会计学院知识库

我国经济高速发展，使城镇化率得到了很大的提升，居民的收入水平升高，其消费能力也持续提高，此外近年来国际大牌化妆品逐步向我国市场进行投入和培育，使得化妆品已经成为日常消费必需品。截止2020年，我国化妆品类零售总额已高达3164亿元。虽然国产化妆品品牌具有本土化的优势，并以高性价比著称，但其生存空间正被国际品牌所挤压。如何通过提升自身盈利能力，不断扩大市场占有率，已成为国产化妆品生产企业面临的严峻挑战。

为了助力国产化妆品上市公司从容应对现实挑战，本文对国产化妆品上市公司的盈利能力展开较为全面的评析。首先，对与企业盈利能力及其评价相关的概念、核心理论、常用方法及国内外代表性成果进行了简要介绍与梳理。其次，基于国产化妆品行业发展现状，构建出国产化妆品行业盈利能力评价体系。随后，以国产化妆品行业首家A股上市公司珀莱雅作为典型案例，对其盈利能力从获利性、收现性、稳定性、结构性以及持续性等五个方面展开分析。结果表明，与国内同行业其他企业相比，珀莱雅虽然在盈利持续性、稳定性和结构性上具有突出的优势，但在获利性和收现性两个方面尚存不足。基于典型案例分析，针对国产化妆品行业普遍存在的共性问题，提出了降低对主品牌的依赖程度、加大产品研发力度以及提升对现金流的保障等优化策略。最后，基于研究结论，指出研究存在的局限性以及未来的研究方向。

The rapid development of our country’s economy has greatly improved the urbanization rate,the income level of residents increased, and their consumption capacity has continued to improve. In recent years, international big cosmetics have gradually invested and cultivated in the Chinese market, making cosmetics have become daily consumer necessities. As of 2020, the total retail sales of cosmetics in our country has reached 316.4 billion yuan. Although domestic cosmetics brands have the advantages of localization and are known for high cost performance, their living space is being squeezed by international brands. How to continuously expand the market share by improving their own profitability has become a severe challenge faced by domestic cosmetics manufactures.

In order to help domestic cosmetics listed companies to calmly respond to practical challenges, this paper conducts a more comprehensive analysis of the profitability of domestic cosmetics listed companies. First, it briefly introduces and sorts out the concepts, core theories, common methods and representative results at home and abroad related to enterprise profitability and its evaluation. Secondly, based on the development status of domestic cosmetics industry, a profitability evaluation system for the domestic cosmetics industry is constructed. Subsequently, taking Proya,the first A-share listed company in the domestic cosmetics industry as a typical case, its profitability was analyzed from five aspects: profitability, cashability,stability, structure and sustainability. The results show that, compared with other domestic companies in the same industry,although Proya has outstanding advantages in profitability, stability and structure, it still lacks in profitability and cashability. Based on the analysis of typical cases, in view of the common problems in the domestic cosmetics industry,optimization strategies such as reducing the dependence on the main brand, increasing product research and development efforts, and improving the guarantee of cash flow are proposed. Finally, based on the research conclusions, the limitations of the research and the future research directions are pointed out.