Guotai Haitong: Marginal improvement in cosmetics sales during the off-season due to adjustments in sales strategy and the shift in the timing of the Chinese New Year.

According to third-party data from sources such as Jiuyuan and Chanmama, the GMV of Douyin's beauty sector in January 2026 increased by over 20% year-on-year, accelerating from Q4 of 2025. This growth was primarily driven by brands focusing on daily sales and self-streaming efforts, coupled with the impact of the Lunar New Year calendar shift, leading to marginal improvements even during the off-season.

Zhitong Finance15:10

Guosen Securities: Fluctuations in gold prices do not alter the long-term logic of leading gold jewelry companies; AI-driven empowerment breaks new ground for agency operations.

In the new year, the consumer sector may experience certain elasticity if there is a marginal increase in policy support.

Zhitong FinanceFeb 3 14:10

Zhitong HKEX Short Position Statistics | January 30

Zhitong HKEX Short Position Report | January 30

Zhitong FinanceJan 30 18:30

Shangmei Co., Ltd. (2145.HK): Multi-brand growth and diversified drivers pave the way for platformization.

China's beauty industry is undergoing a profound transformation from 'incremental expansion' to 'competition within existing markets.' Data from retail sales indicate that the cosmetics market size will reach 465.3 billion yuan by 2025, representing a year-on-year growth of 5.1%, marking the market's entry into maturity.

Western SecuritiesJan 28 17:22

Hansu, which has surpassed 100 million users, has built a world-class cosmetics brand through 23 years of "long-termism."

As domestic beauty brands compete on the same stage as international giants, global brands, with their worldwide reach and historical foundation, have long dominated China’s skincare market and maintained a clear advantage. However, the competition faced by domestic beauty brands is not a quick race driven by traffic and marketing but rather a prolonged marathon focused on product essence, technological accumulation, and cultural confidence. Particularly as consumers shift from pursuing "cost-effectiveness" to demanding "value for money," and the industry falls into a quagmire of ingredient-based competition and fleeting concepts, short-term strategies have become ineffective. This compels domestic brands to pivot from chasing trends to building stability, fostering systemic capabilities that cannot be quickly achieved—precisely what defines

Gelonghui FinanceJan 28 10:00

UBS Reaffirms Their Buy Rating on Shanghai Chicmax Cosmetics Co., Ltd. Class H (2145)

TipRanksJan 25 09:45 · Ratings