2 0 2 5年上半年，联合利华在转型期交出一份账面成绩并不光鲜，但总体发展形势向好的成绩 单。 财报显示其总体营业额实现3 0 1亿欧元（约合人民币2 4 7 6亿元），同比下降3 . 2%，主要受汇 率波动（- 4 . 0%）和业务调整（- 2 . 5%）影响，基础销售额增长3 . 4%；另外营业利润为5 3亿欧 元(约合人民币4 3 7亿元)，同比大跌1 0 . 6%。 联 合 利 华 首 席 执 行 官 费 尔 南 多 ・ 费 尔 南 德 斯 （ Fe r n a n d o Fe r n a n d e z ） 认 为 ： " 这种平衡来之 不 易 。 在 全 球 通 胀 压 力 下 ， 我 们 既 保 住 了 市 场 份 额 ， 又 通 过 产 品 结 构 优 化 实 现 了 合 理 提 价 。 "但结合利润表现看，联合利华的产品高端化之路还有得一走。 这家百年企业正经历深刻转型——冰淇淋业务分拆在即，网红营销成为新引擎，中国市场则在 调整中酝酿反弹。 " 我们增长的关键在于'聚焦'与'敏捷'， "费尔南德斯在2 0 2 5年半年度财报会中表示，" 无论 是发达市场的持续领跑，还是新兴市场的逐步改 ...

一瓶看似普通的"精华水"，正成为品牌竞相布局的热土。 国际巨头动作频频：近期兰蔻推出"小黑瓶精华水"，雅诗兰黛发布全新"白金逆龄水"；回顾去 年，莱珀妮的鱼子酱精华水、修丽可的色修精华水也已登场。主流大牌正围绕"水"重新定义护 肤 的 开 端 逻 辑 。 与 此 同 时 ， 越 来 越 多 的 国 货 品 牌 也 加 速 跟 进 ， 推 出 功 效 定 位 精 准 的 精 华 水 产 品。 市场数据印证了这一趋势。《FBe a u t y未来迹》数据显示，今年上半年，线上化妆水（包含精 华水）市场已接近百亿元规模，是面部护理中增幅最高的细分类目之一。 精华水 （E ss e n c e L o t i o n / E ss e n c e To n e r） ，是一种介于爽肤水与精华液之间的高机能护肤水。 与普通爽肤水侧重基础"补水保湿"不同，精华水通常通过高浓度活性成分与小分子渗透技术， 在满足补水需求的同时，实现抗老、修护、提亮等多重功效。 消费者期待值因此提升：在洁面之后、高功效精华之前，用一瓶精华水提振肌底机能，加速后 续成分吸收，提升整体护理效果。这一趋势不仅重塑了精华水市场的竞争格局，也为国内外品 ...

Core Viewpoint - Kose Group is committed to the Chinese market, viewing it as a core part of its global strategy and a key driver for innovation and sustainable growth. The company has transitioned from a defensive to an offensive strategy in China, emphasizing its long-term development plans [2][5][17]. Group 1: Strategic Positioning - Kose Group's chairman, Shinohara Kazuhiko, emphasized that the channel optimization and brand restructuring starting in the second half of 2024 is not a retreat but a necessary evolution for long-term growth [5][17]. - The company aims to redefine high-end value and strengthen brand presence in the competitive Chinese market, particularly through its premium brands Decorte and Sekkisei [7][12]. Group 2: Market Performance and Challenges - The high-end cosmetics market in China is experiencing a compound annual growth rate decline of 3% from 2021 to 2024, with market size shrinking from 257.8 billion yuan to 236.4 billion yuan, indicating a loss of 21.4 billion yuan [10]. - Kose recognizes the need to adapt to changing consumer demands and has initiated a structural reform to enhance its competitive edge in the high-end segment [12][32]. Group 3: Product Strategy and Innovation - Kose is focusing on three high-end product lines to enhance brand loyalty and consumer desire, including the Decorte AQ series, which has seen significant online engagement and sales growth [15][21]. - The company plans to introduce new products targeting high-end segments, such as the LIPOSOME lip essence and a quantum-computed formula for a new skincare product, aiming to capture market attention [17][18]. Group 4: Marketing and Consumer Engagement - Kose is enhancing its marketing strategies by leveraging social media and e-commerce platforms to reach a broader audience, including younger consumers and male demographics [22][23]. - The company is also simplifying its product lines to better align with market demands while maintaining its classic offerings [24][32]. Group 5: Localization and Talent Development - Kose is committed to localizing its research and development efforts, having stationed researchers in China since 2004 to better understand consumer needs [38][40]. - The company emphasizes the importance of cultivating local talent to drive innovation and responsiveness in its operations, with plans for ongoing training and leadership development [44]. Group 6: Future Outlook - Kose is optimistic about the long-term growth potential of the Chinese beauty market, focusing on personalized and effective product offerings to meet evolving consumer expectations [48]. - The company's strategic transformation is seen as a comprehensive restructuring that integrates R&D, marketing, and organizational frameworks to foster sustainable innovation capabilities [48].

