艾媒咨询 | 2026-2027年中国个护用品行业上市公司经营情况数据分析报告

　　个人护理用品行业是兼具日常刚需、健康养护与形象管理属性的民生消费品赛道，涵盖面部与身体清洁、口腔护理、头发护理、剃须及除臭等多元护理场景。作为高频复购的消费领域，个护行业展现出较强的抗周期性与市场韧性。近年来，中国个护行业市场规模持续扩大，整体保持稳健增长态势，全球市场亦同步扩张。行业正经历深刻变革：消费需求从基础清洁向功效化、细分化、个性化跃迁，消费者对成分安全、使用体验和情感价值的关注度显著提升；国货品牌凭借对本土消费文化的深入洞察和敏捷的供应链响应迅速崛起，市场话语权不断增强，逐步打破外资品牌长期主导的格局；同时，监管政策持续升级，行业标准体系日趋完善，对产品质量、功效宣称和安全生产提出更高要求。在流量红利逐渐褪去、消费理念趋于理性的背景下，行业增长逻辑正从单纯依赖流量扩张转向品牌力锻造、产品创新与盈利质量并重的高质量发展阶段，企业间的竞争重心回归至产品本质与长期用户价值的构建。

　　全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布的《2026-2027年中国个护用品行业上市公司经营情况数据分析报告》数据显示，个护用品行业呈现出显著的区域集聚特征。华东华南构成行业两大核心产业集群，集中了全国绝大部分的产能和产业链资源。华南地区已构建起涵盖原料供应、配方研发、代工生产到品牌运营的完备产业生态链条；华东地区则依托较强的消费市场和资本优势形成另一极。在企业分布上，个护板块主要扎堆于高能级城市，深圳、上海、厦门等城市市值排名靠前，但整体呈多点发散格局；二线城市企业平均市值表现突出，反映出区域产业梯度转移和下沉市场潜力释放的趋势。

　　资本市场方面，个护用品板块呈现市值规模整体偏小、成长性显著分化的特征。板块估值分层明显，拥有强势品牌、独家原料和稳定现金流的头部企业享有相对合理的估值溢价，而代工贴牌、产品同质化严重的中小企业估值长期承压。盈利端呈现利润向头部集中的态势，头部企业凭借规模效应和品牌壁垒构筑一定护城河；利润增速虽有亮眼表现，但季度间波动较大，增长的可持续性尚需持续跟踪。资金流向呈现集中化趋势，个股间资金分化明显。研发投入方面，头部企业投入力度较大，但行业整体研发强度仍有提升空间，当前行业整体处于从制造驱动向品牌与研发双轮驱动的转型过渡期。

　　行业内企业路径各异，竞争格局日趋分化。稳健医疗采取“医疗+消费”双主业协同模式，医疗耗材与消费品业务双轮驱动，经营业绩保持稳健增长，盈利水平持续改善；上海家化贯彻聚焦核心品牌、核心品类、核心渠道和核心区域的战略，线上渠道贡献显著提升，显现出战略调整的积极成效；百亚股份在深耕核心市场的同时加速外围省份拓展，市场增长迅猛，展现出较强的市场渗透能力和渠道扩张成效。

　　整体来看，个护用品行业正处于从外资主导到国货崛起、从规模扩张到质量驱动的转型升级关键期。在消费升级与理性回归并存的新阶段，品牌建设、研发创新、渠道效率与财务健康度将成为企业决胜未来的核心变量，行业有望在良性竞争中实现更高质量的发展。（《艾媒咨询|2026-2027年中国个护用品行业上市公司经营情况数据分析报告》完整高清PDF版共74页，可点击文章底部报告下载按钮进行报告下载。）

　　The personal care products sector is a consumer goods segment that combines daily essentials with health and wellness care and image management, covering a diverse range of care scenarios including facial and body cleansing, oral care, hair care, shaving and deodorisation. As a sector characterised by high repurchase frequency, the personal care industry demonstrates strong anti-cyclicality and market resilience. In recent years, the market size of China’s personal care sector has continued to expand, maintaining a steady growth trajectory overall, whilst the global market has also grown in tandem. The industry is undergoing profound transformation: consumer demand is shifting from basic cleansing towards functional, specialised and personalised products, with consumers paying significantly greater attention to ingredient safety, user experience and emotional value; domestic brands are rising rapidly thanks to their in-depth understanding of local consumer culture and agile supply chain responsiveness, steadily increasing their influence in the market and gradually breaking the long-standing dominance of foreign brands; At the same time, regulatory policies are being continuously strengthened and the industry’s standards framework is becoming increasingly refined, imposing higher requirements on product quality, efficacy claims and safe production. Against a backdrop where the ‘traffic dividend’ is gradually fading and consumer attitudes are becoming more rational, the industry’s growth logic is shifting from a reliance solely on traffic expansion towards a phase of high-quality development that prioritises brand-building, product innovation and profit quality in equal measure; the focus of competition among enterprises is returning to the essence of the product and the creation of long-term user value.

