2024年对于欧莱雅来说应该是倍感压力的一年，特别是在中国市场。 从2024年全年业绩报告来看，欧莱雅实现销售额434.8亿欧元，同比增长5.1%，创下销售额新高；实现营业利润86.88亿欧元，同比增长6.7%，营业利润率则 达到了20%。 实际上从最近几年来看，欧莱雅在中国市场的地位逐渐被撼动，业绩增速也呈现放缓趋势。在2019年-2021年，欧莱雅中国市场增速在20%以上，但是从 2022年开始出现断崖式下滑，2022年-2023年仅实现低个位数增长。 到了2024年，第一季度表现尚可，第二季度便开始呈现负增长状态，接下来的第三季度、第四季度也无法扭转颓势。财报中将北亚市场中国大陆美容市场增 长为负归因为受选择性渠道疲软、旅游零售销售压力等因素影响。 就欧莱雅在中国市场的业务布局来看，主要是大众化妆品和高端化妆品贡献大部分营收。其中，大众化妆品以巴黎欧莱雅品牌为代表，高端化妆品则包括兰 蔻、赫莲娜、YSL、理肤泉、修丽可等。 近些年来欧莱雅在中国市场表现不佳，也要归因为大众化妆品的增长缓慢以及高端化妆品的消费乏力。 首先就大众化妆品而言，在中国市场正面临激烈的竞争。一方面本土护肤品牌逐渐崛起，再加上国内消 ...

Summary of Conference Call Records Industry Overview - The high-end beauty market in mainland China is showing signs of recovery, with several foreign beauty brands such as La Perla, L'Oréal, and Estée Lauder reporting performance growth, reversing previous declines. This recovery is primarily driven by high-end consumer demand rather than currency fluctuations [1][2][4]. Key Insights and Arguments - **Market Recovery**: LVMH achieved mid-single-digit growth in mainland China for the first time in the third quarter, exceeding market expectations. La Perla reported double-digit growth, a performance not seen in years [2][3]. - **Long-term Trends**: Despite short-term uncertainties, companies like Shiseido and L'Oréal expect the trend of high-end beauty market recovery to continue. Shiseido has adjusted its business metrics to reflect double-digit growth when combining travel retail and domestic sales [1][4]. - **Consumer Demand**: The demand for beauty and health remains strong, with companies like L'Oréal and Puig seeing significant performance in medical-grade skincare and fragrance categories [1][5][6]. - **E-commerce Growth**: Online channels are crucial for sales growth, with L'Oréal's e-commerce channel in China experiencing double-digit growth. Offline sales in high-end malls are also showing signs of recovery [8]. Additional Important Points - **Promotional Strategies**: During the recent Double Eleven shopping festival, foreign brands like Lancôme and Helena Rubinstein achieved significant online growth, primarily through discount strategies, which impacted profit margins [9]. - **Local Brand Advantage**: Chinese local brands have advantages in supply chain responsiveness and understanding rapidly changing consumer demands. This positions them well for long-term market share growth [13][15]. - **Market Sentiment**: The overall market sentiment in 2024 is low, but the beauty sector shows resilience. Companies like L'Oréal have begun to recover after experiencing negative growth in previous quarters [5][11]. - **Competitive Landscape**: The competition between foreign and local brands is characterized by foreign brands leveraging online discounts while local brands focus on supply chain agility and consumer responsiveness. This dynamic is expected to continue without significantly hindering local brands' growth [15]. Conclusion - The high-end beauty market in China is on a recovery path, driven by strong consumer demand and effective sales strategies across various channels. While the overall market sentiment remains cautious, the resilience of the beauty sector and the competitive advantages of local brands suggest a promising outlook for future growth.

