商业贸易行业跟踪报告：化妆品双11全周期点评：淘天品牌驱动、抖音套盒热销，龙头多平台增长

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The report emphasizes the recovery of consumer expectations and the initiation of a new round of optimization and transformation, highlighting the importance of marginal changes in the market [17] - The beauty and personal care sector, along with leading cross-border e-commerce companies, is expected to continue stable growth, while supermarkets and jewelry sectors may face pressure due to terminal demand [17] Summary by Relevant Sections Platform Performance - Douyin achieved a significant sales increase of 69.01% year-on-year during the Double 11 shopping festival, with skincare and makeup categories growing by 76.81% and 61.44% respectively [4] - Taobao's platform contributed over 50% to GMV, with a growth rate of 25.8% in the beauty sector [4] Category Insights - Skincare sets saw a remarkable growth rate of 91.74% in October, driven by high demand for anti-aging products [5] - Medical dressing sales surged by 593.08% year-on-year during Double 11, with top brands contributing over 75% of the market share [5] Brand Performance - Foreign brands dominated the sales landscape, with a ratio of 8:2 in the top 10 brands on platforms, while domestic brands are also gaining traction [6] - Notable growth was observed in brands like L'Oréal and Estée Lauder, with several foreign brands experiencing over 50% growth [6] Key Company Reports - Perleya maintained its top position in beauty sales across multiple platforms, with a year-on-year growth exceeding 10% on Tmall and 60% on Douyin [12] - Betainy’s brand Winona entered the Tmall beauty industry top 10 for the eighth consecutive year, showcasing strong performance in both online and offline channels [13] - Upbeauty’s brands, including Han Shu and NEWPAGE, reported significant growth rates of 44% and 238% respectively [14] - Juzibio's product, Kefu Mei, saw an 80% increase in GMV across all channels, with strong performances on Tmall and Douyin [16]