美妆双十一总结：平台之争，品牌之争，谁主沉浮

Investment Rating - The report assigns a rating of "Buy" for Proya and "Hold" for other companies like Giant Bio, Marubi, and Shangmei [2][3]. Core Insights - The beauty industry is experiencing a shift from a traffic-driven model to optimizing the supply-side ecosystem, with platforms like Tmall and Douyin adjusting their strategies to focus on GMV growth rather than low-price competition [3][5]. - Domestic brands are showing resilience and adaptability in the face of changing traffic dynamics, with Proya achieving significant GMV growth during the Double Eleven shopping festival [5][26]. Summary by Sections Platform Competition - The competition among e-commerce platforms has intensified, with a shift from low-price strategies to GMV-oriented approaches. The overall sales during the Double Eleven period reached 14,418 billion yuan, a 26.6% year-on-year increase [13][14]. - Tmall's GMV accounted for 50.1% of the beauty market, growing by 29.3%, while Douyin's market share was 26.7%, with a 27% increase [14][15]. Brand Competition - The report highlights that while the top brand landscape remains stable, competition is fierce. Domestic brands are maintaining stable pricing mechanisms, while overseas brands are increasingly relying on KOLs and price advantages [4][32]. - Proya's GMV on Tmall grew by over 10%, and its performance on Douyin saw a 60% increase, indicating strong brand appeal [5][26]. Company Performance - Proya, Giant Bio, and Marubi are identified as companies with promising growth potential. Proya's GMV during the Double Eleven reached 2.86 billion yuan, with a year-on-year growth of 37% [5][26]. - Other notable performances include Giant Bio's Kefu Mei with an 80% increase in GMV across all channels and Marubi's 140% growth on Tmall [5][26]. Market Trends - The report notes a trend towards self-broadcasting and store broadcasting, with brands gaining more pricing power as they reduce reliance on top influencers [3][17]. - The overall market for beauty products is expected to stabilize and improve in terms of both GMV performance and profit margins, with a positive outlook for domestic brands [5][26].