2025年9月抖音美妆数据点评：9月抖音美妆类目GMV同增20%，国货自营表现亮眼

Investment Rating - The investment rating for the beauty care industry is "Positive" (maintained) [4] Core Insights - In September 2025, the GMV (Gross Merchandise Value) of the beauty category on Douyin increased by 19.7% year-on-year, although it saw a month-on-month decline of 10.4% [4] - The top 20 beauty brands on Douyin achieved a total GMV exceeding 3 billion yuan, with a year-on-year growth of 38.59%. Notably, the brand Han Shu maintained its leading position with over 500 million yuan in GMV, and 40% of brands in the top 20 experienced more than double growth [4] - Domestic brands showed strong performance, with 60% of the top 20 brands having a higher GMV contribution from self-operated channels than from influencer promotions. Brands like Han Shu and Bai Que Ling had over 70% of their GMV from self-operated channels, indicating a competitive advantage for domestic brands in self-operated channels [4] Summary by Sections Market Performance - The beauty and skincare product price distribution is relatively balanced, while the color cosmetics and fragrance categories heavily rely on affordable products. The price segment under 150 yuan accounted for 49.54% of the market share in September, marking it as the main price segment [4] - Products priced under 150 yuan made up 36.23% of the skincare category, while products priced over 1,000 yuan contributed over 10% to GMV. In contrast, 74% of the GMV in the color cosmetics and fragrance category came from products priced under 150 yuan, indicating a more concentrated price distribution [4] Investment Recommendations - The report suggests focusing on domestic brands that are continuously enhancing their market scale and brand influence through mainstream channels. Recommended stocks include: 1. Mao Ge Ping, a leading high-end domestic beauty brand with strong product and channel expansion capabilities 2. Po Lai Ya, known for its mature organizational structure and industry-leading marketing and management capabilities 3. Wan Mei Biological, which is experiencing accelerated brand growth through its flagship products 4. Shang Mei Co., benefiting from the trend of affordable consumption with multi-category and multi-channel development [4]