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The rise of domestic beauty products can be described as one of the biggest highlights of the Double Eleven that just ended this month. Although the top of the pyramid is still occupied by L ‘Oreal and Estee Lauder international first-line brands,Domestic brands, such as Proya, Betani and Huaxi Bio, have also joined the fierce share competition and shown a good upward trend..Among them, Polaiya and Winona both achieved a rise in price and quantity, surpassing the international big names such as the Mystery of Sea Blue and SK-II in the beauty list. Huaxi Bio is a successful counterattack, and its high-end anti-aging Quadi has become the fastest growing product with a year-on-year ratio of 105%.

Today, the study of wisdom will be analyzed in detail for everyone.Why do domestic brands squeeze out overseas brands? What are the moats of Polaiya, Betani and Huaxi Bio? Where will the future of domestic beauty cosmetics go?

In fact, the rise of domestic brands is not a day or two.From the Forbidden City, the joint make-up is popular among young people, the concept of "early C and late A" is "out of the circle", KOL recommends planting grass in the little red book, and the proportion of domestic products in the live broadcast room is increasing. The beauty market is blowing a strong "national" wind.

According to Jianzhi research, high "price-to-product ratio" is the magic weapon for the rise of domestic products.Under the current trend of tightening consumption, consumers are more willing to pay for the product itself than to pay a high premium for overseas brands; At the same time, more and more "component parties" have emerged. Compared with brands, components and efficacy are what they pay most attention to.

Then, the research of Jianzhi will analyze the advantages of domestic brands compared with foreign brands from the two dimensions of "quality" and "price" in "price ratio".

Quality improvement is mainly reflected in product upgrade and brand upgrade.

Product upgrade:

In the past,The right to speak of high-end beauty products seems to be only in the hands of overseas big names, but this trend is being reversed in recent years.

Polaiya is a good example. In the early years, Polaiya was still dominated by water emulsion, and the customer unit price was low and no explosive products appeared. It was not until a series of high-end, high-efficiency products were launched to meet the popular anti-aging needs of consumers that the highlight moment of performance was ushered in. Among them, the ingredient (early C) of the explosive single product double antibody essence is ergot sulfur, the same raw material of Estee Lauder small brown bottle; Ruby essence (late A) uses the patented technology of Polaiya: 1% supramolecular vitamin A alcohol +20% hexapeptide.

Big single productalsobecomewatch from a height or distancePolaiya’s main source of income,In the first half of 2022, the performance revenue accounted for 35%+ of Polaiya brand, 65%+ of Tmall platform and about 50% of Tik Tok platform (versions 2.0 of Shuangkang Essence, Ruby Essence and Yuanli Essence have been released respectively, and the customer unit price has increased from 169 yuan in 2021 to 298 yuan, with an overall increase of 76.33%).

Brand upgrade:

In addition, we all know that overseas big-name groups all have rich brand matrices and high-end brand lines.If domestic brands want to "go out" in the true sense, they must also move in the direction of high-end.

In 2014, Huaxi Bio launched its high-end anti-aging brand Kwadi., the composition is the core technology of Huaxi Bio.5D hyaluronic acid +CT50, another brand positioning in the middle and high end.RunbaiyanIt is used.Hyaluronic acid (HA)+ biological skin activation technologyExpanding the effect of hyaluronic acid from moisturizing to anti-aging, not only created a super-large single product of Runbaiyan moisturizing essence, but also set off a skin care trend of "smeared hyaluronic acid".

Also ambitious in the high-end skin care session is Betani.We must know that Betani has a good reputation among sensitive muscle users as a cosmeceutical leader, and is the only brand that has entered the top10 of Double Eleven beauty products for five consecutive years, but it has always been criticized for its single category (at present, 98% of its income comes from Winona). In order to show her determination to enter the high-end stage and find the second growth curve except Winona, Betani launched a new high-end anti-aging brand AOXMED this year, using its patented technology."Mei Ya ‘an Ti MLYAAT-1002".

Towards "high-end", research and development is the most important moat.

For domestic products that want to move towards "high-end", products must have scientific and technological content and level.We should know that international brands all have strong R&D capabilities and unique production processes. For example, Pitera, the core patent component of SK-II under Procter & Gamble, and Bosin, the patent component of L ‘Oré al Ace, have created a series of explosive products such as helena rubinstein Black Bandage, Lancome Pure Cream and L ‘Oré al 20 Cream on their own. Exactly.The patent "black technology" gives the brand unique competitiveness and gives them high-end confidence.

Looking at China, although the R&D investment of Proya, Betani and Huaxi Bio can’t be compared with that of overseas companies (the R&D expenditure of L ‘Oreal/Estee Lauder/Shiseido in 2021 was 7.851 billion yuan/1.568 billion yuan/1.458 billion yuan respectively), it is also increasing year by year.Its R&D expenses and revenue ratio of China Hi Bio are always higher than those of its peers..

(See Intellectual Research Drawing)

According to Jianzhi Research, Huaxi Bio, as a biotechnology company that has transformed from To B To C,Rich bioactive raw materials and synthetic biology technology are its advantages.Its core component is that building various raw materials on the basis of hyaluronic acid is conducive to the layout of high-end brands, which has won the opportunity to compete with foreign brands.

