暴跌65%，醉象拖累资生堂？

Core Insights - Shiseido Group's Q1 2025 financial results indicate a significant decline in net sales and core operating profit, reflecting ongoing challenges across all regional markets [1][3][7] Financial Performance - The net sales for Q1 2025 were 228.24 billion yen (approximately 11.10 billion RMB), a decrease of 8.5% year-on-year, marking the lowest in four years [3][7] - Core operating profit fell to 8.25 billion yen (approximately 0.40 billion RMB), down 27.2% compared to the previous year [3][7] - The company reported a turnaround in operating profit, achieving 7.20 billion yen (approximately 0.35 billion RMB) compared to a loss of 8.75 billion yen (approximately -0.43 billion RMB) in the same quarter last year [2][3] Regional Market Performance - All regional markets experienced declines, with the Chinese and travel retail sectors down by 12.1% year-on-year [5][21] - The Americas market saw a significant drop of 14.5%, primarily due to the poor performance of the brand Drunk Elephant, which plummeted by 65% [10][13] - In Europe, the decline was less severe at 9.2%, aided by growth in the brands SK-II and NARS [13][21] Brand Performance - Among the Core 3 brands, Shiseido and NARS saw net sales decrease by 7% and 2% respectively, while SK-II was the only brand to show growth at 2% [10][19] - The Next 5 brands had mixed results, with only Elixir showing an increase of 11%, while others experienced declines [10][19] Strategic Adjustments - Shiseido announced a two-year mid-term plan, "Action Plan 2025-2026," focusing on restructuring and enhancing brand performance [24][25] - The company is undergoing leadership changes, particularly in the Americas and travel retail sectors, to address declining sales [24][25] - The merger of travel retail and China business units aims to create a more flexible and consumer-centric business model [24][25]