Guotai Haitong: 2026 Double 11 Beauty Promotion Preview, Cycle Convergence, Buy-and-Gift Upgrades

Guotai Haitong released a research report stating that the Double 11 promotion is about to begin, and attention should be paid to the catalyst the promotion may bring to the sector. In the long term, the beauty care sector still shows clear growth attributes due to more product innovation and the high organizational efficiency of domestic brands. Current sector valuation and holdings are both at low levels, and it is recommended to select, from the bottom up, targets with high-speed growth driven by strong product and brand momentum, as well as targets with recovery elasticity. Guotai Haitong's main views are as follows: Platforms: Shorter cycles, simplified rules. From the perspective of campaign cycles, the timing of multiple platforms for Double 11 in 2026 is later than in 2025: JD.com began selling all-category in-stock goods on October 12 (October 9 in 2025), Douyin launched on October 15 (October 9 in 2025), and Tmall opened presales on October 15, with the full cycle running from October 15 to November 13, about 30 days (October 14 to November 14 in 2025, 32 days in total), and merged the two in-stock waves into a single wave, with in-stock sales starting at 8 p.m. on the 20th. From the perspective of campaign rules, all platforms continued the direct discount strategy. Taobao Tmall maintained official direct discounts, Xiaohongshu canceled threshold-based discounts and changed to sitewide direct price cuts starting at 15% off, and JD.com focused on official direct price cuts while retaining cross-store threshold-based discounts (30 off every 200, versus 50 off every 300 in 2025). In terms of cooperation with top livestreamers, the number of top brands appearing in livestreams generally increased, and many new domestic products were launched and promoted in livestreams. As of the October 9 preview, the top three, L'Oreal, Proya, and Lancome, had 22, 17, and 14 products respectively appearing in livestreams, changes of -1, +1, and +2 compared with last year. Among high-end foreign brands, Lancome, Helena Rubinstein, and La Mer each added 2, and Shiseido added 1; among domestic brands, the number of products from Comfortable and MAO GEPING appearing in livestreams increased by 3 and 2 respectively, while Proya, Winona, and Marubi each added 1, and FOREST CABIN featured its major single product, Camellia Essential Oil; Chando and KANS each decreased by 2. From the perspective of newly added livestream products, most were new products of the year, showing two main lines: iterative upgrades of major single products (Comfortable collagen stick series extended to masks, Proya Yuanli series multi-use balm) and expansion into new lines (MAO GEPING Golden Radiance Nourishing Mask, Huahua collaboration). In terms of pricing mechanisms, core single products maintained prices, while gift simplification and specification upgrades proceeded in parallel, and industry price competition pressure remains. From the perspective of the mechanisms of products featured by top livestreamers, the listed prices of leading domestic major single products in 2026 were generally stable. For example, the prices and gifts of core single products such as Proya Ruby Serum, Early C Night A Set, MAO GEPING Caviar Mask, Comfortable Collagen Patch, and Collagen Stick were consistent with last year, while some single products saw slight price reductions (such as Proya Double-Anti Mask from 369 yuan to 349 yuan), with adjustments mainly in gift structure. On the gift side, there is a trend of "simplification + specification upgrades": in terms of variety, gifts were streamlined to the same item; in terms of specification, samples were upgraded to medium sizes, refills, and even full sizes. For example, L'Oreal Revitalift Eye Cream changed from a sample combination to a free full-size 30 ml of the same item, and OLAY Little White Bottle changed to buy-one-get-one-free with a lower final price. The report believes that the perceived value of full-size gifts is significantly higher than that of samples, indirectly deepening unit concessions, and industry price competition still faces pressure. Foreign brands showed internal divergence: Shiseido Red Kidney Bean increased its listed price, La Mer Treatment Lotion reduced gifts, Helena Rubinstein Green Bottle lowered its listed price from 1,760 yuan to 1,580 yuan, while Lancome Little Black Bottle, Estee Lauder Pink Water, and HR Black Bandage increased gifts. [Investment Recommendations] The Double 11 promotion is about to begin, and attention should be paid to the catalyst the promotion may bring to the sector. In the long term, the beauty care sector still shows clear growth attributes due to more product innovation and the high organizational efficiency of domestic brands. Current sector valuation and holdings are both at low levels, and it is recommended to select, from the bottom up, targets with high-speed growth driven by strong product and brand momentum, as well as targets with recovery elasticity. Recommendations: High-growth targets with strong fundamentals: MAO GEPING (01318), Lancy Co.,Ltd. (002612.SZ), FOREST CABIN (02657), Dencare (001328.SZ), Runben Biotechnology (603193.SH); Leading targets with clear improvement expectations: Proya (603605.SH), GIANT BIOGENE, Shanghai Jahwa United, Nox Bellcow; Yunnan Botanee Bio-Technology Group, SIHUAN PHARM, CHICMAX, Lushang Freda Pharmaceutical, Bloomage Biotechnology Corporation Limited, and Imeik Technology Development, whose expectations are at low levels and whose subsequent marginal improvement is expected. [Risk Warnings] Continued decline in industry prosperity; intensified competition on the brand side, with domestic brands squeezed by foreign brands; company new product and new brand incubation results falling short of expectations.