Group 1 - The core viewpoint of the article highlights the significant growth in the beauty sector on Douyin, with the top 20 beauty brands achieving a total GMV of over 3 billion yuan in September 2025, representing a market share of 17.6% and a year-on-year growth of 38.59% [1] - The article notes that the GMV for beauty products on Douyin increased by 19.7% year-on-year in September 2025, although it experienced a quarter-on-quarter decline of 10.4% [1] - Domestic brands are showing strong performance in self-operated sales, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated channels than from influencer promotions, and brands like Han Shu and Pechoin having over 70% of their GMV from self-operated sales [1] Group 2 - According to Zheshang Securities, new consumer brands in the cosmetics sector are expected to maintain a compound annual growth rate of 20%-30% in revenue and profit over the next 2-3 years, indicating continued attractiveness and certainty in the market [1] - The Q3 performance is described as weak due to seasonal factors, with some companies experiencing a slowdown in revenue growth. The increase in costs related to the upcoming Double Eleven shopping festival is expected to impact profit performance negatively compared to revenue [1] - The article predicts that brands like Maogeping and Shangmei will outperform the industry in terms of performance [1]