The external economic environment remains challenging, but the company is committed to maintaining a strong brand presence and sustainable growth [11][30].