Cosmetics Research

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|Beauty & personal care sector | | | | | | |Haitong International Research | |[pic] | | |The pursuit of longlast beauty |Elyse Wang | |Xxx |86-755-8283 5551 elyse.jw.wang@htisec.com.cn | | | | | |Lunar Chen | | |852-3926 8926 | | |lunar.jx.chen@htisec.com | | | |

|Contents | | | |Part 1: Sales momentum reviving 2 | |1.1 Retail market heating up 2 | |1.2 SSSG bottomed out 4 | |1.3 Sector view 4 | |Part 2: Stock-picking strategies 5 | |2.1 Regional dominance brings synergies 5 | |2.2 Right store age dynamics 6 | |2.3 We favor those asset-heavy plays 7 | |2.4 Shareholder background 8 | |Part 3: Financials comparison 9 | |3.1 SSSG & sales efficiency 9...
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