| 2018 10 22 2018 1-9 6.9% 12.0% 2017 5 -2018 6 7/8/9 7.8%/7.8%/7.7% 2017 6 2018 5 137.64% 2018 6 60pcts+ 2017 2018 1 2 S0680518030002 juxinghaigszq liuchanggszq EPS P E 2017A 2018E 2019E 2020E 2017A 2018E 2019E 2020E 600315 0.60 0.80 1.00 1.30 44.12 33.09 26.47 20.36 2018 10 22 P.2 .3 .3 .4 .7 .8 1 % .3 2 / / % .4 3 26 2018 1-9 GMV % .4 4 45 GMV % .4 5 .6 6 2018 .7 7 .8 2018 10 22 P.3 45 9 6 8 6 5 4 2 2018 1-9 6.9% 12.0% 2017 5 -2018 6 7/8/9 7.8%/7.8%/7.7% 1 % 2017 5 -2018 6 2017 6 2018 5 137.64% 2018 6 60pcts+ 2018 10 22 P.4 2 / / % 26 3 Q1-Q3 GMV 2 1 2 3 26 2018 1-9 GMV % 45 2018 1-9 GMV Q3 Q2 GMV 4 45 GMV % 品牌 2018Q1 增速 2018Q2 增速 2018Q3 增速 2018Q1-Q3 增速 Q3 环比Q2 变动 国 产 综 合 护肤 珀莱雅 65.65% 176.77% 134.42% 129.74% -42.35% 自然堂 53.71% 20.97% -18.62% 14.66% -39.59% 28.94% 106.23% 137.64% 66.01% 65.06% 79.03% -50% 0% 50% 100% 150% 200% 2017-01 2017-03 2017-05 2017-07 2017-09 2017-11 2018-01 2018-03 2018-05 2018-07 % % % LaMer SK-II CPB -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2018 10 22 P.5 阿芙 -31.90% -13.37% -2.77% -16.52% 10.59% 百雀羚 18.72% 19.16% -35.35% -1.26% -54.51% 丸美 -7.27% -1.26% 17.18% 2.43% 18.44% 欧诗漫 46.40% -2.73% -33.66% -0.18% -30.93% 韩束 5.54% -5.75% -34.42% -10.54% -28.66% 佰草集 6.22% -29.89% -16.14% -18.16% 13.74% 美加净 102.04% 140.71% 21.03% 81.62% -119.68% 海 外 中 端 护肤 欧莱雅 89.02% 41.07% 25.78% 46.22% -15.29% 玉兰油 147.27% 249.25% 57.53% 143.00% -191.73% 悦 诗 风吟 23.21% 54.95% 7.34% 28.78% -47.61% 兰芝 18.25% 28.52% -17.85% 8.02% -46.37% 欧舒丹 38.16% 48.13% 11.23% 30.86% -36.90% 倩碧 32.32% 39.64% 11.35% 27.85% -28.29% 海 外 高 端 护肤 兰蔻 131.85% 131.45% 46.39% 96.08% -85.06% 雅 诗 兰黛 164.48% 120.69% 51.58% 101.65% -69.11% SK-II 84.19% 216.92% 57.72% 104.60% -159.19% 资生堂 128.56% 184.84% 22.71% 92.79% -162.13% 海 蓝 之谜 163.19% 137.87% 83.21% 119.92% -54.66% 娇韵诗 64.93% 56.63% 13.37% 43.36% -43.27% 雪花秀 107.03% 42.89% 20.86% 55.25% -22.03% 肌 肤 之钥 69.15% 60.32% -3.59% 38.66% -63.91% 面膜 膜 法 世家 14.10% 4.03% -1.83% 4.26% -5.86% 一叶子 -2.62% 10.61% -24.44% -5.80% -35.05% 御泥坊 61.77% 39.48% -19.98% 19.63% -59.46% 小迷糊 311.23% 489.81% 36.12% 167.97% -453.69% 养生堂 84.19% 96.75% 25.78% 68.25% -70.98% 丽得姿 67.76% 29.58% -11.69% 22.69% -41.27% 彩妆 美宝莲 89.15% 46.80% 51.71% 59.73% 4.90% 魅可 / 213.92% 111.12% 274.18% -102.81% 玛 丽 黛佳 71.70% 4.54% -18.80% 9.79% -23.34% 卡姿兰 / -10.35% -0.23% 3.83% 10.12% 药妆 薇诺娜 132.15% 64.31% 42.35% 73.51% -21.96% 城 野 医生 / 208.09% 71.64% 199.57% -136.45% 理肤泉 109.46% 77.88% 39.06% 70.44% -38.83% 玉泽 58.35% 30.78% 54.23% 46.92% 23.45% 薇姿 / 19.14% -5.25% 21.62% -24.39% 男士 欧 莱 雅男士 92.63% 52.41% 30.48% 54.25% -21.93% 妮维雅 -6.82% -1.88% -15.52% -8.97% -13.64% 曼 秀 雷敦 40.06% 38.89% 19.69% 32.73% -19.20% 高夫 -3.74% 0.76% 2.48% 0.00% 1.71% 2018 10 22 P.6 碧欧泉 25.52% 46.93% -1.46% 20.89% -48.40% 日化 启初 99.62% 86.51% 3.57% 51.30% -82.94% 六神 117.31% 114.72% 56.72% 86.03% -58.00% 5 2017 28 16.6% 88.4% 2017 350+ 76 2018 It's Skin 2016/2017 13.64%/8.08% 34.42%/38.12% 30.26%/52.87% 2015-2017 116/114/84 2017 32.8% 38/12/11 71% 6/14/41 583% CEO SCORE 10 6.9% SKIN FOOD 2014 2017 781% 2017 2.51 YOY-18.1% 2200 YOY-88.7% 2018Q1 18.9% 710 123.89% 84.5% 2016 1286 2017 2048 2017 40% 2018 20.44 2018YTD 17.34 2018YTD 70 58 TONY MOLY 1.87 2018YTD 2017 10.98 70 30 WIND GMV 2018 129.74% 81.62% 2018 10 22 P.7 6 2018 2017 2018 2018 Q3 2018 10 22 P.8 7 3 6 11 5 + 10 + 20 + 30 + 40 + 5 + 15 + 30 + 40 + 1 + LaMer CPB 2 + 4 + SK-II 10 + 3 + 20 + 30 + 40 + 50 + 7 + KIKO 10 + YSL 20 + MAC 45 + 3 + 7 + 15 + 2 + 10 + 20 + 45 + 2018 10 22 P.9 “ ” ,