来自大摩的分析师团队还指出，新任CEO上任后的首次全年指引倾向于谨慎乐观，这在一定程度上可以 解释指引略低于预期的现象。此外，公司对2026财年Q1业绩的展望同样谨慎：预计Q1内生性的销售额 同比低个位数下降至持平。这一季度指引基本包覆了市场一致预期区间(负1%至0%)，表明管理层对复 苏节奏的判断与市场看法一致。值得注意的是，该公司预计2026财年初旅游零售业务渠道有望实现高个 位数级别的增长步伐、中国市场有望重回稳健正增长, 但是预计其他地区的下滑将有所缓和。 大摩对于雅诗兰黛维持"中性"(Equal-weight)评级，反映出中性偏谨慎的看跌立场。该行给予的66美元的 12个月目标价，显著低于当前股价。这一目标价基于对公司2027财年每股收益(EPS)预测2.93美元应用 于约22.5x预期市盈率得出。相比之下，雅诗兰黛在新冠疫情前10年的平均前瞻市盈率约为26倍。 公司管理层对2026财年给出了谨慎的展望：预计内生性的净销售额同比变动区间为0至+3%，报告净销 售增长+2%至+5%。这一增速指引与市场共识预期(约+2%-3%)大致相当。雅诗兰黛预计全球高端美容 市场在2026财年将增长约2%-3%，为 ...

近日，雅诗兰黛集团公布2025财年第四季度及全年财报。披露公司全年有机净销售额下降8%至143.26 亿美元。营业利润亏损7.85亿美元，主要是由于商誉和无形资产减值、重组相关费用同比增加所致。 分区域看，在中国大陆，面向消费者的投资增加推动了第三和第四财季零售额高个位数增加，并实现市 场份额提升，从而巩固了全财年的市场份额增长，各品类市场份额均有提升。据悉，第四季度，10个品 牌实现零售增长，推动了所有品类和渠道的市场份额增长。 雅诗兰黛（Estée Lauder）、海蓝之谜（La Mer）和祖马龙（Jo Malone London）于618期间冲居各大线 上平台榜单前列；也促成研度公式（The Ordinary）通过丝芙兰进入中国大陆市场。 2025下半财年，海蓝之谜（La Mer）、汤姆·福特（TOM FORD）和雅诗兰黛（Estée Lauder）推动了集 团在中国大陆市场份额的增长。 在第四财季，海蓝之谜（La Mer）推出了专为油性肌肤定制的平衡精萃水。该款新品联同品牌于第三财 季推出的浓缩修护精华膏，推动海蓝之谜（La Mer）在中国大陆连续两个财季实现双位数有机销售额的 增长。 伴随财报发布， ...

Group 1 - The core viewpoint of the article highlights the positive performance of various companies in the Hong Kong stock market, with significant profit growth and strategic initiatives such as share buybacks and financing rounds [1][2][3][4]. Group 2 - 万国数据-SW (09698) reported a profit of 690 million RMB for the first half of the year, marking a turnaround from losses, and is currently pursuing a Series C financing round to support future projects [1]. - BOSS直聘-W (02076) saw a 85% increase in net profit year-on-year, with a nearly 20% rise in average monthly active users, and announced a share buyback plan of up to 250 million USD [1]. - 长城汽车 (02333) experienced a nearly 6% increase in stock price, with over 20,000 orders for the Haval Menglong 2026 model within 24 hours, indicating strong demand and potential for profit growth [1]. - 周生生 (00116) anticipates a mid-term profit increase to over 900 million RMB, driven by rising gold prices and effective cost control measures [1]. - 中国中车 (01766) saw a stock price increase of over 5% due to the successful bidding for 210 sets of trains, with expectations of sustained high railway investment [2]. - 中广核矿业 (01164) issued a profit warning, expecting a mid-term loss of up to 90 million HKD due to significant price fluctuations in uranium trading [2]. - 特步国际 (01368) reported better-than-expected performance, with a 12% higher net profit than Goldman Sachs' forecast, attributed to increased other income and revenue [2]. - 中国联通 (00762) experienced a stock price increase of over 4%, with expectations of stable dividend growth despite mid-term performance pressures [2]. - 玖龙纸业 (02689) anticipates a maximum annual profit growth of 190%, driven by declining costs [2]. - 海丰国际 (01308) reported a nearly 80% increase in net profit for the first half of the year, attributed to a 7.3% increase in container volume and a 22.8% rise in average freight rates [3].

