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 report maintains a positive outlook on the cosmetics industry, highlighting strong growth potential and consumer demand recovery [15]. Core Insights - TikTok's cosmetics sales surged by 69.01% YoY during the Double 11 shopping festival, with skincare and makeup categories growing by 76.81% and 61.44% respectively [2][20]. - The Taotian platform contributed over 50% to the GMV, with a 25.8% growth in beauty sales, driven by a strategy focused on brand value and quality assurance [2][20]. - Domestic brands showed significant growth, with over 40 brands achieving more than 100% YoY sales growth during the Double 11 period [5][20]. Platform Summary - TikTok's product card sales share increased from 2.0% in 2022 to 24.6% in 2024, indicating a shift in consumer purchasing behavior [2][20]. - Taotian's online beauty GMV grew by 25.8%, accounting for 50.6% of the platform's total sales, with 45 skincare brands surpassing 0.1 billion RMB in sales [2][20]. Category Summary - Skincare sets experienced a remarkable growth of 91.74% in October, with medical dressings sales skyrocketing by 593.08% YoY [3][20]. - Facial skincare products saw a 76.71% increase in sales, while eye care products grew by 82.09% [3][20]. Brand Summary - Foreign brands dominated the market, with an 8:2 ratio compared to domestic brands in the top 10 sales list, yet domestic brands like Chando and Winona are gaining traction [4][5][20]. - PROYA COSMETICS maintained its leading position across multiple platforms, with significant sales growth during the Double 11 event [4][10][20]. Key Company Reports - PROYA COSMETICS led sales on both Tmall and TikTok, with a YoY growth exceeding 10% on Tmall and 60% on TikTok [10][20]. - Winona achieved top 10 online beauty sales on Tmall and ranked first in offline pharmacy skincare sales, showcasing strong brand performance [6][20]. - Yunnan Botanee Bio-Technology Group's products, including collagen sticks, led multiple categories on Tmall and TikTok, reflecting robust consumer demand [14][20]. Investment Advice - The report suggests a favorable outlook for the beauty sector, emphasizing the recovery of consumer expectations and the potential for steady growth in leading companies [15][20]. - A-shares to watch include PROYA COSMETICS and other key players in the beauty industry, indicating a focus on high-quality domestic brands [15][20].