Retail Stores

★ Recently, Watsons has joined hands with beauty brands to launch a Sensitive Skin Care Zone. Over 3,000 stores nationwide have added exclusive shelves for sensitive skin products, covering categories such as facial cleansers and moisturizers. Both online and offline channels provide skin type testing services simultaneously.

★ Hema has entered into direct-sourcing partnerships with imported beauty brands, adding more than 30 new SKUs of imported color cosmetics and skincare products. These products are now available in over 200 Hema stores across the country, with same-day delivery supported.

Authoritative Release

★ On October 27, the provincial medical products administrations of the Cosmetics Regulatory Cooperation Zone (covering Guangdong, Tianjin, Heilongjiang, Shandong, Hainan, Sichuan, Chongqing, Yunnan and Xinjiang) organized the drafting of the Consensus on Several Issues Concerning the Implementation of Good Manufacturing Practices for Cosmetics in the Cosmetics Regulatory Cooperation Zone (Draft for Comments). Now, on behalf of the provincial medical products administrations of the zone, the Guangdong Provincial Medical Products Administration is publicly soliciting comments within the Cosmetics Regulatory Cooperation Zone, with the deadline set for November 13.

★ On November 17, the National Medical Products Administration (NMPA) issued the Opinions on Deepening Cosmetics Regulatory Reform and Promoting the High-Quality Development of the Industry (hereinafter referred to as the Opinions). Centering on the core task of deepening regulatory reform and boosting high-quality industrial development, the Opinions put forward 24 reform proposals and 48 specific reform measures, covering key areas such as encouraging innovation, optimizing management, strengthening supervision, consolidating technical support, and promoting international alignment, thus injecting new impetus into the cosmetics industry.

★ Recently, the National Institutes for Food and Drug Control (NIFDC) released the draft for comments on 3 standard formulation and revision projects for cosmetics, including Mercury and Its Compounds. Among them, it is proposed to reclassify 2 permitted cosmetic preservatives, namely phenylmercuric borate and thimerosal, as prohibited cosmetic raw materials, and delete the note in the mercury limit standard which states "except for eye cosmetics containing organic mercury preservatives".

This means that the use of mercury-containing raw materials will be completely prohibited in cosmetics.

Brands and the Industry

★ In the first three quarters, Proya achieved operating revenue of 7.098 billion yuan, a year-on-year increase of 1.89%, and net profit attributable to shareholders of 1.026 billion yuan, a year-on-year increase of 2.65%. Among this, the operating revenue in the third quarter reached 1.736 billion yuan, with net profit attributable to shareholders standing at 227 million yuan.In terms of profitability, both the gross profit margin and net profit margin of Proya in the first three quarters rose compared with the same period last year. Specifically, the gross profit margin hit 73.69%, an increase of 3.62 percentage points year-on-year, while the net profit margin stood at 14.86%.Breaking it down by category, in the third quarter, Proya’s skincare products (including facial cleansers) generated operating revenue of 1.316 billion yuan, down from 1.654 billion yuan in the same period last year; color cosmetics raked in 236 million yuan, a slight uptick from 233 million yuan year-on-year; and hair and body care products saw a sharp surge, with revenue soaring from 75 million yuan last year to 179 million yuan this year, a year-on-year jump of 138.67%.

★ In Q3 2025, Bloomage Biotech recorded operating revenue of 903 million yuan, a year-on-year decrease of 15.16%, while its net profit attributable to shareholders of listed companies reached 32 million yuan, a robust year-on-year increase of 55.63%. Following the 20.89% year-on-year growth in net profit attributable to shareholders in Q2 this year, the company’s profitability rebounded once again, demonstrating the continuous enhancement of its profit-making capacity driven by reform initiatives.

