东兴证券东兴晨报

Group 1 - The overall sales performance during the 618 shopping festival in 2024 was weak, with a total sales amount of 742.8 billion yuan, a 6.9% year-on-year decline for comprehensive e-commerce platforms, which accounted for 76.9% of total sales [1][27] - Live e-commerce platforms showed significant growth, with total sales reaching 206.8 billion yuan, representing 27.84% of the total sales during the festival [1][27] - The beauty and personal care category on comprehensive e-commerce platforms saw a sales decline of 13%, with skincare and makeup categories also experiencing declines [2][28] Group 2 - The theme of the 618 shopping festival was "low price" and "simplification," reflecting a shift in consumer preferences towards high cost-performance products [5][34] - The cancellation of the pre-sale phase and the emphasis on low prices by major platforms indicate a heightened focus on customer acquisition amid a weak consumption environment [5][34] - Brand differentiation is intensifying, with domestic brands like Proya and Han Shu performing well against international competitors, particularly on platforms like Douyin [6][35] Group 3 - Investment recommendations suggest that while overall consumer recovery is weak, the beauty sector remains promising, particularly for high cost-performance domestic brands that are capturing market share from mid-to-high-end international brands [12][38] - Companies with strong product development capabilities and brand recognition, such as Proya and Beitaini, are expected to benefit from the ongoing market dynamics [12][38] - The beauty market is experiencing increased competition, and brands that can innovate and maintain strong brand images will have a competitive advantage [12][38]