Group 1: Market Overview - Recent financial reports from international beauty leaders like L'Oréal and Procter & Gamble indicate a sequential improvement in growth rates for overseas brands in the Chinese market, particularly in functional skincare and medical aesthetics [1] - The beauty sector is experiencing significant changes, with a notable rise in domestic brands, highlighting a clear growth trend and increasing brand differentiation [1] Group 2: L'Oréal Performance - L'Oréal reported a sales figure of €22.47 billion for 1H25, reflecting a year-on-year growth of 3.0%, with Q1 and Q2 growth rates of 2.6% and 3.7% respectively [2] - The net profit for L'Oréal reached €3.783 billion, showing a 1.0% year-on-year increase [2] - The professional hair division led growth with a 6.5% increase, while mass skincare, premium cosmetics, and skin science segments grew by 2.8%, 2.0%, and 3.1% respectively [2] - The Chinese market showed a 3% year-on-year growth in Q2, with skin science and professional hair products performing particularly well [2] Group 3: Procter & Gamble Performance - Procter & Gamble's Q2 sales amounted to $20.889 billion, a 2% year-on-year increase, with net profit rising by 15% to $3.626 billion [3] - The beauty segment saw a slight increase of 0.2% year-on-year, while net profit in this division grew by 4% [3] - The skincare business in China continued to grow, although this was offset by a decline in North America, resulting in flat overall sales for the skincare segment [3] Group 4: Galderma Performance - Galderma reported a net sales figure of $2.448 billion for 1H25, marking a 12.2% year-on-year increase, with Q2 growth at 15.8% [4] - The company raised its full-year sales guidance to 12-14%, up from the previous 10-12% [4] - The injection aesthetics, daily skincare, and skin treatment segments grew by 9.8%, 7.7%, and 26.9% respectively, with botulinum toxin sales increasing by 14.7% [4] - Strong performance was noted in key markets such as Brazil, Canada, and mainland China, particularly in the injection aesthetics business [4]

Core Insights - Galderma reported a record net sales of $1.129 billion for Q1 2025, reflecting an 8.3% year-over-year growth at constant exchange rates, driven by volume growth and a favorable product mix [1][3] - The company's performance exceeded market expectations due to focused execution, successful launch of aesthetic injection products, and strong initial performance of nemolizumab [1][3] - Galderma confirmed its full-year guidance for 2025, expecting net sales growth of 10-12% at constant exchange rates and a core EBITDA margin of approximately 23% [2][11] Financial Performance - Net sales for Q1 2025 reached $1.129 billion, with a year-over-year growth of 8.3% at constant exchange rates, primarily driven by sales volume and product mix optimization [1][3] - The aesthetic injection segment generated net sales of $547 million, with a 9.9% year-over-year growth at constant exchange rates [5] - Daily skincare products achieved net sales of $370 million, reflecting a 7.8% year-over-year growth at constant exchange rates [6][7] - The skin treatment segment reported net sales of $212 million, with a 4.9% year-over-year growth at constant exchange rates, largely due to the strong sales of nemolizumab [8] Product Performance - Nemolizumab generated net sales of $39 million, benefiting from strong initial market acceptance in the U.S. for atopic dermatitis and nodular prurigo [8][10] - The new liquid A-type botulinum toxin (RelabotulinumtoxinA) was launched in 15 European markets, Switzerland, Australia, and the UK, showcasing Galderma's innovative product pipeline [5][9] - The flagship brands, Cetaphil and Alastin Skincare, continued to show strong growth, particularly in international markets, with new product launches enhancing their market presence [7][9] Market Outlook - Galderma aims to expand its market share globally, particularly in rapidly growing international markets with low penetration rates, while expecting moderate growth in the U.S. market [2][12] - The company is focused on reducing debt and optimizing its financial structure, supported by strong cash flow [2][12] - Galderma's strategy includes a flexible investment approach to drive business growth, leveraging its diverse product portfolio and extensive international market presence [2][12]