Investment Rating - The report does not explicitly state an investment rating for the pet industry Core Insights - The pet industry in 2024 shows significant growth, with total sales reaching 133 billion, marking a year-on-year increase of 53.52% [10][11] - Pet food is the leading category, generating 75.86 billion with a growth rate of 55.58% [14] - The report highlights the dominance of traditional e-commerce platforms like Taobao, while Douyin is emerging as a significant player with a sales total of 133 billion [5][10] Summary by Sections Pet Industry Review - The pet industry has seen a substantial increase in sales, with Douyin's pet sector sales exceeding 133 billion, reflecting a growth rate of 53.52% [10][11] - The distribution of sales across categories shows pet food leading, followed by pet supplies and apparel [14] Brand Analysis - Myfoodie remains the largest brand in the pet food sector, while brands like Xianlang and Xiaochong are experiencing the fastest growth rates [15] - The report lists top-selling products, primarily focusing on pet consumables such as food and cat litter [16] Consumer Demographics - The primary consumer demographic for pet food is younger, predominantly female, aged 24-30, concentrated in new first-tier, second-tier, and third-tier cities [18][19] - Gender distribution shows a balanced interest in pet supplies, while pet food appeals more to female consumers [19] Market Trends - The report indicates a shift towards health-focused products, with pet health supplements seeing a remarkable growth rate of 631% [14][30] - The average transaction price for pet health products is noted to be 155.26, with a market share of 17.6% [30] Brand Strategy - The report discusses the strategic upgrade of the brand Nourish, focusing on enhancing research and development capabilities and establishing a transparent supply chain [26][27] - Nourish's sales in the pet health category have shown a significant increase, with a market share of 39.09% in the health segment [30] Product Innovation - The introduction of the "Magic Cube" series by Nourish represents a blend of pet food and health products, aiming to improve palatability and consumer appeal [36][37] - The report emphasizes the importance of product design and marketing strategies in attracting younger consumers [41][42]

Company Overview - Instinct Natural Balance is a subsidiary of Nature's Variety Inc, focusing on the sales and operations of its brands in Greater China [4] - The brand was previously known as "Raw Instinct" and rebranded to "Natural Balance" to better align with its current positioning and appeal to Chinese pet owners [4] - The company is committed to redefining pet food through raw nutrition, aiming to improve the health and longevity of pets [4] Brand Development - Nature's Variety established its first production line in Lincoln, Nebraska in 2001 [5] - In 2006, "Instinct" was launched as one of the world's first grain-free natural pet foods [5] - In 2012, the brand introduced the "Raw Boost" series, revolutionizing dry pet food feeding habits [5] - By 2021-2022, the company became the only pet food company in North America to receive an SQF Excellent rating [5] Product Philosophy - The brand emphasizes raw, natural, and minimally processed ingredients, believing that raw nutrition is the most natural and beneficial for pets [7][11] - The product line includes raw frozen meat, freeze-dried raw, dry food, and wet food, catering to various pet dietary needs [5] - The brand uses HPP (High-Pressure Processing) technology to maintain the nutritional integrity of its raw ingredients [5] Product Lines - **Instinct Natural Balance**: Focuses on high meat content and grain-free formulas, offering premium raw freeze-dried options like Raw Boost [13] - **Be Natural**: Combines pure meat with whole grains and fruits, targeting pet owners who seek balanced nutrition without completely eliminating grains [14] - **Classic Grain-Free Series**: Features 70% real animal ingredients, 30% vegetables and fruits, and 0% grains, gluten, corn, or potatoes [18] Market Positioning - Instinct Natural Balance positions itself in the high-end market, with products priced above 300 RMB, making it a top-tier brand in the industry [19][23] - The brand's average transaction price is 387.54 RMB, significantly higher than the industry average [23] Sales Performance - In 2024, the brand's top-selling products on Tmall include the Grain-Free Chicken High-Protein Freeze-Dried Cat Food, with sales exceeding 200,000 units [24] - During the Double 11 promotion in 2024, sales increased by 311.31% compared to the previous period [26] - The brand's Tmall store saw steady growth in monthly visitors and sales from November 2023 to November 2024 [29] Social Media and E-commerce - On Douyin, Instinct Natural Balance primarily uses live streaming for sales, with official brand accounts leading in sales volume [40][53] - The brand's Douyin accounts have a combined following of over 2.8 million, with the official flagship store generating 108.4 million RMB in sales in November 2024 [54] - On Xiaohongshu, the brand has 715 notes with an estimated 3.44 million views, focusing on content marketing and user engagement [41] Competitive Landscape - In 2024Q2 to Q3, the pet food industry experienced a price reduction trend, with Instinct Natural Balance maintaining a high average transaction price of 237.46 RMB, significantly higher than competitors like Myfoodie (80.42 RMB) and Orijen (516.09 RMB) [35]

