Tianfeng: Overall growth of cosmetics on Double Eleven remained stable. Leading domestic cosmetics brands increased investment and actively sought transformation.

Tianfeng's research report states that the 2025 Double 11 Beauty Promotion will feature a "steady increase in total volume, with high growth concentrated in segmented categories and core channels". Trends in the market show that domestic brands are upgrading while foreign brands are exerting their strength, with domestic and high-end foreign brands ranking higher, and high-end beauty and skin care products showing a rebound. Taobao channels are heating up, with top domestic beauty brands increasing their investment. Top companies are actively seeking transformation from being driven by traffic to being driven by brands. Tianfeng's main points are as follows: Excellent performance in the Double 11 promotion, steady growth in beauty and personal care categories. During the 2025 Double 11 period, e-commerce retail sales reached nearly 2.4 trillion yuan, a year-on-year increase of over 10%. Tmall, JD.com, and Douyin ranked in the top three comprehensive platforms, with Tmall maintaining a significant leading advantage with a 37% market share. Beauty and personal care ranked second in the industry on Douyin. Skin care products and makeup products became core growth drivers on JD.com and Taobao. The report believes that the 2025 Double 11 Beauty Promotion will feature a "steady increase in total volume, with high growth concentrated in segmented categories and core channels". Trend 1: Domestic brands are upgrading while foreign brands are showing strength, and high-end beauty and skin care products are rebounding. Top 20 transactions on Tmall Beauty include domestic brands and high-end foreign brands. Proya Cosmetics leads the list, followed by Natural Beauty, Wiener, Kefu Mei, and MAO GEPING (01318) making its first appearance. Foreign high-end brands are showing an upward trend, with Estee Lauder rising to second place, Shu Uemura entering the top five, and YSL rising by 4 places; L'Oreal Paris dropped to fourth place. In October 2025, international high-end beauty brands saw strong growth, with Shu Uemura, La Mer, Estee Lauder, and Lancome's omnichannel growth rates reaching 50.6%, 45.3%, 36.3%, and 33.9%, respectively, demonstrating the recovery and resilience of the high-end consumption market. Trend 2: Taobao channels are heating up, and top domestic beauty brands are increasing their investment. In the Double 11 beauty market, Taobao Tmall channels lead with a 61.3% GMV share. In October 2025, beauty companies such as CHICMAX (02145), MAO GEPING, SYoung Group, Shanghai Jahwa United, and Yunnan Botanee Bio-Technology Group saw channel growth rates on the Taobao platform reach 65.5%, 86.2%, 13.0%, 21.1%, and 42.7%, respectively, highlighting the focus of top domestic brands on the Taobao channel. Trend 3: Top companies are actively seeking transformation from traffic-driven to brand-driven. In the 2025 Double 11 Douyin Beauty Promotion, the number of brands with sales exceeding tens of millions of yuan through live broadcasts increased by 313% year-on-year. Top brands have improved their ability to self-broadcast, and the growth logic is moving towards being brand-driven. The top 10 brands in Douyin's self-operated live broadcast rooms all achieved GMV of around 100 million yuan. During Double 11, brands like Han Shu, Run Ben, and Marumi had high self-broadcast rates, at 64%, 53.2%, and 49.5%, respectively. The self-broadcast rates of Han Shu, Kefu Mei, and Marumi increased significantly compared to the previous year, by 31%, 22.6%, and 20.9%, respectively. Risk warning: Consumer demand may not meet expectations, market competition may intensify, and there may be issues with data accuracy.