Lates News

Citic Securities stated that in the first half of 2025, the overall performance of listed cosmetics companies was significantly better than the industry average, with market share further concentrating towards leading companies. At the same time, domestic brands' market share is increasing. From a financial perspective, after excluding channel and structural factors, the gross profit margin of most brands has increased, but online marketing and promotion costs are high, leading to differentiated profitability situations. The general direction for cosmetics companies to operate with multiple brands, multiple categories, and a group structure will not change, with organizational, product, channel, and marketing capabilities supporting continuous growth from 1 to n. In terms of brands and categories, currently most companies are expanding from skincare products to other categories such as makeup, perfume, hair care, maternity, and insect repellents through expanding their main product line, mergers and acquisitions, or incubating sub-brands. In terms of internationalization, Chinese cosmetics companies are still in the early stages of expanding internationally.