★ On October 29, Shuiyang Co., Ltd. released its Q3 2025 financial report on the Shenzhen Stock Exchange, showing a performance trend of "single-quarter breakout and steady annual growth". The layout of high-end brands and the quality of cash flow emerged as core highlights.Shuiyang Co., Ltd. posted Q3 operating revenue of 909 million yuan, a year-on-year increase of 20.92%, and net profit attributable to shareholders of 12.5833 million yuan, a staggering year-on-year surge of 210.00%—far exceeding the overall growth rate in the first three quarters. Over the longer term, the company achieved operating revenue of 3.409 billion yuan in the first three quarters, a year-on-year rise of 11.96%, and net profit attributable to shareholders of 136 million yuan, a year-on-year increase of 44.01%. These figures indicate that the outstanding Q3 performance provided critical support for the annual profitability.More notably, the company’s operational quality improved significantly. In the first three quarters, Shuiyang Co., Ltd. reported a net operating cash flow of 189 million yuan, a dramatic year-on-year increase of 324.74%, which is positively aligned with its 136 million yuan net profit, reflecting strong cash support for profitability. The ending accounts receivable stood at 415 million yuan, with a growth rate lower than that of operating revenue, confirming that revenue growth was not reliant on credit sales but accompanied by actual cash inflows. This signals a marked improvement in revenue quality, with ample "financial blood flow" further consolidating the company’s operational stability and maturity.

★ On October 27, Botanee, the parent company of Winona, released its Q3 2025 financial report, showing a divergent performance pattern of "single-quarter recovery and annual pressure".In the third quarter, the company turned losses into profits, with net profit attributable to shareholders reaching 252 million yuan, a year-on-year increase of 136.55%. However, this profit rebound was not driven by improvements in core business operations but mainly relied on the maturity gains from entrusted financial management. The profit and loss from assets entrusted to others for investment or management in the quarter hit 311 million yuan, accounting for 129% of the total non-operating profit and loss of 241 million yuan in the same period. It was precisely this income that helped the company shake off the 69 million yuan loss incurred in the same period last year.For the year to date, Botanee’s operating revenue reached 3.464 billion yuan, a year-on-year decrease of 13.78%, and net profit attributable to shareholders stood at 272 million yuan, a year-on-year drop of 34.45%. This marks the first time in the past six years that the company has seen a year-on-year "double decline" in both operating revenue and net profit in the first three quarters. Notably, the 252 million yuan net profit in Q3 accounted for over 92% of the total net profit in the first three quarters, indicating that the lackluster H1 performance significantly dragged down the full-year results.

★ On October 28, Fujian Tsing Pine Co., Ltd., the parent company of Cosmax, disclosed its Q3 2025 financial report. Data showed that in the first three quarters of 2025, Tsing Pine Co., Ltd. achieved total operating revenue of 1.553 billion yuan, a year-on-year increase of 12.0%, and net profit attributable to shareholders of 110 million yuan, a substantial year-on-year surge of 246.98%.In the third quarter alone, Tsing Pine Co., Ltd. recorded operating revenue of 616 million yuan, a year-on-year increase of 16.60%, and net profit attributable to shareholders of 83.3326 million yuan, a year-on-year jump of 232.47%. This net profit figure has already exceeded the company’s full-year 2024 net profit of 54.68 million yuan.

★ Recently, the Q3 financial report of Aekyung Group, a listed South Korean daily chemical company, revealed that the group’s total operating revenue in the first three quarters of this year reached 491.6 billion KRW, a year-on-year decrease of 3.2%, and operating profit stood at 24.5 billion KRW, a sharp year-on-year drop of 43.7%. For Q3, the operating revenue was 169.3 billion KRW, a year-on-year increase of 2.4%, while operating profit was 7.3 billion KRW, a year-on-year decline of 23.6%.

