分组1 - Estee Lauder reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, compared to $0.64 per share a year ago, representing an earnings surprise of +12.50% [1] - The company posted revenues of $3.41 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.27%, but down from $3.87 billion year-over-year [2] - Estee Lauder has outperformed the S&P 500, with shares increasing about 19.9% since the beginning of the year, compared to the S&P 500's gain of 9% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $3.33 billion, and for the current fiscal year, it is $2.13 on revenues of $14.61 billion [7] - The Zacks Industry Rank indicates that the Cosmetics industry is currently in the bottom 24% of over 250 Zacks industries, which may impact stock performance [8]

值得注意的是，根据雅诗兰黛集团披露，2026财年第一季度开始，公司将根据新的区域架构按地理区域 报告财务表现，其中，中国内地将不再并入亚太区报告财务表现，而是单独报告。2025财年，中国内地 实现有机净销售额27.41亿美元。 封面图片来源：每经原创 8月20日，国际美妆企业雅诗兰黛集团披露2025财年财报（2024年6月底至2025年6月底）。2025财年， 雅诗兰黛集团实现有机净销售额143.26亿美元，同比下滑8%。雅诗兰黛首席执行官Stéphane de La Faverie表示，"尽管外部环境持续波动，但我们以势头和信心开启了2026财年，在经历了三年的下滑 后，我们有望实现有机销售增长，并开始重建运营盈利能力，以在未来几年实现两位数的调整后运营利 润率。" ...