　　Data from the latest report, ‘Data Analysis Report on the Operating Performance of Listed Companies in China’s Personal Care Products Industry 2026–2027’, published by iiMedia Research—a leading global third-party data mining and analysis organisation specialising in the new economy—reveals that the personal care products industry exhibits significant regional clustering. East China and South China constitute the industry’s two core industrial clusters, concentrating the vast majority of the nation’s production capacity and industrial chain resources. The South China region has established a comprehensive industrial ecosystem spanning raw material supply, formulation R&D, contract manufacturing and brand operations; the East China region, meanwhile, has formed a counterbalance by leveraging its strong consumer market and capital advantages. In terms of corporate distribution, the personal care sector is primarily concentrated in high-tier cities, with cities such as Shenzhen, Shanghai and Xiamen ranking highly in terms of market capitalisation; however, the overall pattern is one of multi-point dispersion. Companies in second-tier cities have demonstrated outstanding average market capitalisation, reflecting the trend of regional industrial relocation and the realisation of potential in lower-tier markets.

　　In the capital markets, the personal care sector is characterised by a generally small market capitalisation base and significant divergence in growth potential. Valuations within the sector are clearly stratified: leading companies with strong brands, exclusive raw materials and stable cash flows enjoy relatively reasonable valuation premiums, whilst small and medium-sized enterprises engaged in contract manufacturing and private labelling, and suffering from severe product homogenisation, face long-term valuation pressures. On the profitability front, profits are concentrating among the leading players, who have built a certain moat through economies of scale and brand barriers; although profit growth has been impressive, it fluctuates significantly from quarter to quarter, and the sustainability of this growth requires ongoing monitoring. Capital flows are becoming increasingly concentrated, with marked divergence in funding allocation across individual stocks. In terms of R&D investment, leading companies are making substantial investments, but the sector’s overall R&D intensity still has room for improvement; the industry as a whole is currently in a transitional phase, shifting from a manufacturing-driven model to one driven by both branding and R&D.

　　Companies within the sector are pursuing different strategies, and the competitive landscape is becoming increasingly polarised. Wujin Medical has adopted a synergistic ‘medical + consumer’ dual-core business model, with its medical consumables and consumer goods businesses acting as twin drivers; as a result, its operating performance has maintained steady growth and its profitability has continued to improve. Shanghai Jahwa has implemented a strategy of focusing on core brands, core product categories, core channels and core regions, with the contribution from online channels rising significantly, demonstrating the positive outcomes of its strategic adjustments; Baiya Co., Ltd. is accelerating its expansion into outlying provinces whilst deepening its presence in core markets, achieving rapid market growth and demonstrating strong market penetration capabilities and effective channel expansion.

　　Overall, the personal care products industry is currently in a critical phase of transformation and upgrading, shifting from foreign capital dominance to the rise of domestic brands, and from scale expansion to quality-driven growth. In this new phase characterised by both consumption upgrading and a return to rationality, brand building, R&D innovation, channel efficiency and financial health will become the core factors determining companies’ future success; the industry is expected to achieve higher-quality development through healthy competition.(The full, high-resolution 74-page PDF version of the ‘iiMedia Research | Data Analysis Report on the Operating Performance of Listed Companies in China’s Personal Care Products Industry 2026–2027’ is available for download by clicking the ‘Download Report’ button at the bottom of this article.)

　　五大赛道同台竞技

　　从外资扩张到国货崛起，个护用品转型升级

　　个护板块扎堆高能级城市，二线城市企业平均市值领跑

　　监测数据显示，个护用品板块上市公司分布最集中的前三名城市线级依次为：新一线城市（公司数量7家，占比35.00%，总市值481.71亿元，占比38.90%）、一线城市（公司数量7家，占比35.00%，总市值399.74亿元，占比32.28%）、二线城市（公司数量4家，占比20.00%，总市值287.06亿元，占比23.18%）。艾媒咨询分析师认为，高能级城市（一线、新一线）公司数量和市值占比均达70%，产业呈现显著的高能级集中型特征，城市能级效应明显，但分布均衡性较差，下沉市场（三线及以下）公司数量仅占10%。二线城市企业平均市值最高，达71.76亿元，显示其企业规模和质量优于一线、新一线，而三线城市均值较低，反映产业成熟度和创新能力与城市能级基本呈正相关。