★ On October 27, Jahwa Corporation (600315.SH) released its Q3 2025 financial report. The report showed that in the first three quarters of 2025, Jahwa Corporation achieved operating revenue of 4.961 billion yuan, a year-on-year increase of 10.8%, net profit of 405 million yuan, a year-on-year surge of 149.1%, and non-recurring net profit of 231 million yuan, a year-on-year rise of 92.4%, maintaining a growth momentum with both revenue and profit on the rise. In the first three quarters of 2025, focusing on the coordinated development of product innovation, marketing upgrades, and channel optimization, Jahwa Corporation gradually unleashed its operational efficiency, nurtured multiple flagship products with sales exceeding 100 million yuan, and successfully launched a number of new items. Guided by the strategy of focusing on core brands, brand building, online channels, and efficiency, Jahwa Corporation has shifted towards a positive cycle of brand-driven performance growth.

★ Recently, Freda released its Q3 2025 financial report. The report indicated that in the first three quarters, Freda achieved operating revenue of 2.597 billion yuan, a year-on-year decrease of 7.34%, and net profit attributable to shareholders of 142 million yuan, a year-on-year decline of 17.19%. On the brand front, Rellet maintained a growth momentum with a nearly 20% year-on-year increase, posting revenue of 786 million yuan and moving closer to the 1 billion yuan brand club. Kemi recorded sales of 77.19 million yuan, with a quarter-on-quarter increase of 82% in Q2 and 138% in Q3.

★ Recently, Marubi Biotechnology announced its Q3 2025 financial report. The report showed that in the first three quarters of this year, Marubi Biotechnology achieved operating revenue of 2.450 billion yuan, a year-on-year increase of 25.51%, and net profit attributable to shareholders of 244 million yuan, a year-on-year increase of 2.13%. However, during the reporting period, its non-recurring net profit showed a downward trend, reaching 214 million yuan, a year-on-year decrease of 5.42%.In addition, the net cash flow from operating activities of Marubi in the first three quarters reached 159 million yuan, a substantial year-on-year increase of 132.19%. The company clearly stated in the financial report that "the growth in cash flow is mainly due to the corresponding increase in net sales proceeds brought about by the growth in operating revenue".The financial report also showed that Marubi’s sales expenses in the first three quarters increased by 32.09% year-on-year, while R&D expenses maintained a year-on-year growth of 15.34%, indicating that while pursuing market scale, the company has not relaxed its investment in technological innovation.

★ Recently, Jiaheng Home Chemical released its Q3 2025 financial report: in the first three quarters of this year, Jiaheng Home Chemical achieved operating revenue of 860 million yuan, a year-on-year increase of 24.42%, hitting a new high for the first three quarters in the past five years. By quarter, the operating revenue in Q3 2025 was 346 million yuan, a year-on-year increase of 28.66%.Notably, in terms of profitability, Jiaheng Home Chemical experienced a cliff-like decline in the first three quarters: the financial report showed that during the reporting period, the company’s net profit attributable to shareholders suffered a loss of 29.5005 million yuan, a drastic year-on-year plunge of 1430.74%, and its non-recurring net profit was a loss of 30.6844 million yuan.

★ On October 31, Lafang Home Chemical released its Q3 2025 financial report. The report showed that in the first three quarters, the company achieved operating revenue of 627 million yuan, a year-on-year decrease of 6.37%, net profit attributable to shareholders of 12.5582 million yuan, a year-on-year decrease of 77.01%, and non-recurring net profit attributable to shareholders of 4.2874 million yuan, a year-on-year decrease of 91.58%.In the first three quarters, the net operating cash flow of Lafang Home Chemical reached 80.7980 million yuan, a year-on-year decrease of 56.76%, mainly due to the year-on-year decrease in operating revenue and the corresponding year-on-year decrease in cash inflows from operating activities during the period from the beginning of the year to the end of the reporting period. Lafang Home Chemical stated that the profit decline in the first three quarters was mainly caused by increased investment in brand building, e-commerce brand promotion, and traffic-related expenses.

