零售更新中国美容产品销售额增长7.2%，超过整体销售表现
Company NameChina %AmorePacific Corp16%L'Oréal Groupe15%LVMH Moët Hennessy Louis Vuitton SA15%Lion Corp15%Procter & Gamble Co, The14%Galderma SA14%Kirin Holdings Co Ltd14%Chanel SA13%Pierre Fabre SA, Laboratoires10%DHC Corp10%Nu Skin Enterprises Inc10%Henkel AG & Co KGaA9%Others9%Colgate-Palmolive Co7%Mary Kay Inc7%NAOS SAS6%Pola Orbis Holdings Inc6%Kao Corp5%Reckitt Benckiser Group Plc (RB)5%Kosé Corp4%Unilever Group4%Beiersdorf AG4%Kenvue Inc4%Revlon Inc3%Oriflame Cosmetics SA3%Haleon Plc3%Coty Inc2%Puig SL2%Private Label1% Ashley Helgans * | Equity Analyst(212) 336-7367 | ahelgans@jefferies.comSydney Wagner * | Equity Associate(212) 778-8943 | swagner1@jefferies.comBryan Pinedo, CFA * | Equity Associate+1 (917) 421-1958 (office) | bpinedo@jefferies.comBlake Anderson, CFA * | Equity Associate(212) 323-7686 | banderson2@jefferies.comSource: China National Bureau of Statisics; VisibleAlpha;JefferiesExhibit 4 - China Beauty Retail Sales Y/Y andvs. 2 Year Stack.Y/YSource: China National Bureau of Statisics; VisibleAlpha;Jefferies Analyst Certification:I, Ashley Helgans, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Sydney Wagner, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Bryan Pinedo, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Blake Anderson, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' metho
