TF Securities(SH:601162) Zhi Tong Cai Jing·2025-11-21 00:21Core Insights - The 2025 Double Eleven shopping festival for beauty products shows a clear trend of "steady overall growth, with high growth concentrated in specific subcategories and core channels" [2] Group 1: Market Performance - E-commerce retail sales during the 2025 Double Eleven period reached nearly 2.4 trillion yuan, with a year-on-year growth of over 10% [2] - Tmall, JD.com, and Douyin ranked as the top three comprehensive platforms, with Tmall holding a significant market share of 37% [2] - The beauty and personal care category ranked second in Douyin's industry share, with skincare and makeup becoming core growth drivers on JD.com and Tmall [2] Group 2: Trends in Brand Performance - Domestic brands and high-end foreign brands are gaining market share, with the top 20 beauty products on Tmall showing an upward trend for both [3] - Proya ranked first among domestic brands, while Estee Lauder rose to second place among foreign brands, with several high-end brands experiencing significant growth rates [3] Group 3: Channel Dynamics - Tmall's channel accounted for 61.3% of the GMV in the beauty market during Double Eleven, indicating a strong performance [4] - Leading domestic beauty brands such as Aoyuan, Maogeping, and Shanghai Jahwa showed substantial growth rates on Tmall, with increases of 65.5%, 86.2%, and 21.1% respectively [4] Group 4: Brand Strategy Shifts - The number of brands achieving over 10 million yuan in sales through Douyin live streaming increased by 313% year-on-year during Double Eleven [5] - Leading brands like Han Shu and Run Ben have significantly increased their self-broadcasting ratios, indicating a shift from traffic-driven to brand-driven growth strategies [5]