According to a research report, in September 2025, Douyin's beauty category GMV increased by 19.7% year-on-year, while declining 10.4% month-on-month. From a product promotion perspective, domestic brands showed outstanding performance through self-operated channels. Among the TOP20 beauty brands, 60% had self-operated GMV contribution rates higher than influencer promotion, with all brands achieving over 50% self-operated GMV being domestic brands. Notably, Hanshu and Pehchaolin both achieved over 70% self-operated GMV ratios, demonstrating domestic brands' competitive advantages in self-operated channels. The domestic brand substitution logic continues to materialize, suggesting focus on domestic brands that are continuously expanding market scale and brand influence in mainstream channels.
**Seven New Brands Enter Douyin Beauty TOP20 Rankings, September Shows Strong Self-Operated Performance for Domestic Brands**
The total GMV of September's Douyin beauty TOP20 brands exceeded 3 billion yuan, growing 38.59% year-on-year. Hanshu maintained its leading position with over 500 million yuan GMV, achieving more than double growth. Forty percent of brands achieved more than double GMV growth, with Afu leading with five times growth rate.
Additionally, seven new brands entered the rankings, accounting for 35%, including Meishi (ranking improved by 18 positions year-on-year), Shiseido (ranking improved by 50 positions), Kolan (ranking improved by 15 positions), HBN (ranking improved by 16 positions), Dillovy (ranking improved by 16 positions), Sanjing Pharmaceutical (ranking improved by 57 positions), and Afu (ranking improved by 122 positions).
From a promotion perspective, domestic brands showed outstanding self-operated performance. Among the TOP20 beauty brands, 60% had self-operated GMV contribution rates higher than influencer promotion. All brands with over 50% self-operated GMV ratios were domestic brands, with Hanshu and Pehchaolin both exceeding 70% self-operated GMV ratios, demonstrating domestic brands' differentiated competitive advantages in self-operated channels.
**Beauty Skincare Category Shows Balanced Price Distribution, Cosmetics and Fragrance Categories Highly Dependent on Affordable Products**
By price segment, products under 150 yuan still occupy the largest share, accounting for 49.54% in September as the main price segment. Products under 300 yuan increased by 2.54 percentage points month-on-month, while products over 1,000 yuan decreased by 1.09 percentage points, showing continued growth in affordable product share.
Breaking down by category, beauty skincare shows relatively even price distribution, with products under 150 yuan accounting for 36.23%, and products over 1,000 yuan contributing over 10% of GMV. In contrast, cosmetics and fragrance categories show 74% of GMV concentrated in the under-150-yuan price segment, with more concentrated price distribution.
**Investment Recommendations:**
1) **Strong Brand Power Targets:** MAO GEPING (01318), a high-end domestic beauty leader with continuously expanding products and channels; Proya (603605.SH), with mature organizational structure and leading capabilities in blockbuster products, marketing, and management; Marubi (603983.SH), with sustained momentum from blockbuster products and accelerating brand growth.
2) **Beneficiaries of Affordable Consumption Trends:** CHICMAX (02145), developing synergistically across multiple categories and channels with above-expected sales performance despite high base; Runben (603193.SH), a quality domestic brand in mosquito repellent and baby care segments with excellent operations and significant growth potential in products and channels.
**Risk Warnings:** Terminal consumption demand recovery falling short of expectations; declining prosperity in the cosmetics industry; intensifying competition in the cosmetics industry; new brand market investment falling short of expectations.
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