爱马仕四季度营收增长9.8%超预期，美国市场强劲助力业绩逆势上扬

Core Viewpoint - Hermes has demonstrated resilience in the luxury goods sector, achieving a strong performance amid overall industry cooling, benefiting from ultra-high-net-worth clientele and a backlog of orders [1][6]. Revenue Performance - In Q4, Hermes reported a revenue growth of 9.8% at constant exchange rates, surpassing analyst expectations of 8.4% [1][6]. - The company's annual operating profit reached €6.57 billion (approximately $7.79 billion), with an operating margin of 41%, slightly above the market expectation of 40% [3][6]. Regional Performance - The Americas, particularly the United States, showed significant growth with a 12.1% increase in sales, exceeding the market's anticipated 9% growth [3][7]. - Japan also demonstrated strong demand, contributing to the group's overall resilience [3][7]. Product Structure - The leather goods and saddlery segment, which includes core products like Birkin and Kelly, achieved an organic growth of 14.6%, outpacing the overall group growth [3][10]. - This segment's performance highlights the brand's strong pricing power and scarcity model, which are more resilient during economic slowdowns [10]. Pricing Strategy - The company plans to slow down price increases to 5%-6% in 2026, down from 6%-7% in 2025, partly due to currency fluctuations [3][13]. - Despite the slowdown, Hermes maintains a clear annual pricing strategy, reflecting confidence in customer willingness to pay and brand premium [13]. Market Outlook - Key focus areas for 2026 include the sustainability of high growth in the Americas, the impact of the 5%-6% price increase across regions and categories, and how Hermes manages supply and scarcity amid a long order backlog [14].