China Beauty and HPC Sector: June sales and virtual tour takeaway

研报英文原文证据摘录

China Beauty and HPC Sector: June sales and virtual tour takeaway

Global Research

20 July 2026ab

China Beauty and HPC Sector Equities

ChinaJune sales and virtual tour takeaway

Cosmetics

Ingrid Zhang

June sales rose 12.6% YoY, hitting record high since October 2024 Analyst

China cosmetics sales hit its highest growth level since October 2024 with 12.6% YoY ingrid.zhang@ubs.com

growth, outpacing total retail sales growth of 1.0%. May and June sales combined rose +86-21-3866 8853

7.5% YoY (vs. 5.9% in 1Q26). 2Q26 China cosmetics sales totalled Rmb122.5bn, up Xin Chen

6.7% YoY (vs. total retail sales growth of 0.2% YoY). We attribute the outperformance Analyst

to the low base effect as the 618 final payment deadline shifted from late May last year S1460511050002

to early June this year. Last week, we hosted a China Travel, Leisure and Beauty virtual xin.chen@ubs.com

tour, with eight beauty/HPC-related calls (link). The expert's estimates suggested that +86-21-3866 8864

aggregate online prestige beauty GMV increased by roughly 5% YoY during 618, Jae Hyung Choi

decelerating from low double-digit growth in Q1. International brands regained shares Analyst

via platform-funded coupons and jumbo SKUs, but could be at the cost of near-term jaehyung.choi@ubs.com

margin pressure. Skincare remained an international-led category, while makeup +82-2-3702 8172

remained strongly domestic-led. Beini Du

Associate

Household and personal care (HPC): higher FY26 topline guidance for Softcare S1460525090002

betty-za.du@ubs.com

1) Softcare (2698.HK) management raised FY26 revenue guidance to 25%+ YoY, up

+86-213-866 8753

from roughly 20% during UBS AIC, reflecting confidence in localized execution and

growth momentum. 2) Blue Moon’s investor update shows that management plans to