资生堂中国下滑10%，却成关键“利润高地”

Core Viewpoint - Shiseido Group reported a 7.6% decline in net sales for the first half of 2025, totaling 469.83 billion yen (approximately 22.86 billion RMB), while core operating profit increased by 21.3% to 233.72 billion yen (approximately 11.37 billion RMB) [3][9][10] Financial Performance Summary - The overall performance of Shiseido in the first half of 2025 shows a significant improvement in profitability despite a challenging market environment [7][14] - The decline in net sales is attributed to adverse factors in the overseas cosmetics market, particularly in China and travel retail, where both net sales and core operating profit decreased [10][19] - The core operating profit growth of 21.3% aligns with the group's expectations, driven by structural reforms in the Japanese business and effective cost management [9][10] Regional Performance Breakdown - Japan: Net sales of 145.87 billion yen (-0.4%), core operating profit increased by 207.5% to 19.51 billion yen [10] - China and Travel Retail: Net sales of 173.84 billion yen (-10.0%), core operating profit decreased by 15.6% to 38.81 billion yen [10][17] - Asia-Pacific: Net sales of 33.66 billion yen (-0.5%), core operating profit at -1.29 billion yen [10] - North America: Net sales of 51.47 billion yen (-9.0%), core operating profit at -5.83 billion yen [10] - Emerging Markets: Net sales of 59.50 billion yen (-3.8%), core operating profit at -2.56 billion yen [10] - Other Regions: Net sales of 5.39 billion yen (-25.8%), core operating profit at -0.90 billion yen [10] Brand Performance Insights - Core brands showed positive growth when excluding the performance in China and travel retail markets [11] - The Shiseido and CPB brands faced challenges in the Chinese market, impacting overall performance [7][19] Strategic Outlook - Shiseido maintains its full-year sales forecast of 995 billion yen and core operating profit of 36.5 billion yen for 2025, indicating a focus on stabilization amid ongoing structural reforms [22][23] - The company is implementing a two-year action plan (2025-2026) aimed at enhancing profitability and establishing a resilient business model [23][25] - The group emphasizes a shift towards sustainable profit growth rather than mere scale expansion, reflecting a broader trend in the cosmetics industry [26]