Guotai Haitong: Core platform 618 event begins with government subsidies now extended to beauty products.

Guotai Haitong released a research report stating that the 2026 618 promotion will start in late May, with various platforms focusing on direct discounts. For the first time, Tmall will include cosmetics in government subsidies. On the first day of pre-sale, Li Jiaqi's live stream room performed well for domestic products, with new products like Proya Cosmetics selling out quickly; foreign high-end brands on the Douyin platform surged, leading to a "double strong competition" in the beauty market. Guotai Haitong's main points are as follows: Core platforms launch 618 activities, extending government subsidies to cosmetics category The 2026 618 activities started gradually in late May, with Tmall starting pre-sale on May 21, 8 days later than in 2025, and the activity will last until June 21; Douyin's 618 Good Products Festival started on May 15 and will continue until June 18; JD.com started pre-heating on May 13 with "Heart Moving Shopping Season" and officially started selling at 8 pm on May 30. In terms of discounts, all platforms have canceled complicated bundled purchase rules, emphasizing direct discounts or immediate reductions. On Tmall, category coupons have been upgraded to platform subsidy coupons, with the range of government subsidies expanded to 32 categories, offering significant discounts. For the first time, cosmetics are included in the government subsidy system, with products like Proya Cosmetics, Caitang, and Ke Fumei eligible for government subsidies ranging from 12% to 20%. Specific subsidy rates may vary depending on the brand and local government subsidy policies, providing a direct boost to sales. Tmall: Li Jiaqi's live stream room boosts domestic brands, high-end sets perform well, and sales pick up Li Jiaqi's live stream room remains a core platform for beauty sales on Tmall. On the first day of pre-sale on May 21, Li Jiaqi's live stream room featured 378 beauty products from 126 brands, with a double-digit growth in GMV in the first hour. In terms of brands, SK-II topped the sales on Li Jiaqi's live stream room, with its best-selling product exceeding 100 million yuan. ReFa, Proya Cosmetics, Clarins, and L'Oral ranked 2-5, solidifying their positions in high-end beauty sales. Seven of the top 20 Chinese brands include Proya Cosmetics (3), FANBEAUTY (8), Vinona (10), Kefumei (12), MAO GEPING (13), Tongpin (17), and Yu Shiyan (20). New products are driving growth, with 66 new beauty products accounting for 17.4% of products in the live stream, 15 of which generated over 5 million yuan in GMV on the first day, contributing a total of 170 million yuan. Proya Cosmetics' White Pearl series (set price 999 yuan) sold out in 5 seconds and sold over 30,000 units; Vinona 311 Barrier Rapid Repair Water Cream (set price 458 yuan) sold over 60,000 units on the first day, showcasing the direction of growth for domestic brands. Douyin 618: Strong surge in foreign high-end brands, emphasis on widespread sales for domestic brands According to official data from Douyin e-commerce, during the first phase of 618 (May 15-20), the number of beauty brands with sales exceeding 100 million yuan increased by 75% compared to previous years, with top brands performing well. As of May 23, foreign high-end brands on Douyin 618 showed strong performance, with Helena Rubinstein and La Mer ranking 1st and 2nd, respectively. Proya Cosmetics, the leading domestic brand, ranked 3rd, followed by Estee Lauder, Lancme, YSL, and Clarins. Popular domestic brands Natural Runway, Baiquefang, and Hanshu ranked 8th to 10th. Overall, the beauty market on Douyin is transitioning from a "domestic brand dominance" to a "double strong competition" scenario, where high-end foreign brands leverage their strong brand power during promotions, while domestic brands focus on widespread sales and promotions to maintain competitiveness in the mass market and daily sales. Risk Warning: Downturn in industry prosperity, intensified brand competition, and new product incubation falling short of expectations.