日妆持续在走下坡路，且不止在中国市场面临严峻挑战，从整体业绩、业务、地区表现等不同视角看，日妆巨头们也有各自的难题： 海外及除中国外的其他市场(如东南亚泰国)寻增量，花王美洲、欧洲、海外分别增长2.4%、3.0%、2.3%，I-ne清算中国子公司转战东南亚，高丝则致力于 进军海外南方市场并加强泰国店铺布局。 日妆巨头们近年来面临难题已是不争的事实，结合聚美丽梳理的日妆企业最新财报数据来看，还有以下关键信息值得关注： 营业利润冰火两重天：花王暴涨近108%，高丝、I-ne分别下滑17.7%、17.0%； 日妆巨头旗下品牌多陷下滑困境：醉象暴跌57%，安热沙、资生堂品牌、黛珂、POLA分别下滑15%、4%、1.5%、3.2%； 日妆巨头们在日本市场面临部分挑战：如高丝旗下雪肌精下滑0.5%，日本化妆品市场下滑3.4%，醉象日本闭店等； 受中国市场拖累，日妆在包括中国市场在内相关市场下滑占多数，时至2025年，撤退、清算、闭店动向仍不断； 最高大跌18%，日妆巨头们各有难题！ 剔除非化妆品业务后，从2025年上半年五大日妆企业业绩表现来看，仍存挑战。 如下图所示，仅花王营利双增，营业利润大涨107.87%，但净销售 ...

Core Viewpoint - Japanese cosmetics companies are facing significant challenges in the Chinese market, with declining sales and profits, prompting a need for strategic transformation to regain market share and adapt to local consumer demands [2][3][14]. Group 1: Market Performance - Shiseido's sales in China fell by 10% in the first half of 2025, while Kose's business declined by 7.3%, and POLA's net profit dropped by 38% due to market weakness [3][10][13]. - The overall sales of Japanese cosmetics in China have been adversely affected by the rise of local brands and external factors such as the nuclear wastewater incident [3][4]. - In the first half of 2025, Shiseido's global sales were 469.83 billion yen (approximately 22.86 billion RMB), down 7.6% year-on-year, but core operating profit increased by 21.3% to 23.37 billion yen (approximately 1.14 billion RMB) [7][8]. Group 2: Strategic Adjustments - Japanese companies are focusing on high-end markets and localizing their operations to better meet consumer needs in China [16][22]. - Shiseido plans to integrate its China and travel retail operations into an independent profit center to enhance brand synergy and respond to the trend of high-end market penetration [16][32]. - Kose is implementing a strategy of channel optimization and brand restructuring, emphasizing high-end and mass-market segments while enhancing local R&D and marketing efforts [24][31]. Group 3: Future Outlook - Despite current challenges, Japanese companies remain optimistic about the long-term growth potential in the Chinese market and are accelerating their transformation efforts [16][32]. - The focus on high-quality growth rather than short-term sales boosts is evident in Shiseido's strategy, which includes significant investments in core brands and new product launches [18][32]. - The ability to adapt to local consumer preferences and integrate local insights into product development will be crucial for Japanese brands to maintain competitiveness in the evolving Chinese beauty market [27][32].