1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 9 to 11.Analyst Certification on page 5.Price Objective Basis/Risk on page 5.12860211 AmorePacific Corp 2Q25 results in-line;Smoothly expanding globally Reiterate Rating:BUY|PO:170,000 KRW|Price:131,500 KRW Revenue driven by overseas,Profits driven by K

4、orea 2Q consolidated revenue and OP were in-line with BofAe and consensus estimates.Domestic revenue grew 8%,overseas+14%YoY(N America by more than 10%,EMEA 20%,Japan 40%etc),largely in-line with expectations.Better domestic OP was offset by a larger employee incentive in the overseas businesses.Dom

5、estic operation grew 8%with a healthy HSD profitability.Albeit from a contracted base,China grew more than 30%YoY and delivered MSD margin.COSRX was weaker than expected;revenue declined 30%on channel and product portfolio rebalancing which aims to control pricing,simplify distribution to improve br

6、and equity.The management guided that the rebalancing could be largely done by year-end,and that EMEA,and the recently launched products would sequentially increase contribution.Western markets-brand diversification in progress AP brands N America/EMEA grew teen%and 30%respectively.Most of its key b