资生堂（4911）第二季度业绩：第二季度核心营业利润超预期；关注下半年销售加速

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

05 August 2026

Shiseido (4911)

2Q results: 2Q core operating profit beats expectations;

focus on sales acceleration in 2H

Slightly positive: 2Q core operating profit reached ¥31.4 billion, beating our ¥20.5

billion estimate. Sales were within our expectations, but results confirmed

stronger-than-expected benefits from restructuring and cost-management. Our

impression is slightly positive. The company signalled plans to gear up marketing

investment through 2H. We think the focus will be on whether growth in profitable

sales starts to become visible from the 2H.

Summary of company explanations about key points: (1) Background to

1H core operating profit overshoot: 1H core operating profit beat initial

company expectations by around ¥5 billion, mainly reflecting improved

COGS, the sales mix, a rebound from adjusting unevenly distributed

inventories, and a shift of some expenses into 2H. Factors pushing up core

operating profit growth (YoY) included +¥16 billion from restructuring, +¥5

billion from the rebound from adjusting unevenly distributed inventories in the

US, and +¥3 billion from the weaker yen. The earnings structure has improved

steadily. (2) Reasons for leaving full-year core operating profit guidance

unchanged: Shiseido says this is because it will invest in growth towards the

top-line expansion it targets over the full year. (3) Initiatives to revive

ANESSA: China is an issue. A single product accounts for the majority of sales,

and there is considerable leakage into channels outside official stores. Shiseido

plans to revise the business model and expand products suitable for everyday

use such as in Japan and Asia. It intends to conduct restructuring throughout

this year. (4) Fragrances growth strategy: Management plans to nurture core

brands and expand its brand franchise. Fragrances overall achieved doubledigit growth in 1H. Margins are high on products such as narciso rodriguez,

sales of which have expanded in scale. (5) Was FY2026 core operating profit

guidance tilted to 1H from the start? Shiseido is aiming for profit growth in 2H,

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