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary and commercial trade sectors [7]. Core Insights - Several leading overseas beauty and luxury brands are experiencing a recovery in their business in China, with notable growth in Q3 2025 [1][2]. - The overall consumption in mainland China is expected to continue its gradual recovery, supported by positive macroeconomic signals [1]. Summary by Sections Company Performance - LVMH's revenue in the Asia-Pacific region, excluding Japan, returned to positive growth after six consecutive quarters of decline, with Q3 2025 showing a recovery [1]. - L'Oréal's revenue in mainland China grew by approximately 3% year-on-year in Q3 2025, driven by a 4.7% increase in North Asia [2]. - Hermès reported strong growth in the Greater China region, while Estée Lauder achieved a 9% year-on-year increase in its China business [1][2]. - Unilever's business segments in China, excluding ice cream, also showed signs of recovery [1]. Channel Insights - Online channels have seen significant growth, with L'Oréal and Beiersdorf reporting year-on-year increases of 12% and 19.2% respectively in Q3 [3]. - Travel retail remains under pressure but has shown marginal improvements, with L'Oréal and Kering noting slight revenue recovery [3]. Category Insights - The medical aesthetics segment, particularly high-demand products like Sculptra, has seen a year-on-year revenue increase of 11.8% in Q3 2025 [4]. - Skin science skincare products, including brands like Cetaphil and Alastin, reported double-digit growth, contributing to a 9.3% year-on-year increase in the skincare segment [4]. - Fragrance categories also performed well, benefiting from new product launches by L'Oréal and LVMH [4]. Performance Guidance - Galderma has raised its full-year revenue growth guidance for FY25 to 17.0%-17.7%, up from a previous estimate of 10%-12% [5]. - Procter & Gamble expects a revenue growth rate of 1%-5% for FY26, maintaining its guidance for Q4 2025 [5]. - Unilever anticipates a potential sales growth rate of 3%-5% for FY25, with Q2 revenue growth expected to exceed that of H1 2025 [5].

Core Insights - The recent controversy surrounding La Roche-Posay's "Soothing Thermal Water Spray" has sparked discussions on social media, with critics labeling it as a "smart tax" due to its ingredient list primarily consisting of water, questioning its high price point [1] - L'Oréal Group reported a sales revenue of €22.473 billion (approximately ¥186.19 billion) for the first half of the year, reflecting a year-on-year growth of 3%, while operating profit reached approximately €4.74 billion (around ¥39.28 billion), also up by 3.1% [1] - Compared to the double-digit growth seen in the past three years, L'Oréal's growth rate for the first half of 2024 has noticeably slowed, with sales and operating profit both reverting to single-digit growth [1] Financial Performance - In the first half of 2024, L'Oréal's sales amounted to €22.12 billion, marking a year-on-year increase of 7.5%, while operating profit grew by 8% to €4.599 billion, accounting for 20.8% of sales, which is a 10 basis points increase year-on-year [1] - Net profit for the same period reached €3.65 billion, reflecting an 8.8% year-on-year growth [1] Segment Performance - L'Oréal's four major divisions experienced growth in the first half of the year, but with significant differences in growth rates. The Professional Products Division led with a 6.5% year-on-year growth, achieving sales of €2.55 billion (approximately ¥21.16 billion), driven by brands like Kérastase and Color Wow, which saw a second-quarter growth of 11.5% [2] - The Consumer Products Division reported sales of €8.41 billion (around ¥69.78 billion), with a year-on-year growth of 2.8% [2] - The Active Cosmetics Division generated sales of €3.86 billion (approximately ¥32.03 billion), with a year-on-year growth of 3.1%, supported by double-digit growth from brands like La Roche-Posay, SkinCeuticals, and CeraVe [2]

