瑞银-中国-美妆行业-中国化妆品行业：在COVID-19之后，国产品牌将如何实现下一波增长？（英文）

In our recent talks with investors, we have noticed the market has the following concerns over domestic cosmetics companies: 1) a deteriorating competitive landscape for domestic brands since COVID-19; 2) the success of domestic brands in recent years was mostly attributable to channel shift and good marketing strategies—has the traffic dividend run its course?; and 3) as international brands improve their online channel penetration, will domestic brands be trapped in a passive position?