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Consumer Retail & Cosmetics Industry Analysis: June 4, 2023

Overview

This report covers key developments in the consumer retail and cosmetics sector, focusing on market performance, promotional activities, investment opportunities, and risks. Based on China Galaxy Securities research.

Key Highlights

As of June 2, 2023, the retail and cosmetics markets showed resilience during key events like the "618" promotional period.

• 618 Sales Performance: China's cosmetics market saw stable or varying GMV across platforms. For example, Tmall reported ¥858.7 billion in total sales for美妆, with skincare down 36.3% and cosmetics up 299.8%. Local brands like Pu'er Ya and Fei Nuo Nao performed strongly, highlighting China's growing influence in global beauty trends.
• Market Trends: E-commerce and live-streaming sales surged, particularly through influencers such as Li Jiaqi. Domestic brands dominated online channels, while physical retail saw mixed results.

Market Performance

• Industry indices rose 144% in the week (May 29- June 2, 2023), outpacing broader markets.
• Aligned gains varied by sub-sector, with e-commerce and specialized retailers leading.

Key Recommendations

China Galaxy Securities recommends equities in high-quality retail and consumer goods companies:

• Retail-focused: Tmall (002419SZ), Suning (002127SZ), and strong regional players like Yong Hui Supermarket (601933SH).
• Cosmetics and Consumer Goods: Shanghai Jinhua (600315SH), Pu'er Ya (603605SH), Bellini (300957SZ), and other firms with strong online and OTC presence.
• Maintain a diversified approach to capitalize on e-commerce growth and supply chain optimizations.

Risk Factors

• Market confidence remains fragile; subpar performance in lifestyle transitions could hinder growth.
• Sectors like fashion and traditional retail face uncertainties in consumer demand.

Disclaimer

Data sourced from Wind and China Galaxy Securities. This report does not constitute investment advice and may be subject to market changes. For full details, reference the original report.

（Note: This summary uses Markdown formatting for clarity but avoids explicit characters like # by relying on the structure.）