Core Viewpoint - Procter & Gamble (P&G) announced the appointment of Shailesh G. Jejurikar as the new CEO, effective January 1, 2026, marking the first time an Indian has held this position in the company's history [2][10]. Financial Performance - For the fiscal year 2025, P&G reported revenue of $84.284 billion (approximately 604.982 billion RMB), a year-on-year growth of 0.29%, indicating stagnation in growth [4]. - Despite the revenue stagnation, P&G achieved a record high in revenue over the past decade, with operating profit soaring by 10.28% to $20.451 billion (approximately 146.793 billion RMB) and net income rising by 7.29% to $16.065 billion [5][6]. Leadership Transition - The leadership change is perceived as a strategic move rather than a reaction to poor performance, as the transition occurs during a period of record revenue and profit [5][10]. - Jon R. Moelle's tenure is praised for maintaining strong growth and value creation despite global economic challenges, with P&G's stock price increasing by approximately 13% during his four years as CEO [8][11]. Market Stability and Growth - P&G's performance across various sectors has shown stability, with the company proactively adjusting its strategies for future growth rather than reacting to declines [14][16]. - The Chinese market has emerged as a key growth driver for P&G, with significant contributions from brands like SK-II, which saw a 13.29% increase in online sales [18][22]. Strategic Adjustments - P&G has implemented various reforms in the Chinese market, including changes in distribution channels and consumer communication strategies, which have proven effective and are expected to influence global strategies [26][28]. - The company anticipates a sales growth of 1% to 5% for the fiscal year 2026, with organic sales growth projected between 0% to 4% despite some adverse factors [28].

Core Viewpoint - The global beauty and medical aesthetics industries are deeply integrating, with Galderma leveraging its unique positioning of "pharmaceuticals + medical aesthetics + skincare" to seize strategic opportunities. This integrated approach aligns with the industry's trend towards "health + aesthetics" [2][4]. Group 1: Company Overview - Galderma has transformed from a skin care company known for selling Cetaphil to a major player in the pharmaceutical and medical aesthetics sectors since its independence from Nestlé in 2019. It is now the largest independent dermatology company globally, operating in over 100 countries with more than 7,000 employees [4][21]. - The company's annual revenue has grown from approximately $3.5 billion in 2020 to over $4 billion, with projections reaching $4.41 billion by 2024. In the first half of 2025, revenue reached $2.448 billion, reflecting a 12.2% growth at constant exchange rates [4][6]. Group 2: Business Segments - Galderma's growth is driven by three main business segments: Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. In the first half of 2025, these segments generated sales of $1.24 billion, $719 million, and $489 million, respectively, with growth rates of 9.8%, 7.7%, and 26.9% [6][7]. - The Injectable Aesthetics segment, which includes products like neurotoxins and fillers, is the highest revenue contributor, while the Therapeutic Dermatology segment shows significant growth potential, particularly with FDA-approved products [6][8]. Group 3: Market Trends and Consumer Behavior - The beauty industry is entering a "performance-driven" era, with consumers increasingly favoring value-oriented brands and prioritizing ingredient transparency and efficacy. This trend is particularly evident among Gen Z consumers [8][11]. - In the medical aesthetics sector, the demand for injectables is surging due to trends like the "Ozempic face" phenomenon and the aging baby boomer population. Galderma's products, such as Relydess and Sculptra, are well-positioned to capitalize on this growth [8][9]. Group 4: Strategic Positioning in China - China represents the largest and most promising skincare market globally, with a projected market size of 1,073.8 billion RMB in 2024. Galderma's Cetaphil brand aligns well with the increasing demand for effective, clinically-backed skincare products [11][16]. - The company is also expanding its injectable aesthetics offerings in China, with products like Relydess and Sculptra, responding to the rising demand for anti-aging solutions [15][16]. Group 5: Future Outlook - Galderma's robust R&D capabilities and capital support position it for sustained growth over the next decade. The company has a global R&D network with over 650 personnel and has conducted more than 770 clinical trials for its products since 2020 [23][24]. - With its integrated strategy of "pharmaceuticals + medical aesthetics + skincare," Galderma is well-positioned to potentially enter the top 10 global beauty groups and become a core player in the dual beauty and medical aesthetics market [24].

