Table_RightTitle|Table_Title Table_IndustryRank()Table_ReportType Table_ReportDate 2023 12 09 T abl e _S umm ary 2023 2023 1-2+3.50%10+7.60%3 2023 11 2.08%11 Z+1-11 12.22%Table_Chart 300 Table_ReportList 10 10+7.6%10+10.4%Table_Authors:S0270522030002 15521202580-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%商贸零售 沪深300 Table_Pagehead 2 23$st art$.1.1 2023.4 1.2.6 1.3.6 1.4.8 1.4.1.8 1.4.2.9.2.1.11 2.2.12 2.3.16 2.4 Z.17.3.1“+”.18 3.2“”.19 3.3.20.1/.4 2.4 3.4 4.5 5.5 6.5 7 2023“”.6 8.6 9.7 10.7 11(%).8 12(%).8 13 2023Q1-Q3.9 14 2023 2024 EPS/PE.9 15 2023Q1-Q3.10 16 2023 2024 EPS/PE 11 17.12 18.12 19 2020.12 20 16-24%.12 21+GMV.12 22+GMV.12 23+GMV.13 XVFUwPsPmPoPoQoNmRoRmNbRcM6MtRnNpNnOfQrQoMiNrQrN9PrRzQwMrRsPuOmQvN Table_Pagehead 3 23 24+GMV.13 25 2023 1-10.13 26 2015-2022.14 27.15 28.16 29 TOP20%.17 30.18 31 vs.19 32.19 33.19 34 IP.20 35 2017-2022.20 36 2017-2022.20 37%.21 Table_Pagehead 4 23 1 1.1 2023 2023 2023Q1-Q3+5.9%+4.7%+7.3%2023 1-10+6.90%1-2+3.50%10+7.60%1-10/+12.0%/+6.2%1/2 3 iFinD iFinD-10-505101520(%)(%)(%)-20%-10%0%10%20%30%40%50%:-40%-20%0%20%40%60%80%100%:Table_Pagehead 5 23 11 2.1%2023 11 11,386 2.08%1 2 3 2023 11 9235-1.1%2151+18.6%4 2019 2020 5 6 2022 11 2023 11 YoY GMV 11,154 11,386 2.1%9340 9235-1.1%1814 2151 18.6%218 236 8.3%135 124-8.1%2023 11 2022 11 YoY 1526 1566-2.55%1386 1429-3.01%1370 1389-1.37%786 822-4.38%/671 646 3.87%560 542 3.32%558 519 7.51%445 440 1.14%387 401-3.49%357 333 7.21%0%10%20%30%40%50%02,0004,0006,0008,00010,00012,000 GMV YoY Table_Pagehead 6 23 1.2 2023 2023 3 4-13 2023 2023 7 2023 2023 1 2 1 2 3 4 1 2 3 4 1 2 3 1.3 4.4%85.2%27.3%57.9%8 Table_Pagehead 7 23 2023 55.7%78.2%6715/9 10 Table_Pagehead 8 23 1.4 1.4.1 2023 1 1 11 28 31+26.11%+21.79%+13.33%+12.90%+9.53%26.66%300 17.54 pct 30 23.76%300 14.64 pct 8.15%300 0.97 pct+23.61%/11.19%/9.50%/3.57%+49.76%/37.00%/24.23%/13.75%11(%)iFinD 1 2023 1 1 11 28 2 12(%)iFinD 1 2023 1 1 11 28 2 3*/-40-30-20-100102030 300 Table_Pagehead 9 23 1.4.2 2023Q1-Q3 39.8%/33.1%+186.1%-42.8%/-26.9%-90.4%/-408.2%13 2023Q1-Q3 2023Q1-Q3 yoy(%)23Q3 yoy(%)2023Q1-Q3 yoy(%)23Q3 yoy(%)002345.SZ 45.0 33.1 14.9 23.7 3.1 33.3 1.0 23.4 002867.SZ 124.9 39.8 