According to a research report released by Eastmoney Information, based on intelligence data from Qingyan, the GMV of skincare/makeup products on Tmall's major promotion period (from May 20th to June 18th) increased by +2%/+7.5% YoY respectively, and the top 10 brands increased by +10.9%/+7.0% YoY respectively, outperforming the overall market. With the normalization of e-commerce promotions, emphasis is placed on brand control capabilities in self-reach broadcasting and refined operations, and brands such as Proya Cosmetics (603605.SH) and Juzi Biology (02367) are recommended to watch for their annual national deployment pace.

Subject:

On June 19th, Qingyan released sales data for 618 beauty products and reported on e-commerce promotions on multiple platforms.

The main viewpoints of East Money Information are as follows:

The overall GMV of 618 across all platforms reached RMB 742.8 billion, as platforms strengthened member retention and implemented a strategy of distributing billions in subsidies.

According to the official battle report, 365 brands on Tmall completed transactions exceeding RMB 100 million during the 618 promotion period. The number of new 88 VIP members increased by +65% YoY, and the membership scale reached a historic high. Subsidized sales increased by +550% YoY, and the order volume of small and medium-sized merchants increased significantly. The live broadcast order volume of JD.com increased by +200% YoY, with a total of 83 brands achieving a cumulative transaction volume of over RMB 1 billion. Over 150,000 small and medium-sized merchants experienced a YoY increase of +50% in sales volume. The number of subsidized consumers and order volume increased by +150% YoY or more.

According to Xingtudata, the number of participating merchants on PDD's billion-yuan subsidy program increased by +90% YoY, with mobile phones and home appliances demonstrating outstanding performances. Beauty products had a YoY increase of +80% in sales volume. The cumulative transaction volume of live-streaming e-commerce reached RMB 206.8 billion (+12.2%), with Douyin ranking first.

Tmall: leading domestic skincare and makeup brands maintain strong momentum, while overseas brands have greater differentiation.

According to intelligence data from Qingyan, the GMV of skincare/makeup products on Tmall's major promotion period (from May 20th to June 18th) increased by +2%/+7.5% YoY respectively. The top 10 brands increased by +10.9%/+7.0% YoY respectively, outperforming the overall market. Skincare: among the top 10 brands, Proya Cosmetics/Kose Sekkisei ranked 1st/5th, with a YoY increase in GMV of +30.7%/+190.2% respectively. Overseas brands Lancome/Shu Uemura/Origins/CPB had YoY increases in GMV of +3.9%/+19.7%/+16.4%/+150.4% respectively, while L'Oreal/Estee Lauder/Olay/Helena Rubinstein all experienced declines. Makeup: among the top 10 brands, domestic brand Cai Tang/Huaxizi/Maogepin had YoY increases in sales revenue of +62.2%/-41.0%/+75.6% respectively, while CPB/YSL/Estee Lauder/Colorslan had YoY increases in sales revenue of +53%/+7.9%/+21.1%/+55% respectively.

Douyin: Proya Cosmetics and Hanshu continue to exert force, while the first-tier brand remains relatively stable.

During the Douyin major promotion period (from May 24th to June 18th), the GMV of beauty products was between RMB 11-15 billion (RMB 11.3 billion during the same period last year), while makeup products were between RMB 3.5-4.5 billion (RMB 3.49 billion last year). Among them, the first-tier brands remained relatively stable, with 18 beauty brands breaking the RMB 100 million threshold, an increase of 3 from last year. The top three brands increased their threshold from RMB 300 million to RMB 500 million. Proya Cosmetics and Hanshu secured the first and second spot for both mainstream/national skincare products and the overall skincare category on Douyin's mid-year promotion.

Risk warning

Consumer recovery fell short of expectations; streamers were affected by platform traffic policies and negative public opinion, etc.