欧莱雅集团上半年业绩增速放缓，中国市场销售额恢复增长

Core Insights - L'Oréal Group recorded sales and operating profit growth in the first half of 2025, but the growth rate has significantly slowed compared to the previous year [2] - The CEO highlighted that the growth was driven by a gradual recovery in the global beauty market, with strong performance in emerging markets and a slight rebound in China [2] Financial Performance - The group achieved sales of €22.4733 billion, a year-on-year increase of 3%, and operating profit rose by 3.1% to €4.7401 billion [2] - In the first half of 2024, sales and operating profit growth rates were approximately 7.3% and 8%, respectively [2] Performance by Division - Consumer Products division remains the main revenue source with sales of €8.413 billion, up 2.8% year-on-year [4] - Professional Products division led with a sales growth of 6.5%, totaling €2.5466 billion [4] - Dermatological Beauty division saw a 3.1% increase in sales to €3.8559 billion, driven by product innovation and online sales [4] - Luxe division, which includes brands like Lancôme and Biotherm, reported a sales decline of 1.9% in Q2, totaling €7.6579 billion for the half-year [4] Regional Performance - Sales in Europe grew by 3.4% to €7.5344 billion, while North America saw a 2% increase to €5.8242 billion [5] - The North Asia market, which includes China, experienced a slight decline of 1.1% to €5.3927 billion, although China itself showed a 3% sales growth in Q2 [6] - Emerging markets, particularly in SAPMENA-SSA and Latin America, reported significant growth rates of 10.4% and 10.3%, respectively [5] Future Outlook - The CEO expressed optimism about the global beauty market's growth, citing the effectiveness of the "Beauty Stimulus Plan" and anticipating an increase in annual sales [6]