雅诗兰黛恢复增长之路似乎还需一段时日。尤其是在经济下行期，叠加关税、地缘政治等因素影响，其面临的挑战，远未结束。 △图源：雅诗兰黛财报 其中，2025财年整体业绩呈现营利双降局面，净销售额较上一财年同期同比下跌8%，为143.26亿美元(约合人民币1028.01亿元)。 | | Year Ended lune 30 | | | | | --- | --- | --- | --- | --- | | ($ in millions, except per share data) | 2025 | | 2024 | | | Net Sales | $ 14,326 | | $ 15,608 | (8)% | | Organic Net Sales, Non-GAAP1 | $ 14,351 | | $ 15,609 | (8)% | | Other Financial Results: | | | | | | Gross Profit | $ 10,597 | | $ 11,184 | (5)% | | Gross Margin | 74.0 % | | 71.7 % | | | Adjusted Gross Pr ...

Core Insights - The letter discusses the emotional turmoil experienced in a long-term friendship that has become strained, highlighting feelings of confusion and self-doubt regarding the relationship [1][2] - The author seeks to understand the reasons behind the shift from intimacy to aversion in the friendship, questioning whether this is a natural evolution or a sign of irreconcilable differences [2][3] Group 1: Emotional Dynamics - The concept of "familiarity" in friendships can lead to "aversion" due to psychological mechanisms such as the mere exposure effect, where overexposure can result in emotional numbness and misinterpretation of neutral behaviors as negative [3][4] - Attachment theory suggests that when a close relationship loses its comforting role, defensive mechanisms may trigger feelings of aversion as a way to protect oneself from perceived emotional neglect [3][4] - Value conflicts may also contribute to feelings of aversion, as differing perspectives on social validation can create tension and resentment within the friendship [3][4] Group 2: Assessing Relationship Status - Evaluating the emotional value of the relationship is crucial; healthy relationships allow for conflict resolution and understanding, while deteriorating ones often lead to silence and unresolved tension [4][5] - Growth potential in friendships is another indicator; healthy relationships foster new perspectives and acceptance of differences, whereas failing ones become rigid and focused on changing each other [4][5] - Respecting personal space is essential; healthy relationships maintain a balance of independence, while deteriorating ones may exhibit excessive dependence or control, leading to feelings of suffocation [4][5] Group 3: Navigating Change - Accepting the legitimacy of conflicting emotions is important; acknowledging feelings of loss can facilitate the process of distancing oneself from the friendship [5][6] - Establishing gentle boundaries can help manage the transition; practical steps like reducing social media interactions and communicating feelings without blame can ease the process [5][6] - Focusing on self-reconstruction through new social experiences can help fill emotional voids and reshape memories of the old relationship, promoting personal growth [6][7]