portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; color: rgb(136, 136, 136); visibility: visible;">“各领风骚”

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; visibility: visible;">今日，珀莱雅发布了2021年年报数据，期内公司营业收入46.33亿元，同比增长23.47%，净利润为5.76亿元，同比增长21.03%，扣非净利润为5.68亿元，同比增长20.89%。截至目前，国内主要美妆上市公司去年的销售数据已相继出炉。它们中谁最赚钱？

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portant; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important; visibility: visible;">portant; overflow-wrap: break-word !important;">突破40亿大关，线上占比近85%portant; overflow-wrap: break-word !important; font-size: 15px; visibility: visible;">

portant; overflow-wrap: break-word !important; background: rgb(42, 170, 222); width: 30px; height: 2px; vertical-align: top; display: inline-block; visibility: visible;">portant; overflow-wrap: break-word !important; letter-spacing: 0.54px; visibility: visible;">portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px; visibility: visible;">值得关注的是，自2017年11月敲钟上市后，珀莱雅就进入了发展快车道。portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px; visibility: visible;">去年，珀莱雅的营收更是突破40亿元大关。portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; visibility: visible;">

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; visibility: visible;">portant; overflow-wrap: break-word !important;">▍portant; overflow-wrap: break-word !important;">截portant; overflow-wrap: break-word !important; letter-spacing: 2px; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 14px; visibility: visible;">自珀莱雅2021年年报

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; visibility: visible;">青眼梳理珀莱雅近5年财报数据发现，在2018-2021年4年间，其始终保持着营收和净利润超20%的增长速度。正因如此，珀莱雅也在短短5年间，营收从不足20亿元，一路飙升至超46亿元，是2017年的2.6倍。今日收盘，珀莱雅的市值为364.55亿元。

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">在公司营收不断增大的同时，珀莱雅也保持着良好的利润增长，去年该公司的净利润较5年前已增加了近2倍。可以说，登陆资本市场后的珀莱雅，经营水平又上了一个台阶。

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">值得一提的是，在这5年间，珀莱雅的线上渠道营收占比亦是大幅提升。财报显示，去年，该公司线上渠道营收为39.24亿元，增幅高达49.54%。并且珀莱雅的线上营收占主营业务的比例进一步拉高，去年已达到84.93%，较上一年增加了14.92个百分点。5年前，珀莱雅的线上营收仅有6.43亿元，占主营业务的比例也仅为36.08%。显而易见，对珀莱雅而言，发力线上是重要而正确的决定。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">此外，财报显示，去年珀莱雅的毛利率为66.46%，对此珀莱雅也表示，原因主要系线上营收占比提升，以及主推大单品策略和线上自播占比提升等。

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portant; overflow-wrap: break-word !important; font-size: 15px;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">珀莱雅品牌超38亿，彩棠增超100%portant; overflow-wrap: break-word !important; font-size: 15px;">

portant; overflow-wrap: break-word !important; background: rgb(42, 170, 222); width: 30px; height: 2px; vertical-align: top; display: inline-block;">portant; overflow-wrap: break-word !important; letter-spacing: 0.54px;">portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px;">从珀莱雅旗下各品牌去年的业绩来看，珀莱雅品牌依旧是珀莱雅的业绩的“大功臣”。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">财报显示，去年珀莱雅品牌营收为38.29亿元，同比增长28.25%。去年也是珀莱雅品牌在近三年来营收增幅最高的一次。据悉，珀莱雅品牌在2019年和2020年的营收增幅分别为26.81%和12.43%。同时，近三年来（2019-2021年），珀莱雅品牌的营收占比也均保持在80%上下浮动。

portant; overflow-wrap: break-word !important; letter-spacing: 2px; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 14px;">▍截自珀莱雅2021年年报

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">此外，珀莱雅旗下彩妆品牌彩棠在去年也表现不俗，该品牌去年营收2.46亿元，同比增长103.48%。相较而言，珀莱雅旗下的其他品牌的发展却不尽人意，去年营收小幅下降了5.96%至4.09亿元。另外，去年珀莱雅旗下跨境代理品牌的营收大幅下降了34.04%至1.36亿元。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">除珀莱雅和彩棠两大品牌外，珀莱雅旗下还有Off&Relax、悦芙媞、CORRECTORS、优资莱、韩雅等品牌。该公司自有品牌已覆盖大众精致护肤、彩妆、洗护、高功效护肤等美妆领域。

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">分品类来看，护肤品类则仍然是珀莱雅销量最高品类，年收达39.78亿元，同比增长22.7%；美容彩妆类年收6.18亿元，同比增长32.97%；其他类产品营收0.24%，同比下滑41.05%。

