摩根士丹利-中国美业行业报告：护肤赛道（英文）.pdf
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MS Conference Call Slide Deck:
China Beauty – Skin in the Game on 9/12
at 8:30AM ET
We are hosting a Morgan Stanley Conference Call: China Beauty – Skin in the Game,
on September 12
th
at 8:30AM ET.
Toll-Free Dial-In: (877) 266-4808
International Dial-In: (706) 679-8534
Conference ID: 4975194
Related Report:
China Beauty – Skin in the Game (here)
September 12
th
, 2019
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have
a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in
making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE
restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
.
M O R G A N S T A N L E Y R E S E A R C H
Dara Mohsenian, CFA
dara.mohsenian@morganstanley.com
+1 212 761 6575
Kelly Kim, CFA
kelly.kim@morganstanley.com
+82 2 399 4837
Richard Taylor
richard.taylor@morganstanley.com
+44 20 7425-7922
Haruka Miyake
haruka.miyake@morganstanley.com
+81 3 6836-5421
Edouard Aubin
edouard.aubin@morganstanley.com
+44 20 7425-3160
Dustin Wei
dustin.wei@morganstanley.com
+852 2239-7823
Daniel Oh
daniel.s.oh@morganstanley.com
+82 2 399-4938
September 12, 2019 10:00 AM GMT
M O R G A N S T A N L E Y R E S E A R C H
China Beauty: Skin in the Game
September 12th
2
1. Demand Sustainability Greater than the Market Perceives Based on Consumer Intentions
2. Diverse Sources of Increased Spending Provide
Sustainability Comfort
3. Breadth of Demand by Consumer Groups is Encouraging
4.
Premiumization Trends Remain Strong
5. Brand Fragmentation is Reversing
6. Macroeconomic Risk Appears Manageable
Proprietary AlphaWise China Beauty Industry Survey Takeaways
Between April and May 2019, AlphaWise conducted the third edition of the China Beauty
Industry Survey among 1,547 beauty product users from Tier 1-3 cities using online
methodology.
微信号：binggoudaren
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