Retail Channels
★ According to foreign media reports, CK Hutchison Holdings is planning to spin off Watsons Group, with a proposed dual listing in Hong Kong and London as early as the first half of 2026. The fundraising target is approximately 2 billion US dollars (around 14.15 billion yuan), and the valuation is expected to exceed 30 billion US dollars (around 212.3 billion yuan).
If the listing proceeds smoothly, it will become one of the largest IPOs in the consumer retail sector of the Hong Kong stock market in recent years. In response, CK Hutchison stated that it "does not comment on market rumors".
★ On November 28, Lung Fung Group Holdings Limited (hereinafter referred to as "Lung Fung Group") submitted a listing application to the Hong Kong Stock Exchange, seeking to be listed on the Main Board.
Tracing its roots back to 1992, Lung Fung Group is a well-known local health and beauty department store chain retailer in Hong Kong, operating under the "Lung Fung" brand. According to a Frost & Sullivan report, in 2024, Lung Fung ranked as the largest health and beauty retailer in Hong Kong in terms of the average number of SKUs available per store, with each store offering approximately 6,500 health and beauty products on average.
★ Olive Young, a leading South Korean beauty retail giant, announced its official entry into the U.S. market. Its first U.S. store will open in Pasadena, Los Angeles in May 2026, followed by a second branch at Century City Mall in Los Angeles in late May. Site selection and preparation are also underway in other Los Angeles areas including Torrance and Irvine.
It is reported that the new Olive Young stores will feature over 200 brands. Confirmed brands include Anua, Ma:nyo, Sungboon Editor, Dr. Althea, Round Lab, D'Alba and Purito, as well as its own brands Colorgram, Bringgreen and Bioheal Boh.
Data shows that Olive Young currently operates 1,370 stores in South Korea, accounting for over 71% of the local market share, and achieved revenue of 2.93 billion US dollars in the first three quarters of 2025.
★ On November 21, Parfümerie Pieper, a German beauty retailer, announced that the company has filed for bankruptcy protection. The bankruptcy proceedings will commence on February 1, 2026, and the future of its stores will be decided during the bankruptcy process.
Founded in 1931, Parfümerie Pieper has grown over the years to become Germany's largest perfume chain store. Currently, it operates 140 physical stores as well as an online shop, offering a full range of categories including fragrances, skincare and color cosmetics, with brands such as Chanel, Estée Lauder and Guerlain in its portfolio.
★ 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 December 1, the General Department of the National Medical Products Administration (NMPA) issued the Classification Catalogue of Toothpaste (Draft for Comments) to solicit public opinions, with the deadline set for December 22, 2025. Formulated in accordance with the Regulations on the Supervision and Administration of Cosmetics and the Measures for the Supervision and Administration of Toothpaste, the catalogue aims to standardize toothpaste filing, production and operation activities, and ensure product quality and safety. It categorizes toothpaste functions into eight major types: basic cleaning, caries prevention, dental plaque inhibition, dentin hypersensitivity relief, gingival problem alleviation, stain removal and whitening, anti-calculus, and halitosis reduction, while clarifying the functional mechanism and the scope of claimable terms for each category. Meanwhile, the catalogue implements classified management for target user groups: toothpaste with all eight functions is suitable for users aged 12 and above, whereas toothpaste for children aged 12 and under is restricted to only two functions—basic cleaning and caries prevention. The catalogue is scheduled for official implementation in 2026.
★ On November 17, the NMPA issued the Opinions on Deepening Cosmetics Regulatory Reform and Promoting High-Quality Industrial Development (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 measures, covering key areas including encouraging innovation, optimizing management, strengthening supervision, consolidating technical support, and promoting international alignment, thereby injecting new impetus into the cosmetics industry.
★ Recently, the National Institutes for Food and Drug Control (NIFDC) released draft versions for comment on three cosmetic standard formulation and revision projects, including Mercury and Its Compounds. Among the proposed revisions, two permitted cosmetic preservatives—phenylmercuric borate and thimerosal—are to be reclassified as prohibited raw materials. Additionally, the note in the mercury limit standard stating "except for eye cosmetics containing organic mercury preservatives" will be removed.
