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 ...

Group 1 - Japanese cosmetics companies are experiencing collective anxiety in the Chinese market, with Shiseido's executives acknowledging a decline in brand equity [2] - The Japanese beauty industry has been a significant player in China for over 40 years, but recent years have seen challenges due to the rise of local brands and external pressures from Western competitors [2][3] - In the first half of 2025, major Japanese beauty companies reported declines in their Chinese operations, with Shiseido's sales dropping by 10%, Kosé's by 7.3%, and POLA's net profit plummeting by 38% [2][3] Group 2 - The performance of Japanese beauty companies reflects a broader restructuring of the beauty industry, highlighting the need for multinational companies to adapt to the changing market dynamics in China [3] - Despite global profit growth, the persistent weakness in the Chinese market is a common challenge for these companies, indicating a significant shift in the competitive landscape [3][16] Group 3 - Shiseido's overall sales in the first half of 2025 were 469.83 billion yen (approximately 22.86 billion RMB), a decrease of 7.6%, while core operating profit increased by 21.3% to 23.37 billion yen (approximately 1.14 billion RMB) [7][10] - The Chinese and travel retail segment for Shiseido saw sales of 173.94 billion yen (approximately 8.46 billion RMB), down 12.4%, but it contributed nearly 80% of the group's core profit [10] Group 4 - Kao Corporation reported a global sales increase of 2.7% to 809 billion yen (approximately 39.3 billion RMB) in the first half of 2025, with operating profit rising by 19.9% to 69.5 billion yen (approximately 3.3 billion RMB) [10][13] - Kosé's sales were 160.5 billion yen (approximately 7.8 billion RMB), a slight increase of 0.9%, but operating profit fell by 17.7% to 11.3 billion yen (approximately 0.55 billion RMB) [15] Group 5 - POLA ORBIS Group's total revenue was 832.53 billion yen (approximately 38.3 billion RMB), a slight decrease of 0.7%, with net profit dropping by 38.1% to 4.64 billion yen (approximately 0.23 billion RMB) [16] - The performance of these companies illustrates a clear divide between global profitability and challenges in the Chinese market, with POLA facing additional difficulties due to delayed strategic adjustments [16] Group 6 - Japanese beauty companies are optimistic about the long-term potential of the Chinese market and are accelerating transformations to navigate current challenges [17] - Strategies include focusing on high-end products, channel innovation, and localization to better respond to the evolving consumer landscape in China [17][19]