Group 1 - The core viewpoint of the article highlights the significant growth in the beauty sector on Douyin, with the top 20 brands achieving a total GMV of over 3 billion yuan in September 2025, representing a market share of 17.6% and a year-on-year growth of 38.59% [1] - According to Huayuan Securities, the GMV of beauty products on Douyin increased by 19.7% year-on-year in September 2025, although it saw a quarter-on-quarter decline of 10.4% [1] - Domestic brands are showing strong performance in self-operated sales, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated channels than from influencer promotions, and brands like Han Shu and Bai Que Ling having over 70% of their GMV from self-operated sales [1] Group 2 - Zheshang Securities projects that new consumer brands in the cosmetics sector are expected to maintain a compound annual growth rate of 20%-30% in revenue and profit over the next 2-3 years, indicating continued attractiveness and certainty in the market [1] - The Q3 performance is expected to be weaker, with some companies experiencing a slowdown in revenue growth quarter-on-quarter, influenced by pre-Double Eleven expenses and rising traffic costs, leading to an anticipated underperformance in profits compared to revenue [1] - The company expects that brands like Mao Ge Ping and Shangmei will outperform the industry in terms of performance [1]
港股异动 | 上美股份(02145)涨超8% 9月美妆国货品牌自营表现亮眼 双11催化下行业Q4有望边际改善