[Fiscal 2025 Performance Overview](index=1&type=section&id=THE%20EST%C3%89E%20LAUDER%20COMPANIES%20REPORTS%20FISCAL%202025%20RESULTS) [Financial Highlights](index=1&type=section&id=FISCAL%202025%20SELECT%20FINANCIAL%20RESULTS) Fiscal 2025 net sales declined 8% to **$14.33 billion**, leading to a **$785 million** operating loss and reduced operating cash flow Fiscal 2025 Select Financial Results | ($ millions, except per share) | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | **Net Sales ($ millions)** | **$14,326** | **$15,608** | **(8)%** | | Organic Net Sales, Non-GAAP ($ millions) | $14,351 | $15,609 | (8)% | | Operating (Loss) Income ($ millions) | $(785) | $970 | (100+)% | | Adjusted Operating Income, Non-GAAP ($ millions) | $1,146 | $1,588 | (28)% | | Diluted Net (Loss) Earnings Per Common Share ($) | $(3.15) | $1.08 | (100+)% | | Adjusted Diluted Net Earnings Per Common Share, Non-GAAP ($) | $1.51 | $2.59 | (42)% | - Operating margin declined to **(5.5)%** from **6.2%**, primarily due to an **$815 million** increase in goodwill and other intangible asset impairment charges and **$362 million** in restructuring charges Adjusted operating margin also contracted to **8.0%** from **10.2%**[5](index=5&type=chunk) - Net cash flows from operating activities decreased to **$1.27 billion** from **$2.36 billion**, mainly due to lower pre-tax earnings and an unfavorable change in operating assets and liabilities, including the impact from a significant inventory reduction in the prior year[5](index=5&type=chunk) - Dividends paid were reduced to **$618 million** from **$947 million** in the prior year, following a decision in the second quarter of fiscal 2025 to adjust the dividend to a more appropriate payout ratio[5](index=5&type=chunk) [Operational and Strategic Highlights](index=3&type=section&id=BEAUTY%20GAINS%20AND%20OPERATIONAL%20HIGHLIGHTS) Despite headwinds, the company gained market share in China and Japan, expanded online reach, and increased consumer-facing investments via cost reductions - Achieved prestige beauty market share gains in mainland China and Japan In the U.S., share trends improved significantly in the second half of the fiscal year[8](index=8&type=chunk) - Expanded consumer reach by launching eight brands on Amazon's U.S. Premium Beauty store and expanding online distribution in Southeast Asia on platforms like Shopee and TikTok Shop[8](index=8&type=chunk) - Increased consumer-facing investments by approximately **400 basis points** as a percentage of sales, funded by a **6%** reduction in non-consumer-facing costs through the PRGP[9](index=9&type=chunk) - Advanced technology and innovation by opening a new BioTech Hub in Belgium, collaborating with MIT, and forming strategic AI partnerships with Microsoft and Adobe to drive operational efficiencies[9](index=9&type=chunk) [Fiscal 2025 Segment Performance](index=5&type=section&id=FISCAL%202025%20RESULTS%20BY%20PRODUCT%20CATEGORY%20AND%20BY%20REGION) [Performance by Product Category](index=5&type=section&id=Results%20by%20Product%20Category) All product categories except Fragrance saw organic net sales declines, with Skin Care down **12%** and Makeup and Fragrance reporting operating losses FY2025 Net Sales & Operating Income by Product Category (Reported) | ($ millions) | Net Sales 2025 ($ millions) | Net Sales 2024 ($ millions) | % Change | Operating (Loss) Income 2025 ($ millions) | Operating Income 2024 ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Skin Care** | $6,962 | $7,908 | (12)% | $574 | $735 | (22)% | | **Makeup** | $4,205 | $4,470 | (6)% | $(441) | $93 | (100+)% | | **Fragrance** | $2,491 | $2,487 | 0% | $(378) | $265 | (100+)% | | **Hair Care** | $565 | $629 | (10)% | $(41) | $(52) | 21% | - Skin Care organic net sales fell **12%**, driven by declines in Estée Lauder and La Mer, particularly in the Asia travel retail business due to subdued Chinese consumer sentiment and retailer strategy shifts[12](index=12&type=chunk)[14](index=14&type=chunk) - Makeup organic net sales decreased **5%**, primarily due to declines from M·A·C and Estée Lauder This was partially offset by growth in Clinique, which benefited from its launch on Amazon's U.S. Premium Beauty store[14](index=14&type=chunk) - Fragrance organic net sales were flat, with strong double-digit growth from Le Labo offset by a decline from TOM FORD, which experienced retail softness in North America[17](index=17&type=chunk) - Hair Care organic net sales decreased **10%**, driven by declines at Aveda due to softness in brick-and-mortar channels, which more than offset online growth from its Amazon launch[17](index=17&type=chunk) [Performance by Geographic Region](index=9&type=section&id=Results%20by%20Geographic%20Region) All geographic regions experienced organic net sales declines, with EMEA down **13%** due to travel retail and The Americas impacted by significant impairment charges FY2025 Net Sales & Operating Income by Geographic Region (Reported) | ($ millions) | Net Sales 2025 ($ millions) | Net Sales 2024 ($ millions) | % Change | Operating (Loss) Income 2025 ($ millions) | Operating Income 2024 ($ millions) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **The Americas** | $4,411 | $4,581 | (4)% | $(918) | $34 | (100+)% | | **Europe, the Middle East & Africa** | $5,375 | $6,140 | (12)% | $610 | $836 | (27)% | | **Asia/Pacific** | $4,537 | $4,888 | (7)% | $9 | $224 | (96)% | - The overall **8%** organic net sales decrease was driven by a strong double-digit decline in the global travel retail business (part of EMEA), a mid-single-digit decline in mainland China, and a low-single-digit decline in North America[20](index=20&type=chunk)[21](index=21&type=chunk) - Operating results in The Americas were heavily impacted by **$911 million** in goodwill and other intangible asset impairment charges and **$159 million** in talcum litigation settlement charges[21](index=21&type=chunk) - The decline in EMEA operating income was primarily due to the decrease in net sales from the global travel retail business[21](index=21&type=chunk) [Fourth Quarter Fiscal 2025 Results](index=12&type=section&id=Fourth%20Quarter%20Results) [Q4 Performance Summary](index=12&type=section&id=Q4%20Results%20by%20Product%20Category) Q4 fiscal 2025 saw a sequential deterioration with net sales declining **12-13%**, driven by travel retail and China softness, resulting in a **$546 million** net loss Q4 FY2025 Net Sales by Product Category (Organic) | Category | Organic Net Sales Change (%) | | :--- | :--- | | Skin Care | (17)% | | Makeup | (12)% | | Fragrance | 2% | | Hair Care | (15)% | - The sequential deterioration in Q4 net sales was primarily due to a stronger decline in the global travel retail business and ongoing subdued consumer sentiment in mainland China[28](index=28&type=chunk) - The operating loss for the quarter was **$390 million**, compared to a loss of **$233 million** in the prior-year period The decline was driven by lower net sales and impairment charges[28](index=28&type=chunk) - For the fourth quarter, the company reported a net loss of **$546 million** and a diluted net loss per common share of **$1.51**[28](index=28&type=chunk) [Corporate Actions and Strategic Plans](index=15&type=section&id=Corporate%20Actions%20and%20Strategic%20Plans) [Quarterly Dividend](index=15&type=section&id=QUARTERLY%20DIVIDEND) The company declared a quarterly dividend of **$0.35** per share for both Class A and Class B Common Stock - A quarterly dividend of **$0.35** per share was announced, payable on September 16, 2025, to stockholders of record on September 2, 2025[29](index=29&type=chunk) [Profit Recovery and Growth Plan (PRGP)](index=15&type=section&id=PROFIT%20RECOVERY%20AND%20GROWTH%20PLAN%20%28PRGP%29) The PRGP aims to restore sales growth and achieve a double-digit adjusted operating margin, with restructuring charges of **$1.2 billion** to **$1.6 billion** and **5,800-7,000** job reductions - The PRGP aims to restore sales growth in fiscal 2026 and achieve a solid double-digit adjusted operating margin over the next few years Actions are expected to be substantially completed in fiscal 2027[30](index=30&type=chunk) - In fiscal 2025, the PRGP helped deliver over **200 basis points** of adjusted gross margin expansion and reduced non-consumer-facing expenses by **6%** to fund investments[31](index=31&type=chunk) - The restructuring program component is expected to incur charges of **$1.2 billion** to **$1.6 billion** and yield annual gross benefits of **$0.8 billion** to **$1.0 billion**[33](index=33&type=chunk) - The company estimates a net reduction of **5,800 to 7,000** positions as part of the restructuring program[34](index=34&type=chunk) [Fiscal 2026 Outlook](index=17&type=section&id=OUTLOOK%20FOR%20FISCAL%202026%20FULL%20YEAR) [Full Year Guidance](index=18&type=section&id=Full%20Year%20Guidance) Fiscal 2026 guidance projects reported net sales growth of **2-5%** and adjusted diluted EPS of **$1.90-$2.10**, despite an estimated **$100 million** tariff impact Fiscal 2026 Full Year Outlook | Metric | Forecast Range | | :--- | :--- | | Reported Net Sales Growth | 2% - 5% | | Organic Net Sales Growth (Non-GAAP) | 0% - 3% | | Reported EPS - GAAP ($) | $1.63 - $1.87 | | Adjusted EPS - Non-GAAP ($) | $1.90 - $2.10 | | Adjusted EPS Growth (Non-GAAP) | 26% - 39% | - The company expects tariff-related headwinds to negatively impact fiscal 2026 profitability by approximately **$100 million**, net of mitigation actions[39](index=39&type=chunk) - Adjusted operating margin is expected to be between **9.4% and 9.9%**, with greater expansion anticipated in the second half of the fiscal year as PRGP benefits build[47](index=47&type=chunk) - Net cash flows from operating activities are projected to be between **$1.0 billion and $1.1 billion**, a decline from fiscal 2025, reflecting higher restructuring payments expected to peak in fiscal 2026[47](index=47&type=chunk) [Key Assumptions and Regional Reorganization](index=17&type=section&id=Key%20Assumptions%20and%20Regional%20Reorganization) Fiscal 2026 outlook assumes mid-single-digit growth in mainland China and modest growth in travel retail, with a new four-region geographic reporting structure - Beginning in fiscal 2026, the company will report under a new regional structure: The Americas; Europe, the United Kingdom and Ireland and Emerging Markets (EUKEM); Asia/Pacific (including global travel retail); and Mainland China[36](index=36&type=chunk) - Key outlook assumptions include a mid-single-digit return to growth in mainland China and a return to modest growth in the global travel retail business[43](index=43&type=chunk) - The company anticipates low-single-digit organic net sales decline to slightly positive in the first quarter of fiscal 2026[43](index=43&type=chunk) [Financial Statements](index=23&type=section&id=Financial%20Statements) [Consolidated Statement of (Loss) Earnings](index=23&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20%28LOSS%29%20EARNINGS) The Consolidated Statement of (Loss) Earnings for FY2025 shows a net loss of **$1.13 billion** on **$14.33 billion** net sales, driven by **$1.29 billion** in impairment charges FY2025 Consolidated Statement of (Loss) Earnings Highlights | ($ millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Net sales ($ millions) | $14,326 | $15,608 | | Gross profit ($ millions) | $10,597 | $11,184 | | Total operating expenses ($ millions) | $11,382 | $10,214 | | Operating (loss) income ($ millions) | $(785) | $970 | | Net (loss) earnings ($ millions) | $(1,133) | $409 | | Diluted Net (loss) earnings per share ($) | $(3.15) | $1.08 | [Condensed Consolidated Balance Sheets](index=27&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, total assets decreased to **$19.89 billion** and total equity declined to **$3.87 billion**, while total liabilities remained stable Balance Sheet Highlights | ($ millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total current assets ($ millions) | $7,069 | $7,922 | | **Total assets ($ millions)** | **$19,892** | **$21,677** | | Total current liabilities ($ millions) | $5,435 | $5,702 | | Long-term debt ($ millions) | $7,314 | $7,267 | | **Total equity ($ millions)** | **$3,865** | **$5,314** | | **Total liabilities and equity ($ millions)** | **$19,892** | **$21,677** | [Select Cash Flow Data](index=28&type=section&id=SELECT%20CASH%20FLOW%20DATA) Net cash from operating activities decreased significantly to **$1.27 billion** in FY2025, driven by net loss and working capital changes, with capital expenditures reduced Select Cash Flow Data | ($ millions) | Twelve Months Ended June 30, 2025 | Twelve Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) earnings ($ millions) | $(1,133) | $409 | | **Net cash flows provided by operating activities ($ millions)** | **$1,272** | **$2,360** | | Capital expenditures ($ millions) | $(602) | $(919) | | Dividends paid to stockholders ($ millions) | $(618) | $(947) | [Reconciliation of GAAP to Non-GAAP Measures](index=25&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Detailed reconciliations bridge GAAP and non-GAAP measures, with **$1.29 billion** in impairment and restructuring charges and **$159 million** in litigation settlements as key FY2025 adjustments - Non-GAAP adjustments to operating income for FY2025 totaled **$1.93 billion**, primarily consisting of **$1.29 billion** in goodwill and intangible asset impairments, **$486 million** in restructuring charges, and **$159 million** for talcum litigation settlements[69](index=69&type=chunk) - The company reconciles reported net sales to organic net sales by adjusting for returns associated with restructuring activities and the impact of foreign currency translation[66](index=66&type=chunk)[68](index=68&type=chunk)

