Cathay Pacific Haitong Beauty Double Eleven Review: Stable Market, Domestic Products Leading High-End Improvement

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that Double Eleven is showing steady double-digit growth, impressive instant retail growth, and a trend of one-stop access to the full link. Multiple platforms in the beauty category have maintained steady growth, Tmall's high-end international brand rankings have picked up, and Douyin's leading domestic products have maintained the lead. In terms of brand war reporting, if Hachen (003010.SZ) and Shanghai (02145) were successful, Double Eleven performed brilliantly. Target with flexible product and channel changes is preferred from the bottom up.

Cathay Pacific Haitong's main views are as follows:

Double Eleven has steady double-digit growth, impressive instant retail growth, and a trend of one-stop access to the full link.

According to Star Map data, with the further extension of the Double Eleven cycle, the GMV of the entire Double Eleven network in 2025 was 1695 billion yuan, an increase of 14% compared to Double Eleven in 2024. Among them, comprehensive e-commerce, instant retail sales, and community group purchases of GMV 16191, 670, and 9 billion yuan were +12%, 138%, and -35% year-on-year, with impressive growth in instant retail. Various platforms have increased collaboration between business modules, and one-stop service and full link opening have become a trend. Tmall Shuang11 achieved the best growth in 4 years. 88VIP contributed significantly, with flying pigs and Taobao flash sales bringing growth; JD's turnover reached a new high, and innovative business formats such as takeout and wine tourism are strong; and the Douyin platform has further deepened content and live streaming collaboration.

Multiple platforms in the beauty category have maintained steady growth, Tmall's high-end international brand rankings have picked up, and Douyin's leading domestic products have maintained the lead.

In 2025, the multi-platform Double Eleven skincare and cosmetics category achieved growth of 5-15%. The overall demand for beauty was steady. The Tmall beauty category TOP10 brands were relatively stable. Among them, China's Perea maintained first place, Winona ranked 8th and increased 1 place year over year, and the ranking of high-end international brands picked up. The ranking of Estée Lauder, Xiulike, SKII, and CPB increased 2, 2, 1, and 1 places year on year, and is expected to benefit from the contribution of high-value users such as 88vip; the trend of upgrading the laundry category is still there; the trend of upgrading brands under the care category is still there, and the OR ranking of the home category is impressive. The ranking has been further improved. In the Douyin beauty TOP10, domestic products and foreign investors each occupied 5 seats. Among them, Han Shu and Perea maintained their leading positions, Gu Yu and Baekryeong entered the TOP10 list, and Nature Hall rose 1 place in the ranking, and the overall performance of domestic products was excellent. Domestic goods and foreign investment styles are divided. Leading domestic products, such as Han Shu and Gu Yu, etc., collaborated with leading international brands. Among the top beauty experts, Guangdong Couple and Jia Nailiang, SKII, Hou, L'Oréal, Helena, and Lancôme ranked high among the brands that brought goods live.

In terms of brand war reporting, if many brands from Hatsumi and the US work hard, Double Eleven will perform brilliantly.

If Yuchen Blossom's omnichannel GMV increased 80% year over year; Ficui's omnichannel GMV increased 35 times year over year, 110% month over month; in brand management & e-commerce operations, Kang Wang Tmall and Douyin GMV increased by +50% and 242% year over month, and Avanade Tmall GMV increased by more than 29% month-on-month compared to 618, helping all partners to reach the list of 30 categories. The Han Shu brand, a subsidiary of Shangmei Co., Ltd., topped the Douyin beauty list; the total omnichannel sales volume on one page was +145%, ranking Tmall's top 1 domestic brand in the baby care industry, Douyin's single-channel sales surpassed 100 million; An Minyu's total multi-channel sales volume increased by 302% over the same period last year.

Risk warning: Declining economic growth is dragging down optional consumption; brand competition intensifies; new product promotion performance falls short of expectations; new brand incubation falls short of expectations.