PresentationBefore we go into some Q&A, I'm just going to give the stage to Christophe, who will do a short presentation for the next 10 minutes, and then we'll get into some Q&A. So over to you, Christophe.Christophe BabuleExecutive VP & CFO So yes, welcome to this incredible category called beauty, and I hope this puts you in a good mood. So let's go now to speak more about who is L'Oréal. So you've seen the key figures. And I have to say that, yes, L'Oréal is a truly unique company. Why? Well, let me giv ...

2025.09. 02 本文字数：1235，阅读时长大约2分钟 那么，消费者经常使用的喷雾是"智商税"吗？ 据新京报，同济大学皮肤学博士、资深护肤专家冰寒表示，喷雾的主要作用是瞬时补水，含有的一些 特别成分可以起到舒缓作用，例如锌可以抗炎、硒具有抗衰老的效果等，但"这些成分是否发挥作 用，取决于用法、用量以及皮肤的吸收程度等。" 近日，有网友吐槽理肤泉舒缓调理温泉水喷雾， 成分只有"水"，简直就是"智商税"，并提出疑 问："如果只是把水装进喷雾瓶里，为什么要卖到上百元？" 据经视直播， 9月1日，理肤泉官方客服工作人员对此回应称，该款喷雾的成分确实只有"水"，但并 非普通饮用水， 而是来自法国理肤泉小镇的天然温泉水。 这些温泉水在用于制作喷雾前， 会经过 严格的筛查加工与杀菌消毒处理，同时会保留温泉水中天然含有的矿物质和微量元素， 这是其与普 通水的核心区别。 近百元的定价是基于产品生产过程中有的一定成本，并非无依据定价。 此外，工作人员还提到， 该款喷雾的喷头造价也较高，而高成本的喷头也带来了更好的使用体验， 喷出来的水雾呈广角形态，且质地十分细腻，能更均匀地覆盖肌肤。 据界面新闻，9月2日，通过理肤泉线上 ...

Core Viewpoint - The controversy surrounding La Roche-Posay's "Soothing Thermal Water Spray" has sparked discussions online, with critics labeling it as a "smart tax" due to its ingredient list primarily consisting of "water" and questioning its high price point [1][3]. Company Overview - La Roche-Posay's thermal water spray is a flagship product under the L'Oréal Group, which has reported a sales revenue of €224.73 billion (approximately ¥1861.91 billion) in the first half of this year, reflecting a year-on-year growth of 3% [3][4]. - The product is available in three sizes: 50ml, 150ml, and 300ml, with the 300ml two-pack priced at ¥101.5 [3]. Financial Performance - In the first half of 2024, L'Oréal's sales reached €221.2 billion, marking a year-on-year increase of 7.5%, while operating profit grew by 8% to €45.99 billion, accounting for 20.8% of sales [4]. - The professional hair care division has emerged as a growth driver, achieving a 6.5% year-on-year increase in sales, with brands like Kérastase and Color Wow gaining consumer favor [4]. - The mass cosmetics division reported sales of €84.1 billion (approximately ¥697.8 billion), with a year-on-year growth of 2.8%, while the skin science beauty division saw sales of €38.6 billion (approximately ¥320.3 billion), growing by 3.1% [5].

作为面向香料香精和化妆品行业的唯一一家"中字头、国字号"行业组织，中国香妆协会长期以 来致力于"四个服务"，助力我国香料香精化和妆品行业的高质量发展，在行业"政-产-学-研- 资-用-传"方面发挥着积极的作用。 通过三大会议的召开，中国香妆协会将持续深化媒体协作机制建设，强化国际传播能力，推动 中国香妆行业在全球科技与创新浪潮中占据更高地位。 2 0 2 5年安全用妆科普宣传周将于9月1日—7日开展，主题是"安全用妆、科普护航"。本次会议 旨在积极响应国家药监局关于安全用妆科普宣传周的宣传号召，落实国家药监局全国化妆品安 全科普宣传周执行计划，强化公众安全用妆意识，构建社会共治新格局。 中国香料香精化妆品工业协会理事长、医学博士颜江瑛，天津市药品监督管理局党组成员、副 局长邹刚，中国香妆协会顾问董树芬以及相关领导、嘉宾与媒体代表共同出席了2 0 2 5安全用 妆科普宣传周行业媒体动员会。 8月2 5日，由中国香料香精化妆品工业协会（以下简称中国香妆协会）主办，中国香妆协会产 业研究中心、中国香妆融媒体、Bi o π中国美肤科学传播平台承办的2 0 2 5安全用妆科普宣传周 行业媒体动员会、中国香妆协会媒体协作 ...

