美容护理行业月度点评：政策支持叠加消费预期改善，期待板块持续向好

Investment Rating - The industry investment rating is "In line with the market" and the rating has been maintained [2] Core Viewpoints - The cosmetics and medical beauty industry is showing a stable and positive development trend driven by policy support and consumer recovery. Domestic beauty brands are gaining an advantage in market competition due to high cost-performance and refined operations, indicating a promising growth space for the beauty sector [11][12] - The sales data for the cosmetics industry in February showed significant differentiation, with Taobao underperforming while Douyin experienced strong growth. The overall market is expected to accelerate recovery due to systemic demand expansion and positive annual report performance [11][12] Market Performance Review - From February 11 to March 10, 2025, the Shenwan Beauty Care Index rose by 2.54%, ranking 13th among 31 sub-industries, outperforming the Shanghai Composite, CSI 300, and ChiNext indices by 1.22 percentage points, 1.83 percentage points, and 1.81 percentage points respectively. The monthly growth rates for personal care products, cosmetics, and medical beauty were 5.01%, 6.9%, and 0.41% respectively [7][13] - As of March 10, 2025, the price-to-earnings ratio (TTM) for the Shenwan Beauty Care sector was 40.12 times, which is in the 40.19% historical percentile since 2016, indicating a premium of 0.94 times over the CSI 300 [23] Industry Information Tracking - In February 2025, the total GMV for skincare/personal care and makeup/perfume across Tmall, Douyin, and Kuaishou was 68.7 billion yuan, 206.16 billion yuan, and 18.5 billion yuan, with year-on-year changes of -46.9%, +43.5%, and -22.7% respectively. Skincare products performed relatively better compared to makeup and perfume [28][29] - The top ten brands in the skincare/personal care category on Tmall included L'Oreal, Proya, and SK-II, with foreign brands holding a 90% market share. In contrast, Douyin's top ten brands were dominated by domestic brands, which accounted for 70% of the market share [33][34]