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

Asia Pacific Equity Research 18 November 2025 China Beauty Takeaways from expert call post the 11.11 events We hosted a China beauty expert call on 17 Nov, to recap the 11.11 events performance and preliminary outlook on 2026. Key takeaways include: 1) solid GMV growth of beauty sector across all platforms: Tmall +c8% yoy/Douyin +c20%/JD +c15%/PDD +12% (per the expert), comparing to the overall GMV growth of c14% (per Syntun Data); 2) mixed performance of local listed companies: Mao Geping (MGP) led the gro ...