理肤泉再陷舆论风波。 近日，有网友质疑，理肤泉舒缓调理温泉水喷雾是"智商税"，原因是该产品的成分只有"水"，并称"如果只是把水装 进喷雾瓶里，为什么要卖到上百元？"随后，"理肤泉上百元喷雾被指成本只有水"等相关话题登上热搜。 9月2日，记者在理肤泉线上自营店查询发现，该款喷雾的成分确实只有"水"，150ml的售价是119元，300ml的售 价为129元起。产品特性一栏介绍称，该喷雾天然蕴含特有的矿物质和微量元素组合，可迅速舒缓调理肌肤，帮助 增强肌肤的抵御力，缓解外界因素引起的肌肤不适感。 9月1日， 理肤泉官方客服工作人员表示，该款喷雾并非普通饮用水，而是来自法国理肤泉小镇的天然温泉水。这些 温泉水在用于制作喷雾前，会经过严格的筛查加工与杀菌消毒处理，同时会保留温泉水中天然含有的矿物质和微量 元素。工作人员还称，该款喷雾的喷头造价也较高。 理肤泉是欧莱雅旗下品牌，创立于1975年，主要业务是医学护肤品牌研发和销售。今年3月，该品牌曾陷入致癌风 波。 据《北京商报 》 ，3月12日，欧莱雅在检测理肤泉品牌Effaclar Duo清痘净肤双重调理乳时，发现了微量的苯。欧 莱雅已在美国召回其所有批次的Effacl ...

" 长寿正逐渐成为现实 。 "欧莱雅北亚研发和创新中心副总裁容德明不无激动地表示，在生命 科 学 、 AI 等 技 术 等 推 动 下 ， 整 个 人 类 社 会 正 迎 来 一 场 全 新 的 长 寿 革 命 ——" 当前，我们仍处 于'长寿科学'的探索初期。 " 而 伴 随 " 长 寿 时 代 " 的 到 来 ， " 美 " 的 势 能 也 在 经 历 重 塑 ， 欧 莱 雅 集 团 开 创 性 地 在 全 球 发 起 了"Th e Be a u t y o f Lo n g e v it y "（中文名：新龄美）项目。 欧莱雅北亚研发和创新中心副总裁容德明 2 0 2 5年7月1 2日，在上海举办的全球抗衰老与医美科学顶级学术会议——IMCAS英卡思大会 上，欧莱雅集团首次向中国市场揭开「新龄美」的全貌，这一涵盖科学健康、重塑认知和文化 经济三个维度的项目，革新传统长寿理念，引领一场前所未有的范式变革。 " 美不分年龄，是所有人都可以选择的一种生活方式。我们要做的，是构建全周期的美。 " 欧 莱雅北亚及中国公共事务总裁兰珍珍把「新龄美」生动比喻为一棵生命之树， 科学健康 是它 扎根土壤的根须， 文化观念 ...

Summary of L'Oréal Conference Call Company Overview - L'Oréal has expanded into the cosmetics and skincare market through a series of acquisitions, including Lancôme, Helena Rubinstein, and Maybelline, forming four main product lines: professional products, consumer products, luxury products, and dermatological products [2][3][4] Key Insights - **Growth Performance**: Over the past decade, L'Oréal's consumer products have seen slow growth at approximately 4% annually, while professional care (dermatological) products have grown at 16%, and luxury products have approached 10% annual growth. This has led to an increase in gross margin from around 70% to 74%-75% [2][6][7] - **Research and Development**: L'Oréal maintains a consistent R&D expenditure rate of about 3%, spending approximately €1.3-1.4 billion (over 10 billion RMB) annually, which supports innovation and enhances overall gross sales margin [2][8][9] - **Market Dynamics**: In the first half of 2025, the European and American markets faced pressure, particularly in North America, while the Asia-Pacific region showed signs of recovery, with China achieving a positive growth rate of 3% [2][12] - **E-commerce Growth**: The share of online sales increased from 5% in 2015 to 28% in 2023, stabilizing since 2021. Offline counters have performed well, crucial for brand positioning and recognition [2][13] Additional Important Points - **Acquisition Strategy**: L'Oréal's annual acquisitions are a key growth strategy, allowing for business expansion and product matrix enhancement. Without acquisitions, the company would maintain a 7% annual growth in the European and American markets [2][11] - **Market Potential in China**: The global cosmetics market is approximately €250 billion (around 2 trillion RMB), with China's market size reaching 300-400 billion RMB. L'Oréal's Paris brand is the largest in China, valued at about 15 billion RMB [18][19] - **Competitive Landscape**: Chinese cosmetics brands have strong potential in international markets, particularly in Southeast Asia, Japan, South Korea, and Europe, but they lag in R&D investment compared to established brands [20] - **Long-term Valuation**: L'Oréal's high valuation is attributed to its global consumer goods positioning, continuous R&D investment, and successful acquisitions that adapt to local consumer needs [16] Conclusion L'Oréal's strategic focus on R&D, acquisitions, and market adaptation has positioned it well in the competitive cosmetics landscape, particularly in emerging markets like China, while maintaining robust growth in professional and luxury segments.

