Tianfeng Securities released a research report highlighting that the 2025 Double 11 beauty promotions exhibited distinct characteristics of "steady overall growth, with high growth concentrated in niche categories and core channels." Key market trends include: domestic brands upgrading while international brands gain momentum, with domestic and premium international brands climbing rankings; a rebound in high-end skincare performance; renewed strength in Taotian channels as leading domestic beauty brands increase investments; and top players actively pivoting from traffic-driven to brand-driven strategies.

**Key Takeaways from Tianfeng Securities:** 1. **Strong Double 11 Performance with Steady Beauty Growth** E-commerce retail sales during the 2025 Double 11 reached nearly RMB 2.4 trillion, up over 10% YoY. Tmall, JD.com, and Douyin ranked as the top three platforms, with Tmall maintaining a dominant 37% market share. Beauty and personal care emerged as Douyin’s second-largest category, while skincare and makeup became core growth drivers on JD.com and Taotian, respectively.

2. **Trend 1: Domestic Upgrades & International Momentum Drive High-End Recovery** Tmall’s top 20 beauty sales rankings saw domestic and premium international brands rise. Proya led among domestic brands, while Winona climbed one spot. MAO GEPING (01318) debuted on the list. International luxury brands like Estée Lauder, Skinceuticals, and YSL gained ground, with October 2025 sales for Skinceuticals, La Mer, Estée Lauder, and Lancôme surging 50.6%, 45.3%, 36.3%, and 33.9% YoY, signaling a high-end market recovery.

3. **Trend 2: Taotian Channel Rebounds as Domestic Brands Ramp Up Spending** Taotian dominated Double 11 beauty sales with a 61.3% GMV share. Brands like CHICMAX (02145), MAO GEPING, and Betenny saw Taotian channel growth of 65.5%, 86.2%, and 42.7% in October 2025, reflecting heavy investment by top domestic players.

4. **Trend 3: Shift from Traffic-Driven to Brand-Driven Strategies** Douyin’s beauty livestream sales exceeding RMB 10 million surged 313% YoY, with top brands’ self-hosted streams driving growth. The top 10 Douyin beauty self-streamed brands each hit ~RMB 100 million GMV during Double 11. Brands like Kans, Runben, and Marubi achieved high self-streaming ratios (64%, 53.2%, 49.5%), with Kans, Winona, and Marubi seeing YoY increases of 31%, 22.6%, and 20.9%.

**Risks:** Weak consumer demand, intensifying competition, and data accuracy concerns.