Investment Rating - The report indicates that Proya has achieved significant growth, surpassing Shanghai Jahwa to become the first domestic beauty brand to enter the 8 billion yuan club [6]. Core Insights - Proya has focused on technology-driven skincare, targeting young professional women with products priced between 200 to 400 yuan, and has adopted a multi-brand strategy to achieve rapid growth [5][4]. - The company has successfully transitioned to online sales, with online business becoming the core driver of growth since 2019, overtaking offline sales [9][10]. - Proya's "three-horse carriage" strategy emphasizes continuous brand upgrades, deepening cooperation with e-commerce platforms, and revitalizing single-brand store models [15][70]. Summary by Sections Company Overview - Proya was established in 2003, focusing on technology skincare for young professional women, with a product price range of 200 to 400 yuan [5]. - The company has launched several core product series, including the Double Anti-aging series and the Ruby series, with plans for continuous upgrades and new product introductions [5]. Financial Performance - In 2023, Proya's revenue reached 8.91 billion yuan, marking a significant increase from previous years [6]. - The company has seen a consistent increase in revenue from 2019 to 2023, with growth rates of 32.28%, 20.13%, 23.47%, 37.82%, and 39.45% respectively [112]. Sales Channels - Online sales have grown rapidly, with Proya's online revenue reaching 10.28 billion yuan in 2018, a year-on-year increase of 59.91% [36]. - The report highlights that online sales accounted for 91% of total sales in 2023, while offline sales have been declining [28][12]. Market Position - Proya has established itself as a leading brand in the domestic beauty market, ranking first in sales during major shopping events like Double Eleven [21][46]. - The brand has successfully captured a younger demographic, with 45.42% of its consumers aged 20-29, which is higher than competitors like Estée Lauder [95]. Marketing Strategy - The company has adopted innovative marketing strategies, including collaborations with KOLs and leveraging social media for brand promotion [26][125]. - Proya's focus on product innovation and consumer engagement has been pivotal in maintaining its competitive edge in the market [35][109].

双十一大促总结 リ 大促周期拉长，市场先机的争夺与挑战并存 来了一定的挑战， 平台需要更加深思 支付方式 01 打破支付场景限制，加速信息和 资金的流动。 • 京东接入菜鸟速递与菜鸟驿站， 共享寄送入口、包裹寄存服务 等 补贴商家，上线多种减负策略，回归生意本质 各平台推出包括减免服务费、松绑仅退款、快速回款、补贴运 投入300亿消费券，促成交；大促免佣、 店插免佣；解绑运费险，提供退货宝服 务，缓解商家退货成本；极速回款 快手 提供200亿流量补贴，20亿用户红包， 以及10亿的商品补贴 +26.6% 14418亿元 直播电商 懂数据 更懂牛意 阿里巴巴集团副总裁、天猫总裁刘博表示： 2024.11.14 解数 懂数据 更懂生意 | --- | --- | --- | |----------------------|-------|-------| | | | | | | | | | 目录 | | | | | | | | | | | | 双十一大促平台格局 1 | | | | | | | | | | | | 双十一美妆大盘 2 | | | | 双十一宠物大盘 3 | | | | | | | | | | | ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the company. Core Insights - Babycare has become a phenomenon in the Tmall maternal and infant industry, achieving significant sales growth and brand recognition [4][10]. - The brand emphasizes a design-driven approach, focusing on the needs of new mothers and the Chinese middle-class maternal and infant market [3][24]. - Babycare has completed two rounds of financing, raising approximately 1 billion RMB, with notable investors including Sequoia China and Hillhouse Capital [13]. - The company is in the process of initiating an A-share IPO, with an estimated valuation of around 3 billion USD [14]. Summary by Sections Company Overview - Babycare was founded in 2014 and has rapidly grown to become a leading brand in the maternal and infant sector, with a focus on innovative product design and consumer needs [14][56]. - The company operates under a C2B2M (Consumer-to-Business-to-Manufacturer) model, allowing direct consumer feedback to guide product development [20][33]. Market Performance - From 2016 to 2019, Babycare's sales on Tmall grew from 130 million RMB to 2.3 billion RMB, showcasing a compound annual growth rate of over 100% [9][14]. - In 2022, Babycare achieved a GMV of 1.4 billion RMB during the Double Eleven shopping festival, maintaining its position as the top seller in the maternal and infant category for four consecutive years [14]. Product Strategy - Babycare's product offerings span over 600 categories, with 90% of products being self-developed, focusing on user-driven design and safety [33]. - The brand has successfully penetrated various product categories, including diapers, baby carriers, and feeding products, with significant market share growth [28]. Brand Development - The brand has transitioned from being perceived as a foreign brand to a recognized domestic brand, reflecting a shift in consumer preferences towards local products [56]. - Babycare's marketing strategy includes collaborations with influential figures and initiatives to promote maternal health and wellness [61]. Future Outlook - The company aims to expand its market presence and enhance brand recognition through innovative product designs and strategic marketing campaigns [14][35].

