Haitong Securities International·2025-06-22 14:10Investment Rating - The report does not explicitly state an investment rating for the discretionary cosmetics industry Core Insights - The 2025 618 shopping festival showed robust growth, with total sales across integrated e-commerce, instant retail, and community group buying reaching 855.6 billion yuan, 29.6 billion yuan, and 12.6 billion yuan respectively, marking year-on-year growth rates of 15.2%, 18.7%, and -9.1% [1][17] - The overall transaction volume of major platforms increased by 10.4% year-on-year, with Taobao/Tmall, JD.com, Douyin, Pinduoduo, and Kuaishou accounting for 48.7%, 19.3%, 18.4%, 10.1%, and 3.6% of GMV respectively [1][17] - The beauty category on major e-commerce platforms achieved a GMV of 60-70 billion yuan during the 618 period, with a year-on-year increase of over 10% [1][19] Summary by Sections Sales Performance - Sales during the 618 festival from May 13 to June 18, 2025, reached 855.6 billion yuan, with a year-on-year growth of 10.4% across major platforms [1][17] - Tmall's GMV, excluding refunds, increased by 10% year-on-year, with 453 brands exceeding 100 million yuan in sales, a 24% increase [2][18] Platform Insights - Douyin saw over 60,000 brands doubling their transaction amounts year-on-year, with more than 2,000 products exceeding 10 million yuan in sales [2][18] - JD.com led the industry with over 100% growth in user orders, achieving a record high in daily active users [2][18] Market Share and Brand Rankings - Tmall maintained a 41.3% market share in the beauty category, followed by Douyin at 35.7%, JD.com at 14.8%, and Kuaishou at 8.2% [1][19] - The top brands in the beauty and skincare category on Tmall included Pechoin, Lancôme, L'Oréal, Estée Lauder, and Skinceuticals, with Skinceuticals entering the top five for the first time [1][19] Competitive Landscape - The competition in the makeup and perfume category was intense, with YSL topping the list, followed by Caitang and Mao Ge Ping [1][19] - On Douyin, the beauty and skincare category saw 34 brands exceeding 100 million yuan in sales, a significant increase of 88.9% year-on-year [1][20]