Core Viewpoint - The 2025 Tmall "Double 11" pre-sale event has shown significant growth, with 35 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's performance [2][4]. Sales Performance - The pre-sale event commenced on October 15 at 8 PM, with 35 brands reaching over 100 million yuan in sales in the first hour, and 1,802 brands doubling their sales compared to the previous year [4][10]. - Notable brands that entered the "100 million club" include Fila, Proya, SK-II, Adidas, and Nike [4][10]. - The beauty category experienced rapid growth, with several brands breaking the 100 million yuan mark within minutes of the pre-sale start [11]. User Engagement - There was a significant increase in the number of users placing deposits during the first hour of the pre-sale, with the number of live-streaming rooms exceeding last year's figures [11]. - The visitor count in Li Jiaqi's live-streaming room grew by over 45% in the first hour [11]. Category Performance - Key categories such as beauty, maternal and infant products, fashion, and food saw remarkable performance, with some categories experiencing growth of nearly 80% [11]. - The first day of Tmall's flash sales saw night snack orders in 270 cities increase by over 200%, and supermarket convenience orders grew by 670% [11]. AI Integration - This year's "Double 11" event has seen platforms leveraging AI technology to enhance operational efficiency and user experience [14][15]. - AI tools are being offered for free to merchants, covering the entire store operation process, including graphic design, product launches, live streaming, and customer service [15]. Promotional Strategies - Platforms have shifted their promotional strategies, focusing less on "absolute low prices" and more on simplifying discount rules and directly subsidizing consumers [14][15]. - The combination of classic promotions like "Spend 300 get 50 off" and increased subsidies for member users aims to enhance customer loyalty [14].

Group 1 - The Tmall Double 11 pre-sale event saw 35 brands achieving over 100 million in sales within the first hour, with 1802 brands experiencing a doubling in sales compared to the same period last year [1] - The beauty category showed rapid growth, with brands like Proya, Estée Lauder, and Lancôme reaching 100 million in sales within minutes of the pre-sale start [1] - The number of active users and the number of brands achieving over 100 million in sales exceeded last year's figures during the same period [1] Group 2 - Tmall and Taobao Flash Sale have integrated services, with 37,000 brands and 400,000 brand stores participating, covering various sectors including electronics, beauty, and home goods [2] - Brands utilizing the flash sale service saw a sales increase of over 290% on the first day of pre-sale compared to the same period last year [2] - A total of 500 billion in consumer coupons will be distributed throughout the event, with significant discounts available [2]

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The Chinese beauty industry is experiencing significant growth, particularly in the export market, with a projected export value of 51.2 billion yuan in 2024, representing a year-on-year increase of 11.9% [4] - The skincare segment continues to lead globally, with the beauty market expected to reach 677 billion dollars by 2025, and China holding a 35% market share [6] - Domestic brands are increasingly adopting innovative marketing strategies, including celebrity endorsements, which have become a standard practice, with first-day GMV exceeding 10 million yuan for new products [4][6] Industry Trends - The trend of Chinese beauty brands going global is accelerating, with a focus on cultural integration and localized product design [4] - The influx of overseas medical beauty brands into the Chinese market is intensifying competition, prompting domestic brands to enhance their offerings in the post-surgical skincare segment [6] - The rise of "clean beauty" and the increasing importance of e-commerce channels are shaping the future landscape of the beauty industry [6][10] Head Brand Dynamics - Natural堂 is preparing for an IPO on the Hong Kong Stock Exchange, having received over 700 million yuan in investments from major players like L'Oréal [13] - LVMH's beauty incubator Kendo has sold its vegan makeup brand KVD Beauty to a private equity firm, marking a significant shift in its brand strategy [14] - The collaboration between 乐普医疗 and Meituan to develop medical beauty products signifies a growing trend of traditional medical device companies entering the beauty sector [20]

