市值超爱茉莉，美妆界Labubu登顶韩妆第一

Core Viewpoint - Despite the ongoing downturn in the Korean cosmetics market, APR, a beauty technology company, has reported significant growth in its financial performance for the first half of 2025, surpassing its entire 2024 results in both revenue and profit [1][4]. Financial Performance Summary - For the first half of 2025, APR's revenue reached 593.8 billion KRW (approximately 30.7 million RMB), marking a 95% year-on-year increase [3][4]. - Operating profit surged by 149.4% to 139.1 billion KRW (approximately 7.2 million RMB), while net profit increased by 141.2% to 116.3 billion KRW (approximately 6 million RMB) [4][10]. - In Q2 2025, revenue was 327.7 billion KRW (approximately 17 million RMB), a 110.8% increase from the previous year, with operating profit rising by 201.9% to 84.6 billion KRW (approximately 4.4 million RMB) [6][7]. Segment Performance - The cosmetics/beauty segment saw a remarkable growth of 216.9% in Q2, contributing 69.3% to total revenue, while the beauty device segment grew by 32.1% [10][11]. - The "others" segment experienced a decline of 36.1% in revenue, attributed to adjustments in the apparel business [11]. Market Performance - APR's overseas market performance was robust, with international sales accounting for 78% of total revenue in Q2, while domestic sales in Korea fell by 6.5% [8][17]. - The U.S. market saw a staggering growth of 285.8%, driven by partnerships that enhanced brand recognition [16][19]. Company Growth Trajectory - APR has demonstrated consistent growth, with revenue increasing from 174.3 billion KRW (approximately 9 million RMB) in H1 2022 to 593.8 billion KRW (approximately 30.7 million RMB) in H1 2025, representing a threefold increase [22][24]. - The company's valuation has reached approximately 40 billion USD (about 287 billion RMB), surpassing major competitors in the Korean beauty industry [24][32]. Brand Portfolio - APR's brand portfolio includes three main brands: FORMENT, MEDICUBE, and APRILSKIN, indicating potential for expansion compared to competitors with more extensive brand matrices [30][28].