英文【高盛】中国化妆品2024-2025年第一季度总结需求企稳与竞争态势；年初至今的重估已反映在中期周期中；买入巨子生物、上海家化

报告摘要

8 May 2025 | 1:15AM HKT 2024/1Q25 wrap: Stabilizing demand and competition; YTD rerating priced in mid-cycle; Buy Giant, Jahwa

核心要点

8 May 2025 | 1:15AM HKT
2. Where we are in valuation re-rating?
3. Catalysts to watch into 2Q25

报告信息

文件全名: 《英文【高盛】中国化妆品2024-2025年第一季度总结需求企稳与竞争态势；年初至今的重估已反映在中期周期中；买入巨子生物、上海家化-27页.pdf》
适合读者: 战略规划行业研究员
核心数据: particular, 1Q25 onshore sales growth re-accelerated at 3.2% yoy above GSe of full
year onshore demand of 1.2% yoy, though this was offset by the lagging DFS
channel down 23%/11% yoy for Korea/Hainan respectively (vs. GSe full year offshore
beauty demand of 2.9% yoy growth). This explains the outperformance of the
beauty sector YTD despite less exciting results (31% price index up vs. MSCI China
核心议题: 生物

常见问题

《英文【高盛】中国化妆品2024-2025年第一季度总结需求企稳与竞争态势；年初至今的重估已反映在中期周期中；买入巨子生物、上海家化》主要包含哪些内容?

8 May 2025 | 1:15AM HKT 2024/1Q25 wrap: Stabilizing demand and competition; YTD rerating priced in mid-cycle; Buy Giant, Jahwa核心数据:particular, 1Q25 onshore sales growth re-accelerated at 3.2% yoy above GSe of full;year onshore demand of 1.2% yoy, though this was offset by the lagging DFS;channel down 23%/11% yoy for Korea/Hainan respectively (vs. GSe full year offshore。

这份报告覆盖哪一年、篇幅多大?

覆盖 2025 年,全文约 27。

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这份报告适合哪些读者?

适合战略规划、行业研究员等读者参考。

报告涉及哪些关键议题?

重点分析了生物等议题。