国际投行报告-中国化妆品行业-发起报道：是时候让本土品牌脱颖而出了-2021.8.pdfVIP

Future Consumer Equity Research Report China Thematic research August 2021 By: Joseph Zhou (S1700520040002), Katharine Song (S1700517120001) China Cosmetics Initiate coverage: Time to shine for local brands Cosmetics is a fast-growing corner of China’s vast consumer market; we see per capita spend doubling to US99 by 2025e Up to now, foreign brands have dominated, but local competitors are gaining traction, especially in the mass market We initiate on three leading domestic cosmetics companies (all Buys) – Proya (preferred stock), Shanghai Jahwa, and Botanee Play video with Joseph Zhou Disclosures Disclaimer: This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Future Consumer ● Equities August 2021 Contents Executive summary 3 Industry analysis 10 Comparison and valuation 25 Company section 33 Proya (603605 CH) 34 Shanghai Jahwa (600315 CH) 44 Botanee (300957 CH) 53