爱茉莉太平洋中国相关负责人对本报记者表示，集团不断加大投入培育品牌，基于消费习惯演变与市场 趋势的前瞻性布局，旨在通过渠道优化与数字化革新，更精准、高效地服务中国消费者。未来，雪花秀 将继续深化在华战略布局。 根据欧睿国际数据，2019—2024年间，雪花秀在中国护肤市场的份额自2021年触顶后已连续三年下滑， 规模较峰值几乎腰斩。 雪花秀近期被传预计在中国市场撤柜约30家，且主要集中在二线城市，长沙仅剩一家门店，南宁、苏州 等城市已无门店。 对于"雪花秀退出中国"的质疑，爱茉莉太平洋中国相关负责人12月11日回应《华夏时报》记者时予以否 认，并强调中国始终是雪花秀品牌重要的战略市场。 不过这依然折射出韩妆过往的光环已然黯淡，包括雪花秀在内的高端韩妆，在中国消费者心中的地位悄 然沉降。曾风靡一时的"韩妆滤镜"，其完美无瑕的水光肌与鲜明色调，正从年轻一代的审美与购物车中 渐渐淡出。这背后或许不仅是单品的失效，更是一种文化叙事与审美话语权的整体性转移。 撤柜，收缩 据天眼查，雪花秀（Sulwhasoo）是韩国高端草本护肤品牌，以人参为核心成分，是韩国爱茉莉太平洋 集团旗下三大高端品牌（爱茉莉太平洋、雪花秀、赫妍） ...

Core Insights - The Korean cosmetics industry is experiencing a global resurgence, with exports reaching $8.52 billion (approximately 604.07 billion RMB) in the first three quarters of 2025, marking a 15.4% year-on-year increase and setting a historical record for the same period [1][17] - The focus of this resurgence is shifting away from China, as the proportion of Korean cosmetics exports to China fell below 20% for the first time in the first half of 2025 [1][10] - Major players like Amorepacific and LG Household & Health Care are diversifying their markets, targeting growth in North America, Japan, and Europe [10][15] Group 1: Amorepacific Performance - Amorepacific's sales in Q3 2025 reached 10.169 trillion KRW (approximately 48.81 billion RMB), a 4.1% increase year-on-year, with operating profit soaring by 41% to 919 billion KRW (approximately 4.41 billion RMB) [4][6] - The company reported a total sales figure of 30.894 trillion KRW (approximately 148.29 billion RMB) for the first three quarters of 2025, reflecting a 10.6% year-on-year growth [6] - The cosmetics segment contributed significantly, with sales of 27.555 trillion KRW (approximately 132.27 billion RMB), up 10.15% year-on-year, accounting for 89.2% of total revenue [6] Group 2: LG Household & Health Care Performance - LG Household & Health Care reported a sales decline of 6.1% in the first three quarters of 2025, totaling 48.83 trillion KRW (approximately 234.38 billion RMB), with operating profit down 41.4% [7][9] - In Q3 2025, the company achieved sales of 15.8 trillion KRW (approximately 75.84 billion RMB), a decrease of 7.8% year-on-year, with the beauty segment experiencing a significant drop of 26.5% [9][10] - The company attributed its struggles to a major restructuring of traditional channels, which severely impacted duty-free retail [9] Group 3: Market Diversification - Korean cosmetics companies are increasingly focusing on overseas markets, with Amorepacific's overseas sales in Q3 2025 reaching 440.8 billion KRW (approximately 21.16 billion RMB), accounting for 43.4% of total sales [10][12] - LG Household & Health Care's overseas sales grew by 6.6% to 493 billion KRW (approximately 23.66 billion RMB), representing 31% of total sales [12] - The shift away from reliance on the Chinese market is evident, with Amorepacific's sales to China dropping to 10.4% and LG's to 9% in Q3 2025 [10][12] Group 4: Strategic Initiatives - Companies are pursuing global diversification strategies, including acquisitions of local brands and partnerships with major e-commerce platforms like Amazon and Shopee [14][15] - Amorepacific is prioritizing markets in the U.S., Japan, and Europe while adjusting its strategy in China to focus on high-quality growth [15][19] - LG Household & Health Care is also restructuring its global business, emphasizing the Americas and targeting younger consumers with new products [15][19]

Group 1: Core Insights - The China International Import Expo (CIIE) serves as a platform for global companies to showcase products and understand new consumer trends in China [1][2] - Amorepacific showcased over 20 new products making their debut in China, focusing on personalized skincare solutions and addressing specific consumer needs [1][2] - The demand for health-oriented products is rising, with companies like Laiyifen integrating national health strategies into their product offerings [2][3] Group 2: Industry Trends - The expo highlighted a shift towards health-conscious consumer preferences, with products featuring low-fat, low-GI, and no additives gaining attention [2][3] - AI solutions were prominently featured, indicating a trend towards smart healthcare services that enhance patient interaction and address healthcare challenges [3][4] - Companies are transitioning from being equipment suppliers to service providers, with a focus on comprehensive AI solutions to improve healthcare efficiency and safety [4]

