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|1 UVA UVB UVA UVB 2 SPF PA SPF UVB PA UVA+3 1 Euromonitor 2022 158 2008-2022 CAGR 10.0%2022-2027 CAGR 9.6%6.5%2 3 2022 top20 26.2%2021 1 2022 4.2%2017 UVB UVA 2 2024 3(603605)(300957)(300856)/2023 10 26 021-63325888*6076 S0860511010001 021-63325888*6107 S0860521070006 BSW044 S0860523030001 2023-10-15 2023-10-08 2023-09-25 2.5.5.6.8.11.11.12.13 1 13 2 14 3+15.18.19.19 2024.21.23.24.24 0YBYxOqNsRrQsMmPqNpQoP6MbP8OmOoOsQsRiNnMpPjMmOoR6MqQxOwMnPtNMYpPmM 3 1.5 2.5 3.5 4 UVA UVB.6 5 SPF.7 6 PA.7 7.7 8.8 9.9 10“”.9 11.9 12 2022.10 13.10 14.10 15.11 16.11 17 2022.11 18.11 19.14 20.14 21.14 22/.15 23.15 24.15 25 2022.15 26 TOP10 2022.16 27 TOP10.16 28 2023 8-9.17 29.17 30.20 31.20 32.20 33.20 34.21 4 35.21 36.21 37.22 38.22 39.22 40.23 41.23 42.23 43.23 1.6 2.9 3.12 4 2022.15 5.17 6.18 7.19 5 1 2 BBC The Truth About Looking Good UVA UVB 200nm 400nm UVC 200280nm UVB 280320nm UVA 320400nm UVA UVA-1 340400nm UVA-2 320340nm 280nm UVA UVB 3 Valar UV 6 UVB UVA UVB UVB UVA UVB 4 UVA UVB ANESSA UVB UVA 1 20 7 SPF PA SPF PA SPF Sun Protection Factor UVB SPF UVB SPF2-50+,SPF 50 SPF50+SPF 50%SPF PA Protection Grade of UVA UVA PA PFA+PA+PA+PFA SPF UVA 2015 5 SPF 6 PA SPF1030 PA+SPF3050 PA+SPF50+PA+7 8 2022 400 UVMune 400 380-400nm UVA UVA400 UVA 14 29 8 JID Innovations 1 500 3 2 9 2023 9 10 MISTINE 11+2022 81%2022 Sun Dual Care 2 10 12 2022 13 14 Funny Elves 11 Euromonitor 2022 134 2008-2022 CAGR 2.6%2022-2027 CAGR 7.4%2022 158 2008-2022 CAGR 10.01%2020-2022 4.6%2022-2027 CAGR 9.6%15 16 Euromonitor Euromonitor Euromonitor 2022 3%2022-2027 6.5%9.6%17 2022 Euromonitor 18-15%-10%-5%0%5%10%15%20%05,00010,00015,00020,00025,0002008200920102011201220132014201520162017201820192020202120222023E2024E2025E2026E2027E YoY-10%-5%0%5%10%15%20%05,00010,00015,00020,00025,00030,0002008200920102011201220132014201520162017201820192020202120222023E2024E2025E2026E2027E YoY,10.8%,51.9%,10.4%,11.9%,9.1%,5.8%,4.7%,3.0%12 Euromonitor 1 2 3 SPF100 PA+3 298/60ml SPF50+PA+-15-59/40ml SPF50+PA+-59/80ml SPF50+PA+-380/50ml SPF50+PA+-480/30ml SPF50 PA+-/-5.0%0.0%5.0%10.0%15.0%20.0%25.0%2014-2019 2019-2022 2022-2027E 13 188/50g SPF48 PA+-109/50g SPF50 PA+-285/60ml SPF50+PA+-149/40ml SPF50+PA+-199/30g SPF50+PA+-/210/50ml SPF45 PA+198/40g SPF50 PA+-198/50ml SPF42 PA+-1 89/118ml SPF100 PA+-3 B-01 559/30ml SPF38 PA+-1 86%18-34 消 费 群 体有 皮 肤 屏 障受 损问 题。面对 1 2 14 UVB 19 1 2022 2021 2 3-7 2 8-10 2022 30.3%34.1%20 21 2 69.70%65.90%30.30%34.10%0%10%20%30%40%50%60%70%80%90%100%2021 2022 15 Euromonitor 1/3 1/7 2021 118 123.8 22/23 Euromonitor 2022 93.61 2027 80.67 24 25 2022 Euromonitor Euromonitor 3+Euromonitor 2022 CR5 31.1%65.1%53.3%44.3%4 2022 1,658.04,991.012,628.79,017.17,560.10.02,000.04,000.06,000.08,000.010,000.012,000.014,000.016,000.0 2008 2012 2016 2020 2022 2024E118.0 128.3 89.5 123.8134.689.9020406080100120140160 2021 2022-10%0%10%20%30%40%0.002,000.004,000.006,000.008,000.0010,000.0012,000.0014,000.00 YoY YoY,24.8%,13.6%,12.8%,48.8%16 1 9.0%25.6%7.6%13.5%14.1%2 7.3%16.6%Hera 5.2%11.1%Garnier 12.9%3 5.2%Suncut 9.6%5.1%10.8%12.1%4 4.9%9.0%Dr.G 4.7%Supergoop 4.7%9.7%5 4.7%Allie 4.3%3.8%Sun Bum 4.2%Bioderma 4.5%CR5 31.1%CR5 65.1%CR5 26.4%CR5 44.3%CR5 