HK Stock Market Move | CHICMAX (02145) rose more than 8% in September, with strong performance in the self-operated beauty and skincare domestic brands. With the impetus of Double 11, the industry is expected to see marginal improvement in the fourth quarter.

CHICMAX (02145) rose over 8%, rising 7.43% as of the time of publication, at 101.2 Hong Kong dollars, with a turnover of 47.2116 million Hong Kong dollars. On the news front, according to Qingyan Intelligence, the total GMV of the top 20 beauty brands on Douyin exceeded 3 billion yuan in September 2025, with a market share of 17.6%, a year-on-year increase of 38.59%. Han Shu continued to lead with GMV exceeding 500 million yuan. Huayuan Securities pointed out that in September 2025, the GMV of the beauty category on Douyin increased by 19.7% year-on-year, but fell by 10.4% month-on-month. From the perspective of sales, domestic brands have performed well, with the number of brands in the top 20 beauty brands list that contribute more from self-operated businesses than from influencer promotions accounting for 60%, while brands with self-operated GMV exceeding 50% are all domestic brands, with both Han Shu and Baique Ling's self-operated GMV accounting for over 70%, showing that domestic brands have a competitive advantage in self-operated channels. Zheshang stated that it is expected that new consumer beauty brands can maintain a compound annual growth rate of revenue and profit of 20%-30% in the next 2-3 years through product upgrades and brand building, with attractiveness in terms of prosperity and certainty. Regarding Q3 performance, the off-season is weak, with some companies experiencing weaker revenue growth, considering the pre-sale costs of Double 11 and rising traffic costs, it is expected that the sector's profit performance may not be as strong as revenue performance. The bank expects MAO GEPING and CHICMAX to lead the industry in performance.