The Zhitong Finance App learned that Guoyuan Securities released a research report saying that Double 11 ended. According to Star Map data, the entire Double 11 network achieved GMV of 1138.6 billion yuan, an increase of 2.08%. Among them, integrated e-commerce achieved GMV of 923.5 billion, a year-on-year decrease of 1.12%, and live e-commerce contributed 215.1 billion GMV, an increase of about 18.58% over the previous year. In terms of rankings, the ranking of domestic brands on the Tmall platform has clearly risen, while Japanese and South Korean brands have been discouraged. The growth rate of domestic products in the skincare category on the Douyin platform is significantly higher than that of European and American brands. Domestic brands in the makeup category account for 82% of the total GMV of the TOP10 brands. The bank maintains the industry's “recommended” rating. Focus on Plarial (603605.SH), Giant Biotech (02367), Bettany (300957.SZ), Freda (600223.SH), Shanghai Jiahua (), Shuiyang Co., Ltd. (300740.SZ), etc. 600315.SH

The main views of Guoyuan Securities are as follows:

Double 11 platform data: comprehensive e-commerce declined slightly year-on-year, live e-commerce grew steadily

Double 11 ended. According to Star Map data, the entire Double 11 network achieved GMV of 1138.6 billion yuan, an increase of 2.08%. Among them, integrated e-commerce achieved GMV of 923.5 billion, a year-on-year decrease of 1.12%, and live e-commerce contributed 215.1 billion GMV, an increase of about 18.58% over the previous year. By category, the top 3 categories of integrated e-commerce platforms are home appliances, mobile phone digital, and clothing. The food and beverage, sports and outdoor, luggage, and computer office categories grew relatively well. The top 3 categories on the Douyin platform were apparel, furniture, and beauty. Agricultural greenery, 3C digital appliances, and sports and outdoor sports had impressive growth rates, and the unit price of luxury goods customers doubled.

Beauty care industry: The growth rate of the general market is under pressure, and domestic brands have performed brilliantly

During the Double Eleven period, according to Star Map data, the beauty GMV of the integrated e-commerce platform fell slightly by 4.38% year on year. By platform, according to the blue eye data, the total beauty GMV of the three e-commerce platforms Tmall, Douyin, and Kuaishou was 68 billion yuan, of which Tmall was about 41.9 billion yuan and Douyin was about 22.2 billion yuan, up 53% year on year, and Kuaishu was about 3.9 billion yuan. In terms of rankings, the ranking of domestic brands on the Tmall platform has clearly risen, while Japanese and South Korean brands have been discouraged. Pleia topped the beauty list, Winona entered the TOP5, and Revival entered the TOP20. Affected by the nuclear sewage discharge incident, there are no Korean brands in the top 10 brands. In terms of Tmall's makeup category, Caitang ranked 2nd in the makeup list, while Hua Xizi and Mao Geping entered the top 20. The growth rate of domestic products in the skincare category on the Douyin platform is significantly higher than that of European and American brands. Domestic brands in the makeup category account for 82% of the total GMV of the TOP10 brands.

Listed beauty care company: Polaire reached the top, giant biotech's performance was impressive

(1) Plarial: According to the platform's official data, the main brand of Polaire has fully blossomed through multiple channels, ranking No. 1 for Tmall Beauty, No. 1 for Douyin Beauty, and No. 1 for JD Domestic Beauty; GMV ranked 2nd on the Tmall makeup industry platform and 2nd in the Douyin Makeup category during the Chaitang Double 11 period; sub-brands OR and Yuefty performed brilliantly.

(2) Giant Bio: Ke Mei won 4th in the Tmall beauty category, 1st in the Tmall wound dressing category, and 1st in the JD Medical Aesthetic Care category during the 11th period. Omnichannel GMV grew 100% + year over year, with Tmall, Douyin, and JD platforms growing by more than 80%/200%/100% respectively. In terms of products, during the promotion period, recombinant collagen dressings ranked first in the Tmall and JD wound dressing categories, collagen sticks ranked first in the Tmall facial essence category, GMV increased 200% + year over year, and collagen milk ranked first in Douyin's repair essence list; in terms of Corijin, omni-channel GMV increased 50% + year on year during the Double 11 period, and Tmall, Douyin, and JD platforms increased by more than 100%/70%/60% respectively. In terms of products, Collagen Masque King and Rejuvenation Essence are popular.

(3) Bettany: According to the brand's official campaign report, Winona is in the Tmall's top 5 beauty categories, achieving the highest ranking in history, the Douyin platform's top 9 beauty and skin care categories, the top 2 domestic products of JD, the top 2 of Tencent's WeChat ecological beauty, and the top 2 domestic products of Vipshop; Winona Baby, the second largest core brand, won the top 2 baby skin care products on Tmall.

Investment advice

Maintain industry “recommended” ratings. Focus on: Plarial, Giant Biotech, Bettany, Freda, Shanghai Jiahua, Shuiyang Co., Ltd., Marumi Co., Ltd., Huaxi Biotech, etc.

Risk warning

The risk of a decline in industry sentiment and the risk of increased brand competition.