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2021年-2025年第三季度美容护理板块平均ROIC情况（单位：%)

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所属报告：

毕马威：消费品零售业2025下半年度报告（70页）.pdf

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整体来看，美容护理板块ROIC在2025年呈现分化趋势。领先梯队受经济不确定性及需求不足影响，ROIC 近五年持续下滑；但在政策支持和创新驱动下，2025年前三季度ROIC回升至9.1%，较上半年增长2.5个百分点，展现出较强的盈利韧性。承压梯队在2023年反弹后，2024年至2025年呈震荡下行趋势，2025年三季度微幅回调至4.6%，预计现金流将逐步改善。后列梯队ROIC虽长期低位运行，但2024年已出现修复迹象，2025年前三季度达到2.4%，为近三年最高水平，显示该梯队企业盈利和资金实力正在稳步恢复。注：梯队划分以申万美容护理数据为基准，去极值后按市值高低排，每个梯队含10家公司。健康板块呈现“高位波动，整体下移，结构分层”的特征总体来看，健康产业板块ROIC中枢较2020年明显下移，但呈现结构性分化特征。领先梯队与稳健梯队在震荡中仍具备修复弹性。领先梯队ROIC在2025年上半年承压后，三季度回升至8.3%，较上半年增长3.2个百分点，展现出较强韧性。稳健梯队ROIC在2023年达到17.1%，超越领先梯队，反映部分中上游企业在细分赛道或渠道效率上的突破，且持续保持领先优势。相比之下，承压梯队与后列梯队ROIC整体低位运行，格竞争及资本效率约束下，盈利修复能力明显不足。资料来源：Wind，毕马威分析注：基于中证健康产业成分数据，分成四梯队：领先、稳健、承压、后列，分别对应市值前25、26-45、46-75、76-99名的企 ①2026毕马威企业咨询（中国）有限公司－中国有限责任公司，是与毕马威国际有限公司（英国私营担保有限公司）相关联的独立成员所全球组织中的成员。版权所有，不得转载。

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