沉寂数年后，韩妆又一次掀起全球热潮。 据韩国关税厅发布的数据，2025年前三季度韩国化妆品出口额达85.2亿美元（约合人民币604.07亿元），同比增长15.4%，创下历史同期新高。另有公开 资料显示，2025年第一季度，韩妆在TikTok的声量占比从2024年同期的18%跃升至34%，近乎翻倍。 值得注意的是，这次韩妆热潮的中心已不再是中国。有报道称，2025年上半年，韩妆对华出口额占比首次跌破20%。而爱茉莉太平洋和LG生活健康两大 韩妆巨头的最新财报也显示，2025年第三季度，中国区销售额占比均已降至10%左右。 这反映出，韩妆正在逐渐摆脱"中国依赖症"，并意在将欧美、日本等海外市场打造成新的业绩增长点。 韩妆回暖，"龙头"业绩分化 近年来，韩妆在世界范围内明显回暖，爱茉莉太平洋的业绩变化正是这一趋势的生动印证。 纵观近5年财报，爱茉莉太平洋的业绩走出了一条"V型"反弹曲线。2022年第三季度，该公司出现近5年来首次双降——销售额同比下滑15.6%至9364亿韩 元（约合人民币44.95亿元），营业利润更是骤降62.6%至188亿韩元（约合人民币0.9亿元）。2023年同期，业绩依旧承压。 | 时间 | ...

Group 1 - The core viewpoint is that while the Korean beauty (K-beauty) market in China is experiencing a downturn, the industry is shifting its focus towards global markets, particularly North America and Japan, where new entrants are gaining market share [1][9] - Established K-beauty companies like LG Household & Health and Amorepacific have seen significant declines in revenue, with LG's earnings halving, while new players like APR are experiencing substantial growth [1][3] - The rise of social media has enabled new K-beauty brands to capture market share from traditional giants, leading to a competitive landscape where established companies face challenges from emerging firms [1][8] Group 2 - Igongigong, a K-beauty startup, has announced plans for an initial public offering (IPO) and aims to complete it by the end of next year, having achieved significant sales growth [2][3] - The company, founded in 2019, focuses on distributing and marketing K-beauty brands in North America, with sales expected to reach 100 billion KRW (approximately 5.17 million RMB) this year, a 2.5-fold increase from last year [5][3] - APR has seen its stock price soar by 200% this year, surpassing the market capitalization of established players LG Household & Health and Amorepacific, becoming the top K-beauty company by market value [5][7] Group 3 - The North American market has become a key growth area for K-beauty, with companies like LG Household & Health and APR reporting significant revenue increases in this region [9][11] - The success of K-beauty brands in North America is attributed to effective marketing strategies, including social media engagement and a focus on ingredient-driven products that resonate with local consumer preferences [14][15] - Brands like KAHI and Medicube have leveraged social media platforms like TikTok to enhance their visibility and sales, with KAHI's multi-functional balm achieving over 5 million units sold globally [22][30] Group 4 - The rise of new K-beauty brands is reshaping the competitive landscape, moving from a monopoly of established players to a more diverse and innovative market [8][35] - These new entrants are characterized by younger leadership, which allows them to connect better with the core consumer demographic and adapt quickly to market trends [7][8] - The combination of ingredient-focused products, social media marketing, and strategic use of platforms like Amazon has proven to be a successful formula for K-beauty brands in overseas markets [30][34]