大消费渠道脉搏：2025双11抖音大盘增长稳健，美妆品类国际品牌引领增长

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - Douyin's Double 11 GMV growth is robust, achieving approximately 3,200-3,400 billion CNY from October 9 to 31, with a year-on-year growth of over 20% [2][9]. - International beauty brands are leading the growth in the beauty category, with a GMV increase of about 24% year-on-year, primarily driven by premium brands [3][10]. - Domestic beauty brands are facing structural pressures, with significant performance variance among them [4][11]. - Core categories show divergent growth trends, with apparel steady and health products and home appliances performing exceptionally well [5][12]. Summary by Sections Douyin's Performance - Douyin invested over 5.5 billion CNY in coupon subsidies for the Double 11 event, significantly exceeding the investment during the 618 festival [2][9]. - The average daily GMV from October 9 to 31 was 140-146 billion CNY, achieving about 99% of the daily GMV target [2][9]. International Beauty Brands - The beauty category's GMV reached approximately 230-240 billion CNY, with international brands contributing over 40% [3][10]. - Estée Lauder and Lancôme showed exceptional performance, with growth rates exceeding 50% and significant single-day GMV achievements [3][10]. Domestic Beauty Brands - Domestic brands like KANS and PROYA are utilizing unique marketing strategies to maintain competitiveness, while others like Komfymed are struggling with growth [4][11]. - The average discount rate for domestic brands is approximately 67%, which is lower than that of international brands [4][11]. Core Categories - The apparel sector achieved a GMV of 1,500-1,700 billion CNY, with notable growth in sportswear brands like Li-Ning and ANTA [5][12]. - Health products and home appliances are highlighted as strong growth areas, with health products reaching a GMV of 600-620 billion CNY from January to October [5][12].