Investment Rating - The report does not explicitly state an investment rating for the cosmetics industry Core Insights - The cosmetics industry is experiencing a significant shift, with Douyin surpassing Taobao in market scale, achieving a revenue of 535.6 billion compared to Taobao's 286.4 billion for the period from December 2023 to November 2024 [6][21] - Taobao's cosmetics sector is showing signs of decline, with sales dropping from approximately 41 billion in November 2023 to 22.46 billion in the same month of 2024, indicating a decrease of about 45% [7][21] - The number of brands on Taobao has shrunk by 25%, and the number of products has halved, reflecting a consolidation in the market [10][21] - In contrast, Douyin's cosmetics sector continues to grow, with monthly sales increasing from 2.5-5 billion in January 2021 to a range of 50-75 billion by October 2024, although growth rates are beginning to stabilize [15][21] Summary by Sections 1. Cosmetics Industry Analysis - Taobao's cosmetics sales have shown a downward trend, particularly outside major promotional events like 618 and Double 11, where sales fell from around 20 billion to 17 billion [7] - Douyin's market presence is expanding, with a notable increase in brand turnover and a more dynamic competitive landscape compared to Taobao [21] 2. Star Brand Breakdown - The brand Maogeping has seen substantial growth on both platforms, with its sales on Douyin being three times that on Taobao [26] - Maogeping's product range has expanded from 46 to over 600 items since 2021, with an average selling price rising from 147 yuan to 236 yuan [57] - The brand's sales strategy has shifted from relying heavily on influencers to increasing self-operated sales, now accounting for approximately 53% of total sales on Douyin [62]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The company "Raising a Cow" has established a full industry chain in the dairy sector, including cow breeding, pasture planting, feed processing, and dairy product sales [3] - The brand has successfully addressed consumer concerns regarding product quality by introducing a unique cow adoption model [12][118] - The company has achieved significant revenue milestones, surpassing 30 billion and 40 billion yuan in consecutive years, and has been recognized in the 2024 Global Unicorn List [9][114] Summary by Sections Company Development - Founded in 2016, "Raising a Cow" has rapidly grown by building its own farms and creating a diverse product matrix [6][104] - The company has been recognized as a national standardized demonstration farm by the Ministry of Agriculture [7] - It has launched various products, including French-style probiotic yogurt and pure milk, achieving top sales on platforms like Tmall and Douyin [7][9] Market Positioning - The company has strategically focused on online channels, particularly Douyin, to avoid competition with traditional dairy giants like Mengniu and Yili [33][52] - In 2023, "Raising a Cow" maintained a leading position in the Douyin dairy product market, with a market share of 18% [36] Consumer Trends - There is a growing consumer preference for high-quality and premium dairy products, with a notable shift towards A2β-casein protein milk, which is marketed for its health benefits [88][90] - The report highlights that liquid milk remains the primary product choice among consumers, with a significant portion of the market focusing on health and nutrition [85][86] Financial Performance - The company has consistently achieved high sales figures, with notable performance during promotional events such as the Tmall Double Eleven [39][112] - The revenue growth trajectory indicates a strong market presence and consumer acceptance of its products [9][114] Competitive Landscape - The dairy industry is characterized by a duopoly led by Yili and Mengniu, with "Raising a Cow" carving out a niche by leveraging online sales channels [120] - The report emphasizes the importance of storytelling and brand positioning in a competitive market [107][108]

