Huatai Securities: Partial International Cosmetics Leaders' Mainland China Business Continues to Warm

NightAirdropper · 2026-03-17T02:44:21+00:00

Huatai Securities research report indicates that in the fourth quarter of 2025, leading overseas beauty and luxury companies showed improved performance in the Chinese market. Estée Lauder's China revenue proportion increased, while L'Oréal and Shiseido also achieved solid growth, demonstrating consumers' renewed confidence in purchasing premium products. Overall, the high-end consumption trend in China is improving.

NightAirdropper

2026-03-17 02:44:21

Abstract generation in progress

Rui Finance Yan Minghui Recently, Huatai Securities research reports stated that the performance of leading overseas beauty, luxury, and consumer companies for the full year 2025 and Q4 2025 has been gradually disclosed. Overall, most leading companies’ China operations continue to recover since Q3 2025.

Estée Lauder’s revenue in Mainland China accounted for 15% of the group’s total in Q3 2025, rising to 22% in Q4 2025; L’Oréal reported that the year-over-year growth rate of revenue in Mainland China increased from single digits in H1 2025 to mid-single digits in H2 2025, and noted a strong start in the Chinese market in 2026; Shiseido stated that its core brands in China continued to grow well in Q4 2025; Procter & Gamble mentioned that despite a cautious overall consumer environment, revenue in Greater China in Q4 2025 still achieved consecutive quarters of growth.

L’Oréal management said that as China’s stock market improves, Chinese consumers’ willingness to purchase high-end products in luxury and medical beauty sectors has recovered; management also stated that since the beginning of this year, Chinese consumers’ confidence in purchasing high-end products has warmed, and this trend remains unchanged, with the overall momentum in Mainland China continuing to be positive. The recovery of high-end consumption in Mainland China is expected to continue.

Related company: Huatai Securities SH601688

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