Retail Channels

On August 14th, CK Hutchison Holdings released its 2025 interim results: as of June 30th, the Group's total revenue amounted to HK$240.663 billion (approximately RMB220.7 billion); EBITDA was HK$44.998 billion (approximately RMB41.2 billion), and EBIT stood at HK$20.487 billion (approximately RMB18.7 billion). Watsons, the retail flagship, continued to expand its global store network, driving steady growth in the health and beauty segment, which offset the slowdown in growth of some port and telecommunications businesses. Management stated that in the second half of the year, it will continue to increase digital investment in the Asian market and optimize the European store portfolio, maintaining a cautiously optimistic outlook for full-year profitability.

Authoritative Release

On July 30th, the Cosmetics Standardization Technical Committee of the National Medical Products Administration announced the 2025 plan for the formulation and revision of 34 standards, covering new raw materials such as colloidal silver, colloidal platinum, kojic acid, and bakuchiol, product specifications for perming agents, liquid foundation, etc., as well as detection methods for PFAS, D4-D6, etc. The public comment period is 7 days.

Brands and Industry

 On August 5th, Ruoyuchen (Stock Code: 003010) issued an announcement stating that the company is planning to issue overseas-listed foreign shares (H-shares) and apply for listing on the Main Board of the Hong Kong Exchanges and Clearing Limited. Currently, it has initiated consultations with sponsors, lawyers, and auditors; the issuance scale, price, and timetable are yet to be determined.

Recently, Intercos, a leading Italian cosmetics original equipment manufacturer (OEM), released its 2025 half-year financial report. The report showed that its revenue reached 525 million euros (approximately RMB 4.36 billion), a year-on-year increase of 5%, with a growth rate of 6.1% at constant exchange rates, and its profit resilience exceeded expectations. The cosmetics business served as the growth engine, with net sales amounting to 333 million euros (approximately RMB 2.7 billion), a significant year-on-year surge of 17.6%, achieving double-digit growth for two consecutive quarters. In contrast, the skincare and body care businesses declined by 6% and 14.8% respectively, showing a clear divergence in performance. Geographically, the Asian market led the growth with a 15.6% increase, driven by strong demand from the Chinese mainland and South Korea; the American market grew by 8.8%, while the EMEA (Europe, Middle East, and Africa) market saw a slight decrease of 1%. Sales contributions from multinational corporations and retailer clients rose by 18%, while those from emerging brands dropped by 8%.

Galderma released its financial results for the first half of 2025. During the reporting period, Galderma's net sales reached USD 2.448 billion, representing a year-on-year growth of 12.2%. By business segment, in the first half of 2025, the net sales of the injectable aesthetics business stood at USD 1.24 billion, a year-on-year increase of 9.8%; the net sales of the daily skincare business were USD 719 million, with a year-on-year growth of 7.7%; and the net sales of the medical dermatology business reached USD 489 million, achieving a substantial year-on-year growth of 26.9%.

Recently, Interparfums, Inc. announced its financial results for the second quarter and the first half of 2025. Data showed that for the three months ended June 30, 2025, net sales amounted to USD 334 million, a slight year-on-year decrease of 2%. However, the sales for the first half of the year increased by 1% to USD 673 million. Sales of major brands such as Lacoste and Coach rose significantly by 6%, and sales of new products soared by 59% and 42% respectively. Additionally, European sales grew by 6% in this quarter, while U.S. sales declined by 20%, mainly due to the termination of the Dunhill license.