This means that the use of mercury-containing raw materials will be fully prohibited in cosmetics.
Brands and the Industry
★ On December 2, Shanghai Forest Cabin Cosmetics Group Co., Ltd. (hereinafter referred to as "Forest Cabin") updated its prospectus to push ahead with its listing process on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities and Huatai International acting as joint sponsors.According to the latest prospectus, in the first half of this year, Forest Cabin’s operating revenue surged by 98.3% year-on-year from 530 million yuan in the same period of 2024 to 1.052 billion yuan; its adjusted net profit jumped by 117.4% year-on-year from 92 million yuan in 2024’s corresponding period to 200 million yuan, almost matching its full-year profit scale in 2024.
★ Haishun New Materials announced that its wholly-owned subsidiary Suzhou Haishun plans to acquire 100% equity of Guangdong Zhengyi Packaging Co., Ltd. for 94.35 million yuan. Public data shows that Zhengyi Packaging is mainly engaged in the R&D, production and sales of packaging films. Its major customers include domestic printing and bag-making manufacturers and food producers, and its products are widely used in the packaging of food, beverages, pharmaceuticals and cosmetics.
★ Recently, lisaslab, a beauty tool brand, issued an announcement on its permanent store closure in 2025, stating that the store will officially shut down permanently on November 30 upon completion of the clearance sale. It is reported that the store has been running clearance sales since 2024, and currently, all proceeds after deducting express delivery costs will be donated to public welfare projects on behalf of purchasers. Founded in 2019, lisaslab once reached its peak, weathered the three-year COVID-19 pandemic, and closed and reopened twice.
★ On the evening of December 1, Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. (600200.SH) issued an announcement saying that it had received the Decision on Terminating the Listing of Jiangsu Wuzhong Pharmaceutical Development Co., Ltd.’s Stocks issued by the Shanghai Stock Exchange on the same day, and the exchange officially decided to terminate the company’s stock listing. The company’s stock will enter the delisting consolidation period starting from December 9, 2025, with the expected last trading day being December 29, 2025, and the trading period of the delisting consolidation period will be 15 trading days.
★ Recently, a sudden fire broke out at Wang Fuk Yuen in Tai Po, Hong Kong, becoming one of the deadliest residential disasters in Hong Kong in recent decades. The beauty industry immediately stepped forward to offer assistance. It is reported that many beauty and household cleaning enterprises including Proya, Herborist Group, L’Oréal China, Adolph, Guyu, Saky, Blue Moon, Sa Sa and Delicate Beauty have successively donated money and materials to Hong Kong, with the total donation exceeding 10 million yuan (including the converted amount of Hong Kong dollars).
★ According to the filing information of new cosmetic raw materials released by the National Medical Products Administration (NMPA) recently, Chimonanthus Praecox Flower Oil has completed the filing of new cosmetic raw materials and entered the public announcement stage. It is reported that the filing number of this new raw material is Guo Zhuang Yuan Bei Zi 20250150, and it was filed by Chongqing Beibei Agricultural Development Co., Ltd.
★ Recently, the stock of Zhongshan Shangyang Technology Co., Ltd., known as the "first share of makeup brushes", officially terminated its listing on the National Equities Exchange and Quotations (NEEQ). Shangyang Technology explained that the decision to terminate the NEEQ listing was made "based on the industry development trend, market environment and its own strategic development plan of the company, so as to focus on production and operation, improve operational efficiency, reduce operating costs and maximize shareholder interests".
★ Recently, Mandi Inc. submitted a prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board of Hong Kong, with Huatai International as the sole sponsor. As early as 2001, the company launched China’s first 5% minoxidil product under the Mandi brand, taking the lead in entering the anti-hair loss medical market.
★ Recently, Fan Beauty Diary officially announced that the brand achieved remarkable results in the Malaysian market during Double 11, successfully ranking among two major lists: second in the sales ranking of skincare stores on Lazada and third in the ranking of best-selling skincare brands on Shopee. It is reported that Fan Beauty has only been stationed on the Malaysian Lazada platform for one year, and as the first stop of the brand’s overseas expansion, its products quickly won the first place in repurchase rate shortly after being launched in the local consumer market.
