China Cosmetics 618 Pulse Check

The report provides an early '618' festival pulse check for the China cosmetics sector, highlighting Mao Geping's 10%+ growth and Giant Biogene's 72% decline during initial KOL livestreaming.

Key Takeaways

• 1.The 618 shopping festival is a critical driver for China's cosmetics industry, contributing roughly 75% of 2Q online GMV.
• 2.Mao Geping is significantly outperforming peers, recording 10%+ yoy growth during Day 1 livestreaming, led by its Caviar Cushion product.
• 3.Giant Biogene and Bloomage saw heavy GMV declines of -72% and -68% respectively, partly due to high base effects and channel strategy shifts.

Table of Contents

• Overview of product listings
• Day 1 performance by brand
• Industry update
• Price Target Risks and Methodology
• Disclosure Appendix

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