（原标题：美股前瞻 | 三大股指期货齐跌 美联储会议纪要公布在即） 3. 截至发稿，WTI原油涨1.25%，报62.54美元/桶。布伦特原油涨1.11%，报66.52美元/桶。 市场消息 美股科技巨头遭16年最大低配，大摩：资金回补将成上涨新推力。摩根士丹利最新研究指出，谷歌、亚 马逊、苹果、Meta、微软、英伟达等大型科技股正面临主动管理型基金16年来最显著的持仓不足现 象，且投资组合与标普500指数权重的差距在第二季度进一步扩大。该机构分析师表示，这一看似矛盾 的现象实际可能为科技股带来利好。他指出，当前投资者和主动管理基金不仅对整体科技巨头持仓偏 低，甚至对表现突出的英伟达也未充分配置。分析师称，"当前持仓水平已低于三个月前"，这暗示未来 机构资金仍有增持空间，或为科技股后续上涨提供潜在动力。 ?曾精准预言"夏日抛售"的华尔街大佬重磅发声：美股散户狂热买盘或于9月暂歇。根据来自Citadel Securities的股票与股票衍生品策略主管Scott Rubner的最新观点，美股市场今年以来屡创新高强劲涨势 的主要推动群体——散户投资者们，可能将在9月份明显放慢此前近乎狂热的股票买入力度，随后可能 在今年 ...

