醉象大跌，资生堂巨额亏损

Core Insights - Shiseido Group reported a net sales of 969.99 billion yen (approximately 43.20 billion RMB) for 2025, marking a year-on-year decline of 2.1% [1][3] - Core operating profit increased to 44.52 billion yen (approximately 1.98 billion RMB), reflecting a year-on-year growth of 22.4%, with a core profit margin of 4.6% [1][2] - The company recorded an operating loss of 28.79 billion yen (approximately 1.28 billion RMB) [1][2] Financial Performance - The 2025 revenue represents one of only two declines in the past five years, with a net loss attributable to owners of the parent amounting to 40.7 billion yen (approximately 1.81 billion RMB) [2][3] - Goodwill impairment losses reached 46.8 billion yen (approximately 2.08 billion RMB) [1][3] - The main brand Shiseido remained flat year-on-year, while the Drunk Elephant brand saw a significant decline in net sales, dropping 39% [2][3] Regional Performance - The Americas market experienced a double-digit decline, primarily due to the poor performance of Drunk Elephant and NARS brands, with a core operating profit loss of 11.6 billion yen (approximately 0.52 billion RMB) [17] - The Chinese and travel retail business saw a 4.3% decline in net sales for the year, despite a 4.2% growth in Q4 [20][21] - Japan's net sales showed a slight increase of 0.4%, driven by new product launches, but were impacted by reduced inbound consumption from Chinese tourists [20] Brand Performance - Among Shiseido's eight core brands, four showed growth while three declined, with ELIXIR and Issey Miyake fragrances experiencing drops of 2% and 10%, respectively [9][11] - The Next 5 brands, including ELIXIR and Narciso Rodriguez, saw net sales growth of 9% and 5%, while Drunk Elephant faced a drastic decline [11][16] Strategic Changes - Shiseido is undergoing significant organizational changes, including restructuring and voluntary retirement plans, with related expenses of 3.1 billion yen (approximately 0.14 billion RMB) [26] - The company aims to achieve a core operating profit margin of 7% as part of its 2025-2026 action plan, while also focusing on improving capital efficiency and cash generation capabilities [28]