Core Insights - Shiseido Group is undergoing significant turmoil with management changes, business restructuring, and a challenging market environment, as reflected in its Q3 2025 financial results [1][19] - The overall performance remains under severe pressure, with net sales declining and operating profit showing a drastic loss [1][19] Financial Performance - For the first three quarters of 2025, Shiseido Group reported net sales of 693.817 billion yen (approximately 32.061 billion RMB), a year-on-year decrease of 4.0% [1][2] - Core operating profit was 30.08 billion yen (approximately 1.39 billion RMB), reflecting a year-on-year increase of 9.7% [1][2] - Operating profit showed a significant loss of 33.35 billion yen (approximately 1.541 billion RMB), a staggering year-on-year decline of 1627.71% [1][2] Market and Brand Performance - The decline in sales is primarily attributed to the impact of the Chinese and travel retail markets, where consumer confidence has worsened, leading to continued sluggish consumption [3][11] - The Americas market continues to struggle, with Shiseido's brands, particularly Drunk Elephant, facing negative growth [7][9] - Despite challenges, the Japanese market showed moderate growth, and there are signs of recovery in the overseas cosmetics market [3][11] Brand-Specific Insights - The Drunk Elephant brand has been a significant contributor to the overall decline, with a reported drop of 19% in Q3 2025, following a 57% decline in the first half of the year [4][6] - In contrast, the Next 5 brands, including ELIXIR and Anessa, reported sales growth, with ELIXIR showing a notable increase of 17% in Q3 [6][7] - Core brands such as Shiseido, Clé de Peau Beauté, and NARS experienced sales growth of 6%, 12%, and 2% respectively in Q3, although Shiseido's overall sales were slightly down by 1% for the first three quarters [7][13] Strategic Initiatives - Shiseido Group announced its 2030 mid-term strategy, aiming for a 7% core operating profit margin by 2026 and a compound annual growth rate in sales exceeding the market by 2-5% from 2025 to 2030 [14][19] - The company is implementing a new executive and board structure to enhance global operations and governance, with new appointments aimed at strengthening leadership [16][17][18] - The strategic focus includes high-growth categories, digitalization, and sustainability, indicating a comprehensive transformation effort [18][19]
亏损超15亿，资生堂还在跌
3 6 Ke·2025-11-11 00:26