Core Insights - Fan Beauty Diary, founded by actress Fan Bingbing, is rapidly expanding in Southeast Asia, recently entering the Singapore offline market with nearly 100 stores [1] - The brand's sales in 2025 are projected to reach 1.8 billion RMB, comparable to listed company Fulejia's annual sales [3][4] - The brand's strategy focuses on facial masks as a core product, allowing for lower price points and quicker market penetration [4][6] Market Expansion - Fan Beauty Diary has successfully entered Malaysia and Singapore, with significant online sales achievements during major shopping events [1][4] - The brand's presence in Watsons stores in Malaysia has been strong, benefiting from the retailer's substantial market share in Southeast Asia [1] - The company plans to further expand into Thailand, Indonesia, Vietnam, and Hong Kong, capitalizing on the less saturated Southeast Asian market [9][11] Product Strategy - The brand's best-selling products include the Sea Grape Hydrating Mask, Dragon's Blood Repair Mask, and VC Orange Whitening Mask, with the Sea Grape mask alone selling over 100 million pieces [4][6] - Fan Beauty Diary's pricing strategy targets the competitive 200 RMB range, necessitating continuous product innovation to maintain market interest [6] - The company is developing a series of products based on existing successful masks, aiming to create a comprehensive skincare line [6][9] Competitive Landscape - The brand faces intense competition in the crowded skincare market, particularly in the mid-range segment where product replication is rapid [6][9] - Despite achieving significant sales, Fan Beauty Diary's market presence remains heavily reliant on facial masks, limiting its competitiveness across a broader product range [9] - The brand's expansion strategy appears to be a response to market conditions rather than aggressive growth, indicating a calculated approach to entering new markets [9][11] Industry Trends - The Southeast Asian market shows potential for growth in facial mask sales, with countries like Thailand, Singapore, and Malaysia leading in revenue [10] - The overall market share of facial masks in China's skincare sector has declined, while the ASEAN region has seen a slight increase, highlighting a shift in consumer preferences [10]