Core Viewpoint - The global beauty and medical aesthetics industries are deeply integrating, with Galderma leveraging its unique positioning of "pharmaceuticals + medical aesthetics + skincare" to seize strategic opportunities. This integrated approach aligns with the industry's trend towards "health + aesthetics" [2][4]. Group 1: Company Overview - Galderma has transformed from a skin care company known for selling Cetaphil to a major player in the pharmaceutical and medical aesthetics sectors since its independence from Nestlé in 2019. It is now the largest independent dermatology company globally, operating in over 100 countries with more than 7,000 employees [4][21]. - The company's annual revenue has grown from approximately $3.5 billion in 2020 to over $4 billion, with projections reaching $4.41 billion by 2024. In the first half of 2025, revenue reached $2.448 billion, reflecting a 12.2% growth at constant exchange rates [4][6]. Group 2: Business Segments - Galderma's growth is driven by three main business segments: Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. In the first half of 2025, these segments generated sales of $1.24 billion, $719 million, and $489 million, respectively, with growth rates of 9.8%, 7.7%, and 26.9% [6][7]. - The Injectable Aesthetics segment, which includes products like neurotoxins and fillers, is the highest revenue contributor, while the Therapeutic Dermatology segment shows significant growth potential, particularly with FDA-approved products [6][8]. Group 3: Market Trends and Consumer Behavior - The beauty industry is entering a "performance-driven" era, with consumers increasingly favoring value-oriented brands and prioritizing ingredient transparency and efficacy. This trend is particularly evident among Gen Z consumers [8][11]. - In the medical aesthetics sector, the demand for injectables is surging due to trends like the "Ozempic face" phenomenon and the aging baby boomer population. Galderma's products, such as Relydess and Sculptra, are well-positioned to capitalize on this growth [8][9]. Group 4: Strategic Positioning in China - China represents the largest and most promising skincare market globally, with a projected market size of 1,073.8 billion RMB in 2024. Galderma's Cetaphil brand aligns well with the increasing demand for effective, clinically-backed skincare products [11][16]. - The company is also expanding its injectable aesthetics offerings in China, with products like Relydess and Sculptra, responding to the rising demand for anti-aging solutions [15][16]. Group 5: Future Outlook - Galderma's robust R&D capabilities and capital support position it for sustained growth over the next decade. The company has a global R&D network with over 650 personnel and has conducted more than 770 clinical trials for its products since 2020 [23][24]. - With its integrated strategy of "pharmaceuticals + medical aesthetics + skincare," Galderma is well-positioned to potentially enter the top 10 global beauty groups and become a core player in the dual beauty and medical aesthetics market [24].

2024年，高德美惜败Puig，未能进入全球美妆TOP榜前十，位列第11。 时至半年报公布之际，高德美的业绩如何呢？ 7月24日，高德美公布了2025年上半年财报，净销售额创历史新高，达到24.48亿美元(人民币约175.16亿元)，按固定汇率计算同比增长12.2%；核心息税折 旧摊销前利润也同样增长，达到5.55亿美元(人民币约39.71亿元)。如按固定汇率计算同比增长9.5%，上半年核心息税折旧摊销前利润率略高于预期的 22.7%。 图源：高德美官网 值得注意的是，高德美还上调了2025年全年净销售额指引，预计按固定汇率计算增长12-14%(之前为10-12%)，并确认按固定汇率计算的核心EBITDA利润 率约为23%的指引。 此外，梳理高德美最新财报，还有以下关键数据值得关注： 1.国际市场和美国均实现两位数增长，所有产品类别均表现强劲； 2.注射美学业务按固定汇率计算同比增长9.8%； 3.护肤品牌Cetaphil在亚洲表现出色。 对此，高德美首席执行官FLEMMING ØRNSKOV表示："高德美在2025年上半年的强劲表现，凸显了在各个产品类别的卓越执行力，以及两个潜在的重 磅产品——Nemluv ...