美容护理行业周报：1月抖音美妆同比+6%，淘天头发清洁等细分品类表现亮眼

Investment Rating - The industry investment rating is maintained at "Increase" [2] Core Viewpoints - In January 2025, Douyin's beauty category GMV grew by 6.37% year-on-year, with skincare exceeding 10 billion yuan and growing by 5.88%. Local brands dominate, with Han Shu leading at over 550 million yuan [2] - Taobao's beauty GMV reached 16.394 billion yuan in January, with skincare and body care growing by 2.8%. Hair cleaning and care categories showed significant growth of 24.2% and 17.3% respectively [3] - The report suggests that the long-term penetration rate of medical beauty is expected to continue increasing, recommending attention to companies like Juzi Biology and Aimeike [4] Summary by Sections Douyin Performance - Douyin's skincare GMV exceeded 10 billion yuan, with local brands making up 60% of the top 20 brands. Notable growth was seen in brands like Ke Fu Mei (+72.67%) and Natural Hall (+63.20%) [2] - Douyin's color cosmetics GMV surpassed 6 billion yuan, with a year-on-year growth of 11.11%. Local brands accounted for 80% of the top 20, with Mao Ge Ping achieving over 100 million yuan [2] Taobao Performance - Taobao's overall beauty GMV reached 16.394 billion yuan, with skincare and body care categories showing a GMV of 9.117 billion yuan, growing by 2.8% [3] - The top 20 brands in skincare included 6 local brands, with Proya leading at 308 million yuan. Han Shu had the highest growth rate at 112.5% [3] Investment Recommendations - The report emphasizes the competitive landscape in the cosmetics channel, suggesting that leading domestic brands are likely to continue outperforming due to their advantages in brand, channel, product, and operations. Recommended brands include Mao Ge Ping, Proya, and Marubi [4]