中国在线美容：5月数据表明618活动势头良好

China (PRC) | Food & HPC China Online Beauty: May Data Indicates Good6/18 Momentum Our China online beauty tracker indicates a step-up in sell-out momentumin May. Online beauty grew 11%, against a 28% last year. Performancewas helped by 6/18 promo activity which started mid-May. OR & EL werethe biggest share winners and Proya inflected back to growth, while localbrands Florasis and Kans lost share. Online trends were stronger thantotal government-reported retail sales, highlighting the lack of correlationbetween channels. Industry online growth (Meritco data) in May improves.Combined sales of skincare andcolour cosmetics (including perfumes) - accounting for over 80% of China’s beauty market -rose 11% online YoY. Growth was broad-based. Skincare grew 10%, while colour cosmeticsgrew 14%. This momentum appears stronger than the growth reported by the National Bureauof Statistics (+2.5% in May vs April 4.7%), which claims to cover all retail channels. L’Oréal – continued share gains.L’Oréal online sales rose 16% YoY in May, with skincare +15%and colour cosmetics +22%. Skincare growth was led by SkinCeuticals (+60%) and La RochePosay (+22%), while Helena Rubenstein (+10%), CeraVe (+5%), Lancôme (+2%) and Kiehl's(+1%) saw more modest growth. L'Oreal Paris declined 4%. In colour cosmetics, YSL (+27%)drove strong momentum. Estée Lauder – maintains good share performance.Group sales increased 26% YoY. Withinskincare, "Estée Lauder" the-brand (+29%) and La Mer (+29%) both delivered strong growth.In colour cosmetics, Tom Ford (+48%),Jo Malone (+49%) and Mac (+46%) outperformed. TheEstée Lauder colour brand declined 7%, reflecting tough comps.EL US is covered by SydneyWagner. Other MNCs – mixed performance.P&G grew 18%, driven by SK-II (+26%), which hassustained good growth since September 2025. Cetaphil (Galderma) remained strong (+76%in May; +98% in Apr), growing >60% in the last 12 months. Shiseido was also strong, growing30% in May vs a soft comp. LVMH grew 26% in the quarter, driven by Guerlain (+95%) andGivenchy (+21%). Molly Wylenzek * | Equity Analyst44 (0) 20 7029 8564 | mwylenzek@jefferies.com Beiersdorfgrew 40% YoY in May, having grown >30% each month. La Prairie rose 110%, Niveadecline 1%, against a comp of -15%. Eucerin increased 50%. David Hayes * | Equity Analyst+44 (0)20 7029 8230 | david.hayes@jefferies.com Feng Zhang * | Equity Associate+44 (0) 20 7029 8491 | feng.zhang@jefferies.com Domestic brands – Proya inflection.Proya posted its first positive performance since August2025, growing 12% and gaining marginal share. Other local brands, including Kans, Florasis andMarubi, recorded share losses with DD% sales growth declines.Proya covered by Boya Zhen. Thomas Randall * | Equity Associate+44 (0)20 7029 8440 | trandall@jefferies.com Notes: This product tracks China e-commerce data for the skincare and colour cosmeticscategory across Tmall/Taobao, JD, and Douyin. Anne Ling ^ | Equity Analyst852 3743 8783 | aling@jefferies.com Boya Zhen ^ | Equity Analyst852 3743 8774 | bzhen@jefferies.com Sydney Wagner ‡ | Equity Analyst(212) 778-8943 | swagner1@jefferies.com James Grzinic § | Equity Analyst44 (0) 20 7029 8667 | jgrzinic@jefferies.com Kaumil Gajrawala ‡ | Equity Analyst+1 (212) 778-8937 | kgajrawala@jefferies.com Hisae Kawamoto || | Equity Analyst+81 3 5251 6159 | hisae.kawamoto@jefferies.com May-26.Source: National Bureau of Statistics of China; Jefferies estimates .Source: Meritco; Jefferies analysis .Source: Meritco; Jefferies analysis .Source: Meritco; Jefferies analysis Source: Meritco; Jefferies analysis Source: Meritco; Jefferies analysis .Source: Meritco; Jefferies analysis Exhibit 12 - Other market share change YoY, in bpsOther brands excluding key names - L'Oreal, EL, LVMH, Shiseido,BEI, Proya, Cetaphil, P&G, Chanel, Winona, Comfy, Marubi, Kans, Carslan, Florasis, Joocyee,Judydoll, Maogeping and Grain Rain Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Molly Wylenzek, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, David Hayes, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Feng Zhang, certify that all of the views expressed in this research report accurately reflect my personal views about the subject secur