Core Viewpoint - The article emphasizes the importance of cultural resonance in the beauty industry, highlighting how brands like Yilian are shifting from merely functional products to those that embody cultural values and narratives [2][4]. Group 1: Brand Cultural Development - Yilian hosted its first Brand Cultural Communication Conference, integrating traditional Song culture with modern beauty concepts, aiming to explore sustainable brand vitality through cultural roots [2][4][6]. - The conference featured experts from various fields discussing the coexistence of traditional culture and modern branding, emphasizing that culture is the foundation of a brand's identity [6][7]. - Yilian's "Five Commons" values—co-creation, co-progress, sharing, win-win, and co-existence—reflect its commitment to cultural ethics and the elevation of Chinese manufacturing to cultural ambassadors [7][8]. Group 2: Market Insights - China is the world's largest cosmetics market, with a projected market size of 1,073.82 billion yuan in 2024, where domestic brands account for over 55.2% [7]. - Despite the growth, only one domestic brand among the top 50 in 2024 is expected to exceed 10 billion yuan in retail sales, indicating a concentration of domestic brands in the mid-to-low-end market [7]. Group 3: Cultural Asset Utilization - Experts suggest that the key to breaking through market challenges lies in "cultural assetization," proposing a three-step approach: from symbolic borrowing to spiritual resonance, activating ancient formulas with modern technology, and establishing a "Chinese fragrance" standard [8][10]. - The government is increasingly prioritizing brand promotion, making the development of high-end Chinese cosmetic brands a national strategy [10]. Group 4: Cultural Integration in Branding - Yilian's cultural narrative transforms scientific terms like "hyaluronic acid" into emotional symbols of skin care, making the brand's scientific strengths more relatable to consumers [27]. - The brand's cultural initiatives are deeply integrated with its product offerings, ensuring that cultural elements are not merely superficial marketing tactics but are embedded in the entire consumer experience [27][28]. Group 5: Future Directions - Experts believe that future cultural communication in the beauty industry should focus on "lifestyle," "scene-based," and "participatory" approaches, emphasizing that the best cultural dissemination is through immersion rather than education [28]. - Yilian's recent cultural collaborations and immersive experiences aim to bring traditional cultural elements into consumers' daily lives, making culture a living part of the brand experience [30].

