新春看消费之美容护理：但闻新人笑，亦闻旧人哭

Investment Rating - The report indicates a mixed investment rating for the beauty and personal care industry, highlighting a significant divergence among leading companies [2][3]. Core Insights - The beauty and personal care market in China has seen a steady increase in retail sales, reaching 414.2 billion yuan in 2023, nearly tripling since 2011 [2]. - However, there was a rare negative growth in retail sales for cosmetics in the first eleven months of 2024, declining by 1.3% year-on-year [3]. - The top ten companies in the A-share beauty and personal care sector reported a total revenue of 101.16 billion yuan in the first three quarters of 2024, a year-on-year increase of 3.68% [5]. - The industry is experiencing increased concentration, with consumer demand shifting towards leading brands, leading to the gradual elimination of smaller, lower-quality companies [6]. Summary by Company 1. Aimeike - Aimeike remains the market leader with a market value of 55.2 billion yuan, but its growth has slowed significantly, with a revenue of 2.376 billion yuan in the first three quarters of 2024, a year-on-year increase of 9.5% [10][16]. - The gross margin is high at 94.8%, but the net profit margin is also substantial at 66.7% [14]. - The company's market value has decreased by over 10% compared to the beginning of the year [21]. 2. Proya - Proya has a market value of 33.56 billion yuan and has seen its stock price increase nearly eightfold since its IPO in 2017 [25][26]. - In the first three quarters of 2024, Proya achieved a revenue of 6.97 billion yuan, with a profit growth rate exceeding 30% [27]. - The company has successfully maintained its market position through a multi-brand and multi-category strategy [31]. 3. Huaxi Biological - Huaxi Biological has a market value of 24.585 billion yuan, with a focus on hyaluronic acid products [33]. - The company has experienced a decline in revenue and profit for two consecutive years, with a significant drop in functional skincare product revenue [37][38]. - Its ranking has fallen to 1993, indicating a significant downturn in performance [38]. 4. Wanjian Medical - Wanjian Medical has a market value of 24.504 billion yuan and has seen a shift from medical supplies to consumer health products [40][42]. - Despite a decline in medical supply revenue, the health consumer products segment has shown growth, contributing over half of total revenue [44]. - The company's market value has increased by nearly 10% over the past year [46]. 5. Jinbo Biological - Jinbo Biological, with a market value of 18.322 billion yuan, reported a revenue of 990 million yuan in the first three quarters of 2024, with a year-on-year growth of 91.2% [51]. - The company has a high gross margin of 92.4% and a net profit margin of 52.6% [54]. - Jinbo is positioned as a potential disruptor in the medical beauty sector [56]. 6. Betaini - Betaini has a market value of 18.083 billion yuan, primarily driven by its brand "Winona" in the sensitive skin care segment [60]. - The company reported a revenue increase of 17.1% to 4.02 billion yuan in the first three quarters of 2024, but profits have been declining [63]. - The competitive landscape in skincare is intensifying, necessitating increased investment in R&D and marketing [66]. 7. Fulejia - Fulejia has a market value of 15.1 billion yuan, known for its medical masks and high gross margins [72]. - The company reported a revenue increase of 9.5% to 1.47 billion yuan in the first three quarters of 2024, but net profit declined by 4.2% [74]. 8. Marubi Biological - Marubi Biological has a market value of 12.936 billion yuan but lacks a standout product, leading to stagnant profits [78]. - The company has struggled to maintain profitability, with profits remaining around 200 million yuan since 2021 [78]. 9. Shanghai Jahwa - Shanghai Jahwa has a market value of 11.367 billion yuan and has seen a significant decline in revenue and profits [85]. - The company reported a revenue drop to 4.48 billion yuan in the first three quarters of 2024, with net profit down nearly 60% [85]. 10. Baiya Shares - Baiya Shares has a market value of 10.3 billion yuan and has shown impressive growth, with a revenue of 2.32 billion yuan in the first three quarters of 2024 [91]. - The company has achieved a compound annual growth rate of 16.8% from 2020 to 2023 [90].