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可选消费行业点评报告:618大促节奏前置,机制简化补贴加码
Guoyuan Securities·2025-05-14 13:44

Investment Rating - The report maintains an "Overweight" rating for the industry [4][6]. Core Insights - The 618 promotional event has been advanced, with Tmall's pre-sale period shortened compared to the previous year's Double Eleven event. The first wave of Tmall's 618 sales runs from May 13 to May 26, 2025, with a pre-sale deposit payment phase from May 13 to May 16, and a final payment and early purchase phase from May 16 to May 26. This is a 7-day advance compared to last year's 618 event and a 4-day reduction compared to last year's Double Eleven pre-sale period [2][11]. - The promotional mechanisms have been simplified, with Tmall and JD.com eliminating cross-store discounts and increasing platform subsidies. Tmall's official discounts range from 15% to 50%, and the number of coupons issued to 88VIP members has increased significantly from 2 to 6 compared to last year [2][12]. - The first hour of sales in Li Jiaqi's live stream saw a GMV increase of over 10% year-on-year, with notable performances from domestic brands such as Proya and Kefu Mei [3][15]. Summary by Sections 1. 618 Promotional Event - The promotional event's schedule has been advanced, with Tmall's pre-sale period shortened compared to the previous year [2][11]. - JD.com has canceled the pre-heating period, maintaining the same sales period as last year [2][11]. 2. Li Jiaqi's Live Stream Sales Performance - The first hour of the "Explosive Beauty Festival" in Li Jiaqi's live stream saw a GMV increase of over 10% year-on-year, with multiple brand collaborations [3][15]. - Domestic brands such as Proya and Kefu Mei performed exceptionally well during the first day of sales [3][16]. 3. Tmall 618 Pre-sale Rankings - Proya ranked first in the beauty sales during the first four hours of Tmall's pre-sale, with Kefu Mei entering the top three [3][21]. - The rankings indicate a strong performance from domestic brands, with Proya maintaining its leading position and Kefu Mei rising three spots [3][21].