★ Recently, Shanxi Jinbo Biopharmaceutical Co., Ltd. (hereinafter referred to as "Jinbo Biotech") released its Q3 2025 financial report. The report showed that in the first three quarters of 2025, the company achieved total operating revenue of 1.296 billion yuan, a year-on-year increase of 31.10%, net profit attributable to shareholders of listed companies of 568 million yuan, a year-on-year increase of 9.29%, and non-recurring net profit of 560 million yuan, a year-on-year increase of 9.61%, a slightly higher growth rate than the net profit attributable to shareholders.It is worth noting that although Jinbo Biotech’s Q3 2025 operating revenue reached 437 million yuan, a year-on-year increase of 13.36%, it was nearly 17.74 percentage points lower than the overall growth rate of 31.10% in the January-September period. In addition, the net profit attributable to shareholders was 176 million yuan, a year-on-year decrease of 16.24%, and the non-recurring net profit was 172 million yuan, a year-on-year decrease of 16.72%, marking the first time that single-quarter profits have declined.

★ Recently, LA Girl, a popular American affordable color cosmetics brand, announced the closure of its Tmall Overseas Flagship Store, citing "adjustments to brand operation strategies". It is reported that the flagship store currently has 1.1 million followers, with only 3 products remaining in stock, priced as low as 27 yuan. Notably, LA Girl has not established official flagship stores on other platforms such as JD.com, Douyin, WeChat Channels, or Xiaohongshu.

★ In response to consumer doubts that the filing information of LAN’s "Time Orchid Series" skincare products is inconsistent with brand promotion, LAN recently responded that the product filings are compliant. All raw materials used have been recorded in the Raw Material Reporting System of the National Medical Products Administration. During the filing process, Orchidaceae Plant Extract was used as the category name in accordance with the official reporting documents provided by the raw material suppliers, which complies with the regulatory requirements for labeling category raw materials.

★ Recently, Guyu invested in a "facial care bar" brand, becoming its third-largest shareholder. According to the Aiqi Cha APP, industrial and commercial changes have occurred at Chengdu Meiji Zhiyuan Beauty Technology Co., Ltd., the parent company of the offline beauty chain brand "Yuanqishou • Facial Care Bar". Guangzhou Mangzhong Investment Co., Ltd., a wholly-owned subsidiary of Guyu, has been newly added as a shareholder, holding a 25% stake with a subscribed capital contribution of 10 million yuan.

★ Recently, the National Medical Products Administration approved the registration applications for two new cosmetic raw materials: 2-(4'-azo-anilino polyoxyethylene ether)-4-methylbenzothiazolyl waterborne polyurethane, submitted by Beijing Shangjie Youlan Technology Co., Ltd., and dimethoxytolylpropyl resorcinol, submitted by UNiGEN.

★ Recently, AESOMED Bioscience Co., Ltd. completed a multi-million-dollar seed round of financing, co-invested by a well-known US dollar venture capital fund, the founder of a Web3 fund, a Hong Kong family office, and a medical listed company’s CVC fund. The funds raised in this round will be mainly used for overseas market expansion. The company plans to achieve 100 million yuan-level overseas business revenue and reach break-even within 18 months.

★ HBN’s parent company, Shenzhen Hujia Technology Co., Ltd., launched a new beauty brand LOCKSKIN through its wholly-owned subsidiary Hangzhou Luokexin Biotechnology Co., Ltd. This is the first sister brand launched since HBN’s establishment, marking Hujia Technology’s official foray into multi-brand matrix layout.

★ Recently, Little Ondine launched the "Dream Weaving Day Journey" artistic color cosmetics series, inviting new-generation urban women to explore the artistic expression of self-awareness in depth. This time, Little Ondine has collaborated with the artist studio Manman Niao to co-create a surreal dream garden by the sea. Inspired by the subconscious in dreams, the series transforms the most hidden emotions in dreams into colors, serving as the driving force to move forward during the day, allowing women to freely navigate between reality and dreams and explore themselves at will. The series includes three core luminous products: the "Flow Trace" six-color eyeshadow palette, which combines vivid shimmer and dreamy color blocking to capture the changing light and color of the eyes; the "Floating Firefly" lipstick, which delivers glossy, lightweight, and moisturizing lips with a single swipe for a plump, dewy finish; and the "Diffused Light" blush, featuring micron-level three-dimensional pigmented pearlescence that blends seamlessly into the skin with one swipe, creating a radiant complexion that shifts with light.

