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jogging canada goose Cosmetics consumption tax is zero, the [复制链接]

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September 30, 2016, the Ministry of Finance issued an important notice to cancel the current cosmetics consumption tax !
specifically, cosmetics (mainly domestic products) for up to 30% of the consumption tax abolished, some upgrade to high-end cosmetics cosmetics "(mainly imported products), the tax rate is 15%.
inspiring!
in fact, as early as 2015, April, clothing, cosmetics tax, has entered the official agenda. For example, in April 29, 2015, the Beijing Daily reported that: China's foreign trade situation is an indisputable fact. In this regard, the State Council put forward a new consumer goods import and export policy in the executive meeting held yesterday, including the reduction of import tariffs, adjust the scope of Taxation, added mass consumer goods and recovery port duty-free shops etc........ Is still in order to stimulate domestic demand, promote consumption growth, in order to stabilize the development of the national economy." Now after more than a year of discussion, cosmetics excise tax has been canceled or significantly reduced.
of course, another reason for the country to reduce the consumption tax, cross-border electricity supplier fiery. Now the country has significantly reduced cosmetics consumption tax on cross-border shopping on Taobao, it should bring some impact. For example, the Chinese people travel to Japan and South Korea, a large number of packages to buy back is cosmetics , is to save the tariff. Tax reduction before a South Korean makeup to enter the China market, the need to increase the 10% customs tax, 30% of the consumption tax and value-added tax, nominally 17%, general skin care products also need to pay a few points of customs duties and VAT 17%. Now the consumption tax rate reduced from 30% to 15%, to a certain extent, reduce prices. But taking into account the domestic product consumption tax rate of 0, and there is no customs clearance tax, and therefore more conducive to domestic brands.
how big is the market? 2014, China's total retail sales of cosmetics reached 182 billion 500 million yuan, an increase of 10%, and the local cosmetics brand growth is faster, generally in the range of about 10% to about 15%, so the total market for the first time more than foreign brands. This is because in the past 10 years or so, the local cosmetics industry has experienced two changes from the "golden period of development of the retail store 1 times, to 2 times small chain cosmetics shop separatist era in the industry gradually revealing the competitiveness. In the era of electricity providers, most of the local brands have taken the lead in the layout of the electricity supplier, but also according to the characteristics of the times, focusing on emerging consumers. For example,http://csandover.com/node, ACT teamed up with South Korea Kema. The raw material suppliers, to create a leading brand Han Ya, introduced the star product into a snail cream, cushion BB close to the Korean wave, occupy the market share.
2015, >
          
  2016年9月30日,财政部发布重要通知,取消现行的化妆品消费税!

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  具体地说,普通化妆品(主要是国内产品)原来高达30%的消费税取消,把一些化妆品升级为“高档化妆品”(主要是国外进口产品),税率为15%。

  振奋人心!

  实际上,早在2015年4月份,服装、化妆品降税,已经进入官方议程。例如2015年4月29日《北京商报》报道说:“我国外贸形势不佳已是不争的事实。对此,国务院在昨日召开的常务会议上提出了新的消费品进出口政策,包括下调进口关税、调整大众消费品征税范围、增设和恢复口岸免税店等等。……仍是为了拉动经济内需,促进消费增长,以此稳定国民经济的发展。”现在经过一年多的讨论,化妆品消费税已经取消或大幅降低了。

  当然,国家降低消费税的另一个原因,是跨境电商火热。现在国家大幅降低化妆品消费税,对淘宝上的跨境购物店,应该会带来一定的冲击。例如,国人到日本韩国去旅行,大包小包买回来的很多都是化妆品,就是为了省关税。降税之前,一件韩国彩妆要进入中国市场,需要增加10%的通关税,30%的消费税,以及名义上17%的增值税,一般护肤品也需要缴纳几个点的通关税和17%的增值税。现在的消费税率从30%降低到15%,可在一定程度上降低价格。但考虑到国内产品的消费税率为0,而且没有通关税,因此更有利于国产品牌。

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  这个市场有多大呢?2014年,中国化妆品零售总额达到1825亿元,同比增长10%,而且本土化妆品牌增长较快,一般在10%~15%左右,所以市场总量首次超过外资品牌。这是因为在过去10年左右,本土化妆品行业经历了两次变革,从“零售1.0”时代的专营店发展黄金期,http://www.mutuallyassuredsurvival.com/wiki/tiki-view_blog_post.php?find=&blogId=1&offset=40&sort_mode=created_desc&postId=340&show_comments=1//,到“2.0”时代的小型连锁化妆品店割据时代,在行业当中逐渐显露出竞争力。在电商时代,本土品牌大部分都率先布局了电商,还根据时代特色,着力抓住新兴消费者。例如珀莱雅联手韩国科玛、ACT等原料供应商,打造了韩雅品牌,领先引入了蜗牛霜、气垫BB等紧贴‘韩流’的成明星产品,借此占据了市场份额。

  2015年,化妆品零售总额再次增长8.8%,达到2049亿(貌似不错,但低于消费品总体增长10,http://cgi.cc9.ne.jp/~minix/pagelink3/clever.cgi?mode=res&no=495257.7%的速度)。2016年上半年,我国化妆品零售总额为980亿元,同比增长9.2%,已经成为仅次于美国的世界第二大化妆品消费国。现在,以上海家化、珀莱雅、相宜本草、百雀羚等为代表的本土品牌正迅速崛起,推出例如气垫BB、气垫CC等新品抢占市场,而外资中除兰蔻之外,继续保持产品全球同步“高冷”姿态,鲜少快速推出新品去适应中国消费者的举动。

  老邓相信,大幅降税,对于估值合理的化妆品股票,一定是长期利好!

  沪深两市做化妆品的股票,首推上海家化(600315)。10月12日它的动态市盈率是25左右,市净率3,旗下的六神、美加净、高夫、佰草集都是著名品牌,获得过多项大奖。虽然由于平安入驻、换帅风波,导致净利润明显下降,但是股票已经调整三年,并从55跌到目前的28元左右,canada goose montebello。它的财务状况一般,但今年以来预收款有明显增长,考虑到它的营收始终稳健增长,所以产品竞争力还是不错的。

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  另外还有广州浪奇(000523)、两面针(600249)等股票。老邓感觉质地一般,关键是从估值来看,上海家化比它们好很多。需要注意的是绝对没有天夏智慧(000662),它原名索芙特,但把旗下的日化品打包出售,所以已经不再是化妆品股票了。

  在化妆品大幅降税之前,由于市场对家化的悲观情绪,导致上海家化的股价长期下跌徘徊。现在有了大幅降税前景,再考虑到其估值,我认为作为A股市场上的一支白马股,上海家化至少应该成为稳健盈利者的候选股之一。

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  个人研究,仅供参考。股市有风险,投资需谨慎。

  文章来源:老邓de财经茶馆。

  邓元杰,财经评论人,国际局势、股市、楼市研究专家。关注公众号“老邓de财经茶馆”,可以获得邓元杰最新的研究成果。原创不易,点与分享,是对本公众号的最大支持。
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People perception on buying low cost cars vary in different parts of the world, like for some it is a necessity while others it is a form of luxury. There are people as well you buy cars for business and sports. What is your purpose of buying low cost cars of your own? No matter what your reason of buying one, your attention are leaning towards the cheaper cars due to the limited inflow of funds in your account in a given set of time. There are false impression towards buying cheap cars as well, like when we say cheap then it entails substandard and low quality of materials and designs used.
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