Core Insights - The Tmall Double 11 pre-sale officially started on October 15, with significant growth in GMV during the first hour of Li Jiaqi's livestream compared to the previous year, particularly in beauty, maternal and infant products, fashion, and food categories, with some categories seeing growth of nearly 80% [1] - The "Super Beauty Festival" on the first day saw several popular items sell out within the first hour, indicating strong consumer demand [1] - Leading domestic brands such as Huazhi Xiao, Proya, Winona, and Naturando have seen their top products rise to the forefront of beauty product sales in the livestream, showcasing the market appeal of quality domestic goods [1]

Core Viewpoint - Consumption is viewed as a stabilizer and ballast for the Chinese economy, with the beauty brand "Naturally Beautiful" (自然堂) taking significant steps towards its IPO after a successful financing round of 742 million yuan [2][19]. Group 1: Company Overview - Naturally Beautiful has submitted its IPO application to the Hong Kong Stock Exchange and has completed a crucial financing round totaling 742 million yuan, with a valuation exceeding 7 billion yuan [2][4]. - The brand has developed a diverse product matrix with 522 SKUs across five main brands, ranking as the third-largest domestic cosmetics brand in China by retail sales in 2024 [4][6]. Group 2: Investment and Support - The investment from Guohua Capital includes 300 million yuan from leading consumer institutions and 442 million yuan from global beauty giant L'Oréal, indicating a strategic partnership beyond mere financial support [2][5]. - Guohua Capital has been involved with Naturally Beautiful since 2021, providing systematic support in strategic planning, budget management, and organizational development [5][8]. Group 3: Digital Transformation - Naturally Beautiful has positioned digitalization as a core engine for future growth, with online channels accounting for nearly 70% of revenue by 2025 [10][11]. - The company has developed a "One Inventory System" to enhance supply chain agility, reducing inventory turnover days from 146.6 in 2022 to 103.1 by mid-2025 [7][11]. Group 4: Financial Performance - Revenue for Naturally Beautiful has shown consistent growth, with figures of 42.92 billion yuan, 44.42 billion yuan, and 46.01 billion yuan from 2022 to 2024, alongside a net profit increase from 1.39 billion yuan to 3.02 billion yuan [14][17]. - The gross margin has improved from 66.5% in 2022 to 70.1% in the first half of 2025, reflecting the effectiveness of digital transformation and operational efficiency initiatives [14][17]. Group 5: Future Outlook - Guohua Capital plans to continue supporting Naturally Beautiful's growth and IPO process, leveraging its established post-investment empowerment system in the consumer sector [18][19]. - The partnership emphasizes a long-term growth strategy focused on building sustainable value creation capabilities, aligning with the brand's commitment to consumer lifetime value and technological innovation [16][19].

Core Insights - The men's beauty market is experiencing significant growth, with L'Oréal China aiming to reach 150 million consumers by 2030, particularly targeting males aged 15 and above [1][2] - Men's grooming products have shown explosive growth in 2023, with men's hair care sales soaring by 122.75% and men's foundation sales increasing by 228.78% [1][5] - The competitive landscape is shifting, with traditional brands facing challenges while new entrants like KANS and SAZA are achieving substantial growth [1][12] Market Performance - In the first eight months of 2023, the total transaction value for men's beauty products reached 60.35 billion yuan, reflecting a 10.39% year-on-year increase, with transaction volume up by 33.47% [5][6] - The breakdown of key categories shows men's facial care at 47.35 billion yuan (2.05% growth), men's hair care at 6.75 billion yuan (122.75% growth), men's body care at 3.56 billion yuan (1.61% growth), and men's color cosmetics at 2.69 billion yuan (54.88% growth) [6][7] Consumer Trends - The demand for men's beauty products is evolving from basic grooming to more diverse offerings, including anti-aging serums and makeup products [3][18] - Social media engagement around men's beauty topics is surging, with "men's skincare" videos on Douyin reaching 12.24 billion views and "men's makeup" videos hitting 7.59 billion views [3][4] Brand Dynamics - The top 20 brands in the men's beauty sector are experiencing a divide, with 9 brands showing declining sales, while others like KANS and SAZA are achieving exponential growth [12][16] - L'Oréal, Ocean Supreme, and Left and Right Color are leading the market, with L'Oréal's sales declining by 4.16% while KANS saw a 123.79% increase [11][12] Future Outlook - The men's beauty market is projected to reach 170 billion yuan in 2024, with a compound annual growth rate of 11% expected to push the market to 292 billion yuan by 2029 [3][4] - The competition is intensifying, with brands focusing on product diversification and brand building to capture the evolving consumer preferences [28][29]