Recently, the National Medical Products Administration (NMPA) completed the filing of three new cosmetic ingredients. On July 25th, Nonapeptide-88 (National Cosmetic Ingredient Filing No. 20250090) developed by Guangzhou Huaxu Pharmaceutical Co., Ltd. was approved. This ingredient is homologous to Nonapeptide-1 (already listed in the official ingredient directory) and focuses on whitening and fading spots. Established in 2024, Guangzhou Huaxu Pharmaceutical specializes in medical research. On July 28th, "Vinegar Fermentation Mash Extract" (Filing No. 20250091) developed by Shanghai Jahwa United Co., Ltd. successfully completed the filing process. Derived from glutinous rice fermentation, this ingredient is rich in polyphenols and flavonoids, with both anti-eczema and anti-aging effects, and the relevant patents have been publicly disclosed. Shanghai Jahwa owns more than ten brands, including Liushen, Yuz (Yuze), and Herborist. On July 30th, "Penthorum chinense Pursh Leaf/Stem Extract" (Filing No. 20250092) from Wenzhou Gumu Biotechnology Co., Ltd. finished the filing. This ingredient, extracted from a plant of the Saxifragaceae family, has traditional effects of promoting diuresis, eliminating dampness, dispelling blood stasis, and relieving pain. The technical requirements for this ingredient have not yet been announced. Founded in 2015, Wenzhou Gumu Biotechnology is a provincial-level technology-based small and medium-sized enterprise. These three new ingredients belong to the peptide, fermentation, and plant tracks respectively, indicating that the cosmetics industry continues to upgrade towards functional segmentation, naturalness, and safety.

Laura Mercier has launched its new Flawless Glow Dual-Tone Cushion Foundation. As the brand's first dual-tone cushion foundation, this product can be used in combination with the brand's primer series, lightweight flawless concealer, and loose powder products. Infused with brightening diamond microparticles and blended with a rose undertone, the Flawless Glow Dual-Tone Cushion Foundation delivers an even and radiant complexion. It features a dual-effect design with inner and outer rings: the outer ring is used to conceal blemishes, while the inner ring corrects yellowish tones and brightens the skin, creating a three-dimensional and layered makeup finish. The formula contains white water lily extract and moisturizing factors, boasting a lightweight and hydrating texture along with dual film-forming technology. It provides instant hydration upon application, long-lasting makeup and color retention, and also offers SPF50+ PA+++ sun protection.

Hermès has launched the Satin Glow Lipstick, with the lipstick tube design created by Mr. Pierre Hardy, the Creative Director of Hermès Beauty. The packaging design adopts the same materials as the first Rouge Hermès lipstick collection: lacquer, brushed metal, and polished metal, paired with black, white, and pink gold finishes. The top of the lipstick cap is engraved with an ex-libris pattern, and the product features a replaceable cartridge design. The Satin Glow Lipstick uses a hybrid formula, with its melt-on-application texture inspired by silk. This product also reinterprets the velvety texture of the silk twill fabric used in Hermès scarves. The lipstick formula is based on vegetable oils and butters, incorporating raspberry leaf extract (with moisturizing and plumping effects), sesame seed extract (for smoothing and softening the lips), Abyssinian oil (offering moisturizing and protective benefits), and mulberry bark extract.

Nars (a world-renowned leading cosmetics brand) has launched the limited-edition Translucent Loose Setting Powder in "Polar Day Pink". Inspired by the pink-gold glow of the sunset hovering during the polar day, this powder features a newly customized shade that achieves three grooming effects in one product: a single application delivers a soft brightening effect, ensures all-day fresh makeup without dullness. Additionally, Nars has released the new Translucent Loose Powder in "Twilight Pink", which offers high skin fusion, instantly controls oil, reveals a natural radiant complexion, and fully ushers in a new era of pink-toned makeup setting.

It is learned that Puli Yan (Nanjing) Medical Technology Co., Ltd. has recently completed a Series C financing round of nearly USD 50 million. This round was led by Mirae Asset Capital (China), with follow-up investments from existing shareholders Yahui Investment and Huatai Zijin. Qifeng Capital served as the exclusive financial advisor.

Recently, DSM-Firmenich, a global giant in fragrances and flavors, released its financial report for the first half of 2025. Data shows that its revenue in the first half of 2025 reached 6.51 billion euros (approximately RMB 53.58 billion), a year-on-year increase of 3%. However, due to declining demand for sun protection agents, the sales of its Fragrance & Beauty business decreased by 1% to 1.989 billion euros (approximately RMB 16.34 billion).

