Core Viewpoint - The article highlights the strong performance and growth potential of the beauty company, Shiseido Holdings (上美股份), driven by a multi-brand strategy, innovative product development, and a comprehensive sales channel approach, amidst a rising trend of young consumers prioritizing experience and value in their purchasing decisions [1][2][12]. Financial Performance - In the first half of 2025, Shiseido Holdings reported total revenue of approximately 4.108 billion RMB, a year-on-year increase of 17.3% [2] - The net profit reached about 555.6 million RMB, up 34.7% compared to the previous year, with a gross profit of approximately 3.102 billion RMB, reflecting a 15.8% increase [2] - The gross margin improved to 75.5%, marking a 1.7 percentage point increase from the previous period, indicating high-quality core business development [2] Multi-Brand Strategy - The company's strong performance is attributed to its deepening multi-brand strategy, with its main brand, Han Shu (韩束), achieving revenue of approximately 3.344 billion RMB, a 14.3% increase year-on-year [3] - Han Shu's star product, the Red Waist series, sold over 15 million units, establishing itself as a national skincare staple, while the X Peptide Super Frequency series surpassed 200 million RMB in sales [3][5] - The brand has successfully expanded into various product categories, achieving top sales in body lotion, shampoo, masks, and facial cleansers, transitioning from a facial skincare brand to a comprehensive care expert [3][5] Emerging Brands - The emerging brand, Newpage (一页), demonstrated significant growth, with revenue of 397 million RMB, a remarkable 146.5% increase year-on-year, and online sales exceeding the total for 2024 [5][6] - Newpage's flagship product, the Baby Comfort Cream, sold 330,000 units during the 618 shopping festival, ranking first in the Tmall and Douyin categories for baby creams [6] Sales Channels - The company has established a robust omnichannel sales strategy, with Han Shu ranking first in GMV on Douyin in the first half of 2025, contributing to significant growth across various e-commerce platforms [11] - This comprehensive sales ecosystem reflects the company's deep understanding of consumer behavior and market trends, enhancing brand loyalty and driving high potential across its product lines [11] Research and Development - Shiseido Holdings invested over 103 million RMB in R&D in the first half of 2025, a 31.7% increase year-on-year, resulting in nearly 200 patents and publications in global core journals [12][13] - The establishment of the "Han Shu Translational Medicine Fund" signifies the company's commitment to integrating academic and medical resources to accelerate product innovation [13] International Expansion - The company is actively pursuing international growth, particularly in Southeast Asia, aiming to enhance its global brand presence and transition from a "Chinese brand" to a "global brand" [14] - This strategic move is expected to open new growth avenues and increase the company's international influence [14] Conclusion - The impressive performance of Shiseido Holdings in the first half of 2025 is a result of its deepened multi-brand strategy, enhanced product capabilities, and optimized channel efficiency, positioning it as a key player in the domestic beauty market [14]
上半年净利润同比增34.7%验证盈利成长含金量，上美股份(02145)按下成长“加速键”