★ Recently, Aromatica Co., Ltd., a South Korean clean beauty enterprise, was officially listed on the Korea Securities Dealers Automated Quotations (KOSDAQ).
★ According to the disclosure on the official website of the National Equities Exchange and Quotations, Shandong Anhua Biomedical Co., Ltd. (hereinafter referred to as "Anhua Biomedical") has been officially listed on the NEEQ since November 27. It is understood that the total number of shares listed by Anhua Biomedical this time is about 76.3051 million shares.Notably, Anhua Biomedical was listed on the NEEQ in 2015, and then took the initiative to apply for termination of listing and suspension of trading in July 2021. Its return to the capital market this time marks the company’s resumption of its capitalization process after many years.
★ Recently, according to foreign media reports, the luxury venture capital fund under LVMH Group has completed a minority equity investment in BDK Parfums, a niche French perfume brand. This is the first time that BDK Parfums has introduced external investors since its establishment, and the specific transaction terms have not been disclosed to the public.
★ Recently, information released on the official website of the Shenzhen Stock Exchange shows that Green Biotechnology Co., Ltd. has submitted a prospectus, preparing to list on the ChiNext Board of the Shenzhen Stock Exchange, and the sponsor institution for this IPO is still Changjiang Securities Underwriting & Sponsoring Co., Ltd.
★ According to the data released by the Korea Customs Service, South Korea’s cosmetics export volume reached 8.52 billion US dollars (approximately 60.407 billion yuan) in the first three quarters of 2025, a year-on-year increase of 15.4%, setting a new high for the same period in history. In addition, public data shows that in the first quarter of 2025, the voice share of South Korean cosmetics on TikTok soared from 18% in the same period of 2024 to 34%, nearly doubling.
★ On November 24, Waldencast, the parent company of Obagi Medical, a well-known American functional skincare brand, and Milk Makeup, a clean beauty brand, released its financial reports for the second and third quarters of 2025. Data shows that in the second quarter, Waldencast achieved net revenue of 66.8 million US dollars (approximately 474 million yuan), a year-on-year increase of 5.6%, with the adjusted EBITDA margin reaching 5.0%; in the third quarter, its net revenue was 67.8 million US dollars (approximately 481 million yuan), a year-on-year decrease of 3.4%.
★ Recently, the Census and Statistics Department of the Hong Kong Special Administrative Region released the latest retail sales data, showing that the total retail sales value of Hong Kong in October 2025 reached 35.177 billion Hong Kong dollars (approximately 31.9 billion yuan), a year-on-year increase of 6.9%. Among them, the retail sales of medicines and cosmetics increased by 3.8% to 2.551 billion Hong Kong dollars (approximately 2.3 billion yuan), indicating a continuous recovery in beauty consumption. In the same period, online sales surged by 27.2% year-on-year to 5.151 billion Hong Kong dollars (approximately 4.6 billion yuan), driving the rapid expansion of cosmetics online channels.
★ On December 2, Acetyl Pentapeptide-18 (CAS 64963-01-5) applied by Chengdu Kajeet Peptide Technology Co., Ltd. completed the filing of new cosmetic raw materials with the NMPA (filing number: Guo Zhuang Yuan Bei Zi 20250152). Founded in 2003, Kajeet Peptide is a wholly-owned subsidiary of Chengdu Synco Biotech Co., Ltd. (established in 2001, a high-tech enterprise in Sichuan Province), focusing on the R&D, custom synthesis of peptide active ingredients and CDMO of peptide drugs.
★ Recently, Givaudan, a global giant in flavors and fragrances, announced that it has reached an acquisition agreement with Belle Aire Creations, an American perfume company.
★ On November 24, Jinbo Biotech (832982 BJ) announced that its independently developed Recombinant Humanized Type Ⅲ Collagen Lyophilized Fiber has been awarded a Class D medical device registration certificate by the Philippine Food and Drug Administration, marking the official access of China’s first implantable recombinant collagen product to the Southeast Asian market. This product is used for filling dynamic forehead wrinkles and has been clinically applied in more than 2.7 million units in China.