On August 1st, two new cosmetic ingredients were officially filed: Camellia Oleifera Seed Oil Diglyceride (National Cosmetic Ingredient Filing No. 20250093) and Paeonia Suffruticosa Callus Extract (National Cosmetic Ingredient Filing No. 20250094). The former, applied by Hunan Qinxiang Jiuzhou Biotechnology Co., Ltd., is a GRAS-level (Generally Recognized as Safe) food lipid that can replace part of triglycerides and has moisturizing and whitening effects. The latter, filed by Meichulai (Hangzhou) Cosmetics Co., Ltd., adopts a patented extraction process combining freeze-drying and organic solvents. It is rich in highly active polyphenols and focuses on soothing and anti-aging functions. The technical requirement documents for both ingredients have not yet been made public.

Recently, Bei Sheng Mei, a Chinese-style whitening skincare brand, announced that due to high platform fees, operating costs, and fulfillment costs, it will close some of its official online stores starting from now, with a 30-day store closure notice period. Eventually, only two core flagship stores will be retained, and all other sales channels will be fully scaled down.

Recently, Anhui Huaheng Biotechnology Co., Ltd. announced its plan to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange, aiming to establish an "A+H" dual-listing layout. The company mainly engages in amino acid business, with its L-alanine product holding the world's largest market share. In 2024, its revenue reached RMB 2.178 billion, with a three-year compound growth rate of 31.7%. However, its net profit dropped by 57.8% due to the dual pressure of price fluctuations and cost increases. The funds raised from the Hong Kong listing will be used for global expansion and the research and development of bio-based new materials.

Recently, Louis Vuitton announced that its first beauty line "La Beauté Louis Vuitton" will be officially launched on August 25th. The initial product range will include 55 lipsticks, 10 lip balms, and 8 eyeshadow palettes. Designed by makeup artist Pat McGrath, these products will continue Louis Vuitton's luxurious aesthetic style. Prior to this, it has been confirmed that the first store of this beauty line in China will be located at Deji Plaza in Nanjing.

On August 5th, Shanghai Shangmei Cosmetics Co., Ltd. (Stock Code: 02145.HK) released a positive profit forecast for the first half of 2025.The forecast shows that as of June 30th, 2025, the company's expected revenue in the first half of the year will range from RMB 4.09 billion to RMB 4.11 billion, representing a year-on-year growth of 16.8% to 17.3%. Its net profit will reach RMB 540 million to RMB 560 million, a significant year-on-year increase of 30.9% to 35.8%, demonstrating strong profitability and a sustained growth momentum.

Recently, Mao Geping (Stock Code: HK01318) released a semi-annual profit forecast for 2025: the expected revenue will be between RMB 2.57 billion and RMB 2.6 billion, with a year-on-year growth of 30.4% to 31.9%; the net profit will range from RMB 665 million to RMB 675 million, a year-on-year increase of 35% to 37%. Based on the pace that the revenue in the same period of 2024 accounted for 50.76% of the full-year revenue, its full-year revenue in 2025 is expected to exceed RMB 5 billion for the first time, making it a new domestic beauty giant with annual revenue of over RMB 5 billion.

Recently, when Natura&Co released its financial report for the second quarter of 2025, it announced that its subsidiary Avon International is advancing the sales process and has met all the criteria for "held for sale" under accounting standards. The company did not disclose potential buyers or the transaction timeline but stated that substantial progress has been made on strategic alternative plans.

On August 11th, Cosmax Group released its financial report for the second quarter of this year. The report shows that Cosmax's sales in the second quarter increased by 13.08% year-on-year to KRW 623.6 billion (approximately RMB 3.231 billion), exceeding the KRW 60 billion mark for the first time. In the first half of the year, Cosmax's sales reached KRW 1.2121 trillion (approximately RMB 6.28 billion), a year-on-year increase of 12.3%. Cosmax stated that the strong growth is mainly driven by the continuous expansion of global market demand for K-Beauty (Korean beauty products). Among them, the South Korean domestic market has become the core engine of growth: in the second quarter, sales in the South Korean domestic market reached KRW 420.5 billion (approximately RMB 2.179 billion), a year-on-year increase of 20.8%; sales in the Chinese market in the second quarter were KRW 148.6 billion (approximately RMB 770 million), a year-on-year increase of 0.7%.

