Core Insights - The beauty industry is experiencing a shift from short-term gains to a focus on "slow value," emphasizing stability, efficiency, supply chain advantages, and shopping experience [5][6][25] - JD Beauty has reported significant growth, achieving double-digit growth in the first half of 2025 and maintaining accelerated growth over four consecutive quarters [4][22] - High-end brands like SK-II have established JD Beauty as a primary online sales channel, contributing approximately 60% of their sales in China [6][9] Market Dynamics - Consumers are becoming more rational and discerning, focusing on ingredients, sourcing, and long-term usage experiences rather than marketing narratives [3][5] - The beauty market is characterized by fluctuating trends, with brands recognizing that certainty, rather than mere traffic, is crucial for success [5][12] - The high return rates in live commerce have led brands to seek more stable sales channels, with JD Beauty offering lower return rates compared to competitors [7][9] Brand Strategies - SK-II's early partnership with JD Beauty has allowed it to dominate the online sales channel in China, with a stable return rate of around 9% [6][7] - JD Beauty's focus on quality customer engagement through its JD PLUS membership has resulted in a loyal customer base that is less likely to return products [9][10] - The platform's commitment to genuine products and customer trust has become a significant factor for brands investing in JD Beauty [23][24] Innovation and Growth - JD Beauty's "Tenfold Growth Plan" has seen over 230 brands participate, with many achieving substantial sales increases, including high-end brands like La Mer and Armani [22][25] - The platform is innovating the shopping experience by integrating instant delivery services, allowing customers to receive products within minutes [24] - Collaborative marketing strategies, such as the "Super Star Fan Day," have created emotional connections between brands and consumers, enhancing customer loyalty [24][25] Consumer Behavior - Recent studies indicate that over 50% of consumers prioritize hydration and anti-aging benefits when purchasing skincare products, reflecting a more informed consumer base [23] - The demand for genuine products has heightened, with consumers increasingly concerned about authenticity, especially for high-priced skincare items [23][24] - Brands are adapting to these changes by focusing on product efficacy and customer experience, moving away from reliance on single explosive products [18][20]

Core Viewpoint - The beauty industry is experiencing a shift where consumers are becoming more rational and focused on product efficacy rather than marketing hype, leading to a demand for stability and quality in purchasing decisions [1][5][6]. Group 1: Market Trends - The beauty market is characterized by fluctuating trends, with brands struggling to maintain consistent consumer interest amid a backdrop of price wars and fleeting product popularity [1][5]. - JD Beauty has reported a "counter-cyclical" performance, achieving double-digit growth in the first half of 2025 and accelerating growth over four consecutive quarters [2][3]. Group 2: Brand Performance - High-end brands like SK-II have established a strong presence on JD Beauty, becoming the leading online channel for the brand in China, contributing approximately 60% of its sales [11][20]. - The low return rate of SK-II products on JD Beauty, averaging around 9%, indicates a higher quality of users and a more stable sales environment compared to other platforms [13][16]. Group 3: Consumer Behavior - Consumers are increasingly prioritizing product ingredients and long-term usage experiences over impulsive purchases driven by marketing [1][5][6]. - The demand for genuine products has intensified, with over 50% of consumers focusing on hydration and anti-aging benefits when purchasing skincare products [37]. Group 4: Strategic Initiatives - JD Beauty is leveraging its supply chain capabilities to enhance customer experience, such as offering same-day delivery and ensuring product authenticity through a dual-store model [37][38]. - The "Tenfold Growth Plan" initiated by JD Beauty has seen over 230 brands participating, with many achieving significant sales increases, indicating a successful collaborative approach to brand growth [33]. Group 5: Innovation and Engagement - JD Beauty is innovating in customer engagement through initiatives like "Super Star Fan Day," which fosters a collaborative environment between brands and consumers, enhancing emotional connections [40][41]. - The platform's focus on service and user experience is becoming a key differentiator in the competitive beauty market, aiming to redefine the shopping experience for consumers [38][41].