中国内地市场贡献27.4亿美元营收，雅诗兰黛预计2026财年恢复销售增长

Core Insights - Estée Lauder's overall performance met expectations in FY2025, with a notable increase in market share in the high-end beauty segment in mainland China despite global market uncertainties [1][2] - The company anticipates a return to organic sales growth in FY2026, gradually rebuilding operational profitability [1][4] Financial Performance - In FY2025, organic net sales decreased by 8%, primarily due to a decline in global travel retail, with nearly two-thirds of the drop attributed to this segment [2] - The company achieved high single-digit retail sales growth in mainland China during Q3 and Q4, contributing to an overall market share increase for the fiscal year [2] - By the end of FY2025, Estée Lauder reached a healthy inventory level aligned with current demand forecasts, resulting in a 230 basis point increase in gross margin to 74.0% [2] Strategic Initiatives - Product innovation is a key growth driver, with successful launches such as the balancing essence specifically for oily skin contributing to double-digit organic sales growth for the La Mer brand in mainland China [3] - The synergy among Estée Lauder's ten brands in China led to retail growth across all categories and channels, enhancing market share [3] - The company is focusing on inventory management and reducing discounts to better align retail sales with net sales growth [4][5] Market Outlook - For FY2026, Estée Lauder expects global high-end beauty market growth between 2% and 3%, with organic net sales projected to be flat to 3% growth [4] - The mainland China market is anticipated to return to mid-single-digit growth, reflecting initial signs of stability [4] - Other markets are expected to achieve low single-digit growth, with improvements in year-over-year growth rates compared to FY2025 [5] Challenges and Responses - The company faces potential fluctuations in profitability due to recent tariff issues, estimated to impact FY2026 profitability by approximately $100 million [7] - Estée Lauder is implementing strategies such as supply chain regionalization and the Profit Recovery and Growth Plan (PRGP) to mitigate these impacts [7] - The management expresses confidence in achieving organic sales growth and rebuilding operational profitability after three years of decline [7]