China Cosmetics: Monthly Tracker — Sep-26: Slowdown on Double 11 shift; MGP/Jahwa/Forest Cabin led; Divergent MNC

We summarize Sep-26 updates from our China Cosmetics Tracker on Tmall/Taobao, Douyin and JD GMV, new product pipelines, cosmetics imports/exports, and Korea DFS for both local and global brands. Key highlights: 1) In Sep-26, beauty online GMV grew 5% yoy, decelerating from 8% yoy in Jul+Aug, with 9% yoy growth on Douyin partially offset by 4% yoy decline in Tmall & Taobao. For 3Q, beauty online GMV grew 7%, slower vs 2Q26 at 14% yoy. 2) Using Douyin's top cosmetics brands as a proxy, the top 50 brands recorded slower growth at HSD% yoy in Sep-26 vs top 500's low-teens yoy; luxury brands stayed negative while mass-market brands turned stronger. 3) By brand, local leaders (MGP/Shanghai Jahwa/Forest Cabin) outperformed in 3Q26 while MNC performance was divergent: Forest Cabin led at 67% yoy in Sep and 52% in 3Q; MGP grew 46% in Sep; Shanghai Jahwa grew 30%; Proya returned to growth;