53.3%Euromonitor 1 2 2017 0.6%2022 7.3%3 2022 4.2%2022 2.5%26 TOP10 2022 Euromonitor 27 TOP10 1427.41156.8824.8780734.3658.8595.9578 565.7401.502004006008001000120014001600 17 Euromonitor Euromonitor 2022 TOP20 63.1%26.2%5%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1 9.4 9.7 10.0 10.5 11.0 11.3 11.1 9.6 9.9 9.0 2-0.2 0.6 0.9 1.9 3.2 4.4 7.3 3 8.6 9.1 9.9 10.1 10.3 10.4 9.9 8.2 6.8 5.2 4 2.3 2.2 2.3 2.5 2.8 3.1 3.4 3.5 3.9 4.9 5 1.2 1.2 1.2 1.2 1.4 1.7 2.1 2.7 3.7 4.7 6 0.1 0.1 0.3 0.5 0.7 1.0 1.5 1.9 3.3 4.2 7 7.7 8.1 8.3 8.3 8.2 7.7 6.9 5.8 4.5 3.8 8 4.2 4.2 4.2 4.0 3.9 3.8 3.5 3.8 3.6 3.7 9 6.0 6.1 6.1 6.0 5.5 4.7 3.8 3.7 3.2 3.6 10-0.5 1.3 2.5 11 0.4 0.4 0.4 0.4 0.5 0.5 0.7 1.4 2.2 2.5 12-1.0 2.8 2.8 2.2 13 0.5 0.6 0.5 0.4 0.4 0.8 1.0 1.3 1.9 2.1 14-0.7 1.0 1.6 2.7 5.2 4.0 3.0 2.0 15 玥-1.1 1.7 3.6 2.3 1.8 16-0.9 0.9 1.0 1.1 1.1 1.0 1.0 0.9 0.9 17 1.4 1.3 1.2 1.2 1.1 1.1 1.0 0.8 0.8 0.8 18 0.6 0.6 0.6 0.6 0.7 0.8 0.9 0.8 0.7 0.7 19 1.1 1.1 1.1 1.0 1.0 0.9 0.8 0.7 0.7 0.6 20 1.0 1.0 1.0 1.0 0.9 0.9 0.8 0.6 0.6 0.6 63.1 26.2 Euromonitor 2023 8 24 9 45.7%51.8%69.73%42.0%28 2023 8-9 29 18 Datayes Datayes 6 1865 1902 1874 2000 1993 AVON 2021 2020 6 2021 1 1 1 2 3 2021 5 1 83.0%86.1%0%10%20%30%40%50%60%70%80%90%100%8 9-100.0%-50.0%0.0%50.0%100.0%8 9 YoY YoY YoY YoY YoY YoY YoY YoY 19 26 7 1 25-30 60-70 12 2 12-30 35-70 4-8 3 3-23 35 3-4 4 5-23 35 12 5 10-18 35 4 6 5-16 35 4 7 5-10 35-70 4-12 8 5-12 35 4 9 3-13 35 4 10 3-18 35 8 11 3-18 35 4 12 3-11 30-35 4-5 13 3-11 30-35 4-5 23H1 23.7 4.5 15.5%13.9%Q2 15.04 21.2%2.9 17.1%9 28 51%1 2020 2021 Za Za Za 1997 2001 2 2009 2022/23H1 3.08/2.86 0.14/0.18 23-20 25 0.5/0.8/1.05 2.35 110%30 31 32 33 Euromonitor 2022 6.6 1 UVB UVA SPF48 PA+2 VE 0%10%20%30%40%50%60%0.010.020.030.040.050.060.02017 2018 2019 2020 2021 2022 23H1 YoY0%10%20%30%40%50%60%70%80%0.02.04.06.08.010.012.02017 2018 2019 2020 2021 2022 23H1 YoY81.3%81.2%80.2%76.3%76.0%75.2%75.4%72%74%76%78%80%82%2017 2018 2019 2020 2021 2022 23H1 19.5%21.2%21.3%20.6%21.5%21.0%18.6%17%18%19%20%21%22%2017 2018 2019 2020 2021 2022 23H1 21 IL-1a IL-6 TNF-a PGE2 37.07%28.55%39.91%33.13%3 34 2024 23H1 36.27+38.1%4.99+68.2%Q2 20.05+46.2%2.91+110.4%23H1 23H1 9 4 400 35 36 22 37 38 1 Smartvector 2 EUK-14 SOD 3 4 SPF45 PA+SPF30 39 0%5%10%15%20%25%30%35%40%45%0.010.020.030.040.050.060.070.02017 2018 2019 2020 2021 2022 23H1 YoY0%10%20%30%40%50%60%70%80%0.01.02.03.04.05.06.07.08.09.02017 2018 2019 2020 2021 2022 23H1 YoY61.7%64.0%64.0%63.6%66.5%69.7%70.5%56%58%60%62%64%66%68%70%72%2017 2018 2019 2020 2021 2022 23H1 11.3%12.1%11.7%12.0%12.0%13.0%14.6%0%2%4%6%8%10%12%14%16%2017 2018 2019 2020 2021 2022 23H1 23 2024 23H1 11.90 3.51 45.09%138.69%Q2 6.02 47.89%1.90 113.48%23H1 2023H1 53.35%49.36%Euromonitor 2021 54000 20%40 41 42 43-20%-10%0%10%20%30%40%50%60%70%0.05.010.015.020.02017 2018 2019 2020 2021 2022 23H1 YoY-50%0%50%100%150%200%250%0.00.51.01.52.02.53.03.54.04.52017 2018 2019 2020 2021 2022 23H1 YoY 24(603605)(300957)(300856)1 2 3 23.0%24.8%30.8%33.0%26.8%36.7%49.4%0%10%20%30%40%50%60%2017 2018 2019 2020 2021 2022 23H1 6.0%8.9%14.0%16.2%12.2%22.0%29.4%0%5%10%15%20%25%30%35%2017 2018 2019 2020 2021 2022 23H1 25 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer