上海家化的转机，福瑞达们的困局

Core Insights - The Chinese beauty industry is at a critical juncture, transitioning from rapid growth driven by channels and traffic to a focus on brand value and operational excellence [1] - Recent financial reports from leading domestic beauty companies reveal a divide: some are struggling with transformation pains, while others are rebounding due to strong brand value [1] Group 1: Performance Challenges - Beitaini reported a revenue of 3.464 billion yuan for the first three quarters of 2025, a year-on-year decline of 13.78%, with a net profit of 272 million yuan, down 34.45% [2] - In Q3, Beitaini's revenue was 1.092 billion yuan, a decline of 9.95%, but net profit increased by 136.55% to 25.22 million yuan due to cost-cutting and a shift to high-quality growth [3] - Beitaini's operating costs decreased by 15.75% to 889 million yuan, while sales expenses were 1.838 billion yuan, down 8.55% [6] - Furuida's revenue for the first three quarters was 2.597 billion yuan, down 7.34%, with a net profit of 142 million yuan, a decrease of 17.19% [7] - The brand Yailabo's revenue fell by 28.93% in Q3, indicating a significant decline from its peak performance in 2023 [11] Group 2: Successful Turnarounds - Shanghai Jahwa achieved a revenue of 4.961 billion yuan in the first three quarters of 2025, a 10.8% increase, with net profit soaring by 149.1% to 405 million yuan [12] - The company reported a Q3 revenue of 1.482 billion yuan, up 28.3%, reversing a previous decline [12] - The turnaround is attributed to a strategic focus on core brands and effective brand activation under new CEO Lin Xiaohai, emphasizing brand value as a growth strategy [15][18] Group 3: Industry Trends - The beauty industry is shifting towards a focus on brand value and ecosystem building, moving away from reliance on external factors like channels and marketing [19][23] - New brands face challenges due to the fragmentation of channels and rising costs, leading to a need for deeper brand connections with consumers [19][21] - Established brands like Shanghai Jahwa demonstrate resilience through strong brand recognition and emotional connections with consumers, allowing for rapid recovery when strategic adjustments are made [22] - The industry must prioritize building a multi-brand ecosystem and sustainable financial practices, as seen in Beitaini's recent focus on profitability [24]