国货美妆迎来“中场战事”，逻辑正在悄然改变

Core Insights - The beauty market in China is experiencing a competitive landscape with a notable shift towards domestic brands, as evidenced by the growth in sales during the "Double Eleven" shopping festival, particularly in live-streaming sales [1][3][5] - Domestic brands are increasingly gaining market share, with many top domestic beauty companies reporting revenue and profit growth, indicating a robust performance against a backdrop of overall market stagnation [5][6][7] Market Trends - The retail sales growth of cosmetics in China is slowing, with a reported year-on-year increase of only 2.9% in the first half of 2025, which is below the overall retail sales growth of 5.0% [3] - The domestic beauty market is seeing a shift from a focus on marketing to an emphasis on product quality and service, as brands like 毛戈平 (Mao Geping) and 薇诺娜 (Winona) adapt their strategies to enhance consumer engagement [5][6][7] Brand Performance - During the "Double Eleven" pre-sale, domestic brand 珀莱雅 (Proya) topped the beauty sales chart, marking its second consecutive year in this position, with an increasing number of domestic brands appearing in the rankings [5][6] - Among the top ten domestic beauty companies, eight reported revenue and profit growth, with notable increases from 上美股份 (Shangmei), 巨子生物 (Juzi), and 毛戈平, which saw revenue growth rates of 17.3%, 22.5%, and 31.3% respectively [5][6] Channel Strategy - The trend of integrating online and offline sales channels is becoming prominent, with brands like 薇诺娜 expanding their offline presence to enhance customer engagement and product visibility [6][7] - 毛戈平 has established a significant offline presence with a large team of professional beauty consultants, which supports its high-end brand positioning and customer service [6][7] International Expansion - The recent cultural export initiative "巴黎合伙人" (Paris Partner) showcased domestic brands in Paris, highlighting the potential for Chinese beauty brands to expand internationally while promoting Chinese aesthetics [8][9] - Despite challenges in penetrating Western markets, there is a growing recognition of the need for Chinese brands to adapt their products and marketing strategies to meet local consumer preferences [10][12][15] Future Outlook - The success of domestic brands in international markets will depend on their ability to leverage local insights and adapt their offerings, as demonstrated by the positive reception of products backed by scientific research [14][15] - The collaboration between Chinese brands and international platforms like TikTok may pave the way for replicating the success of live-streaming e-commerce in overseas markets [16]