--- title: "ZhaoYin International: In February, domestic beauty product sales showed strong growth; it is recommended to pay attention to MAO GEPING and others" description: "Zhaoyin International released a research report, pointing out that as of March 11, beauty stocks have risen by about 47%. It is recommended to pay attention to domestic brands with high growth potent" type: "news" locale: "en" url: "https://longbridge.com/en/news/231653682.md" published_at: "2025-03-13T08:02:02.000Z" --- # ZhaoYin International: In February, domestic beauty product sales showed strong growth; it is recommended to pay attention to MAO GEPING and others > Zhaoyin International released a research report, pointing out that as of March 11, beauty stocks have risen by about 47%. It is recommended to pay attention to domestic brands with high growth potential, such as MAO GEPING and GIANT BIOGENE. February beauty sales data shows that domestic brands performed strongly on the Douyin platform, with significant growth in the skincare category, and overall online GMV increased by 18% year-on-year. In the current economic environment, cost-effectiveness is the main line of consumption, and the R&D capabilities and competitiveness of domestic beauty brands are continuously improving According to Zhitong Finance APP, CMB International released a research report stating that as of March 11, the beauty stocks under focus have risen by about 47%. It believes that cost-effectiveness is the main line of consumption in the current economic environment, and the R&D capabilities of domestic beauty brands have gained international recognition and enhanced competitiveness. The bank recommends focusing on high-growth potential targets such as MAO GEPING (01318), GIANT BIOGENE (02367), and Marubi (603983.SH); high performance realization targets such as Proya (603605.SH) and Shangmei (02145); and targets with significant operational improvement potential such as Shanghai Jahwa (600315.SH) and Bethany (300957.SZ). ## CMB International's main points are as follows: **February beauty sales data shows that domestic brands are making significant efforts on the Douyin platform, especially in the skincare category with strong growth.** In the first two months, GIANT BIOGENE and MAO GEPING showed outstanding growth, while Marubi and Shanghai Jahwa showed significant improvement, with a noticeable increase compared to their quarterly growth rates in 2024. During the 38 major promotions, MAO GEPING performed brilliantly, successfully capturing the top spot in the Douyin makeup rankings. Proya/KanS still firmly holds the first place in the overall beauty rankings on Tmall/Douyin. In the current economic environment, cost-effectiveness remains the main line of consumption, and the R&D capabilities of domestic beauty brands are continuously gaining international recognition and enhancing competitiveness. The bank continues to be optimistic about targets with high growth potential, high performance realization, and significant operational improvement. **February saw significant efforts from domestic brands on the Douyin platform.