The Zhitong Finance App learned that Citibank released a research report saying that the growth in online sales of cosmetics in China slowed in the third quarter of 2026 compared to the first half of the year, mainly dragged down by international brands, due to the low season after the 618 promotion, which is in line with the retail data trend of the National Bureau of Statistics.

Local brands accelerated growth in the off-season, reflecting a shift in strategy to self-run live streaming, and less competition; however, the bank believes that the third quarter's performance is not an inflection point, and it is expected that international brands will continue to outperform in Double 11, the fourth quarter, and 2027. By category, makeup is an exception; local brands outperform international brands.

Within the scope of the bank, the online GMV of the Giants Biotech (02367) brand is recovering from a low base, but the third season was not encouraging enough; Mao Geping (01318) and Bethany (300957.SZ) saw a seasonal slowdown, which was generally in line with expectations.

The latest ranking of the row is Mao Geping > Giant Biotech > Perea (603605.SH) > Shanghai Jiahua (600315.SH) > Bethany.

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