Core Viewpoint - Shiseido Group has achieved a strong profit recovery and expects robust growth in the second half of 2025, despite a slight decline in net sales for the fiscal year 2025 [2][4]. Financial Performance - For the fiscal year 2025, Shiseido reported net sales of 9699.92 billion yen (approximately 436.45 billion RMB), a slight decrease of 2% compared to 2024, aligning with the group's expectations [2]. - The core operating profit for 2025 grew by 22.4% to 445 billion yen (approximately 20.02 billion RMB), with the profit margin increasing to 4.6%, significantly exceeding the initial target of 365 billion yen [3][5]. Regional Performance - The performance across different regional markets showed significant variation in growth dynamics for the fiscal year 2025 [6]. - In Japan, net sales increased by 0.4% to 2953.43 billion yen, with core operating profit rising by 50.6% [7]. - The China and travel retail segment saw a decline in net sales of 4.3% to 3422.44 billion yen, but the decrease is narrowing, indicating a potential recovery [12][19]. Brand Performance - Core brands such as SHISEIDO, CPB, and NARS showed strong performance, with SHISEIDO experiencing double-digit growth in Japan and recovery in China and travel retail markets [8][11]. - The Next 5 brands also performed well, with CPB and NARS achieving net sales growth of 4% and 3%, respectively, particularly in the second half of 2025 [8]. Strategic Initiatives - Shiseido has implemented a dual-line product strategy focusing on "hardcore technology" and "precise layout" to strengthen its high-end technology leadership in the Chinese market [14][15]. - The launch of the new medical beauty brand "RQ PYOLOGY" marks Shiseido's entry into the dual beauty (cosmetic and medical) market in China [17]. Future Outlook - Shiseido is optimistic about 2026, projecting net sales of 9900 billion yen, a 2% increase, and core operating profit margin to rise to 7%, with a 55% growth in core operating profit [24]. - The company has identified three positive signals for future growth: strong recovery of core brands, improved employee productivity, and effective management reforms [24][28][29].

Core Viewpoint - Shiseido Group reported a 7.6% decline in net sales for the first half of 2025, totaling 469.83 billion yen (approximately 22.86 billion RMB), while core operating profit increased by 21.3% to 233.72 billion yen (approximately 11.37 billion RMB) [3][9][10] Financial Performance Summary - The overall performance of Shiseido in the first half of 2025 shows a significant improvement in profitability despite a challenging market environment [7][14] - The decline in net sales is attributed to adverse factors in the overseas cosmetics market, particularly in China and travel retail, where both net sales and core operating profit decreased [10][19] - The core operating profit growth of 21.3% aligns with the group's expectations, driven by structural reforms in the Japanese business and effective cost management [9][10] Regional Performance Breakdown - **Japan**: Net sales of 145.87 billion yen (-0.4%), core operating profit increased by 207.5% to 19.51 billion yen [10] - **China and Travel Retail**: Net sales of 173.84 billion yen (-10.0%), core operating profit decreased by 15.6% to 38.81 billion yen [10][17] - **Asia-Pacific**: Net sales of 33.66 billion yen (-0.5%), core operating profit at -1.29 billion yen [10] - **North America**: Net sales of 51.47 billion yen (-9.0%), core operating profit at -5.83 billion yen [10] - **Emerging Markets**: Net sales of 59.50 billion yen (-3.8%), core operating profit at -2.56 billion yen [10] - **Other Regions**: Net sales of 5.39 billion yen (-25.8%), core operating profit at -0.90 billion yen [10] Brand Performance Insights - Core brands showed positive growth when excluding the performance in China and travel retail markets [11] - The Shiseido and CPB brands faced challenges in the Chinese market, impacting overall performance [7][19] Strategic Outlook - Shiseido maintains its full-year sales forecast of 995 billion yen and core operating profit of 36.5 billion yen for 2025, indicating a focus on stabilization amid ongoing structural reforms [22][23] - The company is implementing a two-year action plan (2025-2026) aimed at enhancing profitability and establishing a resilient business model [23][25] - The group emphasizes a shift towards sustainable profit growth rather than mere scale expansion, reflecting a broader trend in the cosmetics industry [26]

传闻已久的资生堂医美品牌终于"揭开面纱"！ 2 0 2 5 年 4 月 2 2 日 ， 资 生 堂 中 国 官 宣 旗 下 全 新 医 美 专 研 品 牌 「 律 曜 RQ PYOLOGY 」 （ 以 下 简 称：「律曜」）于上海首发。这是资生堂集团1 5 3年发展史上首个"专为亚洲肌打造"的高端术 研科技美肤品牌，最大的亮点是 以"械妆连用"的产品组合提供医美全周期的护理方案 ，集结 众多独家科技以实现"全面之美"。 对于新品牌的上市，资生堂中国及旅游零售CEO梅津利信表示：" 作为百年东方美先行者，资 生堂中国坚持'双管齐下'的创新战略，引入集团创新的同时，不断加码本土科研投资，把握新 兴的市场机遇。此次发布的律曜品牌将聚焦高端专业医美机构，通过高功效的械妆产品以及优 质的服务体验，为亚洲肌肤提供更安全、高效、精准的全周期美肤解决方案。 " 表面看，「律曜」的上市，意味着资生堂医美战略在中国迎来里程碑式的进展，这家百年老店 有望抓住大热的医美场景机遇迎来一波业务增长。但《FBe a u t y未来迹》研究发现，这一品牌 不仅在研发底层逻辑上有着超前的洞察和系统的解法，更是资生堂集团"成为个人美肤健康公 司 ...