美护行业专题：2024年“双11”复盘：美妆板块销售表现亮眼，国货品牌分化加剧

Industry Overview - The 2024 "Double 11" shopping festival saw a significant increase in sales, with total online sales reaching 1441.8 billion yuan, up 26.6% year-over-year (YoY) [3] - The beauty and personal care (BPC) category grew by 22.5% YoY, with skincare and makeup subcategories showing strong performance across major platforms [3] - Skincare GMV on Taotian increased by 27%, while makeup GMV surged by 38.6% on the same platform [3] - Live streaming e-commerce platforms like Douyin and Kuaishou saw a 54.6% YoY growth in sales, contributing significantly to the overall growth [3] Platform Dynamics - Major platforms extended their promotional periods, with Taotian, JD, and Douyin starting their campaigns 10-12 days earlier than in 2023 [3] - Despite the extended duration, price competition remained intense, with platforms offering various discounts, coupons, and subsidies to attract consumers [3] - Taotian provided 30 billion yuan in consumer coupons and 1 billion yuan in red packets, while JD emphasized "affordable quality" with cross-store discounts and price guarantees [19] - Douyin introduced direct price reductions of at least 15% on single items, along with platform subsidies and surprise coupons [19] Brand Performance - Foreign brands maintained a strong presence, occupying 15 out of the top 20 spots in Taotian's BPC sales ranking, while domestic brands held 5 spots [4] - Domestic brands showed mixed performance, with Proya leading the pack and ranking first in the Taotian BPC sales chart, followed by Winona, Cofoe, and Chando [4] - Proya's sales on Douyin, Taotian, and JD grew by over 60%, 10%, and 30% respectively, securing the top position in BPC sales across these platforms [72] - Winona, despite a slight decline in ranking, remained in the top 10, while Cofoe jumped from outside the top 20 in 2022 to 13th place in 2024 [4] Key Company Highlights - Giant Biogene: Cofoe brand's GMV grew over 80% across all channels, with significant growth on JD (200%+) and Douyin (100%+) [70] - Proya: The brand led in sales across Douyin, Taotian, and JD, with GMV growth of 60%, 10%, and 30% respectively [72] - Shanghai Jahwa: Winona's GMV increased by over 50% on Taotian, while its collagen products ranked first in multiple categories [70] - Marubi: The brand's GMV on Taotian and Douyin grew by 140% and 122% respectively, with its eye cream products leading in sales [83] Investment Recommendations - The report recommends focusing on leading domestic brands such as Giant Biogene, Marubi, Proya, and Shanghai Jahwa, which demonstrated strong sales performance during the "Double 11" festival [90] - Other companies like Yatsen Holding, Bloomage Biotech, and Shanghai Chicmax are also suggested for potential investment opportunities [90]