Industry Analysis - The makeup industry on Taotian has been surpassed by Douyin, with Taotian's sales being only half of Douyin's (286.4 billion vs 535.6 billion from Dec 2023 to Nov 2024) [5] - Taotian's makeup sales have declined significantly, dropping from 4.1 billion in Nov 2023 to 2.246 billion in Nov 2024, with most months seeing sales between 1.7-2 billion except during major promotions [6][7] - The number of brands on Taotian has shrunk by 25%, and the number of products has been halved [9][10][12] - Douyin's makeup sales have grown from 250-500 million in Jan 2021 to 5-7.5 billion in Oct 2024, though growth has slowed since Aug 2023 with monthly sales stabilizing between 2.5-5 billion [14][15] Brand Performance - Domestic brands have gained strength on Taotian, with 5 out of the top 10 brands being Chinese (Caitang, Maogeping, Carslan, Florasis, Judydoll) [16] - Caitang has consistently ranked in Taotian's top 3 makeup brands, often taking the top spot, while Maogeping has risen from 23rd to top 10 [16][17] - On Douyin, YSL and Florasis have been alternating as top brands, while Maogeping's ranking fluctuates between top 3 and 11th [18][19] - Caitang performs significantly better on Taotian than Douyin, where it ranks in the teens or twenties [18] Maogeping Brand Analysis - Maogeping has grown on both platforms, with sales on Douyin being 3 times those on Taotian (12.4 billion vs 4.1 billion from Dec 2023 to Nov 2024) [24][25] - On Taotian, Maogeping's monthly sales average 20-30 million, peaking at 50+ million during major promotions like 618 and Double 11 [29] - Maogeping's product mix is balanced, with cushion compacts being the top category at 16%, followed by mask packs, foundation, and loose powder at 12-14% [35] - The brand's top products are the Golden Fan Powder, Caviar Cushion, and Water Cream Foundation [36] - On Douyin, Maogeping's sales grew from 1.278 million in Jan 2021 to 1.8 billion in Oct 2024, with brand self-streaming accounting for 53% of sales [45][49][50] Platform Comparison - Douyin has overtaken Taotian in makeup sales, with double the scale, indicating brands are shifting focus from Taotian to Douyin [20] - Taotian's top 10 makeup brands are relatively stable, with domestic brands occupying 5 spots, while Douyin sees more intense competition and brand turnover [20] - Caitang dominates on Taotian, while YSL leads on Douyin, alternating with Florasis [20] - Maogeping has shown consistent improvement on both platforms, rising from 23rd to top 10 on Taotian and from 58th to 6th on Douyin [20][26]

Investment Rating - The report does not explicitly state an investment rating for the sports nutrition industry Core Insights - The global sports nutrition market was valued at $17.6 billion in 2020, with the United States, the United Kingdom, and Australia being the top three markets [8][10] - China's sports nutrition market is one of the fastest-growing globally, with an average annual growth rate of 39% from 2016 to 2021 [13][14] - The report highlights the increasing awareness and acceptance of sports nutrition products among consumers, particularly in China [5][6] Market Analysis - The sports nutrition market is categorized into various product types, including energy supplements, protein supplements, and recovery products [5] - In developed countries, athletes commonly use energy supplements primarily composed of carbohydrates for quick energy [5] - The market in China has seen significant growth, with the overall market size reaching 3.5 billion yuan in 2020, up from 2.6 billion yuan in 2019 [14] Product Categories - The report outlines several product categories within sports nutrition, including: - Energy supplements (e.g., glucose powder, energy gels) [5] - Protein supplements (e.g., protein powders, amino acids) [5] - Recovery products (e.g., branched-chain amino acids) [5] - The report notes that the most widely used sports nutrition products are in bodybuilding and strength training [5] Brand Analysis - Major brands in the sports nutrition market include MuscleTech, Nutrend, and others, with specific products targeting different consumer needs [18][75] - The report emphasizes the importance of brand trust and endorsements from well-known athletes in influencing consumer purchasing decisions [20][61] Digital Trends - The report discusses the impact of digitalization on the sports nutrition market, highlighting the rise of e-commerce and online sales channels [35] - It notes that brands are increasingly leveraging digital marketing strategies to reach younger consumers [35] Sales Performance - The report provides insights into the sales performance of various product segments, indicating that higher-priced products tend to have better margins [46] - It categorizes products into different price ranges, showing a clear distinction in consumer preferences based on pricing [46][63]

Investment Rating - The report does not explicitly state an investment rating for the beauty industry Core Insights - The beauty industry has shown varied performance across different segments, with traditional e-commerce platforms experiencing a decline of 5.8%, while interest e-commerce platforms have surged by 55.68% in the first half of 2024 [3][4][5] - The skincare segment remains strong, with domestic brands like Han Shu and Proya leading in sales, while international brands face challenges [10][24] - The report highlights the importance of live streaming and e-commerce strategies in driving sales for beauty brands [13][19] Summary by Sections 1. Review of the Beauty Industry in H1 2024 - The beauty industry has experienced a mixed performance, with traditional e-commerce platforms declining while interest-based platforms thrive [3][4] - Skincare categories such as facial care sets and emulsions/creams continue to lead in market share, while face masks have seen a decline [7][10] 2. Case Studies of Star Brands - Proya leads the skincare market with a sales figure of 30.91 billion, showing a year-on-year growth of 61.3% [10] - Han Shu tops the skincare segment on Douyin with a remarkable sales figure of 35.75 billion, reflecting a growth of 275.02% [24] - International brands like L'Oreal and Estee Lauder have faced declines in sales, with L'Oreal showing a decrease of 5.5% [10][24] 3. Strategies for H2 2024 - The report suggests that brands should leverage live streaming and social media platforms to enhance visibility and sales [13][19] - Emphasis on product innovation and adapting to consumer preferences is crucial for maintaining market share [10][24]