很快，"双十一没便宜"的话题便冲上了热搜。在各大社交平台，网友们纷纷晒出订单，怨声一片，直指天猫淘宝搞"小动作"，消费者成"大冤 种"，并引发一大波"退款潮"；有品牌方和直播达人也抱怨遭平台甩锅、"背刺"。 智通财经就前述情况询问淘宝方面，截至发稿时，尚未获得回应。 智通财经记者 夏如初 天猫"双十一"尾款通道开启仅一天之后，10月21日晚，不少网友反馈，淘宝突然停止"限时补贴"活动，达人直播间淘金币加抵活动，尚未付尾款 的商品秒贵几十元至数百元。 此举致达人直播间出现"退货潮"。面临大量退货，首当其冲的李佳琦直播间回应称，系平台自主、自发行为，无法退差价。 "为什么平台说是商家（行为）？甩锅呗，让直播间和商家背锅呗。"李佳琦也在直播时声称，这是平台的行为，发放了一千多单，"其他一些品牌 也有限时补贴"。他还表示，网友们可以根据实付金额选择留或退，"谁的问题就找谁"。 而淘宝官方小二则回应网友称，平台促销发放的限时限量补贴不支持保价退差，可将优惠用于购买其他商品。 在淘宝的"淘金币"页面，用户可以通过浏览商品、玩趣味游戏等方式赚取金币，参加该活动的商品可以抵扣现金。截至21日晚，李佳琦等达人直 播间的大部分商 ...

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].