★ On November 3, Kimberly-Clark, a world-renowned daily necessities giant, announced that it will acquire Kenvue, the parent company of Neutrogena, for a total value of 48.7 billion US dollars (approximately 350 billion yuan). The transaction is expected to be completed in the second half of 2026, funded by a combination of cash and debt, with JPMorgan Chase committing to provide financing.

★ On November 17, Perfect Diary’s parent company Yixian E-commerce released its unaudited financial results for the third quarter ended September 30. The company reported net revenue of 998 million yuan in the quarter, a year-on-year increase of 47.5%. In the first three quarters, Yixian E-commerce achieved total net revenue of 2.918 billion yuan, a year-on-year increase of 30.2%. Notably, this marks the fourth consecutive quarter of year-on-year positive growth in net revenue for Yixian E-commerce, and the first year-on-year growth in its first three quarters performance since 2021.

★ On November 17, news emerged that SoYoung Group (NASDAQ: SY) released its Q3 2025 financial report. Data showed that the group’s total revenue in Q3 was 387 million yuan, basically flat year-on-year, while its net profit attributable to shareholders was -64.3 million yuan, a wider loss compared with -20.3 million yuan in the same period last year. Notably, the revenue of SoYoung’s chain business in this quarter reached 184 million yuan, a year-on-year increase of 305%, exceeding the upper limit of the Q2 performance guidance.

★ According to information from the National Enterprise Credit Information Publicity System, Shanghai Chengmu Biotechnology Co., Ltd., the parent company of the well-known domestic beauty brand Zhiben, has added a cancellation registration announcement. According to the announcement, the reason for Chengmu Biotechnology’s cancellation is "resolution to dissolve", with the announcement period running from September 26 to November 10, 2025. It is reported that Chengmu Biotechnology was established in 2012 with a registered capital of 20 million yuan, and is a cosmetics enterprise integrating R&D, production, sales, and service.

★ On November 18, news stated that Dermabio, a brand under Bloomage Biotech focusing on creating healthy "fresh skin", has officially ceased operations of its Tmall flagship store. Meanwhile, official Dermabio stores can no longer be found on mainstream e-commerce platforms such as JD.com and Douyin.

★ Recently, Puig, a Spanish perfume, beauty, and fashion group, released its Q3 performance data for the period ended September 30, 2025. The results showed that Puig’s sales in the third quarter reached 1.3 billion euros, a year-on-year increase of 3.2% at current exchange rates and 6.1% at comparable figures. Among its business segments, the Perfume & Fashion division recorded organic sales growth of 2.8%, while the Color Cosmetics division achieved a remarkable growth rate of 18.8%.

★ Tutu Mom and Bawang Shampoo have attracted attention due to failing random inspections. In response, Tutu Mom stated that the problematic batch was produced in April 2024, totaling 6,864 bottles, all of which were not shipped out and were destroyed in August. The brand will strengthen microbial monitoring and quality inspection in the future. Bawang claimed that the substandard products were not sold through official channels, emphasizing that its products are legal and compliant.

★ On November 20, according to a disclosure from the Hong Kong Stock Exchange, Mandi Inc., spun off from 3SBio Inc. (01530.HK), submitted a prospectus to list on the Main Board of the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor.

★ Recently, Proya filed for registration of multiple men’s skincare products such as serums and lotions, and applied for the trademark "PROYA MEN", marking the brand’s return to the men’s skincare track.

★ On November 17, L’Oréal Group announced a minority equity investment in LAN, a Chinese clean beauty brand. The investment was made by Shanghai Meicifang Investment Co., Ltd., a subsidiary of L’Oréal China, and supported by BOLD (Business Opportunities for L’Oréal Development), L’Oréal Group’s strategic innovation venture capital fund.

