Citi: China Cosmetics Online Sales Slow in Q3, Local Brands Outperform

Stock News10-20

Citi has released a research report stating that growth in China's cosmetics online sales slowed in the third quarter of 2026 compared to the first half, primarily dragged down by international brands, as the market entered a slow season following the 618 shopping festival, consistent with the trend in retail data from the National Bureau of Statistics.

Local brands accelerated their growth during the slow season, reflecting a strategic shift toward self-operated livestreaming and reduced competition; however, the bank believes that the third-quarter performance does not represent a turning point, and expects international brands to continue outperforming during Double 11, the fourth quarter, and into 2027.

By category, color cosmetics was an exception, with local brands outperforming international brands.

Within the bank's coverage, Giant Biogene (02367) brand online GMV is recovering from a low base, but the third quarter was not yet sufficiently encouraging; Mao Geping (01318) and Betaini (300957.SZ) saw seasonal slowdowns, broadly in line with expectations.

The bank's latest ranking is as follows: Mao Geping > Giant Biogene > Proya (603605.SH) > Shanghai Jahwa (600315.SH) > Betaini.

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