CITIC Securities: Beauty Sector Has Undergone Deep Adjustment in Market Value and Expectations, Investment Value Now Emerging

36Kr learned that CITIC Securities noted that during the 2026 "618" shopping festival, intensifying competition pushed up traffic acquisition costs for beauty companies, affecting revenue and profits of core listed companies. Since the second half of the year, the beauty sector has continued to adjust, implying market pessimism about the second half and beyond. The "Double 11" shopping festival has now kicked off, and with the overall pricing system remaining stable, sales have generally performed better than the market's earlier pessimistic expectations, with no further deterioration in the competitive landscape seen. Domestic brands, under the dual pressures of impact from international brands and rising platform fees, are gradually demonstrating stronger brand value and operational resilience. The beauty sector has undergone a deep adjustment in market value and expectations, and investment value is now emerging.