★ Recently, the Q3 financial report of Aekyung Industrial, a listed South Korean daily chemical company, showed that in the first three quarters of 2025, the company’s operating revenue reached 491.6 billion KRW (approximately 2.3 billion yuan), a year-on-year decrease of 3.2%, and operating profit stood at 24.5 billion KRW (approximately 110 million yuan), a sharp year-on-year decline of 43.7%. For the single quarter of Q3, the operating revenue was 169.3 billion KRW (approximately 810 million yuan), a year-on-year increase of 2.4%, but the operating profit was 7.3 billion KRW (approximately 35.18 million yuan), still a year-on-year decrease of 23.6%, showing a trend of "revenue growth without profit growth". Among its business segments, the beauty business saw a particularly significant decline, with Q3 revenue dropping 9.7% year-on-year and operating profit plummeting 45.8%, dragging down the overall performance.

★ Recently, the National Enterprise Bankruptcy Reorganization Case Information Network disclosed that POLYVOLY Technology (Wuhan) Co., Ltd., an emerging beauty group, has filed for bankruptcy liquidation with the court on the grounds of "being unable to pay off mature debts and having assets insufficient to cover all debts", and the application has been accepted. The company owns three brands: the scientific personal care brand Three Graces, the innovative essential oil personal care brand Rever, and the sensitive skin makeup brand SuppleSupple. It has completed six rounds of financing and was once favored by capital.

★ On November 19, the National Medical Products Administration publicly announced the completion of the filing for a new cosmetic raw material independently developed by Bloomage Biotech Co., Ltd.: sodium ascorbyl propyl hyaluronate cross-linked polymer, with the filing number "Guo Zhuang Yuan Bei Zi 20250146". This ingredient is a domestically pioneered cross-linked complex of vitamin C derivatives and hyaluronic acid, boasting dual activities of antioxidant and long-lasting moisturizing effects, and can be widely used in anti-aging, whitening, and repair cosmetics. Currently, the technical requirements for this new raw material have not been disclosed.

★ On November 19, the beauty chain brand Beauty Farm issued an announcement stating that its subsidiaries Narir Medical Devices and Narir Health Management have acquired 100% equity of target companies in Dongguan and Zhuhai from Guangzhou Beimin Sheng for 40 million yuan. After the transaction, the group will hold a 90% stake and add 19 directly-operated stores (including 2 medical beauty clinics and 17 beauty salons), further densifying its layout in the South China market.

★ Recently, the National Bureau of Statistics released data on the total retail sales of consumer goods for October. The total retail sales of consumer goods in the month reached 4.6291 trillion yuan, a year-on-year increase of 2.9%. From January to October, the cumulative total reached 41.2169 trillion yuan, a year-on-year increase of 4.3%. Among various categories, cosmetics performed outstandingly: retail sales of cosmetics in October hit 52.3 billion yuan, a year-on-year increase of 9.6%, setting the highest single-month growth rate so far this year. From January to October, the cumulative retail sales of cosmetics reached 381.3 billion yuan, a year-on-year increase of 4.6%.

★ Recently, Marubi Biotechnology (603983) issued an announcement stating its intention to issue H-shares and list on the Main Board of the Hong Kong Stock Exchange, aiming to enhance capital strength, improve overseas financing capabilities, and accelerate the implementation of its internationalization strategy. Public information shows that Marubi Biotechnology was established in 2002 and listed on the A-share market in 2019, becoming the "first domestic eye cream stock". It owns three major brands: Marubi, Chunji, and Luhuo.

★ On November 10, Kose Group released its Q3 2025 financial report. In the first three quarters, Kose Group recorded net sales of 240.5 billion JPY (approximately 11.1 billion yuan), a slight year-on-year increase of 0.7%, and operating profit of 13.5 billion JPY (approximately 620 million yuan), a year-on-year decrease of 27.8%.By region, only the Asian market saw a slight decline, while all other markets achieved positive growth. The Japanese market contributed sales of 157 billion JPY (approximately 7.25 billion yuan) in the first three quarters, accounting for 65.3% of the total revenue, with a year-on-year increase of 1%. Driven by the sales growth of DECORTÉ and ALBION, the group’s consolidated sales saw a slight uptick.

