Retail Channel

Recently, Ulta Beauty, the largest beauty retailer in the United States, announced its fourth-quarter and full-year results for 2024. According to the financial report, in 2024, Ulta Beauty's net sales reached $11.296 billion (approximately 81.759 billion yuan), an increase of 0.8% year-on-year. The sales of the cosmetics, skin care, hair care, and fragrance departments accounted for 39%, 23%, 19%, and 13% of the total annual sales, respectively.

Brands and the Industry

On March 4th, 2025, according to the public notice platform of the National Medical Products Administration, the culture of Dendrobium officinale has completed the filing of new cosmetic raw materials and entered the public notice stage. The culture of Dendrobium officinale (Filing number: Guo Zhuang Yuan Bei Zi 20250020) was filed by Shenyang Kekang Technology Co., Ltd.

SHEIN BEAUTY released its full-year and fourth-quarter financial reports for 2024. Within the three months ended December 31st, 2024, SHEIN BEAUTY's net income increased by 7.1% year-on-year to reach $157.3 million, mainly due to the 16.4% year-on-year increase in the net income of its color cosmetics business. The net income of the skin care business in the fourth quarter was $76 million, remaining the same as the same period last year, and its proportion of the total net income decreased from 51.7% in the same period last year to 48.3%. Within the twelve months ended December 31st, 2024, the company's net income decreased by 0.6% year-on-year to $464.9 million, and the net income of the skin care business increased by 0.7% year-on-year to $190.9 million.

The Puig Group achieved double-digit growth in 2024. Its sales reached 4.79 billion euros, an increase of 11% year-on-year, the net profit reached 531 million euros, an increase of 14.1% year-on-year, and the adjusted operating cash flow was 825 million euros, an increase of 263 million euros year-on-year. The net income in the fourth quarter reached 1.362 billion euros (approximately 10.3 billion yuan), an increase of 14.3% year-on-year.
Specifically, the perfume and fashion department continued to serve as the group's growth engine, with annual sales reaching 3.538 billion euros (approximately 26.76 billion yuan), an increase of 13.6% year-on-year, accounting for 73% of the group's total revenue; the annual sales of the cosmetics department were 763 million euros (approximately 5.74 billion yuan), a year-on-year decrease of 1.3%; the skin care department performed strongly, with sales reaching 516 million euros (approximately 3.88 billion yuan), an increase of 19.8% year-on-year.

Recently, Bawei Co., Ltd. released its performance preview. In 2024, the company is expected to have an operating income of 695 million yuan, an increase of 48.24% year-on-year; it is expected to achieve a total profit of 48.5099 million yuan, an increase of 9.02% compared with the same period last year; and it is expected to achieve a net profit of 45.7268 million yuan, an increase of 11.10% year-on-year.

On February 27th, Shanghai Huayimei Cosmetics Co., Ltd. was officially ruled bankrupt by the Third Intermediate People's Court of Shanghai and its bankruptcy proceedings were terminated.

Recently, the Interparfums Group released its performance for the fiscal year 2024, showing that the revenue increased by 10% year-on-year to $1.452 billion (approximately 10.5 billion yuan), and the net profit increased by 8% to $164 million (approximately 1.1 billion yuan). Among them, the revenue in the fourth quarter of 2024 increased by 10% to $362 million (approximately 2.6 billion yuan), setting the best fourth-quarter performance in history. It is reported that the top six brands of the group account for about 70% of the net sales, increasing by 5% in the fourth quarter and 4% for the whole year. The newly added Lacoste and Roberto Cavalli have also made significant contributions to the sales growth, accounting for 8% of the quarterly sales growth and 9% of the annual growth.

Recently, Symrise, a global fragrance and flavor giant, announced the launch of a new oral care ingredient named Optacool®Fuji, aiming to enhance the sensory experience of oral care products.

Oddity released its financial reports for 2024 and the fourth quarter. Within the three months ended December 31st, 2024, the company's net income was $124 million (approximately 900 million yuan), a significant year-on-year increase of 27%. Within the twelve months ended December 31st, 2024, the company's net income was $647 million (approximately 4.7 billion yuan), higher than the $509 million (approximately 3.6 billion yuan) for the whole year of 2023.

Recently, Robertet, a French fragrance and flavor giant, released its performance forecast for 2024. The company's annual turnover reached 807 million euros (approximately 6.1 billion yuan), an increase of 12% year-on-year.

Recently, Cécred, the hair care brand of the famous American singer Beyoncé, reached a cooperation with Ulta Beauty to start retail expansion. Starting from April 6th, 2025, Cécred products will be available in more than 1,400 Ulta Beauty stores and on its official website, and will also be deeply integrated with Ulta Beauty's salons.

Shanghai Jahwa United Co., Ltd. announced its 2024 performance preview. Within the twelve months ended December 31st, 2024, Shanghai Jahwa's total operating revenue in 2024 was 5.678 billion yuan, a year-on-year decrease of 13.93%; the operating profit was a loss of 832 million yuan, a year-on-year drop of 249.58%; and the net profit attributable to shareholders of the listed company was a loss of 804 million yuan, a year-on-year drop of 260.72%.

Recently, the Puig Group released its financial report. In 2024, it achieved sales of 4.79 billion euros (approximately 36.5 billion yuan), an increase of 11.3% year-on-year, and a net profit of 531 million euros (approximately 4 billion yuan), an increase of 14.1% year-on-year. Among them, the perfume and fashion department performed outstandingly, with annual sales reaching 3.538 billion euros (approximately 27 billion yuan), an increase of 13.6% year-on-year, accounting for 73% of the group's total revenue. However, the sales of the cosmetics department were 763 million euros (approximately 5.8 billion yuan), a year-on-year decrease of 1.3%.

