智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 针对近期网传雪花秀大面积撤柜、即将退出中国市场的传闻，雪花秀母公司爱茉莉太平洋中国向界面时 尚予以否认，并强调"中国始终是雪花秀品牌重要的战略市场"，希望通过"渠道优化与数字化革新"继续 在中国市场发展。 另有雪花秀内部人员则告诉界面时尚，中国市场预计撤柜数量大约为30家，主要集中于二线城市。这与 界面时尚比对官网门店信息及点评平台数据后得到的结果基本一致。以长沙为例，官网显示该城市有4 家雪花秀门店，但实际上目前仅剩一个专柜；而在南宁、苏州等城市，雪花秀已无门店。值得提到的 是，综合财报及官网信息，雪花秀在中国市场的门店数量约为180家。 界面时尚实地走访发现，在一线城市上海，雪花秀的门店规模也有收缩。雪花秀位于上海百盛百货、已 运营14年的门店于近期撤柜。 不过，据界面时尚了解，该个例与雪花秀所选渠道的自身调整关联度更高。雪花秀偏好在传统百货设 柜，而不少百货商场在近年也处于调改周期。上海百盛商场工作人员向界面时尚表示，上海百盛正同步 压缩一楼化妆品区域面积，11月以来已有多个美妆品牌陆续撤出，相关铺位面积后续将替换为服装品 牌。 一增长亦与2024年基 ...

-投资动态- Iris Ventures领投护肤品牌Innerskin 近日，全球消费增长型投资机构Iris Ventures，以1500万美元领投护肤品牌Innerskin。此次募集资金将用于扩展 Innerskin在欧洲的诊所网络，并推出面部及 身体护肤系列产品。 Innerskin成立于三年前，目前在法国已开设19家中心，专注于皮肤健康和个性化预防性治疗。品牌还推出了一系列医学级标准的产品，这些产品通过独特 的配方模拟手动护肤治疗效果，如微针疗法等。（WWD） 小编评： 值得注意的是，这笔融资是欧洲医美领域少见的超大A轮融资，Innerskin有望借此成为跨区域连锁的新标杆，并带动更多基金跟进类似重资产、高复购的 医美连锁项目。 近期，韩妆独角兽企业Goodai Global Inc已完成8000亿韩元（约合6亿美元）的融资，公司最新估值4万亿韩元（约合31亿美元）。值得注意的是，协议条 款包含 Goodai Global 需在三年内完成上市的约定。 此次融资的投资方为私募基金IMM与另外五家韩国私募基金。资金用于支持Goodai Global以7500亿韩元的价格收购两家韩国独立化妆品品牌，分别是韩 ...

Core Viewpoint - Despite the ongoing downturn in the Korean cosmetics market, APR, a beauty technology company, has reported significant growth in its financial performance for the first half of 2025, surpassing its entire 2024 results in both revenue and profit [1][4]. Financial Performance Summary - For the first half of 2025, APR's revenue reached 593.8 billion KRW (approximately 30.7 million RMB), marking a 95% year-on-year increase [3][4]. - Operating profit surged by 149.4% to 139.1 billion KRW (approximately 7.2 million RMB), while net profit increased by 141.2% to 116.3 billion KRW (approximately 6 million RMB) [4][10]. - In Q2 2025, revenue was 327.7 billion KRW (approximately 17 million RMB), a 110.8% increase from the previous year, with operating profit rising by 201.9% to 84.6 billion KRW (approximately 4.4 million RMB) [6][7]. Segment Performance - The cosmetics/beauty segment saw a remarkable growth of 216.9% in Q2, contributing 69.3% to total revenue, while the beauty device segment grew by 32.1% [10][11]. - The "others" segment experienced a decline of 36.1% in revenue, attributed to adjustments in the apparel business [11]. Market Performance - APR's overseas market performance was robust, with international sales accounting for 78% of total revenue in Q2, while domestic sales in Korea fell by 6.5% [8][17]. - The U.S. market saw a staggering growth of 285.8%, driven by partnerships that enhanced brand recognition [16][19]. Company Growth Trajectory - APR has demonstrated consistent growth, with revenue increasing from 174.3 billion KRW (approximately 9 million RMB) in H1 2022 to 593.8 billion KRW (approximately 30.7 million RMB) in H1 2025, representing a threefold increase [22][24]. - The company's valuation has reached approximately 40 billion USD (about 287 billion RMB), surpassing major competitors in the Korean beauty industry [24][32]. Brand Portfolio - APR's brand portfolio includes three main brands: FORMENT, MEDICUBE, and APRILSKIN, indicating potential for expansion compared to competitors with more extensive brand matrices [30][28].

Core Insights - KKR plans to acquire South Korean cosmetics packaging company Samhwa for 4.136 billion RMB, marking the largest deal in the South Korean beauty supply chain this year [1][3] - Samhwa's sales are projected to approach 1 billion RMB in 2024, with expectations to reach 1.5 billion RMB this year, serving major clients like L'Oréal and Chanel [1][6] - The acquisition reflects a growing trend of private equity firms investing in the beauty supply chain, with increased M&A activity in the South Korean beauty market [1][9] Company Overview - Samhwa, established in 1977, is one of South Korea's top three manufacturers of cosmetic containers and pumps, producing a wide range of beauty packaging products [1][3] - The company has a strong international presence, having established a subsidiary in the U.S. in 2017 and a factory in Shanghai in 2018 [3] - Samhwa's overseas sales account for nearly 70% of its revenue, highlighting its global market reach [6] Financial Performance - In 2024, Samhwa's sales are expected to be 186.8 billion KRW (approximately 9.7 billion RMB) with a net profit of 29.6 billion KRW (approximately 1.5 billion RMB) [6] - Forecasts suggest that Samhwa's sales will reach 280 billion KRW (approximately 14.5 billion RMB) this year, with a pre-tax profit of 62 billion KRW (approximately 3.2 billion RMB) [7] Investment Dynamics - KKR's acquisition of Samhwa is part of a broader strategy to strengthen its position in the beauty industry, following previous investments in companies like Coty and Juno Hair [4][5] - TPG, the previous owner, is expected to gain approximately 900 billion KRW (around 46.53 billion RMB) from the sale, realizing a profit of over 3 billion RMB [3] Market Trends - The South Korean beauty industry has seen a resurgence in M&A activity, with at least seven disclosed transactions in the first half of the year [9] - The market for South Korean beauty products is projected to reach 11.56 billion USD in 2024, with a compound annual growth rate of 8.1% [9][11] - South Korea has become the second-largest cosmetics exporter globally, surpassing the U.S. in early 2024 [9] Cultural Influence - The rise of K-Beauty is attributed to the global popularity of K-Pop and Korean dramas, which have facilitated brand internationalization [9][11] - Social media marketing, particularly through platforms like TikTok and Instagram, has amplified the appeal of Korean beauty products among young consumers [10][11]