Core Insights - In 2024, Gaudermed narrowly missed entering the global beauty top ten, ranking 11th, with a net sales figure of $2.448 billion for the first half of 2025, marking a historical high and a 12.2% year-over-year growth at constant exchange rates [1][16]. Financial Performance - Gaudermed's net sales reached $2.448 billion (approximately ¥175.16 billion), with a core EBITDA of $555 million (approximately ¥39.71 billion), reflecting a 9.5% increase year-over-year at constant exchange rates [1][3]. - The company raised its full-year net sales guidance for 2025 to a growth forecast of 12-14% at constant exchange rates, up from the previous estimate of 10-12% [3][16]. - The second quarter saw a net sales increase of 15.8% year-over-year, driven by strong sales volume and favorable product mix [1][3]. Product Performance - The aesthetics injection segment generated $1.24 billion (approximately ¥88.73 billion) in net sales, a 9.8% increase year-over-year [8][9]. - The skincare brand Cetaphil performed exceptionally well in Asia, contributing to the overall growth [3][13]. - The therapeutic dermatology segment achieved the highest growth rate at 26.9%, with net sales of $489 million (approximately ¥34.99 billion) [8][9]. Market Dynamics - Seven out of Gaudermed's top ten markets experienced double-digit growth, with the U.S. market alone generating $1.039 billion (approximately ¥74.34 billion), a 12.3% increase year-over-year [11][12]. - The company is investing in its U.S. operations, establishing a new headquarters in Miami and appointing Heather Wallace as the U.S. president to enhance its dermatology and consumer health initiatives [11][12]. Competitive Landscape - Despite Gaudermed's strong performance, it fell short of Puig's revenue, with a difference of approximately ¥18 billion, as Puig reported a net income of €2.299 billion (approximately ¥193.34 billion) for the same period [16].

Group 1: Consumption Policy and Market Trends - The government is expected to implement policies to promote childbirth, with significant subsidies announced in Hohhot, which may catalyze demand in the maternal and infant sector, benefiting companies like Aiyingshi and Haiziwang [6][8] - The retail sector is seeing a shift towards quality supermarkets, driven by consumer demand for better product quality, with companies like Yonghui Supermarket and Chongqing Department Store expected to expand [7][8] - The "AI + Consumption" initiative is being emphasized, with potential growth in sectors like AI-integrated eyewear and e-commerce, highlighting companies such as Mingyue Optical and Ruoyuchen [2] Group 2: Company-Specific Developments - Aimeike plans to acquire REGEN Biotech, which could enhance its market position and valuation, as the acquisition is expected to provide significant growth opportunities in both domestic and international markets [3] - The 3.8 promotion event on platforms like Tmall and Douyin showed strong performance, with brands like Juzi and Marubi exceeding expectations, indicating a robust recovery in the beauty sector [4][5] - Gaode Beauty reported a 9.3% increase in net sales for 2024, with significant growth in its aesthetic injection segment, particularly in China, where new products are expected to drive further growth [6]