On August 11th, Jinbo Biotechnology disclosed its semi-annual report for 2025: its operating income reached RMB 859 million, a year-on-year increase of 42.43%; its net profit was RMB 392 million, a year-on-year increase of 26.65%. The medical device segment still takes the Type A Recombinant Humanized Collagen Implant (a Class III medical device) as its core growth driver. The revenue from functional skincare products reached RMB 121 million, a sharp year-on-year surge of 152.39%, with outstanding contributions from its own brands such as "Chongyuan" and "ProtYouth®".

Recently, Kao Group confirmed that its household cleaning brand "Attack" will cease all sales in mainland China starting from September 30th, covering the entire product line including laundry detergent and washing powder. Attack entered the Chinese market in 1993 along with the establishment of Shanghai Kao and once cooperated with Shanghai Jahwa, quickly expanding its distribution through the latter's nationwide distribution network covering thousands of cities. However, facing fierce competition from domestic brands, high channel costs, and changes in consumer trends, Attack's market share has declined year by year.

On August 18th, Circana released data on the U.S. beauty market for the first half of 2025: the sales of the premium market increased by 2% year-on-year to USD 16 billion (approximately RMB 114.9 billion), with unit sales still maintaining positive growth; the mass market grew by 4% to USD 34.6 billion (approximately RMB 248.4 billion). Fragrances and hair care became the fastest-growing categories in the premium segment, each increasing by 6%; the mass fragrance category even soared by 17%. Physical stores still dominate the market, and Amazon ranks first with its omni-channel advantages. Larissa Jensen, a consultant at Circana, stated that although "macroeconomic headwinds" and tariff uncertainties have suppressed consumer confidence, the beauty industry remains one of the few sectors that have achieved "both volume and price growth", and the growth momentum is expected to continue until 2026.

On August 14th, "Bifidobacterium infantis / Lactose Fermentation Lysate" from Galenic Cosmetics Laboratory SAS (France) was filed with the National Medical Products Administration (NMPA) (National Cosmetic Ingredient Filing No. 20250100), becoming the 100th new cosmetic ingredient filed in 2025. Galenic was founded by Dr. Pierre Fabre in 1978 and acquired by Yixian E-commerce in 2020.

On August 14th, the National Equities Exchange and Quotations (NEEQ) announced that Jiangsu Chuangjian Medical Technology Co., Ltd. (Securities Name: Chuangjian Medical; Securities Code: 873474) will terminate its listing starting from now. The company launched its IPO tutoring in early 2024, listed on the NEEQ (New Third Board) on November 11th of the same year, with CITIC Securities as the tutoring institution. On July 15th, 2025, the board of directors proposed a voluntary delisting motion, which was approved by the general meeting of shareholders on July 31st. On August 5th, the company submitted an application for delisting and received acceptance.

Recently, Hangzhou Hepeng Biotechnology Co., Ltd., which focuses on plant-based scientific skincare, announced the completion of an angel round of financing of RMB 10 million, exclusively invested by Xiamen Hepeng Agricultural Research Institute. The funds will be used for product research and development, market expansion, and team expansion of its core brand "MECOMIST".

Recently, Xianggang Technology, a core packaging supplier for Estée Lauder and Shanghai Jahwa, released its semi-annual report: in the first half of 2025, its revenue reached RMB 515 million, a year-on-year increase of 43.76%; its total profit was RMB 95 million, a year-on-year increase of 300.56%; its net profit attributable to shareholders of the listed company was RMB 78 million, a year-on-year increase of 432.14%.

On August 12th, Paeonia emodi Seed Oil from Huzhou Jiaheng Industry Co., Ltd. completed the filing of a new cosmetic ingredient (National Cosmetic Ingredient Filing No. 20250099). It is reported that this ingredient is sourced from southern Tibet (at an altitude of 2,350 meters), Nepal, and northern India. Currently, its technical requirements have not yet been made public. Jiaheng Industry is a subsidiary of Jiaheng Home Chemicals, mainly engaged in daily chemical OEM/ODM and packaging businesses.

Recently, "Saccharomyces / Mussel Adhesive Protein Fermentation Lysate Filtrate" from Hefei Shellpie Innovative Technology Co., Ltd. passed the new ingredient filing with the National Medical Products Administration (NMPA) (National Cosmetic Ingredient Filing No. 20250097), making the company the first enterprise in Anhui Province to complete such filing.

