CITIC Securities: The medical beauty industry is currently in a stage of rapid increase in upstream registration certificates.

CITIC Securities pointed out that based on industry data and annual performance, despite facing factors such as weak demand and a temporary rebound in market share of international brands, the makeup industry has seen positive changes in its operating quality by 2025: each brand's positioning has become clearer, major single products and series have further solidified their presence in the market, and there has been a breakthrough in expanding product categories. Technological upgrades, extending market scenarios, and shifting trends are expected to make 2026 a big year for new product launches for all brands, with clear growth drivers on the product side. The medical beauty industry is currently in a stage of rapid increase in registration certificates upstream, with intense competition, but there are ongoing structural opportunities: the new product dividend still exists, and upstream brands with strong comprehensive abilities in marketing customer acquisition, medical promotion, product portfolio, and channel operation are expected to succeed in the competition.