Core Insights - LVMH reported a 4% decline in revenue for the first half of 2025, totaling €39.81 billion, with organic revenue down 3% [2] - Operating profit decreased by 15% to €9.01 billion, while net profit fell by 22% to €5.69 billion [2] - The fashion and leather goods segment, including brands like LV and Dior, was the worst-performing area, with revenue of €19.11 billion and an organic revenue decline of 7% [2] Business Segment Performance - Fashion and Leather Goods: Revenue of €19.11 billion, organic revenue down 7%, with a significant decline in Q2 [2] - Selective Retailing: Revenue of €8.62 billion, organic revenue growth of 2% [2] - Watches and Jewelry: Revenue of €5.09 billion, organic revenue flat [2] - Perfumes and Cosmetics: Revenue of €4.08 billion, organic revenue flat [2] - Wines and Spirits: Revenue of €2.59 billion, organic revenue down 7% [2] Regional Performance - Other Asian regions, excluding Japan and including China, contributed 28% of total revenue [2] - The U.S. market accounted for 25% of revenue, while other European regions contributed 17% [2] - France and Japan each represented 8% of total revenue [2] - Japan experienced a 15% decline in organic revenue, while the Asian region's decline slowed down; the U.S. market saw a slight decrease of 1% [2] Management Commentary - LVMH's CEO Bernard Arnault emphasized the company's resilience and the strength of its iconic brands, despite the economic uncertainty impacting luxury demand [3] - The performance reflects the ongoing challenges in the luxury market, particularly in Asia, with LVMH's revenue and core business income decline exceeding Wall Street expectations [3]

Core Insights - The report by Bank of America indicates that the overall luxury goods demand in Q2 2025 will be similar to Q1, presenting three scenarios: good, bad, and ugly [1] - Despite global economic fluctuations, local demand in Europe, Asia, and the Americas remains strong, while tourism in Japan and Europe continues to decline [1] - The luxury sector is facing pressure on EBITDA margins due to weak revenues and high fixed costs, with a 6% downward revision in profit forecasts compared to market consensus for H1 2024 [1] Group 1: Market Performance - Luxury goods companies' stock prices have dropped by 8% since the beginning of 2025, with consensus EPS also lowered by 8%, resulting in a dynamic P/E ratio of 22x, at the historical median [2] - Q2 2025 revenue trends show a 1% decline compared to Q1, with a weighted average indicating a 2% year-over-year decrease [2] - In the Americas, luxury spending improved by 3 percentage points in Q2, with jewelry consumption accelerating to +3% [2] Group 2: Regional Insights - In Europe, tourism spending deteriorated by 8 percentage points from Q1 to Q2, reaching -13%, while local demand remains stable [3] - Japan's tourism spending is expected to slow by 30-50 percentage points in Q2, leading to a 16 percentage point drag on overall revenue [3] - In China and other Asian regions, jewelry sales in China and Hong Kong, along with gaming revenue in Macau, improved by an average of 10 percentage points, while South Korea showed a slight decline of 6% [3] Group 3: Company-Specific Insights - LVMH is expected to face a bifurcated Q2, with fashion and leather goods potentially underperforming, while EBITDA margin pressures are anticipated [5] - Hermès forecasts a 9% revenue growth for Q2 and a 40.1% EBITDA margin for H1 [5] - Kering's performance is expected to align with previous guidance, with upcoming Q2 results being crucial for assessing market consensus risks for H2 2025 and 2026 [5] Group 4: Sales Forecasts - Prada's sales are projected to decline by 1% in Q2 due to adverse conditions in Japan, while Miu Miu continues to grow at 40% [6] - Zegna's performance improved in April, with a projected growth of 5% for Q2 [6] - The consensus revenue forecasts for various luxury brands indicate slight declines, with LVMH expected to generate $81.591 billion, down 2.3% from consensus [7] Group 5: Macau and Hong Kong Insights - Macau's gaming revenue forecast for 2025 has been revised down by 5%, with expected growth of only 1% compared to previous estimates of 6% [8] - Hong Kong's retail sales showed improvement in April, with a 2% decline compared to a 6% drop in Q1, indicating a recovery trend [12] - Visitor numbers in Hong Kong increased to 3.8 million in Q2, reflecting a 13% year-over-year growth in April, although still below 2019 levels [13]

孙正义计划购买 OpenAI 员工手里价值 15 亿美元老股。 上汽与大众续签合资协议，有效期至 2040 年。 1 1 月 27 日，大众汽车集团与上汽集团续新约，将上汽大众合资协议延长至 2040 年。根据规划， 上汽大众至 2030 年会有 18 款新车型，其中 15 款专为中国市场开发，包括 8 款纯电动车型。据上 汽大众官方，1984 年 10 月，中德双方正式签署合资合营合同，上汽大众成为中国最早的轿车合资 企业。2002 年 4 月，股东双方提前八年续签合营合同。此次为股东双方第二次提前续约。 比亚迪称要求供应商年度议价是惯例，"非强制"。 11 月 26 日晚间，一则比亚迪要求供应商 2025 年降价 10% 的邮件截图被广泛传播。比亚迪集团品 牌及公关处总经理李云飞在其个人微博表示："与供应商的年度议价，是汽车行业的惯例。我们基 于规模化大量采购，对供应商提出降价目标，非强制要求，大家可协商推进。" 龚方毅 @Barynx / 栏目主编 孙正义的软银公司曾在 10 月投资 OpenAI 5 亿美元，现在据报道，软银计划从 OpenAI 员工手中收 购价值 15 亿美元的股份。这笔交易会通过软 ...