从被抛售到市值超3000亿，欧莱雅再加持的高德美，能否逆袭全球美妆十强？

Core Insights - Despite challenges faced by global beauty giants, Galderma has achieved significant growth and is on track to enter the top ten global beauty companies, with a projected net sales of approximately 32 billion RMB in 2024 [1][3]. Group 1: Company Performance - Galderma ranked 11th among global beauty companies in 2024, with net sales of approximately 32 billion RMB, just behind Puig Group [3]. - In the first three quarters of 2025, Galderma reported net sales of 3.737 billion USD (approximately 26.615 billion RMB), reflecting a year-on-year growth of 15% [3][11]. - The skin treatment segment showed the fastest growth, with net sales reaching 804 million USD in the first three quarters of 2025, a 40.4% increase year-on-year [11][31]. Group 2: Investment and Valuation - Galderma's valuation surged from over 50 billion RMB to over 340 billion RMB, marking an increase of over 500% since its sale by L'Oréal in 2014 [4][9]. - L'Oréal increased its stake in Galderma to 20% after acquiring an additional 10% in December 2025, following an earlier purchase in August 2024 [3][13]. Group 3: Business Structure and Strategy - Galderma operates a three-pronged business model encompassing pharmaceutical, aesthetic, and cosmetic sectors, creating a unique vertical integration in skin science [26]. - The company has established a strong presence in the aesthetic injection market, contributing over 50% of its revenue, with key products including hyaluronic acid fillers and botulinum toxin [14][27]. Group 4: Market Challenges - Despite its leading position in skin science, Galderma faces challenges in growth structure, with its aesthetic injection business showing signs of slowing growth [27][28]. - The company’s revenue heavily relies on the aesthetic segment, which accounted for approximately 51% of total revenue in the first half of 2025, but growth rates have declined compared to previous years [27][29]. Group 5: Future Outlook - Galderma aims to enhance its direct consumer engagement to convert its professional authority into brand loyalty among end consumers, which is crucial for its ambition to enter the top ten global beauty companies [37].