中国化妆品行业：月度追踪，受高基数影响 8 月增速放缓；本土品牌表现更优；头部KOL9 月回归巨头品牌-China Cosmetics_ Monthly tracker_ Aug-25_ Aug decelerates on tougher base; Local outperformed; Top tier KOL back for Giant in Sep

Summary of China Cosmetics Monthly Tracker - August 2025 Industry Overview - The report focuses on the China cosmetics industry, specifically analyzing the performance of online sales on platforms such as Tmall, Taobao, and Douyin for both local and multinational companies. Key Highlights GMV Performance - In August, the online GMV (Gross Merchandise Value) growth for cosmetics decelerated to 11% year-over-year (yoy), down from 14% yoy in July. This was influenced by a 20% yoy growth on Douyin (compared to 32% in July), while Tmall/Taobao experienced a 1% yoy decline (improved from -9% in July) [1][2] - The combined GMV growth for July and August was 13% yoy, an acceleration from 8% in Q2 2025 due to an easier comparison base [1] Brand Performance - Local brands regained market share from multinational corporations (MNCs) post the 618 shopping festival. Notable growth figures include: - Marubi: 91% yoy - Mao Geping: 79% yoy - Shanghai Jahwa: 59% yoy - KANS: 55% yoy - Proya: 9% yoy [2][16] - In contrast, Giant experienced a 7% decline due to the absence of top-tier KOLs (Key Opinion Leaders), which are expected to return in September-October [2][17] - MNCs generally saw larger yoy declines in August compared to July, attributed to a tougher comparison base and likely order front-loading to the last 618. Notable declines include: - Estee Lauder: -6% yoy (with La Mer down -19% yoy) - L'Oreal: -8% yoy (L'Oreal Paris down -24% yoy) - Shiseido: -19% yoy [2][18] Market Share Dynamics - Tmall/Taobao lost 4% market share to Douyin in August compared to July, with most brands shifting their focus to Douyin [15] - The average GMV contribution for MNCs was 54% from Tmall/Taobao and 46% from Douyin, while local brands had a more balanced contribution [15] Livestreaming and KOL Impact - Giant Biogene's management expressed confidence in the resumption of KOL activities ahead of the Double 11 shopping festival. A notable event included top-tier KOL Jia Nailiang generating over RMB 25 million in GMV within two hours during a livestream on September 8, boosting Comfy's Douyin GMV growth to 119% yoy [3][7] Other Observations - The overall GMV decrease of 1% in August was primarily driven by a 20% yoy decline in volume, although this was partially offset by a 23% yoy increase in average selling price (ASP) [10][12] - Local brands showed resilience with strong growth figures, while MNCs struggled to maintain their market positions amidst increasing competition from local players [16][19] This summary encapsulates the key insights from the August 2025 tracker, highlighting the competitive landscape and performance trends within the China cosmetics industry.