在评价财务数据时，拜尔斯道夫首席执行官华文颂（Vincent Warnery）坦言，今年第三季度，尤其是新 兴市场，护肤品增长进一步放缓，"预计消费品业务板块全年销售额有机增长约2.5%。" 高端护肤品牌莱珀妮在今年前三季度的销售中，仍未扭转下滑局面。11月12日，新京报贝壳财经记者获 悉，德国护肤品集团拜尔斯道夫发布了2025年前三季度财务数据。报告期内，该集团整体销售额约75亿 欧元，有机增长2%，与上年同期6.5%的增幅相比有所放缓。 消费品业务前三季度销售额63亿欧元，莱珀妮持续承压 分业务来看，拜尔斯道夫旗下拥有消费品业务板块、德莎（tesa）业务板块，其中，消费品业务是该集 团的主营业务，后者则以工业产品服务为主。 得益于产品组合优化的持续推进，今年前三季度，消费品业务板块实现销售额63亿欧元，有机增长 2%，其中，皮肤科学品牌"优色林"表现突出；德莎业务板块销售额也实现了2%的有机增长，在该集团 看来，这主要由电子事业部推动，表现符合预期。 在消费品业务板块中，主要分为妮维雅（包括Labello）、Derma（包括优色林和Aquaphor）、高端护肤 品牌莱珀妮（La Prairie）、医疗健康 ...

Core Viewpoint - The global beauty industry is facing growth bottlenecks, and Beiersdorf is not immune to this trend, as indicated by its recent financial report for the first half of 2025, which reveals performance slowdowns, profit pressures, and brand performance disparities [2][4]. Financial Performance - Beiersdorf reported revenue of €5.188 billion (approximately ¥434.45 billion), a year-on-year increase of 0.2% (organic growth of 2.1%), which is a significant slowdown compared to last year's 4.3% (organic growth of 7.1%) [8]. - The consumer goods segment, which accounts for over 80% of total revenue, generated €4.33 billion (approximately ¥362.6 billion), remaining flat year-on-year (organic growth of 1.9%) [8]. Brand Performance - The Derma brand continues to act as a "growth engine," with strong performances from Eucerin and Aquaphor driving a growth of 10.5% (organic growth of 12.2%) [10]. - Conversely, the luxury skincare brand La Prairie saw a decline of 10.8% (organic decline of 10.7%), despite achieving 3% growth in China during Q2, reflecting the broader trend of low demand in the global high-end market [10]. - Nivea, the largest brand in the consumer segment, experienced a decline of 1.2% (organic growth of 1.0%), indicating a critical period of brand adjustment [10]. Strategic Adjustments - Beiersdorf has lowered its full-year guidance for 2025, adjusting the organic sales growth target from 4-6% to approximately 3%, and the EBIT margin expectation from a 50 basis point increase to a 20 basis point increase [12]. - The company is focusing on innovation to drive growth, with plans for a significant new product launch from Nivea, the "Epigenetic Essence," set to launch in September across 30 countries [19][20]. Market Dynamics in China - In China, Beiersdorf has shown significant structural adjustments and channel breakthroughs, with La Prairie achieving 3% organic growth, primarily driven by a 36% surge in e-commerce sales [15][26]. - Nivea is undergoing structural adjustments, particularly in lower-tier cities, where it is shifting from low-margin products to higher-end offerings, aiming to better align with consumer preferences [17]. - The upcoming launch of Nivea's epigenetic essence is expected to be the largest product launch in the company's history, with a price point 40-50% lower than Eucerin, aiming to capture a larger consumer base [19][20]. Future Outlook - Beiersdorf's growth in China will depend on its ability to penetrate core segments and compete effectively against rivals in terms of efficiency and content [22]. - The company is strategically focusing on the skincare segment, reducing low-margin SKUs, and introducing innovative products to attract a broader consumer base [22][24]. - The successful performance of Eucerin and the recovery of La Prairie in the e-commerce space are seen as positive indicators for future growth [20][26].