Core Viewpoint - LVMH is experiencing significant challenges in the luxury goods market, with a notable decline in overall revenue and profits, yet its high-end beauty segment shows resilience and potential for growth amidst these difficulties [2][4][20]. Financial Performance - Total revenue for the first half of 2025 was €398.1 billion (approximately RMB 3,351.2 billion), a year-on-year decline of 4% [4][7]. - Operating profit decreased by 15% to €90.1 billion (approximately RMB 758.4 billion), with the operating margin dropping to 22.6%, down 2.5 percentage points year-on-year [4][7]. - The Asian market (excluding Japan) saw its share shrink by 2 percentage points to 28% [4][17]. Market Trends - The "Veblen Effect," which traditionally drove luxury consumption, appears to be weakening, particularly among younger consumers who are reassessing the value of luxury goods [6][7]. - Bain & Company warns of significant challenges ahead for the luxury sector, predicting it may face its largest setback in 15 years [7]. Beauty Segment Performance - The Perfumes and Cosmetics division reported stable revenue of €40.8 billion (approximately RMB 343.4 billion), with organic growth remaining flat [20]. - Sephora, as part of the selective retailing segment, achieved revenue of €8.63 billion (approximately RMB 726.7 billion), with a 2% organic growth, marking it as the only department with positive growth in the first half of 2025 [21][22]. Regional Insights - The Asian market's contribution to LVMH's sales has declined, with organic revenue in Japan dropping by 15% due to currency fluctuations affecting tourist spending [17][18]. - In China, LVMH's beauty brands are facing challenges, with classic brands experiencing brand aging and declining transaction volumes despite some increases in transaction value [23][24]. Strategic Initiatives - LVMH is focusing on high-end beauty as a key growth area, with significant investments in brand innovation and market entry strategies targeting younger consumers [20][27]. - The introduction of new beauty products under the Louis Vuitton brand and the expansion of Fenty Beauty in China are part of LVMH's strategy to capture the Z generation market [27][28]. Organizational Changes - Sephora's operations in China are being prioritized, with the global CEO directly overseeing the market to enhance competitiveness [30][33]. - LVMH is restructuring its DFS business and reducing workforce in its wine and spirits division to control costs amid declining luxury demand [34].

Core Viewpoint - The article highlights the significant issue of post-treatment hyperpigmentation (referred to as "返黑") in the Chinese medical aesthetics market, with a reported 28% recurrence rate after light therapy treatments, which undermines the initial goals of skin whitening and brightening [3][5][6]. Group 1: Market Insights - The compound annual growth rate (CAGR) for post-treatment care products in China's medical aesthetics sector is projected to reach 30% from 2022 to 2026, with the market size expected to hit 25.38 billion yuan by 2026 [3]. - A survey by Estée Lauder in 2024 indicates that 84% of consumers participate in light therapy projects, making it the dominant choice in the market [3]. - The white paper reveals that 95% of consumers pursue light therapy primarily for skin whitening, yet over 25% experience worsening pigmentation [5][6]. Group 2: Consumer Challenges - The article discusses the psychological impact of post-treatment hyperpigmentation, with 90% of affected individuals feeling distressed, and 24% experiencing extreme distress [11][12]. - The unique skin characteristics of Chinese consumers, such as more active melanocytes and weaker skin barriers, contribute to a higher incidence of post-inflammatory hyperpigmentation (PIH) [7][9]. - Many consumers lack consistent sun protection awareness, particularly during autumn and winter, which exacerbates the issue of post-treatment pigmentation [9]. Group 3: Solutions and Innovations - Clinique has introduced a systematic solution called "妆械联合" (makeup and medical device integration) to address the complexities of post-treatment skin care, combining medical-grade products with daily skincare routines [14][16]. - The CX series, a new line of medical device products, includes a collagen-based wound care solution that enhances healing and skin barrier repair [17]. - The upgraded 302 Photon Laser Bottle aims to prevent post-treatment pigmentation and enhance daily whitening, utilizing a targeted formula that has shown promising clinical results [19][20]. Group 4: Industry Evolution - The article emphasizes the need for a paradigm shift in the medical aesthetics industry from short-term treatments to long-term management strategies, as highlighted by Clinique's approach [24][26]. - Clinique's integration of medical device technology with skincare formulations represents a significant advancement in addressing the specific needs of Asian skin types [26]. - The white paper serves as a scientific guide for consumers, aiming to establish industry standards and provide a comprehensive solution for pre-, intra-, and post-treatment care [22][24].