44.2 15.2 11.0 17.7 3.6 2.9 301177.SZ 17.4-42.8 5.0-47.8 0.7-90.4 0.2-89.3 600612.SH 620.7 15.9 217.2 9.7 19.6 44.9 6.9 48.5 600655.SH 395.5 15.6 121.0 3.5 22.3 186.1 0.2-83.2 300945.SZ 12.2 12.6 3.9 2.4 0.7 37.2 0.2 23.4 600916.SH 413.1 15.8 117.5 13.4 7.4 20.7 2.0 16.5 603900.SH 5.7-26.9 1.4-39.9-0.2-408.2-0.3-1,925.3 002731.SZ 32.9 1.8 7.8-37.8 0.9 167.8 0.3 1,749.1 iFinD 2023 11 28 2023-2024 EPS PE 2024 EPS PE PE 38/33,PE 7-20 14 2023 2024 EPS/PE EPS PE 2023E 2024E 2023E 2024E 2023/11/28 002345.SZ 0.45 0.55 14 12 6 002867.SZ 1.27 1.51 12 10 15 301177.SZ 0.34 0.82 63 33 32 600612.SH 4.43 5.13 14 12 63 600655.SH 0.82 0.92 8 7 6 300945.SZ 0.34 0.40 44 38 15 600916.SH 0.61 0.73 17 14 10 603900.SH-7 002731.SZ-11 iFinD 2023 11 28 EPS PE EPS 2023Q1-Q3+42.07%+110.99%Q3+36.28%5.84+73.06%1.86 2023Q1-Q3-Table_Pagehead 10 23 32.73%2023Q1-Q3-1.38%-0.51 Q3+3.53%257.28 108.74%2023Q1-Q3/-4.51%/-45.84%1 2 1795.51 2023Q1-Q3+1.50%+99.02%2023Q1-Q3 2023Q1-Q3/+32.47%/+50.60%1 2/+34.34%/+44.84%1)2 PL 3/+18.51%/+11.96%-2.29%/-4.91%/-1.46%-24.07%/+25.83%/+22.17%15 2023Q1-Q3 2023Q1-Q3 yoy(%)23Q3 yoy(%)2023Q1-Q3 yoy(%)23Q3 yoy(%)300856.SZ 17.74 42.07 5.84 36.28 5.36 110.99 1.86 73.06 300132.SZ 14.41-32.73 5.17-28.79-0.64 90.30-0.02 99.56 300955.SZ 7.29-4.51 2.84-6.35 0.26-45.84 0.13-42.53 300792.SZ 8.94-11.95 2.85-25.71 1.14-22.64 0.27-36.37 605136.SH 19.30-8.00 4.91-9.18-0.52-34.22-0.280 37.53 301001.SZ 4.50-8.41 1.34-25.86-0.08 60.91 0.00 104.10 003010.SZ 8.29 1.50 2.37-15.71 0.34 99.02 0.11 42.49 300957.SZ 34.31 18.51 10.64 25.77 5.79 11.96 1.29 5.66 603605.SH 52.49 32.47 16.22 21.36 7.46 50.60 2.46 24.24 688363.SH 42.21-2.29 11.46-17.26 5.14-24.07 0.90-56.03 600315.SH 50.91-4.91 14.62-10.82 3.94 25.83 0.93-40.12 603983.SH 15.36 34.34 4.77 46.10 1.74 44.84 0.43 1366.81 300740.SZ 33.77 1.04 10.88-4.68 1.80 51.36 0.38 4.03 603630.SH 6.16-1.46 2.44 7.03 0.76 22.17-0.03 30.11 600223.SH 33.95-60.20 9.22-75.05 2.38-0.97 234.38 301371.SZ 13.39 1.86 4.71-5.47 5.36-17.33 1.97-37.26 iFinD 2023 11 28 2023-2024 EPS PE 2024 PE PE 44/33/29/29 PE 12/16 Table_Pagehead 11 23 16 2023 2024 EPS/PE EPS PE 2023E 2024E 2023E 2024E 2023/11/28 300856.SZ 4.16 5.29 