业绩持续下滑，拿下认证的雅萌能否扭转颓势

Core Viewpoint - YAMANE's financial performance in the first half of FY2025 shows a significant decline, with net sales down 9.5% and a net loss of 1.196 billion yen, indicating ongoing challenges despite hopes for long-term profitability through strategic investments and product approvals [1][3]. Financial Performance - In the first half of FY2025, YAMANE reported net sales of 115.11 billion yen, a decrease of 9.5% year-on-year, and a net loss of 1.196 billion yen [3]. - The decline in performance is attributed to rising prices, global economic instability due to U.S. tariffs, and other uncertainties [3]. - Sales through home shopping and store channels fell by 46.1% and 20.5%, respectively, with profits down 50.3% and 61.5% [3]. - Direct sales increased by 4.9%, but profits decreased by 41.8% [3]. - Overseas sales amounted to 31.02 billion yen, up 3.9%, but profits dropped by 99.3% to 7 million yen [3][4]. Market Challenges - YAMANE faces significant challenges in the domestic market, with a major restructuring of its profitability model underway [5]. - The Japanese economy is experiencing mild recovery, but uncertainties such as rising global resource prices and consumer confidence fluctuations negatively impact performance [5]. - The beauty device industry is undergoing structural changes, with increased regulatory scrutiny leading to a shift from price competition to compliance and efficacy [5]. Strategic Initiatives - YAMANE is focusing on expanding its overseas market presence, with a mid-term plan to achieve annual revenues of 50 billion yen by April 2025 and 70 billion yen by April 2028 [7]. - The company has launched professional facial care products in Vietnam and opened stores in Ho Chi Minh City, as well as initiated sales in Saudi Arabia [7]. - In the Chinese market, YAMANE plans to enhance marketing efforts and optimize sales channels to improve performance [8]. Regulatory Developments - YAMANE received approval for its RF skin treatment device as a Class III medical device, which is seen as a significant opportunity for the brand [9][10]. - This certification allows YAMANE to regain market access and potentially enhance brand value, although actual sales recovery will depend on effective market strategies [10]. Future Outlook - YAMANE is in a transitional phase, focusing on structural reforms to its domestic profitability model while investing for future growth [10]. - The company anticipates temporary declines in revenue and profit due to these strategic investments, viewing current losses as a short-term phenomenon [10].