Core Viewpoint - The hair care market is experiencing significant growth, with online transaction value reaching 340.37 billion yuan in the first half of 2025, marking a year-on-year increase of 20.67% [4][5]. Market Performance - The hair care segment outperformed other beauty categories, driven by a 131.5% surge in men's hair care and steady performances from international brands like Kérastase, L'Oréal, and Pantene [2][4]. - The overall beauty market saw a total online transaction value of 3,060.39 billion yuan, with hair care being one of the fastest-growing segments [5]. Segment Breakdown - The hair care subcategories showed robust growth: - Hair cleansing: 179.72 billion yuan, up 21.56% - Hair care: 74.00 billion yuan, up 19.59% - Hair dyeing and perming: 57.44 billion yuan, up 17.20% - Hair styling: 20.76 billion yuan, up 16.64% - Men's hair care: 5.12 billion yuan, up 131.50% [7]. Brand Landscape - The market share of the top five brands (CR5) decreased from 19% in 2024 to 16%, indicating increased competition from emerging domestic brands and private labels [8]. - New domestic brands like Off&Relax and others are gaining traction, with several entering the top 20 rankings [11]. Consumer Trends - There is a shift towards efficacy-driven products, with consumers seeking solutions for specific scalp issues and multi-functional products [14][19]. - The introduction of "face-care level" ingredients in hair care products is becoming a trend, enhancing the overall consumer experience [19][21]. Innovation and New Products - Over 25 brands launched new products in the first half of 2025, with a focus on scalp care and multi-functional benefits [13]. - Brands are emphasizing rapid effectiveness, with products claiming visible results in as little as one to three minutes [17]. Future Outlook - The competition in the hair care market is expected to intensify, particularly in the areas of anti-hair loss and scalp care, with a focus on patented technologies and quick results [26][29]. - The potential for growth in differentiated segments like scalp oils is significant, as brands explore new opportunities [23][26].

Core Viewpoint - HBN has rapidly expanded its "true efficacy" skincare brand, establishing itself as a leading player in the Chinese beauty market, particularly in the anti-aging segment with its flagship product, "Double A Retinol Night Cream" [2][20]. Market Position and Performance - By the first half of 2025, HBN ranked in the top 4 of Tmall's domestic beauty skincare stores and top 5 on Douyin, being the only brand to secure a top 5 position in both platforms [2]. - HBN's "Early C Late A" lotion has sold over 30 million bottles, achieving the number one sales position in the "retinol skincare" and "essence water" categories in China [2]. Research and Development - HBN has published three high-impact SCI papers on α-arbutin, marking a significant contribution to the understanding of its mechanisms in photodamage repair [5][9]. - The research has revealed α-arbutin's potential beyond traditional whitening, demonstrating its anti-inflammatory properties and ability to repair UV-induced skin damage [8][9]. Innovation and Collaboration - HBN has established a comprehensive research framework, including collaborations with top universities and institutions, to explore cutting-edge scientific topics [21]. - The brand has developed four original efficacy raw materials and expanded its research center to over 5,000 square meters, housing over a hundred researchers [20][21]. Consumer Insights and Cultural Relevance - HBN emphasizes a deep understanding of Asian skin types and aesthetics, creating products tailored to local needs, which contrasts with the traditional Western-centric approach [12]. - The collaboration with Pantone to create the "HBN Original White Card" reflects HBN's commitment to culturally relevant skincare solutions [13][15]. Commitment to Safety and Efficacy - HBN has conducted extensive safety studies on its sunscreen products, confirming that their formulations have significantly lower residual levels in human blood than the safety thresholds set by the FDA [16]. - The brand has completed over 4,000 third-party efficacy tests across its entire product line, reinforcing its commitment to "true efficacy" [18][23]. Future Outlook - As consumer demand for effective and safe skincare solutions grows, HBN is positioned to lead the market with its focus on scientific research and genuine product efficacy [24].