美妆行业：618大促整体疲软，部分优质国货品牌逆势而上

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The overall sales during the 618 shopping festival were weak, with a total sales amount of 742.8 billion yuan, a 6.9% year-on-year decline for comprehensive e-commerce platforms [2][3] - Live e-commerce platforms showed strong performance, with total sales reaching 206.8 billion yuan, accounting for 27.84% of the total sales during the event [2] - The themes of "low price" and "simplification" dominated this year's 618 shopping festival, reflecting a shift in consumer preferences towards high cost-performance products [2] - The beauty industry saw a decline in overall performance, with personal care and beauty sales on comprehensive e-commerce platforms dropping by 13% year-on-year [3] - However, some high-quality domestic brands managed to perform well, with Douyin's beauty products seeing a 107% increase in sales compared to last year [3][6] Summary by Sections Industry Overview - The beauty industry is experiencing a slowdown in consumer demand, with brand differentiation becoming more pronounced [3][6] - Domestic brands like Pechoin and Han Shu are gaining market share, outperforming international brands in certain categories [6] Key Companies and Performance - Pechoin achieved top sales across major platforms, with growth rates exceeding 70% on Tmall and Douyin [3][6] - Han Shu's sales increased significantly across various platforms, with a 140% increase on Tmall [6] - Other notable brands such as Cofo and Juzi Bio also reported substantial growth, with Cofo's sales on Douyin increasing by 300% [6] Investment Recommendations - The report recommends focusing on high-quality domestic beauty brands that have strong product development capabilities and brand recognition, such as Pechoin and Beitaini [6][7] - Companies positioned in high-potential segments, like Juzi Bio and Marumi, are also expected to benefit from the current market dynamics [6][7]