欧莱雅又关停品牌了！日前(8月15日)，据外媒PersonalCareInsights报道，欧莱雅集团正计划停用去年收购的Gowoonsesang Cosmetics相关业务，只专注于 该公司旗下品牌Dr.G。 图源：Personal Care Insights 这意味着，Gowoonsesang Cosmetics旗下除Dr.G以外的品牌，都将面临停产的局面，包括旗下唯一彩妆品牌Healus以及上月底聚美丽在《欧莱雅关停品 牌？》一文中报道过的纯素品牌Vivid Draw。 需要注意的是，在上述报道中，Gowoonsesang Cosmetics一位官员指出："被欧莱雅收购后，我们的目标是以已经知名的品牌Dr. G和可以与欧莱雅合作的 彩妆品牌'Healus'为中心发展业务。" 如今来看，这一彩妆品牌也成了欧莱雅的一个"弃子"。 据介绍，在"呼吸的美丽"的口号下，Healus包含了帮助皮肤像呼吸一样舒适地化妆，面对本来的健康美丽的意义。而从成立时间来看，Healus成立至今不 到两年。 回到事件本身来看，去年12月，欧莱雅集团于官网发布公告称其已与Migros签署协议，收购其子公司Gowoonsesang ...

海南日报记者从名单中看到，5号馆聚集了不少全球头部品牌。其中，法国奢侈品头部企业开云集 团(Kering)旗下珠宝品牌宝诗龙(Boucheron)、宝曼兰朵(Pomellato)、Qeelin将参展;全球美妆行业领导者 欧莱雅，瑞士历峰集团旗下专业制表品牌名士、沛纳海、江诗丹顿、罗杰杜彼等高端腕表品牌，瑞士雷 达表等均将一一亮相。 据了解，不少品牌将推出新品首发首展等活动。瑞士雷达表将发布专供本次消博会的腕表新品;欧 莱雅将让参观者零距离感受该集团旗下16个美妆品牌组合，同时还将针对本次消博会推出独家上市新品 和沉浸式体验;强生消费品将携旗下城野医生、露得清、艾惟诺、培健、李施德林等8大品牌参加消博 会，参与品牌横跨护肤、母婴、个人护理3大品类。 此次公布的首批参展品牌为消博会5号馆参展品牌，涉及法国、日本、美国、瑞士等不少国家，展 品包括高端奢侈品、香化品、服饰、鞋、箱包、钟表、家居用品、纺织、丝绸、餐厨用具、手工艺品 等。 首批参展品牌名单公布 首届消博会国际大牌云集 本报海口4月23日讯(记者 罗霞)欧莱雅、资生堂、强生……4月23日，首届中国国际消费品博览会 首批参展品牌名单公布，一批国际知名品牌将参 ...

Core Viewpoint - Foreign beauty companies are focusing on profit recovery and operational efficiency through a series of transformation and restructuring plans from 2023 to 2024, with the common goal of restoring profits as they navigate a challenging market environment [1][4]. Summary by Sections Performance Results - Shiseido's sales in the first half of 2025 fell by 7.6% to 469.83 billion yen, but its core operating profit increased by 21.3% to 23.37 billion yen. L'Oréal's sales reached 22.473 billion euros, a 3% increase, while its operating profit was approximately 4.74 billion euros, up 3.1%, but lower than the previous year's growth of 8%. Estée Lauder's net sales dropped by 10% to 3.55 billion USD, with net profit declining by 52% to 159 million USD, although it turned a profit compared to the previous quarter [2][5]. Measures Taken - The companies have focused on three main strategies: 1. **Cost Control and Operational Efficiency**: Estée Lauder's restructuring plan includes layoffs affecting 1,800 to 3,000 employees, with further cuts of 5,800 to 7,000 jobs planned. L'Oréal has reduced advertising and promotional expenses to 7 billion euros and administrative costs to 4.2 billion euros, reflecting a commitment to cost control [6]. 2. **High-Margin Product Strategy**: Estée Lauder is expanding its high-end fragrance offerings, while L'Oréal has noted stronger growth in high-end brands compared to mid-range brands in the Chinese market [7]. 3. **Innovation and New Revenue Streams**: L'Oréal is implementing a "multi-polar model" to drive growth through technology, local supply chains, and forward-looking investments [8][9]. Market Transition - The shift towards profit recovery indicates a transition from growth-focused strategies to prioritizing profitability due to intensified market competition and shrinking profit margins. Companies like Estée Lauder have initiated profit recovery plans, emphasizing cost structure improvements and reduced high-risk innovations [11][12]. Future Goals - Shiseido aims to restore profitability by 2026, while Estée Lauder targets a return to double-digit profit margins by 2027. L'Oréal remains confident in maintaining high profit margins [14][15]. The companies are also adjusting their strategies to reduce reliance on the Chinese market, which has been a significant source of pressure due to declining sales [16].