中国区业绩大涨，全球市值第二美妆公司迎来黎明前夜

Core Viewpoint - Estée Lauder is undergoing a gradual but clear recovery, as evidenced by its latest financial report showing a net sales increase of $4.229 billion (approximately 29.353 billion RMB), a year-on-year growth of 6%, and a net profit turnaround from a loss of $590 million (approximately 4.095 billion RMB) in the same quarter of the previous fiscal year to a profit of $162 million (approximately 1.124 billion RMB), marking a significant improvement of 127% [3][4]. Financial Performance - The company has achieved double-digit growth for the second consecutive quarter, with skincare, makeup, fragrance, and scalp care all showing growth, and the latter three categories returning to profitability [3]. - For the fiscal year 2026, Estée Lauder anticipates a return to positive revenue growth, projected between 0% and 3% [4]. - Over the past 12 months, the company's stock price has increased by 46.59% [4]. Strategic Initiatives - The recovery strategy, termed "Beauty Reimagined," focuses on cost-cutting measures such as layoffs, outsourcing non-core services, and divesting underperforming brands while reallocating resources to brands and products with growth potential [5]. - Deciem, a Canadian skincare group, has seen sales surpassing the total of all other skincare brands under Estée Lauder, marking a historic first for the company [5]. - The Ordinary, a key brand under Deciem, has been able to innovate products at a faster pace than traditional brands within the group, launching nine new products in the past year [6]. Brand Development - The luxury skincare brand La Mer is transitioning from a single star product to a more comprehensive high-end skincare system, with an increased pace of new product launches [7]. - Estée Lauder has significantly increased its investment in e-commerce platforms like Amazon, Shopify, TikTok, and Douyin, adopting an aggressive advertising strategy that matches advertising spend to revenue [7]. - Online sales now contribute nearly one-third of the company's total revenue, an increase of approximately 3 percentage points from 2024 [7]. Market Expansion - The company is seeking to rebalance growth by expanding in the Americas and emerging markets without sacrificing its position in the Chinese market [8]. - Estée Lauder has invested in two local Chinese brands, CODEMINT and Melt Season, and is consciously reducing its reliance on duty-free channels in China and South Korea [9]. Asset Management - The company is divesting brands such as Too Faced, Smashbox, and Dr. Jart due to declining growth potential in the competitive market [10]. - The estimated valuation for these assets is in the low nine-digit dollar range, significantly below historical acquisition costs [10]. Investor Focus - Investors are primarily concerned with the company's ability to achieve moderate sales growth without exacerbating balance sheet pressures and the timeline for a return to profitability [11]. - The recovery path is expected to require time, patience, and consistent execution [12].