{"slug":"amorepacific","name":"아모레퍼시픽","name_en":"Amorepacific","ticker":"090430.KS","updated_at":"2026-07-12T04:15:03.162+00:00","canonical":"https://valuechain.wiki/amorepacific","same_as":["https://finance.yahoo.com/quote/090430.KS","https://finance.naver.com/item/main.naver?code=090430"],"citable":"밸류체인 그래프 기준 아모레퍼시픽의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Amorepacific is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 14 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 화장품(K뷰티) · 중국→미주 피벗","kicker_en":"KOSPI · Cosmetics (K-beauty) · China-to-America pivot","lead":"아모레퍼시픽은 설화수·라네즈·이니스프리·헤라를 보유한 한국 최대 화장품 기업이다. 2021~2023년 중국 소비 둔화와 한한령으로 실적이 크게 꺾였다가, 2024년 미주 매출이 사상 처음 중화권을 제치고 최대 시장이 되면서 체질이 바뀌었다. 2025년에는 중화권이 흑자로 돌아서고 미주·EMEA가 두 자릿수로 성장하며 6년 만의 최대 영업이익을 냈다.","lead_en":"Amorepacific is Korea's largest cosmetics company, owner of Sulwhasoo, Laneige, Innisfree and Hera. Its earnings collapsed in 2021 to 2023 on China's slowdown and the informal Korean-content ban, then re-based in 2024 when the Americas overtook Greater China as its largest market for the first time. In 2025 Greater China swung back to profit while the Americas and EMEA grew double digits, delivering the highest operating profit in six years.","segments":{"fy":2025,"parts":[{"desc":"설화수·헤라 등 고가 라인","name":"럭셔리"},{"desc":"라네즈·이니스프리·에스트라·COSRX(그룹 지배)","name":"프리미엄·글로벌"},{"desc":"2024년 중화권 추월(+83%)·2025 +20%. 라네즈 립·COSRX","name":"미주"},{"desc":"2024 -27%→2025 흑자전환","name":"중화권"}],"total":"FY2025 연결 매출 4조2,528억원(+9.5%), 영업이익 3,358억원(전년 2,205억 대비 +52%, 6년래 최대). 그룹(002790) 매출 4.62조는 별개.","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000785","concentration":"중국 소비 회복 + 미주 K뷰티(라네즈·COSRX) 시계로 리레이팅. AI 사이클과 무관."},"segments_en":{"fy":2025,"parts":[{"desc":"Sulwhasoo, Hera and other prestige lines","name":"Luxury"},{"desc":"Laneige, Innisfree, Aestura, COSRX (group-controlled)","name":"Premium & global"},{"desc":"Overtook Greater China in 2024 (+83%), +20% in 2025. Laneige lip, COSRX","name":"Americas"},{"desc":"-27% in 2024, back to operating profit in 2025","name":"Greater China"}],"total":"FY2025 consolidated revenue KRW 4.25T (+9.5%), operating profit KRW 335.8B (+52% vs 220.5B), a six-year high. Group (002790) revenue of KRW 4.62T is separate.","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000785","concentration":"Re-rates on China consumption recovery plus US K-beauty momentum (Laneige, COSRX), decoupled from the AI cycle."},"returns_yearly":{"2021":-30.1,"2022":-5.7,"2023":-18.4,"2024":9.9,"2025":8.2,"2026":-10.5},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[],"analysis":"투자 논점은 중국 리오프닝이 아니라 미주로의 체질 전환이 실적을 재정의했다는 점이다. 2021~2023년 중국 소비 둔화·한한령으로 꺾였던 실적이, 2024년 미주 매출이 사상 처음 중화권을 제치고 최대 시장이 되며 재기했다 — 라네즈 립 슬리핑 마스크·글로위 립밤이 아마존 뷰티 베스트셀러에 오르고 COSRX가 미국 K뷰티 붐을 탔다. 2025년엔 중화권이 흑자 전환하고 미주(+20%)·EMEA(+42%)가 두 자릿수로 크며 6년 만의 최대 영업이익(3,358억원, +52%)을 냈다. 이 리레이팅은 AI 사이클과 무관한 소비 회복·미주 채널 확대에 달려 있고, 위험은 미주 성장이 라네즈·COSRX 소수 브랜드·아마존 채널에 집중돼 트렌드·플랫폼 의존이 크다는 점이다.","analysis_en":"The thesis is that results were redefined not by a China reopening but by a structural pivot to the Americas. Earnings that collapsed in 2021-2023 on China's slowdown and the informal Korean-content ban recovered in 2024 when the Americas overtook Greater China as the largest market for the first time — Laneige's Lip Sleeping Mask and Glowy Lip Balm became Amazon beauty bestsellers and COSRX rode the US K-beauty boom. In 2025 Greater China swung to profit while the Americas (+20%) and EMEA (+42%) grew double digits, delivering a six-year-high operating profit (₩335.8B, +52%). This re-rating hinges on a consumption recovery and US channel expansion decoupled from the AI cycle; the risk is that US growth is concentrated in a few brands (Laneige, COSRX) and the Amazon channel, a heavy trend/platform dependence.