Recently, Hermès, a global luxury giant, released its financial report for the first half of 2025. The report shows that Hermès' consolidated revenue in the first half of 2025 reached 8.034 billion euros (approximately RMB 66.072 billion), a year-on-year increase of 8%; its net profit was 2.2 billion euros (approximately RMB 18.093 billion), a year-on-year decrease of 5%; its net profit margin was 28.0%, a year-on-year decrease of 3.6% (calculated at constant exchange rates).By region, the Japanese market achieved the fastest growth, with a year-on-year increase of 16%; the European market followed, growing by 13%; while Asia, led by the Greater China region, only grew by 3%.In terms of specific business segments, all businesses achieved growth except for the watch business and the fragrance & beauty business. Among them, the revenue of the fragrance & beauty business was 248 million euros, a year-on-year decrease of 3.8%.

On the evening of August 18th, Haiziwang, a leading enterprise in the mother, baby, and children's products industry, released its semi-annual report for 2025. Data shows that in the first half of the year, Haiziwang achieved a revenue of RMB 4.911 billion, a year-on-year increase of 8.64%; its net profit attributable to shareholders of the listed company was RMB 143 million, a significant year-on-year increase of 79.42%; the company's net cash flow from operating activities was RMB 998 million, a year-on-year increase of 18.28%.

On August 18th, Aimeike released its latest financial report: in the first half of 2025, it achieved an operating income of RMB 1.299 billion, a year-on-year decrease of 21.59%; its net profit attributable to shareholders of the listed company was RMB 789 million, a year-on-year decrease of 29.57%.

On August 12th, Natura&Co, a Brazilian beauty group, released its financial report for the second quarter of 2025. The report shows that the group's net revenue in the second quarter was BRL 5.687 billion (approximately RMB 7.54 billion), a year-on-year decrease of 1.7%, but an increase of 5.5% at constant exchange rates (2.0% after excluding Argentina). In the first half of the year, Natura&Co's net revenue reached BRL 10.83 billion (approximately RMB 14.37 billion), a year-on-year increase of 4.5%, while its net profit was BRL 44 million (approximately RMB 58 million), a year-on-year decrease of 102.5%. As of Q2 2025, Natura&Co's net debt was BRL 4 billion (approximately RMB 5.3 billion), an increase of BRL 1.6 billion (approximately RMB 2.12 billion) compared with Q4 2024, and its total debt decreased from BRL 6.8 billion (approximately RMB 9.02 billion) to BRL 6.3 billion (approximately RMB 8.36 billion).

International Major Groups

L'Oréal released its financial report for the first half of 2025. In the six months ended June 30, L'Oréal's sales reached 22.473 billion euros, a year-on-year increase of 3%, and its operating profit was approximately 4.74 billion euros, a year-on-year increase of 3.1%. By business segment, in the first half of the year, L'Oréal's Professional Products Division, Consumer Products Division, Luxury Products Division, and Active Cosmetics Division all achieved year-on-year growth, with sales increasing by 6.5%, 2.8%, 2.0%, and 3.1% respectively. In the second quarter, the sales of the Professional Products Division, Consumer Products Division, and Active Cosmetics Division rose by 11.5%, 3.3%, and 3.5% respectively, while the Luxury Products Division decreased by 1.9% year-on-year. By region, in the second quarter, L'Oréal's sales in Europe, North America, SAPMENA-SSA (South Asia, Pacific, Middle East, North Africa, Sub-Saharan Africa), and Latin America all grew, with year-on-year sales increases of 2.4%, 8.3%, 10.6%, and 12.4% respectively. However, its sales in the North Asia market fell by 8.8% year-on-year.

Unilever released its financial reports for the first half of 2025 and the second quarter. In the six months ended June 30, the group's revenue reached 30.1 billion euros, a year-on-year decrease of 3.2%, and its underlying sales increased by 3.4% year-on-year. In the three months ended June 30, the group's revenue was 15.4 billion euros, a year-on-year decrease of 4.6%, and its underlying sales rose by 3.8% year-on-year. By business segment, in the first half of the year, the revenue of the Beauty & Wellbeing segment was 6.5 billion euros, a year-on-year decrease of 0.8%; the revenue of the Personal Care segment was 6.5 billion euros, a year-on-year decrease of 5.9%; and the revenue of the Home Care segment was 5.9 billion euros, a year-on-year decrease of 6.7%. By market, in the first half of the year, the group's underlying sales in the Asia, Pacific & Africa market, the Americas market, and the Europe market increased by 3.5%, 3.4%, and 3.4% respectively.

