Guotai Haitong's review of Double Eleven Beauty Sales: The overall market is stable, domestic beauty products are leading, and high-end products are improving.

Guotai Haitong released a research report saying that the Double 11 achieved stable double-digit growth, with impressive growth in immediate retail and the trend of integrating the entire chain. In the beauty category, multiple platforms maintained stable growth, with high-end international brands on Tmall seeing a rebound in rankings and top domestic brands on Douyin maintaining their lead. In terms of brand battle reports, Guangzhou Ruoyuchen Technology and Shangmei had multiple brands performing well on Double 11. The report emphasizes the trend of selecting products and channels that demonstrate flexibility and adaptability. Guotai Haitong's main points are as follows: The Double 11 achieved stable double-digit growth, with impressive growth in immediate retail and the trend of integrating the entire chain. According to Xingtu data, with the Double 11 period extending further, the total GMV on Double 11 in 2025 was 1.695 trillion compared to 2024, representing a 14% growth. In this, the comprehensive e-commerce, immediate retail, and community group buying GMV were 1.6191, 0.67, and 0.09 trillion, representing a year-on-year increase of 12%, 138%, and -35% respectively, with impressive growth in immediate retail. Various platforms have intensified their collaboration efforts, with one-stop service and integration along the entire chain becoming a trend. Tmall achieved its best growth in 4 years on Double 11, with significant contributions from the 88VIP program, and incremental growth brought in by Fliggy and Taobao Flash Sale. Jingdong also hit a new high in transaction volume, with innovations in formats like takeaway and hotel travel showing strong momentum. Douyin further deepened its synergy between content and live broadcasts. The beauty category on multiple platforms maintained stable growth, with the ranking of high-end international brands on Tmall showing signs of improvement, and top domestic brands on Douyin maintaining their lead. In 2025, the skincare and makeup categories on multiple platforms achieved growth between 5-15%, with overall stable demand for beauty products. The top 10 beauty brands on Tmall remained relatively stable, with domestic brand Proya Cosmetics maintaining the top spot and WeNona ranking 8th, up 1 spot year-on-year. The rankings of high-end international brands like Este Lauder, Helena Rubinstein, SKII, and CPB all improved by 2, 2, 1, and 1 spots respectively, benefiting from high-value users like 88vip. The trend of upgrading in the personal care category is still ongoing, with Proya Cosmetics' OR brand performing well, and Jiaqing ranking higher in the home cleaning category. In the Douyin top 10 beauty brands, there are 5 domestic and 5 foreign brands, with leading positions maintained by brands like Han Xun and Proya Cosmetics, while brands like Guyu and Baiqilin entered the top 10 list, with Natural Hall moving up 1 spot. Overall, domestic brands performed exceptionally well. The strategies of domestic and foreign brands differed, with leading domestic brands like Han Xun and Guyu leveraging live broadcasts for promotion, while collaborations with top international brand influencers were evident. Leading beauty influencers like the Guangdong couple and Jia Nailiang were seen promoting top brands like SKII, Este Lauder, L'Oral, Helena Rubinstein, and Lancme. In terms of brand battles, Guangzhou Ruoyuchen Technology and Shangmei showed strong performances on Double 11. Guangzhou Ruoyuchen Technology saw an 80% year-on-year increase in total channel GMV, while Fei Cui saw a 35-fold increase in total channel GMV, with a 110% increase in year-on-year growth during the 618 shopping festival. In brand management and e-commerce operations, Kang Wang's Tmall and Douyin GMV saw a year-on-year increase of 50% and 242% respectively, while Avino's Tmall GMV increased by over 29% during the 618 festival, helping partners climb the ranks in various sub-categories. CHICMAX's Han Xun brand topped the Douyin beauty rankings, while Yiyige saw a 145% increase in total channel sales, ranking as the top domestic brand in the Tmall baby care industry, with single-channel sales through Douyin exceeding one billion yuan. Anminyou saw a 208% year-on-year increase in total channel sales, and Jifang saw a 302% month-on-month increase in total channel sales. Risk warnings: Economic slowdown affecting discretionary consumption; intensified brand competition; lower-than-expected performance in new product promotion; slower-than-expected incubation of new brands.