Double 11 pulse check: Heightened price competition in top tier KOL Day 1 live stream; Proya strong in focus albeit with higher promotions; Increasing discounts for MNCs

To put Double 11 into context, the event contributed to around 60% of 4Q online GMV in 2025 (incl. Taobao/Tmall/JD) or close to 25% of full year GMV. Top-tier KOL beauty livestreaming was held on Oct 15, the same day of the beginning of the Tmall pre-sales period.

1. At the platform level, discounts broadly similar yoy with shorter time span in Douyin: platform level discounts are in general similar vs. last Double 11/618, while the event time period has also been shortened by 30/6 days in Douyin/JD to 27/31 days while Tmall is same as last year at 30 days.

2. By single brand in Top Tier KOL livestreaming: 1) SKU listings: Proya/MGP/Shiseido/Winona/Comfy/Herborist introduced more SKUs compared to last year's Double 11;