中国美妆 2026 年展望：重启高质量增长；ROI 改善利好品牌龙头；上调美即（MGP）至买入（原中性）；上海家化-China Cosmetics_ 2026 Outlook_ Reset for higher-quality growth; improving ROI favors branded leaders; Buy MGP (upgrading from Neutral)_Giant_Jahwa

7 January 2026 | 8:18PM HKT Equity Research CHINA COSMETICS 2026 Outlook: Reset for higher-quality growth; improving ROI favors branded leaders; Buy MGP (upgrading from Neutral)/Giant/Jahwa China's Cosmetics sector underwent meaningful downward earnings revisions in 2025 after companies decreased their dependency on high-cost KOLs and re-focused on popular core SKUs; NPM therefore contracted due to deleveraging impacts despite ROI improving. Looking ahead to 2026, we see a better set-up for the China cosmet ...