Recently, Shanghai Jiakai Biotechnology Co., Ltd. (hereinafter referred to as "Jiakai Biotechnology") announced that its application for the public transfer of its listed shares has been approved by the National Equities Exchange and Quotations. The company's shares will be publicly transferred on the National Equities Exchange and Quotations system starting from March 12th, 2025. Founded in 2010 and formerly known as Shanghai Jiaye Chemical Co., Ltd., Jiakai Biotechnology is an enterprise that focuses on the fields of plant extraction, fermentation, and synthesis, and specializes in the research, development, and production of cosmetic functional raw materials.

Recently, according to foreign media reports, Amorepacific Group sold the intellectual property (IP) of the French perfume brand "Maison Goutal" that it acquired in 2011 to the well-known perfume group Interparfums after a 14-year interval.

On the evening of March 19th, Aimeike (300896.SZ) released its 2024 performance: It achieved an operating revenue of 3.026 billion yuan, an increase of 5.43% year-on-year, stepping onto the 3-billion-yuan level; the net profit attributable to the parent company was 1.958 billion yuan, an increase of 5.33% year-on-year, becoming the first domestic medical aesthetics enterprise to earn nearly 2 billion yuan in a year. At the same time, its gross profit margin was 94.64%; and the net profit margin was 64.44%.

Recently, Shangmei Co., Ltd. applied for a number of patents related to beauty devices and acne treatment devices, including "A New Type of Phototherapy Acne Treatment Device", "A Control Method for Instant Lifting", and "A Method for Inducing Adhesion Sensing of Beauty Devices", officially laying out in the beauty device track.

On March 17th, the National Bureau of Statistics released the latest data. From January to February, the total retail sales of consumer goods were 8,373.1 billion yuan, an increase of 4.0% year-on-year. Among them, the total retail sales of cosmetics were 72 billion yuan, an increase of 4.4% year-on-year, outperforming the overall market. It is worth mentioning that this is the first time that the retail sales of cosmetics from January to February have exceeded 70 billion yuan over the years.

Recently, Zhuhai Yasha Biotechnology Co., Ltd. released the "Notice of Intention to Apply for the Termination of Listing of the Company's Shares on the National Equities Exchange and Quotations System", intending to withdraw from the New Third Board.

Recently, Natura&Co, a Brazilian beauty group, released its 2024 financial report, showing that the annual net income reached 24.09 billion reais (approximately 30.018 billion yuan), an increase of 12.4% year-on-year calculated at a fixed exchange rate; the gross profit was 15.717 billion reais (approximately 19.579 billion yuan), an increase of 23.7% year-on-year; and the net profit was a loss of 8.93 billion reais (approximately 11.124 billion yuan).

On March 11th, according to the public notice platform of the National Medical Products Administration, Guangxi Hegui Group Co., Ltd. simultaneously completed the filing of the flower extract and leaf extract of Camellia chrysantha. The flower extract of Camellia chrysantha (Filing number: Guo Zhuang Yuan Bei Zi 20250024), and the leaf extract of Camellia chrysantha (Filing number: Guo Zhuang Yuan Bei Zi 20250025).

Recently, the domestic beauty brand Flower Knows has officially launched on the Amazon platform in the United States.

E-commerce Platform

Data shows that in 2024, the GMV growth rate of the beauty category on DEWU has exceeded 150%, and the number of merchants with a GMV of over 100 million yuan has increased by 100% annually. Last year, during the "520" period alone, the number of orders on the DEWU platform increased by 70% year-on-year, and the GMV of 20% of the merchants increased by more than 100% year-on-year.

In February, the GMV of beauty products on Taotian (Alibaba's e-commerce platform) was 15.205 billion yuan, a month-on-month decrease of 7.25% and a year-on-year decrease of 3.8%. Among them, the categories of beauty skin care/body care/essential oils decreased by 2.3% year-on-year, color cosmetics/perfumes/beauty tools decreased by 5.2% year-on-year, and beauty and body care instruments continued to plummet, with a year-on-year decrease of 45.5%. The categories of hair care/wigs continued the growth momentum in January, and the year-on-year growth rate further increased to 22.3%.

Recently, Pharmacy Online, one of the largest cross-border pharmaceutical and health product e-commerce platforms in Australia, released a "Website Closure Announcement" on its WeChat mini-program, officially announcing that its Chinese website will stop operating. This news has attracted widespread attention from consumers and the industry.

International Large Corporation

Recently, Beiersdorf, the parent company of Nivea, released its 2024 annual performance. The results showed that the group's sales increased organically by 6.5% to 9.9 billion euros (approximately 75 billion yuan), reaching a historical high. Looking at it by department, the consumer business department where Nivea is located achieved an organic growth of 7.5% to 8.2 billion euros (approximately 62.1 billion yuan), accounting for about 82% of the group's revenue, and it achieved growth in all regions, becoming the main growth driver of the group. Among them, the sales in Europe increased by 5.3%, in the Americas by 7%, and in the Africa/Asia/Australia region by 11.3%. Eucerin has become the second billion-euro brand in the group's consumer business department after Nivea. However, the high-end skin care brand La Prairie faced challenges, with its organic sales decreasing by 6.2%.

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