LVMH 2025年上半年营收、净利润双降，中国市场跌幅收窄

Core Insights - LVMH reported a 4% decline in revenue for the first half of 2025, totaling €39.81 billion, with organic revenue down 3% [2] - Operating profit decreased by 15% to €9.01 billion, while net profit fell by 22% to €5.69 billion [2] - The fashion and leather goods segment, including brands like LV and Dior, was the worst-performing area, with revenue of €19.11 billion and an organic revenue decline of 7% [2] Business Segment Performance - Fashion and Leather Goods: Revenue of €19.11 billion, organic revenue down 7%, with a significant decline in Q2 [2] - Selective Retailing: Revenue of €8.62 billion, organic revenue growth of 2% [2] - Watches and Jewelry: Revenue of €5.09 billion, organic revenue flat [2] - Perfumes and Cosmetics: Revenue of €4.08 billion, organic revenue flat [2] - Wines and Spirits: Revenue of €2.59 billion, organic revenue down 7% [2] Regional Performance - Other Asian regions, excluding Japan and including China, contributed 28% of total revenue [2] - The U.S. market accounted for 25% of revenue, while other European regions contributed 17% [2] - France and Japan each represented 8% of total revenue [2] - Japan experienced a 15% decline in organic revenue, while the Asian region's decline slowed down; the U.S. market saw a slight decrease of 1% [2] Management Commentary - LVMH's CEO Bernard Arnault emphasized the company's resilience and the strength of its iconic brands, despite the economic uncertainty impacting luxury demand [3] - The performance reflects the ongoing challenges in the luxury market, particularly in Asia, with LVMH's revenue and core business income decline exceeding Wall Street expectations [3]