华西证券：双十一美妆板块延续恢复态势 行业景气度显著回升

Core Viewpoint - The beauty sector during this year's Double Eleven has continued its recovery trend from earlier in the year, with both foreign and domestic brands showing stable performance, and domestic brands making significant progress [1] Group 1: Market Overview - The overall market growth is stable, with impressive performance in instant retail. The total e-commerce sales during Double Eleven in 2025 are projected to reach 16,950 billion yuan, a year-on-year increase of 14.2% [1] - Instant retail sales during Double Eleven reached 670 billion yuan, a year-on-year increase of 138.4%, indicating a growing consumer habit and potential for future expansion [1] Group 2: Beauty Sector Performance - The beauty sector outperformed the overall e-commerce market, with skincare sales reaching 991 billion yuan and makeup sales at 334 billion yuan, both showing double-digit year-on-year growth [2] - The beauty sector's growth is attributed to an extended promotional period, with significant improvements noted in October sales figures [2] Group 3: Brand Performance - Domestic brands are maintaining strong positions, with five domestic brands in the top 20 beauty rankings on Tmall for Double Eleven 2025, including Proya and Maogeping [3] - International brands are recovering, with mid-range brands like L'Oreal experiencing a decline, while brands like Drunk Elephant and Estée Lauder have shown double-digit growth [3] Group 4: Douyin Platform Insights - On Douyin, domestic brands dominate the top 10 beauty rankings, with Han Shu and Proya holding the top two positions, and several other domestic brands making significant gains [4] - The top five skincare brands on Douyin include only one foreign brand, indicating the competitive advantage of domestic brands in marketing and channel adaptation [4]