零售、轻工日化行业美护1H25业绩回顾:分化加剧 成长领跑 关注后续双11催化

中金公司
Sep 08, 2025

行业近况美护行业1H25 中报披露完毕,我们梳理如下:美妆板块Q2 格局上分化加剧,产品势能向上、运营效率领先的龙头逆势实现业绩高增;医美板块Q2 收入利润增速环比放缓,重组胶原蛋白材料增速领跑,龙头通过并购、出海寻求新增长点;个护板块Q2 收入利润增长环比放缓,部分新产品、新品牌处于放量阶段的国货自有品牌增速亮眼。展望后续,双十一大促临近以往给板块带来积极催化,我们建议聚焦结构性变化,重点关注...

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