Recently, Beiersdorf released its performance for the first half of 2025: the group's revenue reached 5.2 billion euros (approximately RMB 43.26 billion), an increase of 2.1%, and its EBIT (Earnings Before Interest and Taxes) margin was 16.1%. The revenue of the Consumer Business was 4.3 billion euros (approximately RMB 36 billion), an increase of 1.9%; the revenue of the tesa Business was 840 million euros (approximately RMB 7 billion), an increase of 3%. By region, sales in Europe, the Americas, and Africa-Asia-Oceania increased by 1%, 2.5%, and 2.7% respectively. Sales in China still declined due to strategic adjustments, while the Middle East was affected by geopolitical factors. The growth rate of Nivea was only 1%, and the company announced a downward revision of its full-year guidance, but it expects new products such as NIVEA Cellular Epigenetic Serum to boost performance in the second half of the year. The global sales of its high-end brand La Prairie fell by 10.7%, but the decline narrowed to 1.5% in the second quarter. Its online sales in the Chinese market increased by 36% against the trend, becoming the only bright spot.

Recently, AmorePacific Group released its latest financial report. According to the data, in the second quarter of 2025, AmorePacific's sales reached 1.095 trillion won (approximately RMB 5.66 billion), a year-on-year increase of 8.9%. Its operating profit was 80.1 billion won (approximately RMB 410 million), a year-on-year increase of 555.5%.

On July 29, Kering Group released its financial report for the first half of 2025: total revenue reached 7.587 billion euros (approximately RMB 62.9 billion), a year-on-year decrease of 16%; net profit was only 474 million euros (approximately RMB 3.9 billion), a sharp drop of 46%. However, the beauty business performed brilliantly, with revenue of 150 million euros (approximately RMB 1.2 billion) in the first half of the year, a year-on-year increase of 9%, and a growth rate of 12% in the second quarter, becoming the only growing segment of the group.

On the afternoon of August 6, Shiseido released its latest financial report for the period ended June 30, 2025. In the first half of this year, the group's sales reached RMB 22.996 billion, a year-on-year decrease of 7.6%; core operating profit was RMB 1.138 billion, a year-on-year increase of 21.3%.Notably, in the first half of this year, Shiseido's sales in all five major global business regions showed a downward trend. Among them, the sales of China & Travel Retail business were RMB 8.476 billion, with the largest year-on-year decline of 12.4%.

On August 6, Kao Group, a major Japanese cosmetics company, released its financial data for the first half of 2025. Overall, in the first half of this year, Kao's sales reached 809.022 billion yen (approximately RMB 39.353 billion), a year-on-year increase of 2.7%; operating profit was 69.469 billion yen (approximately RMB 3.379 billion), a year-on-year increase of 19.9%; net profit attributable to shareholders was 49.631 billion yen (approximately RMB 2.414 billion), a year-on-year increase of 14.3%.

 Recently, Henkel Group released its financial report for the first half of 2025: sales reached 10.4 billion euros (approximately RMB 86.8 billion), a year-on-year decrease of 0.1%; operating profit was 1.614 billion euros (approximately RMB 13.4 billion), with a profit margin rising to 15.5%. Although the Consumer Brands business still recorded a negative growth of 1.6%, it was close to flat in the second quarter. Therefore, the group raised its full-year sales forecast from -1% ~ +1% to +1% ~ +3%, and its profit target to 15.5% ~ 16%.

Recently, Beiersdorf released its performance report for the first half of 2025. During the reporting period, the company recorded total sales of 5.188 billion euros (approximately RMB 43.253 billion), a year-on-year organic growth of 2.1%. In terms of profit, its operating profit in the first half of the year was 836 million euros (approximately RMB 9.84 billion), with a profit margin of 16.1%.

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