在金融危机中做空并获取巨额利润后，迈克尔·伯里成为市场上最著名的空头之一。但三位投资组合大 师认为，他似乎在上一季度认为股市已经回暖。 上周公布的投资组合更新显示，该投资者的Scion资产管理公司在上个季度将六只股票的看跌期权，换 成了九只股票的看涨期权。这些头寸的名义价值分别为1.86亿美元和5.22亿美元。 根据其第一季度的投资组合更新，截至3月底，伯里的对冲基金持有七个头寸，包括对阿里巴巴、京东 和英伟达的看跌期权，以及对雅诗兰黛的直接持股。三个月后，它持有15个头寸，包括对雅诗兰黛和 Lululemon的看涨期权和直接持股，以及对阿里巴巴、京东和VF公司的看涨期权。 尽管这些文件只捕捉了伯里在某一天美国股票持仓的快照，并且有六周的发布延迟，但它们可能仍为我 们了解他的投资策略和市场前景提供一些见解。 "大空头"转向 Creative Planning的总裁兼首席执行官Peter Mallouk表示，伯里的第一季度投资组合表明，他曾确信科技 股"在未来将遭受相当大的损失"。 "他当时显然认为这些股票被高估了，并预计这个群体至少会出现一次回调，"他补充道。除了英伟达， 伯里做空的所有股票在上个季度都下跌了 ...

毛利率从71.7%扩大至74.0%。调整后的非公认会计准则(Non-GAAP)毛利率同样有所扩大。这一增长主 要得益于公司的"利润恢复与增长计划"(PRGP)带来的运营效率提升、过剩和陈旧库存减少以及战略性 定价行动。公司录得营业亏损7.85亿美元，而上一财年为营业利润9.7亿美元。这主要是由于商誉和其他 无形资产减值费用以及重组相关费用同比增加所致。 雅诗兰黛公布2025财年(截至2025年6月30日)业绩报告，净销售额为143.26亿美元，较2024财年的156.08 亿美元下降了8%。 调整后的营业利润为11.46亿美元，同比下降28%。摊薄后每股净亏损为3.15美元，而上一财年为每股净 收益1.08美元。调整后摊薄每股净收益为1.51美元，较上一财年的2.59美元下降了42%。经营活动提供 的净现金流从上一财年的23.6亿美元降至12.7亿美元。 公司对2026财年恢复销售正增长和提高营业利润率表达了信心。预计净销售额增长2%至5%，有机净销 售额增长0%至3%。预计调整后摊薄每股收益在1.90美元至2.10美元之间，同比增长26%至39%。预计中 国大陆市场将恢复中个位数的增长。预计全球旅游零售业务 ...

雅诗兰黛恢复增长之路似乎还需一段时日。尤其是在经济下行期，叠加关税、地缘政治等因素影响，其面临的挑战，远未结束。 △图源：雅诗兰黛财报 其中，2025财年整体业绩呈现营利双降局面，净销售额较上一财年同期同比下跌8%，为143.26亿美元(约合人民币1028.01亿元)。 | | Year Ended lune 30 | | | | | --- | --- | --- | --- | --- | | ($ in millions, except per share data) | 2025 | | 2024 | | | Net Sales | $ 14,326 | | $ 15,608 | (8)% | | Organic Net Sales, Non-GAAP1 | $ 14,351 | | $ 15,609 | (8)% | | Other Financial Results: | | | | | | Gross Profit | $ 10,597 | | $ 11,184 | (5)% | | Gross Margin | 74.0 % | | 71.7 % | | | Adjusted Gross Pr ...

Market Performance - The three major US stock indices closed mixed, with the Nasdaq down 0.67%, the S&P 500 down 0.24%, and the Dow Jones up 0.04% [1] - Large-cap tech stocks generally declined, with Intel falling approximately 7% and Google, Tesla, Apple, and Amazon each dropping over 1% [1] - Microsoft, Nvidia, Meta, and AMD experienced slight declines [1] Company-Specific Developments - Target's stock price fell over 10% before narrowing its losses, following a report of declining sales [1] - Estée Lauder's shares dropped over 3% due to earnings guidance that fell short of expectations [1] - Taiwan Semiconductor Manufacturing Company (TSMC) and Micron also saw declines, as the US may consider expanding its "subsidy-for-equity" program to other chip companies [1]

Estée Lauder is lowering prices on some items to boost sales, an unusual move at a time when many US consumer companies are raising prices to offset tariff costs https://t.co/anRn833MZy ...