15 12 64 300955.SZ 0.71 1.21 33 19 23 300132.SZ-0.07 0.21-83 26 6 605136.SH 0.48 0.59 22 18 11 003010.SZ 0.39 0.47 53 44 21 300792.SZ 0.97 1.15 25 21 24 301001.SZ-27 688363.SH 1.83 2.25 41 33 75 300957.SZ 3.08 3.88 24 19 73 600315.SH 0.91 1.10 26 21 24 603605.SH 2.83 3.57 37 29 103 603630.SH-16 603983.SH 0.71 0.90 37 29 26 300740.SZ 0.77 1.02 21 16 16 600223.SH 0.37 0.46 28 22 10 301371.SZ 2.08 2.27 20 19 42 iFinD 2023 11 28 EPS PE EPS 2 2.1 2022 5318-6.4%2023 7/8/9/10-4.10%/+9.70%/+1.60%/+1.10%8 2023 11+2.08%-4.38%2020 18-29 55.6%16-24 2023 6 21.30%Table_Pagehead 12 23 17 18 Euromonitor iFinD 19 2020 20 16-24%iFinD 2.2 2023 1-10/+GMV-12.4%/-18.6%/-35.3%/+74.1%21+GMV 22+GMV-10%-5%0%5%10%15%20%02,0004,0006,0008,000-40%-20%0%20%40%60%0200400600800:13.10%9.60%18.70%22.00%33.60%0%10%20%30%40%40 35-39 30-34 25-29 18-24 0510152025:16-24:25-59-60%-40%-20%0%20%0200400600-60%-40%-20%0%20%40%020406080 Table_Pagehead 13 23 2023 1-10 珀莱雅、媞+17%/+103%/+25%+37%/+9%+108%/+27%/+21%+4%/+68%+2%-16%/+17%25 2023 1-10 312065 17%63171 37%66025 103%155 9%2981-41%44571-47%媞 10539 25%13144-31%562-25%1576-65%15-55%46830-18%46151-5%50562-17%17802-41%23733-48%12273-56%BM 27956-4%37242 4%30142-18%26214 68%21010 27%1316-3%6554-12%14563-47%6792 21%5322-32%1487-47%11481 2%2647 108%MEN 0-100%53298 53%HPH 45-86%45934-34%26-87%170541-16%8760 17%23+GMV 24+GMV-120%-80%-40%0%40%80%010203040 0%50%100%150%200%020406080100120 Table_Pagehead 14 23 1 1.5%-3.2%2015-2022 3%2022 5.08%3.06%2022 12.81%8.77%5C 26 2015-2022 2015 2016 2017 2018 2019 2020 2021 2022 3.14%3.29%3.37%3.39%3.30%3.45%3.19%2.98%1.48%2.15%2.41%2.66%2.80%2.93%2.47%2.50%1.39%1.50%1.55%1.60%1.57%1.85%1.98%2.19%1.65%1.70%1.51%1.32%1.36%1.60%1.50%1.73%-3.62%3.71%2.78%2.41%2.81%5.08%1.94%2.05%2.09%2.15%2.49%2.87%2.83%3.06%2.23%2.34%2.48%2.09%2.27%2.05%2.13%2.25%2.13%2.92%2.29%2.17%2.39%1.92%1.65%2.00%Wind iFinD 2 2017-2021 133 308 CAGR 23.4%1 2 The ordinary 3 3+Table_Pagehead 15 23 27 100%-&10%VC 20%PRO 2.0 20%-1+1%A 2.0-5-9-11-1PRO-9+2.0 BMs-Tech Pro+Pro ECM+3+3.0 NOX-AGE;99.9%Max EUK-134 LIPOCHROMAN molecule;Collrepair 2.0 25%Erasin0003-1-4-8-5&+Mcbiome+2-+E+E 2.0 PRO/940 940 Table_Pagehead 16 23 2.3 