Affected by channel diversion + double 11 siphon effect, Taoxi beauty Gmv was under pressure as a whole in December
According to the magic mirror data, in December 2021, the total Gmv of Taoxi platform cosmetics (skin care + color makeup) was 16.72 billion yuan, a year-on-year increase of – 26.2% and a month on month increase of – 70.4%; Among them, the Gmv of beauty and skin care and color makeup were 11.08 billion yuan (year-on-year – 27.3%) and 5.63 billion yuan (year-on-year – 24.0%). Tiktok and other emerging business platform shunting, double eleven big siphon effect, in December, the Department of beauty GMV makeup under pressure.
The performance of overseas brands was slightly weak, and the performance of core domestic brands continued to shine
In Amoy platform, except Olay’s year-on-year sales still increased slightly, the overseas skin care brand Gmv declined in December, and its performance was relatively weak, while the performance of Chinese core brand Gmv continued to shine: 1) Lushang Health Industry Development Co.Ltd(600223) its brand Dr. 瑷 Er / Yilian / yipahan were + 31% / + 140% / + 18% year-on-year respectively; 2) Proya Cosmetics Co.Ltd(603605) its brand Caitang / Proya Cosmetics Co.Ltd(603605) respectively increased by + 90% / + 43% year-on-year; 3) Shanghai Jahwa United Co.Ltd(600315) brand baicaoji + 41% year-on-year; 4) Bloomage Biotechnology Corporation Limited(688363) its brands runbaiyan / mibeier / kuadi were + 27% / + 13% / + 6% year-on-year respectively. Gmv of Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Syoung Group Co.Ltd(300740) , Guangdong Marubi Biotechnology Co.Ltd(603983) brands declined year-on-year, of which Winona Gmv was – 4% year-on-year, mainly affected by the promotion of centralized consumption in November.
The trend of traffic decentralization is enhanced, and the effect of online multi-channel layout of domestic brands is remarkable
According to tiktok data, in December 2021, tiktok beauty and skin care GMV reached 5 billion 70 million yuan (about 45.7% for panning platform), and the color cosmetics GMV amounted to 1 billion 670 million yuan (about 29.7% for panning platform). The tiktok channel of domestic brands is early and has a strong localization advantage, which has strong channel operation capability and its tiktok GMV keeps growing rapidly. In December, Proya Cosmetics Co.Ltd(603605) / Guangdong Marubi Biotechnology Co.Ltd(603983) / Winona / jitter GMV reached 8158/2687/2151 tiktok respectively. The tiktok GMV of Lushang Health Industry Development Co.Ltd(600223) ‘s brand lotus and Dr. Jill reached 1835/1380 yuan respectively. Bloomage Biotechnology Corporation Limited(688363) ‘s brand run 100 Yan / MI Bei Er GMV sound tiktok 1447/1068 respectively.
Investment advice
At present, the channel pattern is reshaped and the policy supervision is becoming stricter. We believe that the enterprise’s R & D innovation and fine operation ability are the key to victory, and the head brands with scale and R & D advantages will benefit more. Focus on: 1) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : leading functional skin care enterprises with strong R & D + high re purchase; 2) Lushang Health Industry Development Co.Ltd(600223) : the “4 + n” brand strategy of Freida’s cosmetics business is clear. Dr. Yilian and Dr. Xiaoer are expected to continue to increase in volume. After the introduction of war investment, the company is expected to further release its growth potential; 3) Nanjing Cosmos Chemical Co.Ltd(300856) : the world’s leading sunscreen, the demand side meets the dilemma and reverses + its own capacity continues to expand, which is expected to increase both volume and price.
Risk tips
The macroeconomic growth slowed down, the penetration rate under the strong supervision of the industry was lower than expected, and the industry competition intensified.
