Orient Securities: September cosmetics retail sales growth rebounds; beauty and personal care brands show divergent performance.

Orient Securities released a research report stating that the growth rate of cosmetics retail sales rebounded in September, continuing to outperform the overall consumer market. Online channels and brand performance remain divergent, and it is recommended to focus on the following three directions: 1) brand companies with outstanding core product competitiveness and new products that can continue to contribute incremental growth; 2) targets benefiting from structural demand such as premiumization and efficacy skincare; 3) targets with strong multi-platform operating capabilities that can balance sales growth and expense efficiency.