2021 1 1 a.b./c.a.b.a.b.28 1 2-3 1 2 2021 1 Table_Pagehead 17 23 2 2021 1 5 2 3 2.4 Z Euromonitor 20 5 2013-2022 5 0.0%1.4%0.9%1.9%0.7%1.3%Z 2022 18-25 23.0%29 TOP20%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 pct 4.9 4.6 4.3 4.0 3.6 3.6 3.6 3.9 3.9 4.2-0.7 1.5 1.5 1.5 1.5 1.8 2.1 2.7 3.2 3.5 3.8 2.3 1.1 1.1 1.2 1.1 1.4 1.7 2.1 2.6 2.8 2.7 1.6 Olay 3.0 2.7 2.3 1.9 1.7 1.8 1.9 1.8 1.7 1.9-1.1 0.9 1.3 1.8 2.0 2.3 2.3 2.3 2.2 2.0 1.9 1.0 2.7 2.5 2.4 2.2 2.1 1.9 1.7 1.6 1.5 1.5-1.2 Table_Pagehead 18 23-1.2 1.3 1.5 1.8 1.8 1.8 1.7 1.6 1.5 0.3 LVMH 0.7 0.7 0.7 0.8 1.1 1.4 1.5 1.5 1.6 1.4 0.7 0.0 0.0 0.1 0.2 0.3 0.4 0.6 0.8 1.0 1.4 1.4 0.7 0.7 0.7 0.6 0.6 0.6 0.7 0.8 0.9 1.3 0.6 0.9 1.0 1.2 1.2 1.2 1.1 1.1 1.1 1.2 1.2 0.3 0.1 0.2 0.2 0.2 0.3 0.4 0.7 1.0 1.2 1.2 1.1 SK-II 0.3 0.3 0.3 0.4 0.6 0.8 1.0 1.2 1.2 1.2 0.9 1.3 1.2 1.1 1.1 1.0 0.9 0.8 0.9 1.0 1.1-0.2 Darlie 1.2 1.3 1.3 1.4 1.4 1.3 1.1 1.1 1.0 1.1-0.1 1.2 1.2 1.2 1.1 1.1 1.0 0.9 1.0 1.0 1.0-0.2 0.7 0.7 0.6 0.6 0.8 0.9 0.9 0.9 1.0 1.0 0.3 2.0 1.9 1.7 1.6 1.5 1.3 1.2 1.1 1.1 1.0-1.0 0.3 0.3 0.3 0.3 0.4 0.5 0.7 0.8 0.9 1.0 0.7 YSL 0.0 0.0 0.0 0.1 0.2 0.4 0.6 0.6 0.7 0.9 0.9 Euromonitor 30 2022&36 3 3.1+2020/2021/2022+24.61%/-4.33%/+0.44%2023 1-11 12.22%2023 11 30 2035.45/Table_Pagehead 19 23 31 vs iFinD+2023Q3,/65.59%/27.15%/7.26%3D 5G 2023Q3 5.72%32 33 Euromonitor iFinD 3.2 IP 05010015020025030035005001,0001,5002,0002,500:/:-20%-10%0%10%20%30%40%020004000600080001000012000 0%10%20%30%40%50%60%70%80%Table_Pagehead 20 23 34 IP 3.3 2020-2022 554/1223/1824 557/498/665 0/430/251 178/313/114 Euromonitor 2020-2022 7.6%11.8%1.1%1.9%7.5%7.9%35 2017-2022 36 2017-2022 010002000300040005000600070008000 0500100015002000 Table_Pagehead 21 23 4 2023 11 Z+1-11 12.22%37%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 7.2 6.1 5.1 5.2 6.0 6.5 7.1 7.6 11.2 11.8 5.7 5.5 5.3 5.1 5.7 6.2 6.7 7.5 7.9 7.9 3.9 2.9 2.6 2.2 2.2 2.4 3.0 3.5 3.6 3.7 0.7 0.6 0.6 0.7 0.8 1.0 1.1 1.1 1.7 1.9 1.3 1.1 1.2 1.1 1.2 1.2 1.3 1.3 1.9 1.7 0.7 0.7 0.6 0.7 0.8 0.9 0.7 0.7 0.8 0.8 Euromonitor Table_Pagehead 22 23 5 2024 Table_Pagehead 23 23$en d$6 10 6 10-10 6 10 6 15 6 5 15 6-5 5 6 5 300 1528 28 2007 11