美妆企业失去流量红利

Core Viewpoint - The beauty industry in China is facing a flow dilemma, with increasing commission rates for live-streaming influencers, which has led to a significant rise in marketing costs and a decline in profitability for many brands [3][4][7]. Group 1: Industry Trends - The commission rate for influencers in live-streaming is projected to rise from 40% in 2024 to 60% in 2025, indicating a shift in the cost structure for beauty brands [7]. - Domestic beauty brands have gained market share, surpassing foreign brands in 2024, with Proya achieving over 10.7 billion yuan in revenue, becoming the first Chinese beauty brand to exceed this threshold [6][16]. - The live-streaming e-commerce model has provided domestic brands with opportunities to compete against established foreign brands, which have more complex organizational structures [6][16]. Group 2: Financial Insights - Proya's sales expenses reached 5.16 billion yuan in 2024, accounting for 47.9% of its revenue, highlighting the high cost of marketing in the current environment [7]. - The growth rate of Proya's revenue in 2024 was 8 percentage points lower than the growth rate of its sales expenses, indicating diminishing returns on marketing investments [7]. - Research and development (R&D) spending for Proya was only 2.1 billion yuan in 2024, representing about 1.9% of its revenue, which is significantly lower than its marketing expenses [15][16]. Group 3: Strategic Shifts - Many companies are transitioning from relying on influencer marketing to developing their own content, as the effectiveness of influencer-driven sales diminishes [8][11]. - The trend indicates a need for brands to enhance their content capabilities to survive in a competitive market [11]. - The beauty industry is witnessing a decline in new brand emergence, with existing brands needing to focus on product development and brand positioning to remain competitive [15][17]. Group 4: Market Challenges - The cost of advertising on short video platforms has surged, with CPM rates increasing from 30-50 yuan in 2020-2021 to 300 yuan during the 2025 Double 11 shopping festival [14]. - The market is becoming increasingly competitive, with a plethora of beauty brands leading to intense competition and consumer choice [15][17]. - The disparity in R&D investment between domestic and foreign brands remains significant, with foreign companies like L'Oréal investing around 13 billion euros (approximately 100 billion yuan) in R&D, nearly equal to Proya's total revenue [16].