欧莱雅、雅诗兰黛中国销量复苏，高端消费者又回来了？丨美妆变局

Core Insights - The high-end beauty market is showing signs of recovery, with L'Oréal and Estée Lauder reporting positive sales growth and improved profitability in their recent financial results [1][2][4] Group 1: Financial Performance - L'Oréal achieved sales of €44.05 billion (approximately ¥360 billion) in 2025, marking a 4% year-on-year increase, with the North Asia region, including China, showing a 0.5% growth after two years of decline [1] - Estée Lauder reported a 6% increase in sales to $4.229 billion for the second fiscal quarter of 2026, significantly improving its net profit to $162 million from a loss of $590 million in the previous year [1][3] - L'Oréal's professional hair products segment led the growth with a 7.5% comparable increase, surpassing €5 billion, while the skincare segment grew by 5.5% to €7.2 billion [3] Group 2: Market Dynamics - The recovery in the beauty sector is attributed to restored consumer confidence and proactive adjustments in product structure and channel efficiency by major brands [2][4] - Both L'Oréal and Estée Lauder's recovery signals a cyclical turnaround in the beauty industry and reflect the resilience and potential of the Chinese consumer market [2][4] Group 3: Strategic Adjustments - Estée Lauder has restructured its organization to treat the Chinese market as a strategic core, reporting a full-year sales figure of $2.741 billion (approximately ¥19.6 billion) for the mainland China market, which accounts for nearly 20% of the company's overall sales [6][7] - L'Oréal emphasized its leading position in the Chinese market, with e-commerce sales surpassing 30% of total sales for the first time in 2025, highlighting the importance of digital channels [7] Group 4: Consumer Trends - The demand for high-end and ultra-high-end skincare products is stabilizing, driven by higher frequency of use and emotional value associated with these products [4][6] - The overall cosmetics market in China reached a transaction value of ¥1.104245 trillion in 2025, with a year-on-year growth of 2.83%, solidifying its position as the largest cosmetics market globally [7]