Core Viewpoint - The long-standing "high-profile divorce case" involving Liren Lizhuang has concluded, with the share transfer completed, marking a significant change in the company's ownership structure [2][4]. Group 1: Shareholder Changes - On August 21, Liren Lizhuang announced that the share transfer related to the divorce dispute between Huang Tao and his ex-wife Weng Shuhua has been completed. Huang Tao's shareholding decreased from 32.46% to 28.28%, while Weng Shuhua became a significant shareholder with 16,747,538 shares, accounting for 4.18% of the total shares [4][5]. - The market value of the shares obtained by Weng Shuhua is approximately 172 million yuan, reflecting an increase of over 40% since the court ruling [6]. Group 2: Business Performance - Liren Lizhuang's revenue has drastically declined from 4.155 billion yuan in 2021 to 1.728 billion yuan in 2024, a reduction of nearly 60%. The company is projected to incur a loss of 30 to 42.5 million yuan in the first half of 2025, reversing from profit to loss year-on-year [9]. - The termination or shift to a light operation model of partnerships with international brands like L'Oreal and Sulwhasoo in 2024 has led to a 38.39% drop in traditional e-commerce retail revenue [10]. - The company's transformation process is lagging behind its peers, with Tmall platform revenue still accounting for 73.43% in 2024, while emerging channels like Douyin only represent 18%. Although self-owned brands like Yuyongchun and Meiyitang saw a 140% revenue increase, they still contribute less than 10% to total revenue [12]. Group 3: Recent Shareholder Transactions - In April, Liren Lizhuang announced that Alibaba's subsidiary, Hangzhou Haoyue, transferred 70.38 million shares (17.57% of total shares) to Beijing Linlang Huancai Consulting Partnership at a price of 6.9 yuan per share, totaling 486 million yuan. This transaction marked the end of Alibaba's investment relationship with Liren Lizhuang since 2012 [14][16]. - Linlang Huancai, established in March 2025, has a registered capital of 515 million yuan, but its financial data appears weak, with only 5,036 yuan in revenue and a net profit of 5,010 yuan in 2024, and no revenue with a net loss of 74 yuan in the first quarter of 2025 [17][18].

Core Insights - The South Korean beauty market is undergoing significant changes, with the rapid rise of new players like APR, which has seen its stock price soar by 200% this year, surpassing established giants like LG Household & Health Care and Amorepacific in market capitalization [1][3][4] - Traditional beauty companies such as LG Household & Health Care and Aekyung are facing severe challenges, including declining profits and the need to sell assets or repay debts [3][4][10] - The overall competitive landscape in the Korean beauty industry is shifting, with new entrants gaining market share while established companies struggle [4][44] Group 1: Performance of Established Companies - LG Household & Health Care's beauty segment has seen a dramatic profit drop of 70%, with overall revenue down by 5.3% year-on-year [10][12][13] - Aekyung's revenue decreased by 5.9%, with a nearly 50% drop in operating profit, indicating a significant decline in performance [13][23] - Amorepacific reported a 5.2% increase in domestic sales, contrasting with APR's 7.5% decline in the same market [9][16] Group 2: Performance of New Entrants - APR's revenue from cosmetics and beauty surged by 186.1%, with a notable increase in operating profit by 149.4% year-on-year [18][19] - APR's market capitalization has reached approximately 87501.33 billion KRW (about 452.64 billion RMB), making it the top company in the Korean beauty sector [1][4] - The company has also reported significant growth in international markets, with sales in North America and Japan increasing by 236.3% and 280.9%, respectively [5][37] Group 3: Market Trends and Challenges - The Korean beauty market is experiencing a shift, with established brands losing ground to smaller, innovative companies that are gaining traction [44] - Despite challenges in the domestic market, some companies like Amorepacific are seeing growth in international markets, particularly in North America and Japan [37][40] - The overall export of Korean beauty products to China has declined by 10.8%, highlighting the need for strategic adjustments in overseas markets [34][33] Group 4: Strategic Adjustments - Companies are adjusting their strategies in response to market conditions, with Amorepacific focusing on e-commerce and reducing physical store presence in China [31][29] - LG Household & Health Care and Aekyung are also exploring online channels to boost sales, indicating a broader trend towards digital transformation in the industry [31][33] - The competitive landscape is expected to continue evolving, with new entrants likely to challenge established players further [44]

Core Viewpoint - Amorepacific has been relatively quiet in the Chinese market compared to other international beauty giants, but it is now introducing its skincare brand AESTURA to cater to the growing demand for sensitive skin care in China [1][2]. Company Summary - Amorepacific's AESTURA brand focuses on the sensitive skin segment and plans to primarily sell online in China, with its first offline appearance scheduled for the China International Import Expo in November 2025 [1]. - The company reported a consolidated sales revenue of 1.16 trillion KRW in its Q1 report, marking a 15.7% year-on-year increase, with overseas sales growing by 40.5% to 473 billion KRW [2]. - Amorepacific appointed Taeho Park as the new president of Amorepacific China in April 2024, who has over 24 years of experience within the group [2]. Industry Summary - The overall market for sensitive skin in China is projected to exceed 30 billion RMB by 2024, indicating a significant growth opportunity [2]. - Industry experts suggest that Amorepacific's existing brands lack appeal to younger consumers, necessitating the introduction of new brands to capture market growth [3]. - The introduction of new brands is seen as a strategic move for Amorepacific to remain competitive in the rapidly evolving Chinese beauty market [3].

