美容护理：代运营公司如何“老树焕新芽”？

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry [2]. Core Insights - Traditional agency operators like Liren Lizhuang and Yiwang Yichuang are experiencing significant declines, with Liren Lizhuang's revenue in 2023 being only 60% of its peak in 2020, and Yiwang Yichuang showing stagnation from 2020 to 2023 [8][19]. - The report identifies several factors contributing to the decline of traditional operators, including reliance on a single market segment, failure to adapt to new sales channels like Douyin, and the shift of brands from agency partnerships to in-house teams [8][19]. - Companies like Qingmu Technology and Ruoyuchen are showing high growth by adapting their business models and expanding into new markets [19][20]. Summary by Sections Traditional Agency Operators - Liren Lizhuang's revenue in 2023 was only 60% of its 2020 peak, with a continued decline in net profit growth in Q1-Q3 of 2024 compared to 2023 [8]. - Yiwang Yichuang's performance has been stagnant from 2020 to 2023, with a noticeable drop in profits [8]. - Key reasons for the decline include a narrow focus on specific product categories, rapid changes in sales channels, and the inability to maintain brand partnerships as brands shift to self-managed teams [8][19]. New Business Models - Water Sheep Co. has transitioned from a traditional TP model to a CP model, focusing on sustainable partnerships with brands and offering comprehensive operational services [11]. - Qingmu Technology has embraced high-growth sectors, maintaining a stable revenue share from agency operations while expanding into new categories and leveraging technology for growth [16][19]. - Both companies are actively acquiring or incubating their own brands, with Water Sheep's acquisition of the luxury brand Ifidan showing promising results [20][25]. Investment Recommendations - The report suggests that traditional agency operators should seek transformation by diversifying product categories, exploring new sales channels, and collaborating with new brands to sustain growth [27]. - The shift from agency to brand ownership is highlighted as a strategic move for companies like Ruoyuchen and Qingmu Technology, which have the operational resources and e-commerce expertise to support this transition [27].