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中金公司:颜值经济分化加剧 优选成长

China International Capital Corporation: The differentiation of the beauty economy intensifies, and selectively choose growth.

Breakings ·  Jan 22 07:57

China International Capital Corporation's Research Reports indicate that in 2024, the overall demand for the beauty industry is under pressure due to intensified brand competition and a slowdown in channel dividends, leading to rising operational costs and a decline in gross sales margins, further differentiating the landscape. Looking ahead to 2025, it is expected that the demand side will benefit from the recovery of end-consumer spending power, with various subsectors of beauty likely to rebound from a low base, among which beauty makeup and personal care show stronger resilience, while medical aesthetics demonstrate even better elasticity; on the supply side, the concentration of leading brands is expected to increase, with the logic of domestic products rising likely to continue unfolding. It is recommended that the focus for beauty investment in 2025 should be on capturing the structural opportunities brought about by the rise of domestic products and optimization of the landscape.

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