Core Viewpoint - Chando, a well-known Chinese beauty brand, is facing significant challenges as it prepares for its IPO on the Hong Kong Stock Exchange, including sluggish revenue growth, high marketing costs, and a heavy reliance on a single brand for revenue generation [1][2][4]. Group 1: Financial Performance - Chando's revenue growth is weak, with projected revenues of 4.292 billion, 4.442 billion, and 4.601 billion yuan from 2022 to 2024, reflecting growth rates of less than 4%, which is significantly lower than the average growth rate of the domestic beauty industry during the same period [2][4]. - The adjusted net profit for Chando is expected to drop by 34.92% to 203 million yuan in 2024, indicating a substantial decline in profitability [2][4]. - Compared to leading domestic competitors, Chando's performance is notably poor, with its revenue growth of only 3.48% and 3.58% in 2023 and 2024, while competitors like Proya and Shiseido show much higher growth rates [4]. Group 2: Brand Dependency - Chando heavily relies on its main brand, which accounted for 94.6%, 95.9%, and 95.4% of its revenue from 2022 to 2024, with a continued high dependency of 94.9% in the first half of 2025 [6][7]. - This over-reliance on a single brand poses risks, as any market fatigue or negative publicity could severely impact revenue [7]. Group 3: Marketing and R&D Expenditure - Chando's marketing expenses are substantial, consuming around 57% to 59% of its annual revenue from 2022 to 2025, with total marketing costs of 2.445 billion, 2.406 billion, and 2.716 billion yuan in the respective years [10]. - Despite high marketing costs, the effectiveness is questionable, as the company has seen a decline in R&D investment, with expenditures dropping from 120 million yuan in 2022 to 40 million yuan in the first half of 2025, representing a decreasing percentage of revenue from 2.8% to 1.7% [12][14]. - The company's strategy of relying heavily on marketing without sufficient product innovation or brand diversification has led to a "high marketing, low growth" dilemma [14].

