欧莱雅（OR）：营收经营利润同比上升，毛利率略降维持稳定

Investment Rating - The report indicates a positive outlook for L'Oreal with an outperform rating, expecting a relative return exceeding the benchmark index over the next 12-18 months [17]. Core Insights - L'Oreal's revenue for the first half of 2025 (25H1) increased by 1.59% year-over-year, slightly surpassing Bloomberg's consensus forecast of 1.56% [4][9]. - The company's gross profit rose by 1.4%, also above the expected 1.2%, but the gross margin decreased to 74.7%, down 0.1 percentage points year-over-year, which was below the forecast of 75.1% [4][9]. - Operating profit grew by 3.1%, significantly higher than the anticipated 0.5% increase, while net profit attributable to common shareholders fell by 7.9%, contrasting with the expected growth of 1.8% [4][9]. Revenue Breakdown - Revenue by division showed varied performance: - Professional Products: +4.9% YoY, exceeding the forecast of +1.4% [4][5]. - Consumer Products: +1.1% YoY, above the forecast of +0.6% [4][5]. - Luxe: +1.0% YoY, below the forecast of +2.1% [4][5]. - Dermatological Beauty: +1.7% YoY, slightly below the forecast of +1.8% [4][5]. - Revenue by geographic zone also varied: - Europe: +3.4% YoY, below the forecast of +4.5% [4][5]. - North America: +0.4% YoY, exceeding the forecast of -1.0% [4][5]. - North Asia: -1.5% YoY, below the forecast of -0.7% [4][5]. - SAPMENA-SSA: +9.2% YoY, above the forecast of +7.6% [4][5]. - Latin America: -1.0% YoY, exceeding the forecast of -3.2% [4][5]. Profitability Metrics - The gross margin decreased to 74.7%, which is a slight decline from the previous year and lower than the expected margin [4][5]. - The operating profit of €4,740 million reflects a strong performance compared to expectations, while the net profit attributable to common shareholders of €3,368 million indicates a significant decline [4][5].