中国消费者买包“一马当先”，带动爱马仕亚太区收入增长5%

Core Insights - Hermes Group reported a 5.5% year-on-year revenue growth for the fiscal year 2025, reaching €16 billion, with a 9% increase when adjusted for constant exchange rates [2] - The operating profit rose by 6.8% to €6.57 billion, with an operating margin of 41% [2] - Net profit also increased by 5.5% to €4.52 billion, indicating a stable overall performance [2] Revenue Breakdown - In Q4 2025, Hermes' revenue grew by 3% to €4.09 billion, with a 10% increase at constant exchange rates, outperforming LVMH's 5% decline and Kering's 3% decline [5] - The leather and equestrian goods segment saw a significant 14.6% revenue increase to €1.79 billion, exceeding market expectations [5] - For the full year 2025, leather and equestrian sales grew by 13.1% to €7.1 billion, accounting for 44.2% of total revenue [5] Market Performance - The Asia-Pacific region (excluding Japan) contributed 42% to global sales, with a 5% revenue growth, while the Chinese market showed signs of recovery [2][9] - Japan's market revenue increased by 14% to €1.59 billion, and the Americas saw a 12% growth to €3.08 billion [9] - The Middle East experienced a 15% revenue increase, while Europe grew by 10% [9] Strategic Initiatives - Hermes is expanding its high-quality retail presence with new stores in cities like Florence, Seoul, Bangkok, and Changsha [9] - The company is focusing on enhancing its skincare and beauty segment, with a new manager appointed to drive growth in this area [7] Pricing Strategy - Hermes plans to slow down its price increase from 6%-7% in 2025 to 5%-6% in 2026, attributing this to exchange rate factors rather than weak demand [13] - The brand's confidence is bolstered by the strong resale value of its products, with Hermes bags maintaining an average resale value retention rate of 138% [13] Stock Market Reaction - Following the earnings report, Hermes' stock price rose by 1.56% to €2,153 per share, with a total market capitalization of €225.7 billion [13] - In contrast, LVMH's stock fell nearly 8% after its earnings report, resulting in a market capitalization loss of €23.08 billion [13]