昨日（8月2 0日），雅诗兰黛集团发布了2 0 2 5财年全年及第四季度财报。在全球高端美妆市场 持续承压的背景下，这份财报透露出两大极具信号意义的战略转变： 截图自雅诗兰黛集团财报 其 二 ， 作 为 " 利 润 复 苏 与 增 长 计 划 " （ PRGP ） 的 核 心 组 成 部 分 ， 集 团 正 在 推 进 一 场 大 规 模 重 组，预计裁员5 8 0 0 - 7 0 0 0人， 截至8月已净削减超3 2 0 0个岗位 ，完成近半目标。 这两大动作背后，是雅诗兰黛集团在销售额连续第三年下滑至1 4 3 . 2 6亿美元（约合人民币 1 0 1 7 . 1 5亿元）后的主动求变。 值得注意的是，尽管大环境充满挑战，2 0 2 5财年仍不乏亮点： 毛利率逆势提升2 3 0个基点， 创 下 7 4 . 0% 的 历 史 新 高 ； 在 中 国 市 场 ， 集 团 实 现 了 全 品 类 份 额 增 长 ， 展 现 出 强 劲 的 经 营 韧 性 。 " 2 0 2 5财年整体符合预期。 "雅诗兰黛集团总裁兼首席执行官司泰峰（St é p h a n e d e La Fa v e r i e）表示：" ...

Core Viewpoint - Estée Lauder's Q3 FY2025 financial performance reflects a strategic shift towards a consumer-centric, efficient, and globally competitive high-end beauty enterprise despite ongoing macroeconomic challenges [1] Financial Performance - The overall financial performance met expectations, with organic net sales declining by 9%, and a 3% decline when excluding travel retail, showing improvement from a 4% decline in Q2 [1] - The diluted earnings per share decreased by 33%, but this was better than expected, indicating effective cost management [1] - Gross margin increased for the fourth consecutive quarter by over 300 basis points, attributed to cost control and product mix optimization [1] Regional Performance - Organic net sales in the Asia-Pacific region decreased by 1%, but the mainland China market achieved mid-single-digit growth, offsetting declines in Hong Kong and South Korea [2] - Innovative products like La Mer's Concentrate and Tom Ford's Lip Color contributed to double-digit growth in the Chinese market [2] Product Category Performance - High-end fragrance brands saw low single-digit growth, driven by strong double-digit growth from Le Labo, while skincare and haircare sales declined by 12% and 12% respectively [2] - Skincare sales fell to $1.807 billion, haircare sales to $126 million, and makeup sales to $1.035 billion [2] Strategic Initiatives - The company is focused on "Reinventing Beauty" with five priority initiatives, including optimizing consumer reach and launching The Ordinary in mainland China [2] - New product launches in Q3 received positive feedback, with plans for continued innovation in Q4 [3] Operational Efficiency - The Profit Recovery and Growth Plan (PRGP) has made significant progress, including a 20% reduction in middle management positions and a 30% cost reduction through streamlined execution teams [3] - A new executive team has been established to enhance accountability and efficiency starting from April 1 [3] Market Environment - The company is closely monitoring trade and tariff dynamics, which add uncertainty to the global operating environment [4] - The company has confidence in restoring sales growth in FY2026 if tariff issues are effectively resolved [4]

Core Insights - Estée Lauder reported a 9.8% year-over-year decline in sales for Q3 FY2025, totaling $3.55 billion, with organic net sales down 3% excluding travel retail, an improvement from a 4% decline in Q2 [1] Group 1: Sales Performance - The company's global retail sales, excluding travel retail, showed sequential growth, driven by online channels achieving mid-single-digit organic sales growth [2] - In the Asia-Pacific region, organic net sales decreased by 1%, with mainland China achieving mid-single-digit growth, partially offsetting declines in South Korea and other areas [2] - The high-end fragrance brand Le Labo experienced strong double-digit growth, contributing to low single-digit growth for the overall high-end fragrance segment [3] Group 2: Market Share and Strategy - The company gained market share in key markets like China, with three out of the last four quarters showing increases in market share [3] - The CEO highlighted that all four major categories—skincare, makeup, fragrance, and hair care—saw market share increases in China, with at least eight brands, including La Mer and Tom Ford, experiencing growth [3] - The company is actively optimizing consumer coverage and entering new retail partnerships to enhance brand presence, as seen with The Ordinary's strong performance on platforms like Douyin and Tmall [3][4] Group 3: Innovation and Product Launches - New product launches, such as La Mer's Concentrated Repair Cream and Tom Ford's Lip Color, are aimed at transformative innovation and reaching a broader audience [4] - The company plans to maintain its innovation momentum in Q4 FY2025, building on successful product launches in China [4] Group 4: Operational Efficiency - The company is making significant progress in its Profit Recovery and Growth Plan (PRGP), streamlining 20% of middle management positions and achieving a 30% reduction in costs [5] - A new executive team structure has been implemented to enhance accountability and efficiency, with a focus on global strategy and execution [5] - The company is confident in restoring sales growth by FY2026, contingent on resolving certain environmental issues and continuing strategic adjustments in travel retail [5]