** According to Magic Mirror data, the online GMV (covering both Taobao and Douyin platforms, including skincare and makeup categories) for beauty in February increased by 18% year-on-year and 1% month-on-month, reaching RMB 31.6 billion. The growth is mainly attributed to the efforts of domestic skincare brands on the Douyin platform, with notable performers including: Marubi (up 336% year-on-year/up 87% month-on-month), MAO GEPING (up 274% year-on-year/up 168% month-on-month), and Furida (up 141% year-on-year/up 132% month-on-month) (the above are brand data in the Douyin skincare category). In terms of monthly GMV by platform, Douyin's growth performance outperformed the Taobao-Tianxi system (up 38% year-on-year/up 8% month-on-month vs down 3% year-on-year/down 7% month-on-month); by category, the skincare category overall outperformed the makeup category (up 22% year-on-year/up 9% month-on-month vs up 9% year-on-year/down 13% month-on-month). **Cumulative GMV for 2M25 increased by 10% year-on-year (compared to a 2% increase in January 2025).** Among them, the year-on-year performance was outstanding for GIANT BIOGENE (up 85%), Marubi (up 85%), Shanghai Jahwa (up 58%), and MAO GEPING (up 38%); compared to the year-on-year growth rates in 2024, Marubi and Shanghai Jahwa showed significant increases. The brands with better performance across different categories and platforms are as follows: Taobao-Tianxi skincare: Shangmei +77%/GIANT BIOGENE +50%/Marubi +40%/Shanghai Jahwa +35%; Douyin skincare: Marubi +186%/MAO GEPING +147%/Shanghai Jahwa +146%/GIANT BIOGENE +111%; Taobao-Tianxi makeup: Marubi +21%/MAO GEPING +10%/L'Oreal +7%/Chanel +2%; Douyin makeup: Chanel +1248%/Lancôme +75%/Estée Lauder +65%/Proya (Caitang) +30%/MAO GEPING +35%/Marubi (Lianhuo) +23% **Mao Geping stands out in the March 8th promotion** In the ranking during the promotional week around International Women's Day (March 3-8), Proya/Hanshu continued to hold the top spot on Tmall/Douyin. Proya rose from 4th to 2nd place in the Douyin beauty ranking compared to last year, while Caitang improved from 17th to 9th in the Douyin makeup ranking. Mao Geping made its debut on the list, ranking 16th/17th in beauty on Tmall/Douyin, and topped the Douyin makeup ranking for the first time. **Risk Warning:** New product development may not meet expectations, product quality risks, and channel expansion may not meet expectations, etc ### Related Stocks - [02367.HK - GIANT BIOGENE](https://longbridge.com/en/quote/02367.HK.md) - [01318.HK - MAO GEPING](https://longbridge.com/en/quote/01318.HK.md) - [603983.CN - Marubi](https://longbridge.com/en/quote/603983.CN.md) - [BYTED.NA - ByteDance](https://longbridge.com/en/quote/BYTED.NA.md) - [300957.CN - BTN](https://longbridge.com/en/quote/300957.CN.md) - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [603605.CN - Proya](https://longbridge.com/en/quote/603605.CN.md) - [LRLCY.US - L'Oréal S.A.](https://longbridge.com/en/quote/LRLCY.US.md) - [600223.CN - Freda](https://longbridge.com/en/quote/600223.CN.md) - [600315.CN - Shanghai Jahwa](https://longbridge.com/en/quote/600315.CN.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 早盘趋势｜巨子生物多头信心松动，关键支撑岌岌可危？ | 1 月 27 日，巨子生物（2367.HK）盘中弱势震荡，盘面反复探底，多次试探 28 元整数关口支撑未果。全天资金持续流出，绿盘成交占比高，显示多头信心逐步松动，主力持仓筹码开始松懈。 生物科技板块过去一周受地方政策分歧影响，持续表现低迷 | [Link](https://longbridge.com/en/news/273815223.md) | | 毛戈平化妆品获香港交易所批准上市转换股份 | 毛戈平化妆品获得香港交易所批准上市转换股份 | [Link](https://longbridge.com/en/news/275091327.md) | | 港股异动：衍生集团跌幅达 16.55%，市场波动性加剧，资金流向引发关注 | 衍生集团跌 16.55%；巨子生物跌 0.87%，成交额达到 79.38 百万港币；毛戈平跌 0.90%，成交额达到 48.01 百万港币；恒安国际涨 0.14%，成交额达到 42.93 百万港币；上美股份跌 0.69%，市值达到 258 | [Link](https://longbridge.com/en/news/275707424.md) | | 毛戈平化妆品获得证券交易所批准进行 H 股全流通 | 毛戈平化妆品有限公司已获得香港联合交易所的批准，允许其 H 股的全面流通，这将使某些未上市股份转换并上市为 H 股。公司将根据规定对该过程提供进一步更新。公告中未提及其他受益组织 | [Link](https://longbridge.com/en/news/274971181.md) | | 杰富瑞将毛戈平化妆品的目标价从 130 港元下调至 117 港元，维持买入评级 | Jefferies 将毛戈平化妆品的目标价从 130 港元调整至 117 港元，维持 “买入” 评级 | [Link](https://longbridge.com/en/news/273827427.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.