拜尔斯道夫“重仓”皮肤微生态，要更大胆在中国长期投资

Core Viewpoint - The international beauty industry, particularly for Beiersdorf, is facing significant challenges including conservative consumer behavior in Europe and the US, intensified competition in China, and fluctuations in high-end skincare demand. The traditional growth model of "big products + global distribution" is becoming ineffective, necessitating a reassessment of brand portfolio quality and growth stability [3]. Group 1: Performance Overview - Beiersdorf's performance trajectory over the past five years can be divided into two phases: from 2021 to 2023, the company achieved rapid growth through strong brands and market expansion, culminating in record performance in 2023. In 2024, despite global skincare market pressures, the company still achieved approximately 6.5% organic growth [4]. - In 2025, the global skincare market growth is expected to slow further to about 1.5% to 2%. However, Beiersdorf's results reflect a repositioning of growth quality rather than merely a decline in growth rate, with a sales figure of €9.9 billion and an organic growth of 2.4% [4][12]. Group 2: Brand Performance - The flagship brand Nivea maintained its scale but experienced a slight growth slowdown, with 2025 sales increasing by 0.9% to €5.5 billion. The CEO expressed higher expectations for Nivea, which is undergoing a critical adjustment phase aimed at balancing innovation and market depth [7][17]. - The Derma segment, driven by brands like Eucerin and Aquaphor, achieved sales of €1.5 billion in 2025, marking an 11.7% growth and demonstrating stable growth over five consecutive years [8]. - The high-end brand La Prairie faced market volatility, with organic sales declining by 4.5% to €478 million. However, there was a marginal improvement in the fourth quarter, indicating potential for long-term value [11]. Group 3: Strategic Adjustments - Beiersdorf's strategy in China for 2025 focuses on "deepening" and "investing," emphasizing localized operations and the introduction of key active ingredients like Thiamidol, which has completed its localization process [14][16]. - Nivea's strategic adjustment in China aims to shift focus from price-sensitive personal care to high-end skincare, utilizing digital channels for accelerated growth. This includes streamlining product offerings and optimizing distribution processes [17][19]. - Eucerin's brand in China also launched successful new products and marketing initiatives, resulting in a 29.35% increase in e-commerce sales in 2025 [21][23]. Group 4: Innovation and Research - Beiersdorf's sustained performance can be attributed to its long-term commitment to foundational scientific research and innovative technologies. The company has focused on three high-value research areas: pigmentation mechanisms, anti-aging solutions, and skin microbiome science [28][29]. - The company has developed a groundbreaking technology utilizing skin-derived probiotics aimed at treating acne-prone skin, with plans to launch a new product line in 2026 [29][30]. Group 5: Future Outlook - Despite a challenging market environment in 2026, Beiersdorf anticipates stable or slightly organic growth in net sales, with a focus on leveraging its strong brand matrix and deep skincare expertise [30].