★ Recently, Mistine launched its winter matte lipstick series, featuring 6 matte shades with a long-lasting color-lock formula. The series has been simultaneously launched on e-commerce platforms such as Tmall and JD.com, as well as offline partner supermarkets and hypermarkets.

★ AHC signed a contract with celebrity Dylan Wang and launched a co-branded hyaluronic acid mask. The initial sales volume exceeded 100,000 boxes within 48 hours of release.

★ Elizabeth Arden launched the "Advanced Time Complex Repair Set", including Ceramide Capsules Serum, Night Cream, and Eye Serum, specially designed for dry skin in winter. Free trial services are available at offline counters.

★ Jung Saem Mool launched a new dewy skin foundation, infused with natural plant-derived moisturizing ingredients and focusing on a "no-makeup makeup" finish. The product has been launched in multiple beauty collection stores and online flagship stores.

★ Mediheal collaborated with a renowned designer to launch a co-branded mask gift box, containing two core products: hydrating and repairing masks. The packaging uses eco-friendly materials, and the gift box is available in limited quantities through online channels.

E-commerce Platforms

★ On November 18, Xiaohongshu issued an announcement stating that it has taken severe measures against the irregular practice of "unauthorized modification of KOS (Key Opinion Seller) binding relationships" in the medical aesthetics industry, permanently banning a batch of KOS accounts with serious violations. This move not only serves as a special crackdown on non-compliant behaviors but also sends a strong signal of in-depth transformation to the entire medical aesthetics ecosystem.

★ On November 17, Richard Liu announced the launch of JD Food Delivery as a standalone app, further intensifying the company’s layout in the local life sector. It is reported that the JD Food Delivery app integrates services including food delivery, instant retail, reviews, hotel and travel bookings, and shopping. Through the integration of its "Super Supply Chain" capabilities, it flexibly meets the diverse needs of more users across various scenarios. Beauty products constitute a key segment of JD’s instant retail services.

★ On November 12, Bilibili released its Double 11 closing report. During the campaign period, the number of advertisers running product placement ads on Bilibili surged by 109% year-on-year, and the GMV (Gross Merchandise Volume) of consumer goods priced above 1,000 yuan rose by 63% year-on-year. Throughout the promotion, Bilibili continuously drove business growth for merchants and brands across the platform. Data from the "Spark Program" showed that the average new customer acquisition rate brought by Bilibili to the beauty category reached 60%, and beauty ranked among the top 3 industries with the highest year-on-year growth in advertising revenue.

★ According to Tmall’s beauty category data, during the pre-sale phase of this year’s Double 11, 35 brands achieved sales exceeding 100 million yuan within the first hour of pre-sales, with beauty brands dominating the top rankings. Proya hit the 100 million yuan mark in 1 minute, Estée Lauder in 2 minutes, and Lancôme in 3 minutes. SkinCeuticals’ AGE Cream became the first beauty product to surpass 100 million yuan in sales.In the newly released Tmall Double 11 Sales Progress Ranking (October 15 - November 11, 2025), Proya, Estée Lauder, and Lancôme took the top three spots. L’Oréal, SkinCeuticals, La Mer, SK-II, Winona, OLAY, and CPB rounded out the top 10. Five domestic brands, namely Proya, Winona, Keyforheal, CHANDO, and Mao Geping, made it to the list.The functional skincare segment continued to gain momentum. Domestic brands such as ZMY and Uface achieved double-digit growth; Tongpin’s sales soared by 820% year-on-year, and Wansuzhifu saw an 18-fold increase in sales, surpassing its total Double 11 sales last year in less than 4 hours after launch. Fuyumanpu’s Essence Eye Oil, Ocean Supreme Men’s Body Wash, and Kequ Polypeptide Neck Mask each claimed the top spot in their respective trending categories.

