欧莱雅（OR）：各业务部门25H1可比门店销售均增长，新兴市场成为新增长点

Investment Rating - The report assigns a rating of "Outperform" for L'Oreal, expecting a relative return exceeding the benchmark index by more than 10% over the next 12-18 months [19]. Core Insights - L'Oreal's H1 2025 sales reached €22.473 billion, reflecting a year-on-year growth of 1.6%, driven by like-for-like sales growth despite a negative impact from foreign exchange fluctuations [2][8]. - The company anticipates a full-year growth rate of 4% for 2025, supported by a robust brand portfolio and innovation initiatives [3][9]. Summary by Sections Sales Performance - All divisions of L'Oreal experienced positive like-for-like growth in H1 2025, with a 3.0% increase in comparable store sales, driven by balanced growth across all business units and strong performance in emerging markets [2][8]. - The Professional Products Division, Consumer Products Division, L'Oreal Luxe Division, and Dermatological Beauty Division reported like-for-like sales growth of +6.5%, +2.8%, +2.0%, and +3.1% respectively [2][8]. Market Trends - Emerging markets have become significant growth drivers, with double-digit sales growth in regions such as Latin America (10.3%) and SAPMENA-SSA (10.4%) [2][8]. - The global beauty market is expected to grow approximately 4% in 2025, with L'Oreal confident in outperforming competitors due to its strong brand and innovation strategies [3][9]. Financial Metrics - L'Oreal's gross margin remained stable with a slight decrease of 10 basis points, while the operating margin increased by 30 basis points, reaching a record high of 21.1% for the first half of the year [4][10]. - Operating profit for H1 2025 was €4.74 billion, reflecting a year-on-year increase of 3.1% [4]. Strategic Initiatives - Recent acquisitions, including the UK-based Medik8 and the US-based Color Wow, enhance L'Oreal's presence in health-focused skincare and professional haircare segments [5][11]. - The company is focusing on innovation, including the development of AI technologies and new product lines, to maintain its competitive edge [5][11].