CITIC Securities pointed out that during the 2026 “6.18” promotion, increased competition caused investment costs in the beauty industry to rise, which had an impact on the revenue and profit side of core listed companies. The beauty sector continued to adjust since the second half of the year, implying pessimistic market expectations for the second half of the year and the future. “Double 11" has already started. Under the premise that the overall price system is stable, the overall sales situation is better than the market's previous pessimistic expectations, and there has been no further deterioration in the pattern. Domestic brands have experienced the impact of international brands and the double pressure of rising platform costs, and have gradually shown stronger brand value and operational resilience. The beauty sector has experienced deep adjustments in market value and expectations, and the investment value is already there.

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