★ After two years of rapid growth, the hair care category has now entered a phase of "market validation".According to third-party data, in the first three quarters of this year, the GMV of the hair care category on major e-commerce platforms reached 37.877 billion yuan, a year-on-year increase of 14.6%. Among these platforms, Douyin recorded a growth rate of over 30%, while Tmall’s growth rate approached 20%.For the overall segment, the 14.6% growth rate remained roughly the same as the 15.5% rate in the same period last year (the first three quarters of 2024), indicating that the hair care market is still expanding steadily.On the platform front, although Douyin’s growth rate of over 30% this year slowed significantly compared with the over 100% rate in the same period last year, its market size has slightly exceeded that of Tmall, establishing Douyin as a must-win battleground for hair care brands.In terms of subcategories, hair cleansing still dominates the market. However, categories such as hair coloring and perming, men’s personal care, and scalp care have also shown strong performance, with several brands achieving growth rates of over 100%, suggesting opportunities for differentiated competition.Regarding the brand landscape, unlike the relatively fixed patterns in skincare and color cosmetics, international giants, established domestic brands, emerging domestic brands, and platform private labels all have their own market shares, leaving substantial potential for new brands to break through and gain popularity.

★ Tmall Beauty launched the "Winter New Product Launch Program", collaborating with more than 20 core beauty brands to release winter-exclusive product lines and opening a green channel for new product pre-sales. The pre-sales volume of the first phase exceeded 500 million yuan.

★ Douyin E-commerce released its November performance report for the beauty category. The GMV of the color cosmetics segment rose by 68% year-on-year, the conversion efficiency of short video product placement increased by 35%, and several key brands made it to the bestseller list.

International Conglomerates

★ Recently, Procter & Gamble (P&G) released its financial report for the first quarter of fiscal year 2026. The company recorded net sales of 22.4 billion US dollars (approximately 159.2 billion yuan), a year-on-year increase of 3%, with organic sales up 2%. In terms of profitability, core earnings per share stood at 1.99 US dollars (approximately 14 yuan), representing a 3% year-on-year growth.

★ Recently, LVMH Group announced its financial results for the third quarter of 2025. The report showed that LVMH achieved revenue of 18.28 billion euros (approximately 151.9 billion yuan), a year-on-year increase of 1%, ending two consecutive quarters of decline. Revenue in Asia (excluding Japan) rose by 2%, with the Chinese market reversing its downward trend and driving the recovery of the regional segment; the US market grew by 3%, while Europe saw a 2% decline. The Perfumes & Cosmetics division grew by 2%, and Sephora’s Selective Retailing business posted a 7% increase.

★ On November 6, Coty Inc., a global fragrance giant, released its financial report for the first quarter of fiscal year 2026 (July-September 2025). Data indicated that Coty achieved net revenue of 1.577 billion US dollars (approximately 11.232 billion yuan), a year-on-year decrease of 6% on a reported basis and 8% on a like-for-like (LFL) basis.Combined with previously released financial reports, Coty’s total net revenue from January to September 2025 reached 29.422 billion yuan, a year-on-year decrease of 6.73%. Notably, this marks the first time in nearly five years that Coty has seen a performance decline in the January-September period.

★ Recently, Shiseido Group published its Q3 2025 financial report. The results showed that in the first three quarters, the group’s sales fell 4% year-on-year to 693.8 billion yen (approximately 31.8 billion yuan); operating profit recorded a loss of 33.35 billion yen (approximately 1.541 billion yuan), a staggering year-on-year plunge of 1630%. Regarding this performance, Shiseido Group stated in the report that the decline was attributed to factors such as reduced revenue from China’s travel retail sector and lower sales of the "DrunkElephant" brand. Meanwhile, profit growth was achieved through the effects of structural reforms and strengthened company-wide cost management.

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