CHICMAX (02145) surged over 8%. As of press time, the stock gained 7.43% to HK$101.2, with trading volume of HK$47.21 million. On the news front, according to Qingyan Intelligence, the total GMV of TOP20 beauty brands on Douyin in September 2025 exceeded 3 billion yuan, with a market share of 17.6%, up 38.59% year-on-year. Hanshue continued to lead with GMV exceeding 500 million yuan. Huayuan Securities noted that in September 2025, Douyin's beauty category GMV grew 19.7% year-on-year but declined 10.4% month-on-month. From a sales perspective, domestic brands showed outstanding self-operated performance. Among the TOP20 beauty brands, 60% of brands had self-operated GMV contribution rates higher than influencer promotion GMV. Brands with self-operated GMV exceeding 50% were all domestic brands, with Hanshue and Pechoin both having self-operated GMV ratios exceeding 70%, demonstrating that domestic brands possess differentiated competitive advantages in self-operated channels. Zheshang Securities stated that new consumer cosmetics brands are expected to maintain a compound annual growth rate of 20%-30% in revenue and profit over the next 2-3 years through product upgrades and brand building, with attractiveness in terms of both growth momentum and certainty. Regarding Q3 performance, the off-season was particularly weak, with some companies showing sequential deceleration in revenue growth. Considering the front-loaded costs for Double 11 and rising traffic costs, the sector's profit performance is expected to underperform revenue performance. The firm expects Mao Geping and CHICMAX to lead industry performance.
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