Core Viewpoint - LVMH reported a surprising 1% organic revenue growth in Q3, reaching €18.28 billion, ending two consecutive quarters of decline and exceeding analyst expectations of zero growth [3][4] Financial Performance - Q3 organic revenue grew by 1% to €18.28 billion, surpassing analyst expectations; revenue for the first nine months was €58.1 billion, down 4% year-on-year [3][4] - The fashion and leather goods segment saw a 2% decline in Q3, better than the anticipated 3.48% drop; perfumes and cosmetics grew by 2%, while selective retailing, including Sephora, experienced a strong 7% growth [3][4][6] Regional Performance - Asia (including China) grew by 2% in Q3, contrasting with a 9% decline in the first half; the U.S. market grew by 3%, while Japan saw a significant 13% decline, and Europe dropped by 2% due to currency effects [4][12] - The strong performance of LVMH's stock led to a rise in the luxury goods sector, with Kering and Richemont shares also increasing [4][9] Structural Challenges in Core Business - The fashion and leather goods segment, which includes brands like Louis Vuitton and Dior, is crucial, contributing over two-thirds of the group's profits [5] - This segment's revenue was €8.5 billion in Q3, down 2% year-on-year, while the first nine months saw an 8% decline from €29.92 billion to €27.61 billion [6][7] Performance in Other Business Segments - The selective retailing segment achieved a 7% organic growth to €3.99 billion, primarily driven by strong performance from Sephora [7] - The wine and spirits segment unexpectedly grew by 1%, benefiting from U.S. market restocking of champagne and rosé wine, reversing the expected 3% decline [7] China Market Insights - The performance in China was a key highlight, with a 2% growth in Q3, contrasting sharply with the earlier 9% decline; the CFO noted encouraging demand despite macroeconomic challenges [8] - The sustainability of this recovery in China amidst uncertain macroeconomic conditions is critical for the luxury goods sector [8] Market Outlook and Challenges - Despite the positive Q3 results, caution is advised as the CFO indicated that the Q4 comparison will be more challenging, while 2026 may present easier comparisons [11] - Ongoing macroeconomic pressures, including a strong euro impacting revenue, and structural adjustments in the luxury sector due to changing consumer behavior and geopolitical uncertainties remain significant challenges [11][12]

（LVMH股价带动奢侈品板块普涨） 核心业务的结构性挑战 当市场普遍预期奢侈品巨头LVMH将交出又一份平淡的成绩单时，该公司却在第三季度意外地踩下了增长的油门。 10月14日，LVMH发布财报，第三季度集团在2025年第三季度实现了1%的有机收入增长，达到182.8亿欧元，虽然增幅微 弱，但成功终结了连续两个季度的下滑，并显著优于分析师预期的"零增长"。具体财报要点如下： 好于预期的财报后，路威酩轩集团ADR股价飙升超8%。而古驰所有者开云集团涨5.67%、爱马仕国际和卡地亚所有者历 峰集团的ADR也上涨4%，因为路威酩轩集团通常被视为行业领头羊。 中国市场：复苏还是回光返照？ 中国市场的表现成为了本季度财报的关键看点。 LVMH在包括中国在内的亚洲其他地区实现了2%的增长，这与上半年9%的跌幅形成鲜明对比。CFO Cecile Cabanis在分 析师电话会议中表示： 首先必须关注的是集团的利润引擎——时装与皮具部门。该部门拥有Louis Vuitton和Dior等王牌，贡献了集团超过三分之 二的利润。 第三季度该部门收入85亿欧元，同比下降2%，分析师们此前普遍预测该部门将下滑4%，-2%的实际表现被市场 ...