However, neither the application of Huaxi bio-hyaluronic acid, Betani’s plant extraction technology, nor the patented technology "Mei Ya ‘an Ti MLYAAT-1002" can obviously reach the level of creating a new track.After all, it takes time for functional skin care products to perceive and educate the efficacy of ingredients. The three kings of anti-aging world, "Bose", "A alcohol" and "peptide", have a history of more than 20 years, but there are no killer products that can compete with them in synthetic biology in recent years. Even the more GABA, ekdoline and blue copper peptide in recent years, they still can’t be as good as Bose and VC.

From the price point of view, compared with overseas brands, domestic products have obvious advantages.

Or use the high-end essence class as an example, represented by Lancome and Estee Lauder.The essence of overseas brands usually gathers in 500-1000 yuan.Price belt; And mostThe essence of China brand is in 200-400 yuan.In the price range, the price of ruby essence, a big explosive item of Polaiya, is only 1/4 of that of SK-II light bulb.

(Source: China Merchants Securities)

It doesn’t really make sense to compare the price. Let’s compare the ingredients.Or take ruby essence as an example,Ruby essence is the essence with the highest concentration of hexapeptide in the industry.The price per milliliter is 9 yuan, which is lower than that of 24 yuan and 19 yuan competing for Estee Lauder and Clinique, and the concentration of alcohol A is as high as 1%. Compared with foreign brands, the overallCost-effective.

It is also worth mentioning that,original editionLike most other essences (e.g. Estee Lauder, Clinique, The Ordinary), the core component of Proya ruby essence is acetyl hexapeptide -8, andnew editionOn the basis of constant concentration,From the original acetyl hexapeptide -8 to acetyl hexapeptide -1.The anti-wrinkle effect of hexapeptide -1 is better than that of hexapeptide -8.Win by 10 times.

(Source: Ping An Securities)

Wisdom research also found thatIn fact, there are very few overseas brands making high-concentration alcohol A products in China.Try it only in a few brands, the main reason is that in the anti-aging world, except Bose is not naughty, A alcohol products are certain.thrill, caused by skin intolerance.Return rateIt will hit the brand image.

althoughAnti-aging itself has certain risks, but it is also an opportunity for domestic products, because domestic products are harmful to the skin of local consumers.And needs, soCompared with overseas brands, domestic productsofformulaChange can also be moreFlexible,For example, Polaiya added Sympathetic 1609, an anti-inflammatory, anti-irritating and skin barrier-repairing composition to the new ruby essence, which is milder than the original version and more suitable for the thin stratum corneum of China people.

In recent years, the boost of traffic to domestic beauty products is believed.alsoNeedless to saywatch from a height or distance.Both the rise of e-commerce and the explosive growth of new media such as Tik Tok and Xiaohongshu have created new growth points for domestic products.

Behind the competition for traffic and barbaric growth are the high marketing expenses of various companies.We can clearly see from the financial report that in the third quarter of 2022,The sales expenses/revenues of the three companies are close to 50%.. Kwadi, a subsidiary of Huaxi Bio, entered the 1 billion domestic product camp in just four years, behind which the sales expenses nearly doubled in 20 years; Polaiya is labeled as "emphasizing marketing and neglecting R&D" because of the significant investment difference between marketing expenses and R&D expenses.

(See Intellectual Research Drawing)

In addition,Superhead Li Jiaqi still has a strong irreplaceable role for domestic beauty products.amongWinonaIn the time when Li Jiaqi left, Tmall’s cargo data was only 127 million, and the monthly sales volume was not as good as that of Li Jiaqi in a single day. Judging from the data of this month’s Double Eleven,Huaxi Bio is the most dependent on the super anchor.About 70% of the sales of Quadi and Mibel are contributed by Li Jiaqi Live Studio. butBecause Polaiya has maintained a high proportion of self-broadcasting for a long time, it is not highly dependent on the super-head..

Hidden behind the high marketing expensesYes.More and more expensive customer acquisition cost and the failure of traffic law

Take Betaine as an example. In the past five years, marketing expenses have accounted for about 40% of Betaine’s revenue, which means that every income in 10 yuan needs 4 yuan to do marketing. From the current point of view,Betani’s marketing investment can still get considerable returns, and the income growth rate is higher than the sales cost growth rate. However, the efficiency of marketing growth driven by marketing investment is decreasing.In 2020, every 31.28% increase in sales expenses of Betani will drive 35.64% increase in revenue; In the mid-year report in 2021, this group of figures became 45.7%, and in the latest quarterly report in 22 years, this group of figures became 31.5%.

Generally speaking, Jianzhi research believes that in the eyes of consumers today, domestic products are no longer the "big bowl replacement" of overseas brands, but products, technologies and contents, and they fight with overseas brands by virtue of their price advantages. What can’t be ignored behind the glamorous performance is the high marketing investment, and even some brands suffer from serious "over-dependence".The marginal utility of high investment will decrease. If there is not enough product technology accumulation, it is difficult to establish a brand moat with simple marketing investment.

Aggressive scale growth guided by traffic dividends will gradually withdraw from the stage.futureIf a brand wants to maintain its advantages, it can’t do without the joint efforts of technology, products and marketing..Wisdom research believes that the brand can only be made by constantly moving towards high-endReally stopHeel, and this is inseparable from the cumulative sum of time.Breakthroughs in key core technologies,It also tests the company’sR&D capability.The emergence of a truly high-end beauty brand in China is my higher expectation after the rise of Double Eleven domestic products.

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