雅诗兰黛周三发布了强于预期的季度业绩，但疲软的全年指引令投资者大失所望，导致这家美妆巨头股 价在盘前交易中暴跌近15%。 周三公布的财报显示，雅诗兰黛第四财季（截至6月30日的3个月）净销售额达到34.1亿美元，高于市场 预估的34亿美元；经调整后每股收益为9美分，同样超过分析师预期的7.3美分。然而，雅诗兰黛对2026 财年调整后每股收益的预测为1.90至2.10美元，低于分析师平均预期的2.21美元。 受此影响，雅诗兰黛股价在美股盘前交易中一度暴跌近15%。尽管公司股价今年迄今已上涨20%，跑赢 标普500指数，但此次疲软的财年展望似乎抹去了部分涨幅。 受关税冲击，雅诗兰黛盈利指引不及预期 雅诗兰黛预计2026财年有机净销售额增长将在0%至3%之间，略高于市场预期1.94%。这一增长预测虽 然标志着公司可能从上一财年有机销售额下滑8%的困境中恢复，但增速仍显保守。 盈利方面，雅诗兰黛预计2026财年调整后每股收益将在1.90美元至2.10美元之间，而分析师的预期为 2.21美元。 雅诗兰黛预计关税相关的逆风将对2026财年的盈利能力产生约1亿美元的冲击。这一打击主要源于美国 总统特朗普对进口产品征收的全面 ...