　　高市值企业路径各异，细分赛道藏潜力

　　监测数据显示，个护用品行业板块市值前三名企业依次为：稳健医疗（182.27亿元）、上海家化（128.87亿元）、中顺洁柔（103.17亿元）。艾媒咨询分析师认为，前三名市值合计约414亿元，占TOP10企业总市值近一半，集中度中等且未形成绝对垄断。稳健医疗横跨医用与消费品领域，上海家化主攻美妆个护全品类，中顺洁柔聚焦生活用纸，三者业务差异化明显，反映行业依赖细分赛道深耕而非单一巨头主导。企业规模优势有限，显示行业仍处品牌分散的成长期，新兴企业有望通过功能细分和渠道创新突破格局。

　　个护增速分化，小基数企业领跑

　　监测数据显示，个护用品行业板块营收增速前三名企业依次为：洁雅股份（55.45%）、嘉亨家化（37.93%）、倍加洁（29.39%）。艾媒咨询分析师认为，高增长企业呈现明显分化格局，仅洁雅股份增速超过50%，显示行业整体增长较为稳健但缺乏爆发性。营收规模方面，高增长企业普遍体量较小，前三名营收规模均不足5亿元，表明增长更多源于小基数效应和细分领域突破。行业整体增速平缓，反映传统个护市场进入成熟期，新兴力量如洁雅股份、润本股份等通过差异化和线上渠道驱动增长，驱动因素集中于代工业务放量、口腔护理升级及功能性产品创新。

　　高市净率背后的溢价密码

　　监测数据显示，名臣健康（8.61倍）、延江股份（5.75倍）、百亚股份（5.34倍）位居个护板块市净率前三。艾媒咨询分析师认为，高市净率企业集中于母婴、口腔护理及化妆品等细分赛道，共同特征为轻资产运营与高品牌依赖度。估值合理性体现在此类企业净资产撬动高收益，如名臣健康与百亚股份近年净资产收益率持续超过10%，成长性支撑溢价。资产稀缺性体现在差异化配方和渠道品牌壁垒，赋予品牌价值显著高于账面净资产。整体高市净率反映市场对轻资产、高成长、品牌粘性强的资产溢价认可。

　　高毛利率企业多依赖品牌溢价与细分市场深耕

　　监测数据显示，板块毛利率前三名的企业分别为：上海家化（65.85%）、名臣健康（59.45%）、润本股份（59.10%）。艾媒咨询分析师认为，头部企业毛利率均接近或超过60%，彰显了强大的品牌溢价和产品差异化能力，如上海家化多产品线协同、润本股份专注婴童细分市场等。行业整体毛利率较为可观，显示个护用品行业盈利能力较强，但部分企业依赖纸浆成本，受原材料波动影响大，盈利情况不稳定。高毛利率企业通常拥有较高品牌忠诚度和专利技术渠道壁垒，而低毛利率企业则面临同质化竞争。

　　行业典型案例研究：稳健医疗（经营情况）

　　监测数据显示，稳健医疗2026年Q1单季营收约26.79亿元，符合消费及医用耗材行业的季节性特征。结合业务结构看，消费品（51.84%）与医用耗材（47.49%）双轮驱动，集中度适中，可以规避单一依赖风险。个护用品行业受消费信心及医疗采购周期影响，叠加自身业务结构、消费端营销投入、季度产销季节性波动、费用管控等内部因素，稳健医疗营收增长对短期渠道拉动依赖度较高。

　　行业典型案例研究：上海家化（归母净利润/扣非净利润）

　　监测数据显示，上海家化2016年Q1归母净利润为2.22亿元，而扣非净利润达2.66亿元，扣非高于归母0.44亿元，表明当期存在负向非经常性损益，侵蚀了股东净利润。从趋势看，近4期归母净利润平均2.90亿元，但增长率呈现波动下降，而扣非净利润平均1.91亿元，增长率持续为正，显示主营业务盈利能力稳步提升，盈利质量较高。 非经常性损益的负向影响干扰了归母净利润的真实表现，扣非净利润更能反映企业可持续经营能力。持续增长的扣非净利润说明公司核心业务造血能力较强，但近期盈利对股东回报的确定性有所减弱。综合判断，上海家化盈利基础扎实，可持续发展向好，但需关注非经常性项目波动对短期净利润的干扰。

　　行业典型案例研究：百亚股份（资产详解）

　　监测数据显示，百亚股份资产结构呈典型重资产布局。非流动资产中固定资产占据大比重，无形资产规模也较大，揭示公司处于产能扩张期，资本密集度高，行业壁垒主要依赖规模效应；流动资产中现金类资产充裕，交易性金融资产与货币资金共同构成高流动性储备，财务弹性强，应收账款和存货水平相对均衡，运营风险可控，无形资产和长期投资占比极小，表明研发依赖度低，战略以内生扩张为主，无外延并购。整体资产质量稳健，但需关注固定资产折旧对利润的长期压力。该结构契合个护行业规模化生产特性，竞争策略偏向成本领先与规模驱动，属于积极扩张型经营策略，侧重产能建设与流动性安全平衡。

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