金吾财讯 | 华泰证券发文研究称，出海已成韩妆重要增长路径，本土消费亦稳健增长。2011-2021年，亚太区为重要增长引擎，中国占韩国化妆品出口额2021年达峰值53.9%；2022年至今，欧美成新增长曲线，2025年出口美国占18.6%，APR公司乘韩妆出海之风已为韩国市值第一的美妆龙头。华泰证券认为K-Beauty以韩流带动的审美潮流、高效快反的ODM供应链、高转化的内容电商等为抓手,成功走向欧美。反观韩国本土，美妆集合店Olive young凭借独特的半服务模式门店体验与买手制选品逻辑，成为中小品牌孵化器，而传统CR2份额则不断下降。26年以来财富效应在韩国本土市场亦有所体现。华泰证券认为，国货同样具备供应链/营销/体验等优势，国潮文化或成东方美出海的重要催化剂。
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