雅诗兰黛8月20日公布截至6月30日的2025财年财报显示，净销售额143.26亿美元，同比减少8%，净亏 损11.33亿美元，调整后每股亏损3.15美元。 来源：智通财经 ...

此外，雅诗兰黛预计2026财年营收146.9亿美元，预测经调整后每股收益增长26-39%；预计2026年有机 净销售额增长0%-3%，市场预估增长1.94%。 格隆汇8月20日｜雅诗兰黛(EL.US)盘前跳水，一度大跌逾15%至76.1美元。消息面上， 雅诗兰黛第四财 季净销售额34.1亿美元，预估34亿美元；经调整后每股收益9美分，预估7.3美分。 雅诗兰黛2025财年营业收入143.26亿美元，同比下降8%；营业利润率从上一年的6.2%降至5.5%。2025 财年，每股普通股摊薄净(亏损)收益降至净亏损3.15美元，而前一年的净收益为1.08美元；调整后的稀 释每股普通股净收益降至1.51美元，而之前为2.59美元。 ...

Estée Lauder expects sales to increase this year, an early sign that the new chief executive’s turnaround plans are starting to work https://t.co/3uC1NEPgBN ...

雅诗兰黛(EL.US)盘前跌4.66%。消息上，雅诗兰黛公司将于8月20日(今日)开盘前发布第四季度的财 报。分析师预计这家总部位于纽约的公司本季度每股收益为9美分，低于去年同期的64美分。雅诗兰黛 预计本季度收入为34亿美元，而去年同期为38.7亿美元。 | EL 雅诗兰黛 | | | | --- | --- | --- | | 89.870 + -0.870 -0.96% | | 收盘价 08/19 15:59 美东 | | 85.680 ↓ -4.190 -4.66% | | 盘前价 08/20 04:57 美东 | | 三 % 24 华 S 导 员 ♥ 自选 | | ● 快捷交易 | | 最高价 91.610 开盘价 91.580 | | 成交量 646.09万 | | 最低价 89.590 昨收价 90.740 | | 成交额 5.83亿 | | 平均价 90.290 市盈率TTM 亏损 | | 总市值 323.31亿 … | | 市盈率(静) 83.21 振 幅 2.23% | | 总股本 3.6亿 | | 市净率 7.440 换手率 2.77% | | 流通值 209.44亿 | | 52周最高 ...

Group 1 - Japan's July import and export data, along with June's core machinery orders, are scheduled for release [1] - China's August one-year and five-year loan market quoted rates will be announced [1] - The State Council Information Office will hold a press conference regarding the preparations for the military parade [1] Group 2 - New Zealand's central bank will announce its official cash rate and hold a monetary policy press conference [1] - The UK will release its July Consumer Price Index (CPI) [1] - The Eurozone's final July CPI will be published [1] Group 3 - Major companies including Baidu, iQIYI, and Kingsoft Cloud are set to release their earnings reports after the Hong Kong stock market closes [1] - U.S. companies such as Lowe's, Target, and Estée Lauder will report their earnings before the market opens [1] - The U.S. Energy Information Administration will release its weekly crude oil inventory report [1] Group 4 - The Federal Reserve will publish the minutes from the July FOMC monetary policy meeting [1] - The President of the Atlanta Federal Reserve will discuss economic outlook [1] - Google will hold a press conference to launch new Pixel brand hardware [1]