（来源：中国医药报） 产业链各环节企业纷纷入局 转自：中国医药报 □ 陆春燕 6月26日，香水巨头颖通控股正式登陆港交所，摘得"中国香水第一股"桂冠。这是2024年底至今年上半 年我国成功上市的第三家美妆相关企业，另外两家分别是高端个人护理产品零售公司Pitanium Limited 和皮肤管理品牌朴荷生物。 而等待IPO的美妆企业数量还在攀升。仅今年6月，就有8家公司传来冲击IPO进度的好消息，超过7家公 司已经开始递交招股书或申请被受理，涵盖品牌、原料、电商服务等全产业链。自2023年美妆类IPO数 量进入寒冬后，伴随消费复苏与产业升级浪潮，美妆企业或将迎来前所未有的上市窗口期。 行业复苏信号强烈 当前，美妆行业正迎来前所未有的资本化浪潮。据统计，今年上半年冲击IPO的美妆相关企业超过20 家。颖通控股、Pitanium Limited等企业捷报频传，林清轩、植物医生、维琪科技、谷雨等企业蓄势待 发，我国美妆产业的资本版图加速重构，高质量发展路径愈发明晰。 相比于2021年、2022年共计17家企业扎堆上市，2023—2024年美妆企业上市数量急转直下，尤其是2024 年，仅有4家企业上市，却有9家企业选 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the outlook for the beauty and e-commerce sectors in China, particularly focusing on the upcoming Double Eleven shopping festival in 2025. The overall market sentiment is optimistic, with expectations of accelerated growth across various platforms, especially Taobao and Tmall, which are projected to achieve a growth rate of around 20% during the event [1][3]. Key Companies and Their Performance 1. **Taobao and Tmall** - Taobao and Tmall are expected to see marginal acceleration in growth, benefiting from personnel adjustments, local life integration, instant retail, and the influence of the 88 VIP membership program [1][3]. 2. **Douyin** - Douyin is anticipated to achieve approximately 40% growth, with other platforms also expected to maintain double-digit growth rates [1][3]. 3. **Proya (珀莱雅)** - Proya is currently in a personnel adjustment phase, with GMV growth expectations for Double Eleven projected to be in the single to low double digits. The company plans to launch more new products in 2026 and aims for a listing on the Hong Kong Stock Exchange [1][9]. 4. **Mao Geping (毛戈平)** - Mao Geping is expected to maintain a strong sales performance, with online sales growth projected between 40% to 50% during Double Eleven. The brand has seen significant collaboration with Li Jiaqi, particularly on key products [1][7][8]. 5. **Perfect Diary (完美股份)** - Perfect Diary had a strong online performance in the first half of the year but experienced a slight slowdown in Q3. The brand is expected to achieve over 30% growth during Double Eleven [1][11]. 6. **Shanghai Jahwa (上海家化)** - Shanghai Jahwa has shown accelerated online sales in Q3, with expectations for significant growth during Double Eleven, driven by brands like Bai Cao Ji and Yu Ze [1][10]. 7. **Yixian E-commerce (易鲜电商)** - Yixian's high-end brands, such as Kalanli and Darfu, have seen GMV double in Q2, indicating a strong recovery and potential for further growth [1][12]. 8. **Luyuchen (陆雨辰)** - Luyuchen is expected to see a significant increase in revenue, estimated to double in Q3, benefiting from rapid growth in its Jade Station home and optimized operations on Douyin [1][13]. 9. **Iffidan (伊菲丹)** - Iffidan is focusing on multi-channel operations and product launches, with plans to open 50 offline stores in China over three years [2][16][17]. 10. **Jinbo Biotech (锦波生物)** - Jinbo is strengthening its position in the medical beauty sector with new product approvals and collaborations, aiming for significant market penetration [1][19]. 11. **Meili Tianyuan Group (美丽田园集团)** - The group has made a strategic acquisition of Siyuanli, enhancing its market share and member base significantly [1][21]. 12. **Shangmei Group (上美股份)** - Shangmei is expanding its product range and has achieved significant growth through innovative marketing strategies on Douyin [1][22]. Market Trends and Consumer Behavior - Domestic beauty brands are gaining market share due to better consumer insights and faster product iterations compared to foreign luxury brands, which are struggling with slower product development [2][15]. - The price stability of foreign brands contrasts with the aggressive pricing strategies of domestic brands, indicating a shift in market dynamics [1][4]. Investment Strategies - The new consumption sector is highlighted as a key investment area, with traditional growth stocks also being considered due to their strong fundamentals and lower valuations expected in 2026 [1][6]. Conclusion - The upcoming Double Eleven shopping festival is expected to be a significant growth driver for the beauty and e-commerce sectors, with various companies poised to capitalize on the trends and consumer behavior shifts observed in the market. The overall sentiment is positive, with a focus on innovation, collaboration, and strategic positioning to enhance market share and profitability.

责任编辑：何俊熹 新浪科技讯 10月15日晚上消息，今晚8点，天猫双11预售正式开启。官方数据披露，今年李佳琦直播间 双11首小时加购GMV同比保持增长，美妆、母婴、时尚、食品等细分品类增长显著，最高增长近 80%。 据介绍，首日"超级美妆节"开售一小时内，十余款热门单品在李佳琦直播间上线即售罄。花知晓、珀莱 雅、薇诺娜、自然堂等头部国货品牌旗下爆品攀升至直播间美妆产品销量前列，可复美胶原棒、每日鲜 语等产品升至曝光前五，印证了优质国货的市场号召力。 ...