The siphon effect of double 11 is obvious, the marketing investment decreased year-on-year in December, and the growth rate of some brands was under pressure month on month in December. Considering the strong siphon effect of double 11, we think it is more reasonable to calculate the growth rate after adding in November / December, supplemented by the growth rate analysis of single December. According to brands:
1) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : Winona’s total 11&12 month increased by 119% year-on-year, of which 217% increased by 217% in December, which is mainly related to its sales of “moisturizing and moisturizing facial mask”, and its contribution to GMV is over 185 million in one month. In addition to the sales of moisturizing mask, Winona’s special cream, star single quality light white spot cream, sunscreen lotion and so on are also well maintained.
2) Proya Cosmetics Co.Ltd(603605) : the main brand Proya Cosmetics Co.Ltd(603605) achieved a year-on-year increase of 61% from November to December, including a slight increase of 4% in December alone. Among them, large single products are still strong, and double anti / RUBY series account for over 50% of total monthly sales, while sales of such products such as ceramide cleaning mask are relatively low. The cosmetics brand Caitang achieved a total year-on-year growth of 94% from November to December, including a year-on-year growth of 72% in December alone. Caitang explosive repair disk has recently achieved a heavy upgrade and improved the product power in multiple dimensions.
3) Bloomage Biotechnology Corporation Limited(688363) : the four major brands achieved a year-on-year increase of 76% from November to December, of which Cuddy / mibel / BM Jihuo / runbaiyan increased by 201% / 106% / 46% / basically the same year-on-year. Affected by the siphon effect, in December alone, kwadi / mibel / BM muscle activity / embellish Baiyan decreased by 55.9% / 22.5% / 19.4% / 5.1% respectively year-on-year. Kuadi’s decline in December was relatively obvious. On the one hand, it may be the decline in the sales of some products, on the other hand, it may be the brand’s choice to reduce the launch of poly cost-effective and off-site activities.
4) Shanghai Jahwa United Co.Ltd(600315) : baicaoji / Yuze achieved a year-on-year increase of 16.6% / 2.0% from November to December, of which + 18.5% / – 51% respectively in December. Baicaoji’s tmall flagship store performed well in December, and the launch of off-site activities was relatively successful. And jade Ze year-on-year decline, probably due to the company in December will be more marketing resources to lotion and other categories, so moisturizing cream fell year on year.
5) Lushang Health Industry Development Co.Ltd(600223) : Dr. hu’er / Yilian achieved a year-on-year increase of 96.3% / – 13.3% from November to December respectively, including + 71% / – 17% in December alone. Under the premise of not launching the marketing vigorously, Dr. jor continued the strong performance in November. The driving force of growth mainly came from four core products, namely, probiotic milk, night face mask, amino acid cleanser and leading essence, which showed that the micro ecological track had good prospects for development and the company maintained the leading position as the leader of the subdivision track. In December, Yilian continued the idea of double 11, actively reduced the number of off-site activities and pursued more stable growth.
6) Guangdong Marubi Biotechnology Co.Ltd(603983) : Guangdong Marubi Biotechnology Co.Ltd(603983) decreased by 51.5% from November to December, including 60% in December alone. It is expected that the main reason is that MARUMI has significantly reduced the marketing promotion methods such as cost-effective gathering and off-site activities, so the brand sales amount decreased in December.
Some brands tiktok tiktok dropped more than ever, resulting in a December sales of master’s sales. Winona 20.795 million / Proya Cosmetics Co.Ltd(603605) 90.575 million / embellish Baiyan 11.431 million / kwadi 2.502 million / mibel 8.812 million / MARUMI 24.836 million / Royal mud square 7.336 million / Yuze 5.152 million / Yilian 16.102 million / Dr. yu’er 13.309 million. Among them, Winona had a significant decline month on month compared with November, mainly due to its reduction in the intensity of putting in talent broadcasting. The sales of talent broadcasting decreased from 71.8 million in November to 3.36 million in December. For example, the sales of runbaiyan / marumida talent broadcasting also decreased to 5.36/14.38 million yuan month on month respectively.
Investment suggestion: the cosmetics market has a broad space, strong brand power is a scarce resource, and the stricter supervision makes the degree of industry standardization continue to improve. With the rise of traffic cost, the intensification of the internal volume of the industry and the improvement of consumers’ awareness of scientific skin care, brands can better attract consumers through strong product power. Maintain the “recommended” rating for the cosmetics industry and recommend Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Bloomage Biotechnology Corporation Limited(688363) , Lushang Health Industry Development Co.Ltd(600223) , Shanghai Jahwa United Co.Ltd(600315) , Syoung Group Co.Ltd(300740) and Guangdong Marubi Biotechnology Co.Ltd(603983) .
Risk tip: the price reduction of overseas famous brands exceeded expectations; Repeated epidemics lead to slow recovery of consumption intention; The impact of Yimei on the cosmetics industry exceeded expectations; Overseas big brands accelerate their entry into China and intensify competition; Significant error of third-party data; Foreign companies in China are not fully comparable, and the relevant materials and data of benchmarking are only for reference; Focus on the uncertainty of the company’s future performance.
