上半年化妆品卖了2291亿元，市场面临洗牌

Core Viewpoint - The beauty industry in China is experiencing a significant market reshuffle, with major brands consolidating their positions while smaller brands face survival challenges due to increasing operational costs and fierce competition [1][2]. Group 1: Market Performance - In the first half of 2025, the total retail sales reached 24.55 trillion yuan, showing a year-on-year growth of 5.0%. The cosmetics retail sales amounted to 229.1 billion yuan, with a growth of 2.9% [1]. - Despite the overall market growth, there is a stark contrast between the performance of large companies and smaller brands, leading to a concentration of market heat among top players [1]. Group 2: Brand Closures and Market Exit - Sa Sa International closed its last 18 offline stores in mainland China by June 30, marking its exit from the market after 20 years of operations [3]. - Over a dozen beauty brands have closed or exited the Chinese market in the first half of 2025, including well-known brands under major beauty groups, indicating that foreign brands are not guaranteed success in China [3][4]. - Amorepacific's high-end skincare brand "SIENU" and Innisfree have also closed their online stores, reflecting the declining influence of Korean wave culture and increasing operational challenges [3][4]. Group 3: Strategic Adjustments by Major Brands - Major beauty companies are streamlining their brand portfolios in response to intense market competition and rising operational costs, focusing resources on mature and popular brands while closing less efficient ones [5]. - Unilever's high-end skincare brand TATCHA has ceased operations on major e-commerce platforms, highlighting the challenges faced by even well-established brands [5]. Group 4: Capital Market Activity - Domestic beauty companies are increasingly seeking capital market opportunities, with several companies planning IPOs in 2025, including raw material suppliers and brand operators [7][8]. - Notable IPO activities include 毛戈平's successful listing in late 2024, which has inspired other domestic beauty brands to pursue similar paths [7][8]. - Industry experts believe that seeking capital market support is a strategic choice for the future development of domestic beauty companies [9].