华福证券：双十一电商大促平销化 化妆品牌注重全域运营与新品种草

Core Viewpoint - The report from Huafu Securities indicates that major platforms have extended their Double Eleven promotional periods, but the "promotional shopping" effect is weakening, with brands tightening discount levels and focusing more on regular sales [1] Group 1: Market Trends - Major platforms have staggered the start dates of their promotional events, leading to a diminished "shopping festival" effect [1] - Brands are reducing the discount intensity during promotions, indicating a shift towards regular sales strategies [1] Group 2: Regulatory Changes - The implementation of new regulations regarding cosmetic registration and filing is expected to enhance market concentration among leading companies [1] - The new regulations, effective from August 2025, will cover 34 technical standards, including requirements for ingredients like "colloidal silver" and "peptide raw materials," impacting a range of products from toothpaste to functional skincare [1] Group 3: Marketing and Sales Strategies - The importance of live streaming (店播) is increasing, with cosmetic brands focusing on comprehensive marketing and regular sales [1] - According to data from Qingyan, the brand Han Shu ranked first in comprehensive operations, while Proya and L'Oreal remained in the top ten, although brands emerging from the Douyin ecosystem showed more volatility [1] Group 4: Competitive Landscape - Affordable cosmetics face intense competition due to lower pricing, leading to higher marketing expense ratios, which may limit investment in research and development [1] - Despite these challenges, there is a trend towards increasing R&D investment to strengthen competitive capabilities, with product innovation and channel optimization expected to enhance profitability [1]