Reset for higher-quality growth; improving ROI favors branded leaders China Cosmetics 2026 Outlook Jan 2026 Valerie Zhou Goldman Sachs (Asia) L.L.C. (852) 2978-0820 Valerie.Zhou@gs.com Key trend #1: Higher-quality channel: sustained Tmall momentum supported by the anti-involution tailwind Looking ahead to 2026, we look for sustained resurgence for GMV on Tmall - aside from the fundamental platform strength where Tmall has greater supports to facilitate better product return and subsidies, more user loyalty ...