无惧寒冬！爱马仕Q2销售额同比加速增9%，但净利润下滑至22.5亿欧元，股价跌4%

Core Viewpoint - The company reported a strong performance in the first half of the year, achieving sales of €80.34 billion, a year-on-year increase of 8.1%, while expressing caution regarding future growth due to economic and geopolitical uncertainties [1][5]. Financial Performance - The second quarter sales reached €39.1 billion, reflecting a 9% year-on-year growth, which is an acceleration from the first quarter's 7.2% [2] - The operating profit for the first half increased from €31.5 billion to €33.3 billion, but net profit decreased from €23.7 billion to €22.5 billion [3] - Operating cash flow was €27.33 billion, down 3.4% year-on-year, while adjusted free cash flow rose 4% to €18.47 billion [4] Business Segment Performance - The leather goods and saddlery segment generated €35.78 billion in revenue, growing 12.4% and accounting for nearly 45% of total revenue [4][9] - The ready-to-wear and accessories segment saw a 5.5% increase to €22.55 billion, while the watch segment declined by 7.9% to €2.81 billion [4][11] - The perfume and cosmetics segment shrank by 3.8% to €2.48 billion, attributed to a high base effect from last year's new product launches [4][12] Regional Performance - The Japanese market exhibited a strong growth of 16%, with revenues reaching €8.15 billion, while the Asia-Pacific region (excluding Japan) only grew by 3% [4][12] - The Americas market showed a stable growth of 12%, with revenues of €14.55 billion, primarily driven by double-digit growth in the U.S. [4][12] Profitability and Challenges - The operating margin for the first half was 41.4%, reflecting a 0.6 percentage point decline year-on-year, indicating pressure on profitability [13] - The company highlighted a negative impact of €77 million from currency fluctuations on revenue, alongside ongoing capital expenditure pressures from capacity expansion investments [14]