Group 1: Market Overview - Recent financial reports from international beauty leaders like L'Oréal and Procter & Gamble indicate a sequential improvement in growth rates for overseas brands in the Chinese market, particularly in functional skincare and medical aesthetics [1] - The beauty sector is experiencing significant changes, with a notable rise in domestic brands, highlighting a clear growth trend and increasing brand differentiation [1] Group 2: L'Oréal Performance - L'Oréal reported a sales figure of €22.47 billion for 1H25, reflecting a year-on-year growth of 3.0%, with Q1 and Q2 growth rates of 2.6% and 3.7% respectively [2] - The net profit for L'Oréal reached €3.783 billion, showing a 1.0% year-on-year increase [2] - The professional hair division led growth with a 6.5% increase, while mass skincare, premium cosmetics, and skin science segments grew by 2.8%, 2.0%, and 3.1% respectively [2] - The Chinese market showed a 3% year-on-year growth in Q2, with skin science and professional hair products performing particularly well [2] Group 3: Procter & Gamble Performance - Procter & Gamble's Q2 sales amounted to $20.889 billion, a 2% year-on-year increase, with net profit rising by 15% to $3.626 billion [3] - The beauty segment saw a slight increase of 0.2% year-on-year, while net profit in this division grew by 4% [3] - The skincare business in China continued to grow, although this was offset by a decline in North America, resulting in flat overall sales for the skincare segment [3] Group 4: Galderma Performance - Galderma reported a net sales figure of $2.448 billion for 1H25, marking a 12.2% year-on-year increase, with Q2 growth at 15.8% [4] - The company raised its full-year sales guidance to 12-14%, up from the previous 10-12% [4] - The injection aesthetics, daily skincare, and skin treatment segments grew by 9.8%, 7.7%, and 26.9% respectively, with botulinum toxin sales increasing by 14.7% [4] - Strong performance was noted in key markets such as Brazil, Canada, and mainland China, particularly in the injection aesthetics business [4]

Core Insights - L'Oréal Group reported a sales revenue of €22.473 billion (approximately ¥186.19 billion) for the first half of 2025, reflecting a year-on-year growth of 3% [1] - The operating profit reached €4.74 billion (approximately ¥39.28 billion), with a year-on-year increase of 3.1% [1] Performance Trends - The growth rate of L'Oréal's performance has slowed down in recent years, with a full-year sales revenue of €43.487 billion (approximately ¥329.43 billion) for 2024, marking a 5.6% increase year-on-year [2] - For the first half of 2024, sales revenue was €22.12 billion, showing a year-on-year growth of 7.5%, while operating profit increased by 8% to €4.599 billion [2] - The company's four major divisions experienced growth in the first half of the year, but with significant variations in growth rates [2] Division Performance - The Professional Products division emerged as a growth engine with a year-on-year increase of 6.5%, achieving sales of €2.55 billion (approximately ¥21.16 billion) [2] - The Consumer Products division reported sales of €8.41 billion (approximately ¥69.78 billion), with a growth of 2.8% [4] - The Luxe division saw a decline of 1.9%, while the Dermatological Beauty division grew by 3.5% [4] Regional Performance - The European market recorded sales of €7.534 billion (approximately ¥62.42 billion), with a year-on-year growth of 3.4% [6] - North America experienced a 2% increase in sales, while Latin America and SAPMENA-SSA achieved double-digit growth rates of 10.3% and 10.4%, respectively [6] - North Asia was the only region to experience negative growth, with a sales decline of 1.1% to €5.393 billion (approximately ¥44.48 billion) [6] Strategic Developments - L'Oréal's CEO highlighted the effectiveness of the company's multi-polar strategy, with emerging markets and a slight rebound in mainland China offsetting the expected slowdown in Europe [7] - The company acquired majority stakes in the American haircare brand Color Wow and the British skincare brand Medik8 to strengthen its position in the dermatological and professional haircare sectors [5] Future Outlook - The CEO expressed optimism for the global beauty market, anticipating continued growth in the upcoming quarters [8]

Group 1 - Laetitia Toupet-Delon has been appointed as the Global Brand President of L'Oréal Paris, effective July 1 [1] - She will succeed Delphine Viguier-Hovasse, who will take on the newly created role of Chief Innovation and Trends Officer [1] - Viguier-Hovasse was the first woman to hold the position of Global Brand President for L'Oréal Paris since her appointment in 2019 [1] Group 2 - Toupet-Delon joined the L'Oréal Group in 1998 and has held various positions, including Global Brand President of La Roche-Posay and Global President of the Skin Care Division [2] - She will oversee the L'Oréal Paris business, which is projected to generate over €6 billion in annual revenue [2] - The L'Oréal Paris brand operates in 150 countries worldwide [2] Group 3 - In Q1 2025, L'Oréal Group reported a revenue growth of 4.4%, reaching €11.73 billion [3]