Investment Rating - The report assigns a neutral rating to Hilton Hotels and a bearish rating to Amorepacific and LG Household & Health Care [2]. Core Insights - The Korean cosmetics industry is experiencing a decline in duty-free sales (DFS), with April 2025 showing a 10% year-over-year decrease, an improvement from a 16% decline in March 2025 [4][6]. - In the U.S. market, Korean cosmetics exports continued to grow, with a 21% year-over-year increase in April 2025, although some brands like COSRX are struggling with inventory issues [11][21]. - The Chinese market is showing a decline in online sales, with major platforms experiencing a 31% to 42% year-over-year drop [2]. Summary by Sections Duty-Free Sales Performance - April 2025 DFS revenue reached $822 million, down 10% year-over-year, primarily due to declines in local and foreign sales [4][6]. - The total DFS revenue for April 2025 is 47% of the level seen in April 2019, compared to 39% in March 2025 [7]. U.S. Market Insights - Korean cosmetics exports to the U.S. in April 2025 increased by 13%, contributing to a total export growth of 21% [11][16]. - COSRX's sales on Amazon in the U.S. fell by 38% year-over-year, while Laneige saw a 73% increase in the same period [21][24]. Chinese Market Dynamics - The report highlights a significant decline in online sales across major platforms in China, with declines ranging from 31% to 42% year-over-year [2]. - Local brands are gaining market share, with multinational companies experiencing varying degrees of growth and decline [52].