Core Insights - Cosmax reported a total revenue of 2.3988 trillion KRW for the year 2025, marking a year-on-year increase of 10.7% and an operating profit of 195.8 billion KRW, up 11.6% from the previous year [2] - In Q4 2025, the company achieved revenue of 601 billion KRW, a 7.7% increase year-on-year, with an operating profit of 40.9 billion KRW, reflecting a 2.7% growth [2] - The company remains a leader in the global cosmetics contract manufacturing sector, serving major clients such as L'Oréal, Unilever, and Estée Lauder, as well as domestic brands like Huaxizi and Pechoin [2] Financial Performance - The overall performance of Cosmax is strong, with significant growth in net profit for Q4 2025; however, the operating costs increased by 12.7%, outpacing revenue growth [2] - A one-time gain of 29 billion KRW from the fair value of derivatives was recognized in Q4 2025, alongside interest expenses of 10.2 billion KRW, indicating that the apparent improvement in performance may not be as effective as it seems [3] Market Dynamics - The core markets driving growth for Cosmax are South Korea and China, with South Korea contributing over 60% of total revenue, amounting to 1.5264 trillion KRW, a 12.4% increase year-on-year [3] - The "K-BEAUTY" trend has significantly boosted sales in basic skincare products, while new categories in body care have also shown notable success [3] - The Chinese market has emerged as a second growth curve for Cosmax, with annual revenue reaching 632.7 billion KRW, reflecting a 10.2% year-on-year increase, aided by a recovery in consumer demand and expanded exports to Southeast Asia [3] Regional Performance - Southeast Asia has provided additional support, although performance varies significantly across different markets; Thailand has shown notable revenue growth, while Indonesia has experienced a decline [3] Strategic Positioning - Cosmax has successfully maintained its market position in the beauty contract manufacturing sector, but its performance has shown fluctuating growth rates, reflecting challenges and changes in the beauty market [4]

Core Viewpoint - The article discusses the emerging beauty trend on TikTok known as "Morning Shed," which involves elaborate skincare routines performed overnight and revealed in the morning, gaining significant popularity and viewership [9][21]. Group 1: Trend Description - "Morning Shed" is characterized by a multi-step beauty process where users apply various products before sleeping and remove them upon waking, resulting in a refreshed appearance [9][12]. - The process includes applying eye masks, acne patches, collagen masks, and using tools like silk hair caps and chin straps to enhance beauty overnight [12][14]. Group 2: Professional Opinions - Dermatologists express skepticism about the effectiveness and safety of the "Morning Shed" routine, warning that some products should not remain on the skin longer than recommended [17][19]. - Critics argue that the trend may be more about attracting attention rather than providing genuine beauty benefits, with some professionals labeling it a "scam" [19][21]. Group 3: Market Impact - The trend has led to increased visibility and sales for various beauty products, with brands like L'Oréal leveraging the trend to promote their offerings [21]. - The popularity of "Morning Shed" has resulted in a surge in demand for specific beauty items, such as chin straps and collagen masks, which are now considered must-have products [21].