Minsheng Securities released a research report saying that according to star chart data, the "double 11" beauty category achieved GMV 78.6 billion yuan in 23 years, up -4.4 year-on-year, with a growth rate of 54.7pct lower than that of "double 11" in 22 years. Under the catalysis of "double 11", the rise of the leading domestic products has accelerated, and the recommend performance is expected to continue to rise. Pereya (603605.SH) and Giant Bio (02367), which have bright sales performance, are recommend Freda (600223.SH) and Water Sheep (300740.SZ), which have cost-effective valuation and marginal improvement, it is recommended to pay attention to Marumei shares (603983.SH), Huaxi Bio (688363.SH), Shanghai Jiahua (600315.SH), Shangmei shares (02145), Jiaheng Jiahua (300955.SZ), Qingsong shares (300132.SZ) and so on.

The main points of view of Minsheng Securities are as follows:

"double 11" activity overview: the activity rules are simplified, the strategic focus is on low prices, and platform cooperation and drainage promote transformation.

1) the rules of the activity are simplified and the preferential treatment is increased: platforms such as Tmall, Duoduo and Douyin have launched "official reduction", which can enjoy the preferential treatment without making up a single full reduction. At the same time, it is Tmall to increase the official reduction products on the basis of 300 minus 50 across stores, and further increase the preferential treatment of commodities. 2) Advance of activity time: the activity rhythm of Tmall and Duoduo is consistent with that of 22 years. Jingdong canceled the pre-sale period for some commodities and in stock the sales time 9 days in advance. Shake the sound on the 20th to open the presale, 4 days earlier than in 22 years. 3) Each platform competes for the "lowest price in the whole network": Tmall takes the "lowest price in the whole network" as its core KPI, Jingdong takes "really cheap" as its core selling point, and chattering focuses on "not collecting orders"; 4) Platform Cooperation Drainage to Promote User Transformation: Tmall Open up WeChat Ecology, Boxer Horse Settles in Jingdong, and All Platforms Cooperate to Share Resources and Improve Passenger Flow Transformation.

the whole network GMV year-on-year, 2.1, live e-commerce continued to grow.

according to the star map data, the sales volume of "double 11" reached 1138.6 billion yuan in 23 years, up +2.1 year on year. By channel, integrated e-commerce, live e-commerce, new retail and community group buying platforms achieved sales of 923.5 billion yuan/215.1 billion yuan/23.6 billion yuan/12.4 billion yuan, respectively, up -1.1%/18.6%/8.3%/-8.2% YoY. By category, food and beverage, outdoor sports, women's shoes/men's shoes/bags, computer office, furniture and building materials and other categories are growing year on year, with sales of 558/357/671/560/44.5 billion yuan respectively, up +7.5/+7.2/+3.9/+3.3/+1.1; The category of beauty and skin care products declined year on year, achieving sales of 78.6 billion yuan, yoY -4.38%; sales accounted for 8.0%, down 0.2pct YoY.

beauty GMV -4.4 YoY, skin care products toughness stronger than makeup.

According to the star chart data, the 23-year "double 11" beauty category achieved GMV 78.6 billion yuan, up -4.4 year-on-year, a growth rate of 54.7pct lower than the 22-year "double 11. By category, the skin care category achieved GMV 58.2 billion yuan, up -4.0% YoY, while the makeup category achieved GMV 15.5 billion yuan, up -28.2% YoY. In terms of brands, the leading performance of domestic products is brilliant. There are 2 domestic brands in the TOP10 of Tmall skin care (Pereya No.1 and Winona No.5); There are 2 domestic brands in the TOP10 of Tmall makeup (Caitang No.2 and Hua Xizi No.9); There are 3 domestic brands in the TOP10 of tremolo skin care (Pereya No.1, Han Shu No.2 and Kefumei No.9); there are 8 domestic brands in the TOP10 (Caitang No.2 and Hua Xizi No.4).

large single products continue to release volume, the growth rate of the national goods leader bright.

1) Perrier: ① Perrier: Tmall/tremolo/jingdong/weipin/pinduoduo's first battle GMV increased 40% +/200 +/200 +/60% +/100 + year on year; ② caitang: from 20 to 24 hours on October 31, the sales volume of Tmall flagship store exceeded the 22-year full cycle and GMV increased by more than 150 year on year, ranking No. 1; From October 20 to 31, the tremolo GMV increased 160 + year on year, ranking NO in the tremolo makeup industry. 1.

2) Giant Biology: According to the official public number of Giant Biology, ① Recovery of Beauty: GMV of "double 11" Online Full Channel Full Cycle increased by more than 100 year on year in 23 years, among them, Tmall official flagship store/jingdong platform/shake sound official flagship store/only shop will official flagship store/spell more official flagship store full cycle GMV increased by 80% +/100 +/200 +/150 +/200 +, online channels have achieved high growth. ② Kelijin: The 23-year "double 11" online full-channel full-cycle GMV increased by 50% + year-on-year, of which the full-cycle GMV of Tmall's official flagship store/Jingdong platform/Douyin official self-broadcasting room/Vipshop official flagship store increased by 100 +/60% +/70% +/140 + year-on-year respectively.

3) frida: ① dr aier: the Tmall platform has been on sale for 14 hours over 22 years of "double 11" full cycle. the large probiotic mask 2.0 sold about 2 million boxes on the first day and over 5.7 million boxes in the full cycle, ranking TOP1 on the Tmall soothing patch mask hot selling list. ② Yilian: Topic# China's High Moisturizing Cream# Expands Brand Voice Volume, Natural Search Increment for Brand Products Exceeds 180; Popular single products resonate together, with spray 2.0 sales growth exceeding 200 percent, Peng Peng Shuang sales exceeding one million in the first 5 minutes, and the first 2 hours of the whole store exceeded last year's "double 11" full band.

4) Betini: ① Winona: GMV is ranked TOP5 in the Tmall beauty industry in the whole cycle, ranking as the best brand in history. Ranked in the TOP2 of jingdong and weipin, the TOP9 of the category of tremolo beauty makeup and skin care, the sales volume of the flagship store in the whole phase increased by 60% year on year. Winona Baby: ranked TOP2 in the Tmall baby skin care category, the best ranking in history.

Risk Warning: Industry competition increases risk; marketing model can not adapt to market changes risk.