东兴证券东兴晨报

Group 1: Beauty Industry Insights - The overall consumer recovery is weak, but the beauty consumption remains vibrant, with high-quality domestic brands capturing market share from mid-to-high-end international brands due to their cost-effectiveness [1][32] - The beauty industry is experiencing intensified competition, leading to increased brand differentiation. Brands with technological R&D advantages and strong brand image will have a competitive edge [1][32] - Notable domestic brands such as Proya and Betaini have established strong product and brand power, while companies focusing on effective skincare, like Juzhibio and Marubi, are expected to benefit from favorable market conditions [1][32] Group 2: E-commerce Performance - The 618 shopping festival saw a decline in overall sales, with comprehensive e-commerce platforms generating 5,717 billion yuan, down 6.9% year-on-year, while live e-commerce platforms achieved 2,068 billion yuan, accounting for 27.84% of total sales [12][28] - The beauty category's performance was weak, with a 13% decline in sales across comprehensive e-commerce platforms, while Douyin's live e-commerce saw a 107% increase in beauty product sales compared to the previous year [11][12] - The shift towards high cost-performance products is evident, with platforms emphasizing low prices as a key marketing strategy during the 618 festival [11][42] Group 3: Brand Performance and Rankings - During the 618 festival, two domestic brands entered the top 10 on Tmall, with Proya maintaining its top position. Other brands like Weinuona and Kefu Mei showed significant movement in rankings [29][46] - Juzhibio reported over 60% year-on-year growth in GMV across all channels, with substantial increases on major platforms like Tmall and Douyin [29][46] - Han Shu and Proya continued to lead in sales on various platforms, demonstrating the competitive strength of domestic brands in the beauty sector [31][43] Group 4: Moutai's Market Strategy - Moutai is implementing strategies to stabilize market expectations and reverse the declining trend of its product prices, including the cancellation of certain packaging and the introduction of product upgrades [33][48] - The price of Moutai has decreased from approximately 2,500 yuan to around 2,150 yuan, reflecting a 15% drop, attributed to seasonal demand weakness and e-commerce promotions [34][50] - Moutai's long-term price outlook is supported by macroeconomic price growth expectations, suggesting potential recovery as overall market prices improve [34][51]