【正文】 2 0 0 m lI N T E N S I V E M I L K 1 2 5 m l I N T E N S I V E M I L K 2 0 0 m lBody Lotion Basic Base 9 . 88 . 4211 8 . 4137111519232731354 M t o JF 0 2 4 M t o JF 0 3V a s e l i n e 2 0 0 m lV a s e l i n e 1 0 0 m lSoftsense Nivea Vaseline 28 Key Brands SKU Comparison, SHH/S SS110ml/Nivea Fresh200ml Dist. SPPD Gained JF 02 JF 03 JF 02 JF 03 JF 02 JF 03 MILK 200ml 70 XX REGULAR 100ml 72 75 XX REGULAR 200ml 85 54 XX REGULAR 300ml 22 XX UC 100ml 63 75 XX UC 200ml 85 86 SOFTSENSE 110ml 52 73 SOFTSENSE 200ml 83 75 FIRMING 200ml 64 62 FRESH 125ml 34 44 FRESH 200ml 52 62 INTENSIVE MILK 125ml 55 42 22 INTENSIVE MILK 200ml 52 61 Vaseline 100ml 63 64 Vaseline 200ml 51 62 Weighted Distribution (000RMB) RMB/Pck 29 BJH/S, XX Lotion Variant SKU Share Value Share(Body Lotion Basic Base) 4M to JF02 4M to JF03 Chg YA ND01 JF02 ND02 JF03 Chg YA XX 7 MILK 200ml REG LOTION 100ml 200ml 300ml UC LOTION 100ml 200ml 30 BJH/S, XX Lotion SKU Dist. SPPD Milk200ml Gained Distribution With Good Instore Performance。 But our distribution expansion led to our share gains in BCD cities, which narrowing our overall share lost 20 Summary Body ? Overall speaking, XX is still the absolute leader in the Basic Body Lotion segment in value terms。 Facial Obtained Positive Value Growth While Body Deflated 1 , 7 4 11 , 8 8 52 , 0 8 51 3 , 6 2 61 4 , 0 9 41 , 4 5 24 M o n t h s t o JF 0 2 4 M o n t h s t o JF 0 3Eye H a n d Bo d y F a ci a l230 2472 , 2 4 52 , 4 2 3100961191494 M o n t h s t o JF 0 2 4 M o n t h s t o JF 0 3Eye H a n d Bo d y F a ci a lVolume Sales(Ton) Value Sales() 6% 9% 3% 8% 11% 7% 20% 26% 4 Months Growth vs YA 2% 0% 6% 14% 3% 2% 5% 17% ?Number in green is of the annual growth MAT JF03 vs MAT JF02 5 XX Body Volume Sales Trend by Variant Milk Did Help XX to Gain Sales In Passing Winter Season vs YA 050100150200250J F 0 1 M A 0 1 M J 0 1 J A 0 1 S O 0 1 N D 0 1 J F 0 2 M A 0 2 M J 0 2 J A 0 2 S O 0 2 N D 0 2 J F 0 3O I L UV O T H ER SR EG L O T I O N U C L O T I O N M I L K L O T I O NVolume SalesTon, (National) 6 Body Top 10 Brands Volume Share Chg Slower Growth Rate Cost Us Slightly Lost Share in Passing Winter Period National, Body Base XX NIVEA 0 VASELINE 6 SOFTSENSE 2 4M to JF02 4M to JF03 Chg ND 01 JF 02 ND 02 JF 03 Chg ?Mininurse White+UV contributed growth this season. LONG LI QI YU MEI JING AN AN 2 SMISS 2 1 BAI QUE LING 2 MININURSE 1 7 Body Top 10 Brands Value Share Chg Slower Growth Rate Cost Us Slightly Lost Share in Passing Winter Period National, Body Base 4M to JF02 4M to JF03 Chg ND 01 JF 02 ND 02 JF 03 Chg XX NIVEA VASELINE 7 SOFTSENSE LONG LI QI 10 SAKULA 4 AN AN MININURSE 1 YU MEI JING 2 CATHY 1 ?Sakula promotion product help share gain. 8 Body Sales Growth By Platform Deflation in Body Mainly Traced to Basic Body Lotion。 Value Also Outgrew Volume 02 , 0 0 04 , 0 0 06 , 0 0 08 , 0 0 01 0 , 0 0 01 2 , 0 0 0JF01MA01MJ01JA01SO01ND01JF02MA02MJ02JA02SO02ND02JF0302004006008001 , 0 0 01 , 2 0 01 , 4 0 01 , 6 0 0V o l u me Sa l e s(0 0 0 T o n ) V a l u e Sa l e s (0 0 0 R mb )Total Skin Moisturizer 6% 9% 4 Months Growth vs YA 2% 3% Volume Value MAT Growth vs YA 4 Product Segment Sales Growth, Nat. Growth of All Segments Accelerated。 but cream declined which led to a slower growth rate in total body ? The price deflation in Body Lotion mainly traced to basic Body Lotion, where local brands, like Bai Que Ling and Yu Mei Jing, developed fast ? Overall, XX did captured positive growth in recent winter period and Milk largely contributed to our growth 19 Summary Body ? But we still slightly lost share in Body market in recent winter due to slower growth than the market, especially in the Basic Body Lotion segment ? In Basic Body Lotion segment, we lost share to Bai Que Ling and small brands in Key cities and Yu Mei Jing in A cities。 UC 200ml Maintained Overall Distribution but Declined in SPPD ND01 JF02 ND02 JF03 JF02 JF03 MILK 200ml 60 70 REG LOTION 87 87 86 76 100ml 74 72 84 75 200ml 87 85 61 54 300ml 27 22 UC LOTION 88 86 89 86 100ml 65 63 80 75 200ml 87 85 87 86 Weighted Distribution (000RMB) (11) (11) ?Number in brackets are of weighted distribution. 26 SHH/S, Body Key Brand Share Price Low Price Product Gained Shar