Securities Times network news, Guoyuan Securities research report pointed out that it is concerned about the increase of the share of domestic cosmetics and upstream ingredient innovation.

1) Upstream: The importance of raw materials is highlighted in the cosmetics industry chain, and policy + capital is dual enabling, focusing on the development of "Chinese ingredients" and the landing of synthetic biology and other technologies; 2) Brand owners: The market share of domestic brands continues to increase, and the Tiktok channel is still the key channel for brand growth next year, focusing on crowd operation and marketing. At the same time, the head brand actively explores the sea track. Suggestions to pay attention to: Pelaya, Bethany, Water sheep shares, etc.