★ Recently, Dr. Plant updated its prospectus to restart its IPO on the Main Board of the Shenzhen Stock Exchange, planning to raise 998 million yuan, of which 526 million yuan will be used for marketing channels and brand building. According to the prospectus, the company achieved operating revenue of 960 million yuan and net profit of 79 million yuan in the first half of 2025, with 4,269 offline stores.
★ Recently, SUQQU, a high-end Japanese beauty brand, held a brand launch conference in Shanghai and officially announced its entry into the Chinese market. On the day of the conference, the brand invited famous actress Gao Yuanyuan to share her product experience. The next day, a three-day themed pop-up exhibition was opened to the public, fully presenting SUQQU’s entire product range from its innovative facial muscle massage technique to skincare, base makeup and color cosmetics.
★ On November 17, 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; 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, 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 attracted public 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%; 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, operating revenue was 169.3 billion KRW (approximately 810 million yuan), a year-on-year increase of 2.4%, but 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 NMPA 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%; operating profit stood at 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 25, Alibaba Group released its financial report for the second quarter of fiscal year 2026, which ended on September 30, 2025.Data showed that during the reporting period, Alibaba achieved revenue of 247.795 billion yuan, a year-on-year increase of 5%; operating profit stood at 5.365 billion yuan, a year-on-year decrease of 85%; and net profit attributable to ordinary shareholders reached 20.99 billion yuan, a year-on-year decrease of 52%.
★ 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 25, Baozun E-commerce released its financial report for the third quarter ended September 30, 2025.Data indicated that in the reporting period, Baozun E-commerce recorded net revenue of 2.156 billion yuan, a year-on-year increase of 4.8%; operating loss narrowed sharply to 25.62 million yuan from 114 million yuan in the same period last year; net loss attributable to ordinary shareholders was 107 million yuan, compared with 88.07 million yuan in the prior-year period.
★ Recently, a large-scale customer data breach occurred at Coupang, South Korea’s largest e-commerce platform, affecting approximately 33.7 million users. The leaked information includes names, email addresses, phone numbers, shipping addresses and partial order history, but does not involve sensitive data such as payment information, bank card numbers and login credentials.
★ On November 28, according to the State Administration for Market Regulation (SAMR), SAMR, together with the Cyberspace Administration of China, has formulated the Measures for the Supervision and Administration of Live-streaming E-commerce. All review procedures have been completed, and the document will be officially issued in the near future.Wu Dongmei, Deputy Director of the Department of Network Supervision of SAMR, explained that this initiative aims to adapt to the new characteristics and trends of the live-streaming e-commerce industry, scientifically define the responsibilities of all parties involved in live-streaming e-commerce activities, protect the legitimate rights and interests of consumers and operators, and build a comprehensive institutional system featuring compliant business entities, departmental supervision and law enforcement, and industry collaborative governance, so as to safeguard the innovative and healthy development of live-streaming e-commerce.
★ Data shows that the overall body cleansing sector has maintained a growth momentum over the past year, with various sub-categories performing actively. On Douyin, body wash/oil still holds the top position in the category, firmly occupying the core of the personal cleansing market with a 59.4% share. More notably, the soap category has witnessed explosive growth: its sales volume on Douyin soared by 85.2% year-on-year, with the market size successfully exceeding 100 million yuan, accounting for 26.8% of the cleansing category, making it an unignorable dark horse in the sector.
★ 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 being driven by the "growth" momentum, 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 scale 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, Shiseido Group released its financial report for the first three quarters of 2025. The results showed that in the January-September period, the group’s sales fell 4% year-on-year to 693.8 billion Japanese yen (approximately 31.8 billion yuan); operating profit posted a loss of 33.35 billion Japanese yen (approximately 1.541 billion yuan), a staggering year-on-year plunge of 1630%. Regarding this performance, Shiseido Group stated in the financial report that the decline was attributed to factors such as the revenue drop in China’s travel retail sector and the reduced sales of the "Drunk Elephant" brand. Meanwhile, profit growth was achieved through the effects of structural reforms and strengthened company-wide cost management.
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