珀莱雅①：本土美妆第一品牌，市占率3%，真正的护城河到底是什么？｜EP66

from 投研随身听 · host 慢研播客

珀莱雅连续五年是中国最大的本土化妆品集团，但二零二五年市场份额只有百分之三。本期从红宝石、双抗和源力的大单品机制出发，拆解自然流量与付费流量如何共同推动增长。二零二五年销量下降百分之六点四，单位毛利和单位利润仍在提高；二零二六年上半年毛利率升至百分之七十四点三，推广费率也升至百分之四十七点二，核心营业利润率反而下降。珀莱雅真正拥有的是大单品资产与全域流量运营两层条件性优势，而不是一个品牌名级别的独占词。信息截止：2026-08-27。本节目不构成投资建议。

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珀莱雅①：本土美妆第一品牌，市占率3%，真正的护城河到底是什么？｜EP66

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