中国美妆 - 双十一活动后专家电话会议核心要点-China Beauty_ Takeaways from expert call post the 11.11 events

Summary of China Beauty Expert Call Post 11.11 Events Industry Overview - Industry: China Beauty Sector - Event: 11.11 Shopping Festival Performance Review - Date of Call: November 17, 2025 Key Takeaways 1. GMV Growth Across Platforms: - Tmall: Approximately +8% year-over-year (yoy) - Douyin: Approximately +20% yoy - JD: Approximately +15% yoy - PDD: Approximately +12% yoy - Overall GMV growth for the beauty sector: Approximately +14% yoy according to Syntun Data [1][1][1] 2. Performance of Local Listed Companies: - Mao Geping (MGP) achieved approximately +60% GMV growth, leading the local brands - Chicmax and Proya maintained strong positions on Douyin and Tmall, respectively - Other local companies faced growth pressures [1][1][1] 3. International Brands Recovery: - Most international brands reported over +20% GMV growth, particularly high-end brands like Estee Lauder, Lancome, SK-II, and Shiseido [1][1][1] 4. Emergence of Local Non-Listed Companies: - Notable growth from brands such as Chando, Pechoin, Forest Cabin, and Grainrain [1][1][1] 5. Discount Levels: - Overall discount levels deepened by 5-8 percentage points yoy compared to the June 18 events [1][1][1] 6. Preliminary Outlook for 2026: - US/EU high-end brands expected to maintain growth momentum - Mass brands and Japanese/Korean brands likely to face challenges - High discount levels anticipated to persist [1][1][1] Company-Specific Insights - Mao Geping (MGP): - Enhanced brand equity and unique offline presence expected to drive revenue and earnings CAGR of 31% from 2025 to 2027, outpacing peers' growth of 19% and 16% [1][1][1] - Chicmax: - Expected to benefit from the fast growth and local pride trend in China's cosmetics industry, leveraging a successful multi-brand portfolio and strong R&D capabilities [1][1][1] Analyst Preferences in China Beauty Sector - Order of preference: - MGP = Chicmax > Proya > Botanee > Yatsen > Marubi > Jahwa [1][1][1] Additional Notes - Concerns were raised regarding MGP's skincare product pipeline visibility in the mid-term [3][3][3] - Chicmax's KANS brand achieved approximately +30% GMV growth and maintained its position as the No.1 beauty brand on Douyin during the 11.11 events, with self-livestreaming contributing over 70% to GMV [3][3][3] This summary encapsulates the critical insights from the expert call regarding the performance and outlook of the China beauty sector following the 11.11 shopping events.