知名品牌断崖式暴跌57%

Core Insights - Shiseido Group faces significant challenges, with a notable decline in performance across all regions, particularly in China and travel retail markets, which experienced double-digit drops compared to the previous year [1][2][5] Financial Performance - For the first half of 2025, Shiseido Group reported net sales of 469.83 billion yen (approximately 22.846 billion RMB), a year-on-year decrease of 7.6% [1][2] - Core operating profit increased by 21.3% to 23.372 billion yen (approximately 1.137 billion RMB), while operating profit recovered from a loss of 2.728 billion yen (approximately 133 million RMB) to 18.084 billion yen (approximately 880 million RMB) [1][2] - The decline in net sales is attributed mainly to weak performance in the Chinese and travel retail markets, as well as the impact of the Drunk Elephant brand [2][5] Market Performance - The overall net sales decline of 8% in the first half of 2025 marks the first drop for Shiseido in three years [2][5] - The Japanese market saw the smallest decline at -0.6%, while the Chinese and travel retail markets experienced the largest drop at -12.4% [2][5] - In the second quarter, all markets except for the Americas and travel retail showed low single-digit growth, with travel retail down approximately 20% [2][5] Brand Performance - The Drunk Elephant brand significantly impacted overall performance, with a 43% year-on-year decline in Q2 and a 57% drop in the first half of 2025 [10][12] - Despite challenges, the Shiseido and NARS brands showed growth when excluding the impact of the Chinese and travel retail markets, with Shiseido brand sales increasing by 4% [12][19] - The Next 5 brands, particularly ELIXIR, demonstrated double-digit growth in the second quarter and the first half of 2025 [10][12] Regional Insights - Shiseido's performance in the Chinese market is affected by economic downturns leading to low consumer spending, with offline channels continuing to decline [16][19] - The Americas market is facing challenges, particularly for the Drunk Elephant brand, while other brands like Shiseido and NARS have seen some growth [23][31] - The company has announced significant layoffs in the Americas region as part of restructuring efforts [26][31]