欧洲奢侈品牌业绩在复苏，中美需求改善

Core Viewpoint - The luxury goods market is showing signs of recovery, particularly in Asia, with companies like Hermès and Burberry reporting improved sales figures, driven by demand from younger consumers and a rebound in key markets like China and the US [2][4][5]. Group 1: Hermès Performance - Hermès reported a 3% year-on-year increase in revenue for Q4 2025 (October-December), with Asian business revenue growing by 9% [2]. - For the fiscal year 2025, Hermès' revenue increased by 5% to €16 billion, and operating profit rose by 7% to €6.5 billion, despite a 2% decline in net profit to €4.5 billion due to temporary taxes imposed by the French government [4]. - The CEO of Hermès noted that the current rise in stock prices could further support the recovery of the Chinese market [5]. Group 2: Industry Trends - Other luxury brands are also experiencing a recovery, with LVMH reporting a 1% revenue increase in Q4 2025, driven by growth in China and the US [4]. - Burberry, which faced losses in the previous fiscal year, saw a 3% increase in same-store sales in Q4 2025, with the Chinese market showing the highest growth at 6% [5]. - The luxury goods market in mainland China showed signs of stabilization in mid-2025, with a slight growth of 1-3% in Q4 [5]. Group 3: Market Challenges - Despite positive financial reports, stock prices of luxury brands have not significantly increased, indicating potential risks related to stock market fluctuations [6]. - Rising costs of raw materials, such as leather and precious metals, are putting pressure on profit margins across the industry [6]. - The chairman of LVMH emphasized the need for cautious observation and strict cost management to navigate the post-pandemic recovery phase [6].