Core Viewpoint - Estée Lauder is experiencing significant revenue declines amid a challenging global economy, leading to skepticism about future growth despite cost-cutting measures and a new management strategy [1][2]. Financial Performance - In Q4 2025, Estée Lauder reported a revenue decline of 11.9% to $3.41 billion, with adjusted earnings per share dropping 86% to $0.09, although these results were better than analysts' low expectations [3]. - The revenue decline was primarily driven by a 24% drop in sales in the Europe, Middle East, and Africa region, attributed to weak travel-related business from Chinese tourists [4]. Management and Strategy - The new CEO, Stéphane de La Faverie, has expanded the "Profit Recovery and Growth Plan" (PRGP), resulting in the reduction of 5,800 to 7,000 employees, which may be impacting current revenue [5]. - Despite the revenue challenges, management claims that adjusted gross margins have structurally improved over the past year [5]. Future Outlook - Management projects a revenue growth of 0% to 3% for the upcoming year on a constant currency basis, indicating a potential return to growth [7]. - The stock remains significantly below its all-time highs, trading at 40 times forward earnings, suggesting that investors will need to see substantial profit growth beyond the next year for a meaningful recovery [8].

Core Insights - The Estee Lauder Companies Inc. reported fourth-quarter fiscal 2025 results, with both net sales and earnings declining year over year, despite beating the Zacks Consensus Estimate for adjusted earnings and net sales [1][2]. Financial Performance - Adjusted earnings were 9 cents per share, surpassing the Zacks Consensus Estimate of 8 cents, but down 85% from 64 cents in the same quarter last year [1]. - Quarterly net sales reached $3,411 million, exceeding the Zacks Consensus Estimate of $3,402 million, but reflecting a 12% decline year over year [2]. Category-Wise Revenue Results - Skin Care sales decreased 16% year over year to $1,705 million, primarily due to challenges in the Asia travel retail business [3]. - Makeup revenues fell 11% to $982 million, driven by lower sales from Estee Lauder and M·A·C, as well as reduced sales for Too Faced in North America [4]. - Fragrance category revenues increased 4% to $560 million, led by luxury brands Le Labo and Jo Malone [5]. - Hair Care sales totaled $141 million, down 15% year over year, largely due to challenges in North America [6]. Regional Revenue Results - Sales in the Americas declined 6% year over year to $949 million [7]. - Revenues in the EMEA region fell 22% to $1,293 million [7]. - Asia-Pacific region sales tumbled 3% to $1,166 million [7]. Margin and Operating Performance - Adjusted gross margin improved by 10 basis points year over year to 71.9%, aided by the Profit Recovery and Growth Plan [8]. - The company reported an operating loss of $390 million, compared to a loss of $233 million in the prior year [9]. - Adjusted Operating Income declined 61% to $137 million [9]. Financial Health Snapshot - The company exited the quarter with cash and cash equivalents of $2,921 million, long-term debt of $7,314 million, and total equity of $3,865 million [10]. - Net cash flow from operating activities for the 12 months ended June 30, 2025, was $1,272 million, with capital expenditures of $602 million [10]. Restructuring Program - The company announced an expansion of its Profit Recovery and Growth Plan (PRGP), with a comprehensive restructuring initiative expected to be completed by fiscal 2027 [12]. - Anticipated restructuring charges range from $1.2 billion to $1.6 billion before taxes, with expected annual gross benefits of $800 million to $1 billion [13]. Future Outlook - For fiscal 2026, reported net sales are estimated to rise 2-5%, with adjusted organic net sales expected to grow 0-3% [14]. - Adjusted earnings per share are projected to increase by 26-39%, ranging from $1.90 to $2.10 [14]. - The company expects organic net sales for the first quarter of fiscal 2026 to show a low-single-digit decline to slightly positive growth [15].