中国线上美妆618数据显现美妆市场温和增长，欧莱雅表现突出

China Online Beauty: 6.18 data reveals soft beauty marketgrowth, with L'Oréal a standout winner eCommercemarket,withoverallonlinebeauty salesdeclining-10.5%.Againstthisbackdrop,ourtrackedbeautycompanies outperformedthemarket,withaggregateGMV declining only -3.2% and delivering a solid +72bps market share gain. +44 20 7676 7183callum.elliott@bernsteinsg.com +41582 723 126luca.solca@bernsteinsg.com were standout performers in June,combining double-digit growth with strong marketshare gains. Henkel Beauty Care (+13%) and Beiersdorf (+10%) also delivered positivemomentum, while Shiseido (-2%) and LVMH (-3%) remained relatively resilient andcontinuedto gain share despite slight sales declines.In contrast,P&G Beauty (-40%),Unilever BPc (-11%) and Proya (-17%) underperformed during the month. Performanceamongdomestic beauty players was similarly polarized, with Maogeping (+47%)andGiant Biogene (+26%)delivering strong growth and meaningful share gains, whileChicmax(-48%),Bloomage(-37%)andYatsen(-28%)experiencedsignificantdeclinesand market share losses.Overall, June 6.18 results pointto increasing performancedispersion across beauty companies, with winners continuing toconsolidatemarket sharedespiteachallengingdemand environment. +1917344 8615cristian.rios@bernsteinsg.com Victoria Nice, CFA+44 20 7762 5862victoria.nice@bernsteinsg.com Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.con Henry Dennis+44 20 7676 6776henry.dennis@bernsteinsg.com Companyperformance: L'Oreal delivered strong GMV growth in the latest month at +11%, while market shareincreased by+225bps,driven bystandoutperformances fromKerastase(+587bps), LaRoche-Posay (+587bps), SkinCeuticals (+470bps),Shu Uemura (+291bps)and Vichy(+47%), La Roche-Posay (+37%) and Shu Uemura (+34%)emerged as the top performers.During Q2, L'Oreal maintained solid momentum with GMV growth of +6%andmarket shareexpansionof+125bps. SimranCheema+44 20 7676 6705 Eric Chen, CFA+85221232628eric.chen@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.com Estee Lauder also delivered strong GMV growth of+11%, increasing market shareby+37bps.Share gains were led by TomFord (+64 bps), Estee Lauder (+57 bps), and Jo MaloneLondon (+39 bps), while MAC (-66 bps), La Mer (-17 bps), and Origins (-13 bps) weighedThe Ordinary and TooFaced grewfastest at +133% and+130%YoY,respectively.Withthese results, Estee Lauder closes the quarter at +24% GMV growth and with a marketshare gain of +128 bps. Yolanda Zhang+19173448346ang@bernsteinsg.com Specialist Sales LVMH declined-3% overthelastmonth,a touch betterthan thetotal trackerbeauty sales.The overall group gained+54bps market share. This is supported by share gain acrossallbrands,except Givenchy (-60bps)and Make Up For Ever(-11Obps).Thetwo largestbrand-Dior Beauty and Guerlain-continued to outperform,growthing at+5%and +12%respectively. LVMH is reportedly looking to sell Fresh, Make Up For Ever and Fenty as itcleans up its brand portfolio. Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com although market share declined-11bps.Performance was supported by strong growthin La Prairie (+13%), Chantecaille (+329%), Coppertone (+97%), and Slek (+147%)while Nivea remained weak (-1%GMV,-44bps share)and continued to weigh on overallperformance. and SK-Il remained under pressure, with -52% and -27% GMV, respectively. while delivering strong market share gains (+179bps). Dove (+8%) led growth and shareexpansion, while Clear (+5%) also returned to positive growth.AHC(-2%), Lux (-8%),andVaseline (-10%) softened versus prior periods butcontinued to show improving trends.Pond's remained the key drag on performance at -40%, alongside Rexona (-40%). gains.Schwarzkopf posted modest growth (+1% GMV) but sawa slightsharedecline(-9bps), while Syoss continued to face challenges, declining -36% GMV. INVESTMENTIMPLICATIONS InEuropeanBeauty:WehaveOutperformratings on Beiersdorf (95)and Unilever(66.90/58);and Market-PerformratingsonHenkel (74.96preference/70ordinary)and LOreal (405). In US Beauty: We have Market-Perform ratings on Estee Lauder ($82) and Procter and Gamble ($156). ForGlobal LuxuryGoods: The trajectory of a recovery in global luxury demand remains uncertain. We find two sources of volatility at play: a) underlyingenvironment; and b) short-term investors playing the sector long and short, amplifying upswings and downswings beyondnatural newsflow.In this contextofheightened uncertainty,we wouldtake amore defensiveposture witha core exposuretoplain vanilla: 1) We would prefer high-qualitynames"at fair value.. Richemont is our top preference due to strong jewellery momentumand leadership, with Brunello Cucinelli also favored for their quality and potential mean reversion. It is difficult to be positiveon Hermes in the short-term, but one weak quarter can be forgiven by the market, if they return to high single digit growth(Hermes:Valuationsalreadydiscounta"Ferrarireset'). 2)..as well as the self-help sto