Group 1 - The Chinese e-commerce market is transitioning from a phase dominated by incremental growth to a mature stage that balances both incremental and stock growth, with online retail sales of physical goods expected to reach 13.1 trillion yuan in 2024, growing at a rate of 6.5% [1][2] - The number of online shopping users is projected to reach 974 million by the end of 2024, with a penetration rate of 87.9% among internet users, indicating a saturated market [2] - Key indicators in live-streaming e-commerce, including transaction scale, user scale, and consumption growth rate, are declining year by year, intensifying competition among major players [2] Group 2 - Recent policies have been introduced to support offline business models, aiming to expand domestic demand comprehensively by 2025 [3] - Diverse and innovative offline business formats can enhance brand influence and consumer loyalty, providing new growth points for brands [3] Group 3 - The Chinese offline beauty market has potential for growth, with a market structure that can be upgraded, as evidenced by the decline in market share of department stores from 38.2% in 2018 to 27.2% in 2023 [4] - The market share of beauty specialty stores and health and personal care stores remains stable at around 7%, showing a slight downward trend, while supermarkets account for only about 3% of the overall market share [4] Group 4 - Leading domestic brands are focusing on differentiated offline strategies, such as Up Beauty's balanced multi-brand matrix, Shanghai Jahwa's extensive layout in department stores, and Proya's offline energy series [5] - Other notable brands include Betaini, which leverages pharmacy endorsements for a professional image, and Maogeping, which creates a unique high-end brand experience [5]