China Beauty Takeaways from expert call after 6.18 events: Local leaders hold ground, international players maintain momentum

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China Beauty Takeaways from expert call after 6.18 events: Local leaders hold ground, international players maintain momentum

Asia Pacific Equity Research

25 June 2026

China Beauty

Takeaways from expert call after 6.18 events: Local

leaders hold ground, international players maintain

momentum

We hosted a China beauty expert call on 23 June to decode the latest industry Consumer

shifts and market evolution following the recently concluded 6.18 events. AC Qian Yao

Beauty sector GMV grew 11% yoy during 6.18 events (5/13-6/18; platforms (86-21) 6106 6277

including Tmall, JD, PDD, Douyin and Kuaishou; Source: Analysis.cn 易观), qian.q.yao@jpmorgan.com

outperforming overall GMV growth of 6%, continuing the recovery trajectory SAC Registration Number: S1730521050001

(cosmetics retail sales outpacing overall retail sales in the past 11 months; J.P. Morgan Securities (China) Company

Limited

Source: NBS). Key highlights from the discussion include: (1) a divergence of

pricing range trends between platforms: Tmall’s >Rmb800 ASP segment Carson Fan

(86-21) 6106-6294

GMV up >20%, while Douyin’s Rmb300-500 segment up c25%; (2) the rong.fan@jpmorgan.com

effective discount level deepened further, given platform coupons, SAC Registration Number: S1730522070002

livestreaming coupons and government subsidies, despite the leading brands’ J.P. Morgan Securities (China) Company

largely stable nominal discounts; (3) the leading domestics brands with solid Limited

brand equity held their ground, with Proya remaining in the Top 4 on both Andrea Teixeira, CFA

Tmall and Douyin, and Mao Geping (MGP) and Winona GMV up >20%; and (1-212) 622-6735

(4) international brands’ momentum continued, with international brands andrea.f.teixeira@jpmorgan.com