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portant; overflow-wrap: break-word !important; font-size: 15px;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">谁最赚钱？portant; overflow-wrap: break-word !important; font-size: 15px;">

portant; overflow-wrap: break-word !important; background: rgb(42, 170, 222); width: 30px; height: 2px; vertical-align: top; display: inline-block;">portant; overflow-wrap: break-word !important; letter-spacing: 0.54px;">portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px;">虽然，珀莱雅已保持了连续四年双位数的营收增长，不过在行业里，增长速度不是最高的。portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px;">青眼经过梳理上海家化、逸仙电商、珀莱雅、贝泰妮、鲁商发展（化妆品板块）、华熙生物（功能性护肤品）等6家上市公司去年的财务数据发现，鲁商发展和华熙生物两家上市企业增速惊人。portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;">

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">财报显示，去年，鲁商发展化妆品板块营收为14.95亿元，增速高达117.01%；华熙生物旗下功能性护肤品板块营收为33.19亿元，增幅更是达到了146.57%。

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">公开信息显示，鲁商发展旗下的福瑞达美业拥有颐莲、瑷尔博士、善颜、UMT、诠润、贝润等品牌，华熙生物旗下功能性护肤品则包括了润百颜、夸迪、米蓓尔、肌活等。这两家化妆品板块增速快，既是因为踩中了热门赛道，也在于其中大部分品牌成立时间短，基数相对较小，处于成长发力期。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">值得一提的是，贝泰妮去年的营收增幅也达到了52.57%。财报显示，去年该公司营收为40.22亿元。事实上，近年来贝泰妮的营收增幅一直保持在30%以上。因此，贝泰妮的营收也从2020年的26.92亿元增长至2021年的超40亿元。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">从整体来看，除上海家化外，其余5家公司的营收均呈现2位数增长。不过，营收规模来看，上海家化则是排名第一（76.46元）、逸仙电商次之、珀莱雅第三。经统计，去年，这6家上市企业化妆品业务营收共计约为269.55亿元。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">净利润方面，除逸仙电商在去年亏损了15.5亿元外，其他5家公司均实现了盈利，其中贝泰妮的净利润数值（8.63亿元）和净利润增速（58.77%）均为最高。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">此外，华熙生物（功能性护肤品）78.98%的毛利率为6家企业中最高；贝泰妮（76.01%）排名第二。这两家的毛利率均超过70%。上海家化58.73%的毛利率则为6家企业中最低。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">截至今日收盘，这6家公司中，贝泰妮的市值最高，为746.47亿元；逸仙的市值（26.69亿元）最低。

portant; overflow-wrap: break-word !important; background: rgb(42, 170, 222); width: 30px; height: 2px; vertical-align: bottom; display: inline-block;">

portant; overflow-wrap: break-word !important; font-size: 15px;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">portant; overflow-wrap: break-word !important;">功效大战，5个品牌增幅超100%portant; overflow-wrap: break-word !important; font-size: 15px;">

portant; overflow-wrap: break-word !important; background: rgb(42, 170, 222); width: 30px; height: 2px; vertical-align: top; display: inline-block;">portant; overflow-wrap: break-word !important; letter-spacing: 0.54px;">portant; overflow-wrap: break-word !important; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 15px; letter-spacing: 2px;">这6家上市企业的业绩增长无不验证了一个事实，当下已经进入到功效为王的时代。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">据悉，薇诺娜在集团中的营收占比一直保持在99%以上，因此，薇诺娜的营收已从2020年的约26亿元增长至2021年的超40亿元，也就是说，薇诺娜增速已达到了53.85%。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">近几年，珀莱雅主推的珀莱雅双抗精华、红宝石精华、源力修护精华等大单品，也都是主打“功效牌”。据介绍，去年双十一期间，珀莱雅“早C晚A”套装还荣登京东平台国货精华类目NO.1。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">华熙生物年报也显示出，2021年功能性护肤品占主营业务比为67.08%，其营收占比更是比上一年增长了15.93个百分点。显而易见，功能性护肤品已然成为华熙生物业务增长的核心驱动。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">分品牌来看，去年，润百颜实现收入12.29亿元，同比增长117.42%；夸迪实现收入9.79亿元，同比增长150.19%；米蓓尔实现收入4.2亿元，同比增长111.12%；BM肌活实现收入4.35亿元，同比增长286.21%。华熙生物旗下四大功能性护肤品牌均实现了超100%的营收增长。

portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">portant; overflow-wrap: break-word !important;">▍portant; overflow-wrap: break-word !important;">截portant; overflow-wrap: break-word !important; letter-spacing: 2px; background-color: rgb(255, 255, 255); color: rgb(136, 136, 136); font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif; font-size: 14px;">自华熙生物2021年年报

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">而同样身处功效性护肤赛道的还有福瑞达美业旗下的各品牌。其中，颐莲和瑷尔博士两个品牌业绩增长较快。财报显示，去年颐莲营收为6.46 亿元，同比增长73.08%，瑷尔博士营收增长了272.14%至7.44 亿元。

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portant; overflow-wrap: break-word !important; font-size: 15px; letter-spacing: 2px;">窥一斑而见全豹，这几家代表型企业的经营情况在一定程度上反映了去年国内化妆品行业的发展现状，功效护肤的发展确实为国货品牌开启了弯道超车的机会。

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