日本 | 化粧品・トイレタリー 花王 成長軌道に重要性が増す化粧品、評価格上げ

研报英文原文证据摘录

日本 | 化粧品・トイレタリー 花王 成長軌道に重要性が増す化粧品、評価格上げ

Kao Corp. (4452 JP)

Equity Research

June 25, 2026

Exhibit 8 - Kao K27 Operating Profit Plan Exhibit 9 - Kao (4452) Cosmetics Business Data

Kao (4452) Cosmetics Business

FY25

Operating Profit(Bn) Q1 H1 1-3Q FY

250 Japan YoY sales growth of six focus brands 125% 115% 111% 113%

Market 101% 100%

YoY sales growth in directly operated e-commerce 142% 134% 127% 118%

Reduction of fixed costs (JPY) 1.8billion 3.8billion 4.2billion 4.3billion

Record-high Global YoY sales growth of six focus brands in ASEAN 117% 111% 113% 116%

OP… ThailandYoY sales growth of Curél in Europe 127%170% 129%160% 126%180%

YoY sales growth of SENSAI in Asia 240% 160% 200%

China Sell-out Expansion 101% 102% 106% 104%

200 Forecast （YoY GMV growth at Tmall cosmetics brand flagship

stores of Curél and freeplus）

182 Market 98% 99% 99%

YoY selling price increase in unofficial e-commerce stores 113% 113% 109%

164.1 （SellingCultivatingpricelocallyof freeplusproducedmildproductssoap） 180% 190% 120%

(YoY sell-out amount in e-commerce of Curél serum)

Source: Company material, Jefferies estimates.

. Notes: 100%=+-0% YoY 150 146.6 +24.7

(139.4)prohibited.

+24.7is 114.7

110.1 100

FY22 FY23 FY24 FY25 FY26E FY27Target

.

Source: Companydistribution

Raw material procurement and correlation analysis: Based on historical data, Kao does not appear

to show a clear correlation between gross profit margins and raw material price fluctuations.

Regarding crude oil risk, mitigation is not solely driven by a high overseas exposure, but is also

influenced by whether the company has competitiveness in niche brands or strong pricing power.Unauthorized Companies maintaining broad supplier relationships may be more susceptible to accepting cost

increases as requested by suppliers.