Core Insights - Amorepacific is introducing new brands to enhance its presence in the Chinese market, particularly in response to the declining momentum of its existing brands like Innisfree and Etude House [1] - The company has launched its skincare brand AESTURA, targeting the sensitive skin segment, with a primary focus on online sales in China [1] - The sensitive skin care market in China is experiencing significant growth, with a projected market capacity exceeding 30 billion yuan by 2024 [3] Company Developments - Amorepacific reported a consolidated sales revenue of 1.16 trillion KRW in its recent quarterly report, marking a 15.7% year-on-year increase, with overseas sales growing by 40.5% to 473 billion KRW [3] - The company appointed Taeho Park as the new president of Amorepacific China in April 2024, who has over 24 years of experience within the group [3] - Under Park's leadership, Amorepacific has implemented new market strategies, including the introduction of the high-end skincare brand AP in Shanghai [3] Industry Context - Other international beauty brands are expanding their market share, while Amorepacific's established brands lack appeal to younger consumers in China [4] - Industry experts suggest that introducing new brands is a preferred strategy for companies to attract the new generation of consumers in the competitive Chinese market [4]

Core Viewpoint - The article discusses the decline of Korean cosmetics in the Chinese market and their resurgence in the U.S. market, highlighting the factors contributing to these trends. Group 1: Decline in Chinese Market - Korean cosmetics, once popular in China due to hit dramas and celebrity endorsements, have seen a significant decline, with Amorepacific reporting a 30% year-on-year drop in sales in the Greater China region [1] - In 2021, China accounted for 53% of Korea's cosmetics exports, but this figure is projected to drop to around 25% by 2024, with the U.S. market showing the largest growth, nearing 20% of total exports [1] Group 2: Resurgence in U.S. Market - Korean cosmetics are making a comeback in the U.S. market, aided by the popularity of the 10-step skincare routine and the influence of social media platforms like TikTok and Instagram [2][6] - Amorepacific has initiated brand revitalization efforts, including rebranding its high-end skincare line Sulwhasoo and hiring well-known celebrities as brand ambassadors, leading to double-digit sales growth for brands like Laneige [3][5] - The introduction of a wider range of product shades to cater to diverse skin tones has significantly boosted sales, as seen with the brand Tirtir, which expanded from 3 to 40 shades [5] Group 3: Market Dynamics and Consumer Behavior - The influence of K-culture, including K-dramas and K-pop, continues to drive consumer interest in Korean cosmetics in the U.S. market [7] - The absence of tariffs on most Korean cosmetics due to the U.S.-Korea Free Trade Agreement has made these products more competitively priced compared to local brands [7] - The "lipstick effect" suggests that consumers are more willing to try affordable and innovative Korean cosmetics during economic downturns [7] Group 4: Distribution and Marketing Strategies - Korean brands are increasingly focusing on offline retail experiences, signing long-term leases in key locations to attract local consumers [8] - Initiatives like the opening of Olive Young stores in the U.S. aim to enhance consumer exposure to Korean beauty products [10] Group 5: Challenges Ahead - Korean cosmetics companies face challenges such as stricter U.S. FDA regulations and potential tariff impacts due to changing political climates [11]

Group 1 - The core viewpoint of the article highlights the significant divergence in performance among major Korean cosmetic companies, with some experiencing substantial declines in profits while others show growth in international markets [1][2][3] - Korean cosmetics are facing challenges in the Chinese market, with companies like LG Household & Health Care and Amorepacific reporting revenue declines of 4.1% and 10.4% respectively in China [1][23] - In contrast, Amorepacific reported a remarkable growth of 79% in the Americas, indicating a successful expansion strategy in that region [1][32] Group 2 - Among the three major Korean cosmetic companies, only Amorepacific achieved double-digit growth in both revenue and operating profit, with increases of 17.1% and 62% respectively [3][6] - LG Household & Health Care and Aekyung both reported declines in profits, with LG's revenue down by 1% and operating profit down by 3%, while Aekyung's revenue fell by 10.7% and operating profit plummeted by 63.3% [6][15] - The overall export of Korean cosmetics reached $2.6 billion in Q1 2025, marking a 13% increase, but exports to China saw a significant drop of 15.3% [18][19] Group 3 - The article emphasizes the ongoing struggles of Korean cosmetics in the Chinese market, with many brands withdrawing or closing stores, despite the market still being a crucial area for growth [30][31] - Companies are adjusting their strategies in China, with Aekyung planning to expand its product lines and Amorepacific aiming for breakeven through improved channel management and e-commerce operations [30][31] - The performance in the U.S. and Japan remains strong, with LG Household & Health Care reporting a 3.1% increase in North America and a 23.2% increase in Japan [31][32]