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"중화권·미주·EMEA 해외 소비자","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"조원","basis":"연결 매출","value":4.25,"period":"FY2025","basis_en":"consolidated revenue"},"note":"지역별 매출: 미주(2024 +83%, 2025 +20%)·중화권(2024 -27%→2025 흑자전환)·EMEA(2025 +42%). 해외가 성장축.","note_en":"Revenue by region: Americas (+83% 2024, +20% 2025), Greater China (-27% 2024 to profit in 2025), EMEA (+42% 2025). Overseas is the growth engine.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000785","title":"아모레퍼시픽 2025 사업보고서","title_en":"Amorepacific FY2025 Annual Business Report (DART)","excerpt":"FY2025 연결 매출 4조2,528억원.","excerpt_en":"FY2025 consolidated revenue KRW 4.25T."},{"stance":"confirms","publisher":"아모레퍼시픽","publisher_en":"Amorepacific","kind":"ir","lang":"en","published_at":"2025-02-06","url":"https://www.apgroup.com/int/en/news/2025-02-06-1.html","title":"아모레퍼시픽그룹 2024 경영실적","title_en":"Amorepacific Group FY2024 earnings","excerpt":"미주가 최대 시장으로 부상.","excerpt_en":"The Americas emerged as the largest market."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":{"qualifier":"sales_channel"},"note":"라네즈가 아마존 美 뷰티 베스트셀러(립 슬리핑 마스크 5성 리뷰 3.4만+, 글로위 립밤 립 카테고리 1위). 프라임데이 주력. 미주가 최대 시장이 된 핵심 채널.","note_en":"Laneige is a top beauty seller on Amazon US (Lip Sleeping Mask 34,000+ five-star reviews; Glowy Lip Balm a #1 category bestseller), a Prime Day mainstay and the channel behind the Americas becoming its largest market.","sources":[{"stance":"confirms","publisher":"아모레퍼시픽","publisher_en":"Amorepacific","kind":"ir","lang":"en","published_at":"2025-02-06","url":"https://www.apgroup.com/int/en/news/2025-02-06-1.html","title":"아모레퍼시픽그룹 2024 경영실적","title_en":"Amorepacific Group FY2024 earnings","excerpt":"2024년 미주 매출이 +83%로 사상 처음 중화권을 제치고 최대 시장이 됨.","excerpt_en":"In 2024 the Americas grew +83% and overtook Greater China as the largest market for the first time."},{"stance":"confirms","publisher":"Amazon","publisher_en":"Amazon","kind":"news","lang":"en","published_at":"2024-07-17","url":"https://www.amazon.com/Laneige-Sleeping-Berry/dp/B07XXPHQZK","title":"LANEIGE Lip Sleeping Mask (Amazon US 리스팅)","title_en":"LANEIGE Lip Sleeping Mask, Amazon US listing","excerpt":"LANEIGE Lip Sleeping Mask — Amazon 베스트셀러 립 카테고리 최상위.","excerpt_en":"LANEIGE Lip Sleeping Mask, a bestselling item in Amazon's lip category."}]},{"direction":"revenue","counterparty":"Coupang","counterparty_slug":"coupang","confidence":"high","metric":{"qualifier":"sales_channel"},"note":"쿠팡에 아모레퍼시픽 공식 브랜드스토어 운영 — 일리윤·라보에이치·미쟝센·려·해피바스 등 직판. 국내 이커머스 주력 채널.","note_en":"Runs an official Amorepacific brand store on Coupang, selling Illiyoon, Labo-H, Mise-en-scene, Ryo and Happy Bath directly; a core domestic e-commerce channel.","sources":[{"stance":"confirms","publisher":"Coupang","publisher_en":"Coupang","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://shop.coupang.com/amorepacific/280014","title":"아모레퍼시픽 쿠팡 공식 브랜드스토어","title_en":"Amorepacific official brand store on Coupang","excerpt":"(주)아모레퍼시픽 공식 스토어 — 당신의 하루에 아름다움을 더합니다.","excerpt_en":"Amorepacific Corp official store on Coupang."}]},{"direction":"cost","counterparty":"원료·부자재 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"undisclosed_suppliers"},"note":"화장품 원료·용기 등 원부자재 조달(개별 공급사 비공개).","note_en":"Cosmetic ingredients and packaging inputs (individual suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000785","title":"아모레퍼시픽 2025 사업보고서","title_en":"Amorepacific FY2025 Annual Business Report (DART)","excerpt":"원재료 매입.","excerpt_en":"Raw material purchases."}]},{"direction":"cost","counterparty":"마케팅·광고·유통 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"marketing_distribution"},"note":"브랜드 광고선전비·판매수수료·유통비 등 높은 마케팅 비중.","note_en":"Heavy advertising, sales commissions and distribution costs.","sources":[{"stance":"confirms","publisher":"DART 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318000785","title":"아모레퍼시픽 2025 사업보고서","title_en":"Amorepacific FY2025 Annual Business Report (DART)","excerpt":"판매관리비 중 광고선전비 비중 높음.","excerpt_en":"Advertising is a large share of SG&A."}]}]}