大众化妆品

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欧莱雅利润增速创五年新低!上半年专业美发逆势领跑,高端化妆品失速
Sou Hu Cai Jing· 2025-07-31 01:50
Group 1 - The core viewpoint of the articles highlights that L'Oréal's operating profit has increased by 3.1% to €4.74 billion (approximately ¥39.277 billion), marking the fifth consecutive year of declining profit growth [1] - Over the past decade, L'Oréal's operating profit has grown from ¥19.575 billion in 2016 to ¥39.277 billion in 2025, with a compound annual growth rate (CAGR) of 7.2% [1] - The growth rate of L'Oréal's semi-annual operating profit has significantly slowed from 26.8% in 2021 to 3.1% in 2025, reaching a five-year low [1] Group 2 - In the first half of the year, all four business divisions of L'Oréal achieved growth, with the professional hair products division being the standout performer, generating sales of €2.55 billion (approximately ¥21.16 billion) and a year-on-year growth of 6.5% [1] - The luxury cosmetics segment, once considered a profit engine, saw sales of €7.66 billion (approximately ¥63.56 billion) with only a 2% year-on-year increase [1] - The mass cosmetics segment reported sales of €8.41 billion (approximately ¥69.78 billion), reflecting a year-on-year growth of 2.8% [1] Group 3 - The skincare and beauty products segment achieved sales of €3.86 billion (approximately ¥32.03 billion), maintaining a year-on-year growth of 3.1%, but this is a significant slowdown compared to 9.8% growth in 2024 [1] - China is identified as L'Oréal's second-largest market and is referred to as one of the "most important markets globally," with a recovery in growth in the second quarter, showing a year-on-year increase of approximately 3% [2] - However, the North Asia market, which includes China, remains the only region among L'Oréal's five business areas to experience a year-on-year decline in sales, with a drop of 1.1% in the first half of the year [2] Group 4 - In contrast, the Latin America and Middle East & Africa markets recorded double-digit year-on-year sales growth of 10.3% and 10.4%, respectively [2] - The European market and North American market saw year-on-year sales growth of 3.4% and 2.0%, respectively [2]
欧莱雅集团2025年上半年销售额同比增长3%
Zheng Quan Ri Bao Wang· 2025-07-30 13:14
Core Insights - L'Oréal Group reported a sales revenue of €22.473 billion (approximately ¥186.19 billion) for the first half of 2025, representing a year-on-year growth of 3% [1] - The operating profit for the same period was €4.74 billion (approximately ¥39.28 billion), showing a year-on-year increase of 3.1% [1] Segment Performance - The mass cosmetics division generated sales of €8.41 billion (approximately ¥69.78 billion), with a year-on-year growth of 2.8% [1] - The professional hair products segment achieved sales of €2.55 billion (approximately ¥2.12 billion), reflecting a year-on-year increase of 6.5% [1] - The luxury cosmetics division reported sales of €7.66 billion (approximately ¥63.56 billion), with a year-on-year growth of 2% [1] - The skin science and beauty products segment generated sales of €3.86 billion (approximately ¥32.03 billion), marking a year-on-year increase of 3.1% [1]
北亚市场仍为唯一负增长地区,欧莱雅在中国会像在日韩一样被动吗?
Guan Cha Zhe Wang· 2025-07-30 10:14
Core Viewpoint - L'Oréal's performance in the first half of 2025 shows a slowdown in growth compared to previous years, with a total sales of €22.47 billion (approximately ¥186.19 billion), reflecting a year-on-year growth of 3% [3][4]. By Division - Professional Products division reported sales of €2.55 billion (approximately ¥21.13 billion) with a like-for-like growth of 6.5% in the first half and 11.5% in the second quarter [3][4]. - Consumer Products division achieved sales of €8.41 billion (approximately ¥69.73 billion) with a like-for-like growth of 2.8% in the first half and 3.3% in the second quarter [3][4]. - Luxe division experienced a decline, with sales of €7.66 billion (approximately ¥63.73 billion) and a like-for-like growth of only 2% in the first half, while the second quarter saw a decline of 1.9% [3][4]. - Dermatological Beauty division recorded a sales of €3.86 billion (approximately ¥32.16 billion) with a like-for-like growth of 3.1% in the first half and 3.5% in the second quarter [3][4]. By Region - Europe contributed the highest sales in the first half, totaling €7.53 billion (approximately ¥62.19 billion) with a growth of 3.4% [3][4]. - North America sales reached €5.82 billion (approximately ¥48.26 billion), reflecting a growth of 2% [3][4]. - North Asia, including China, was the only region with negative growth, reporting a decline of 1.1% with sales of €5.39 billion (approximately ¥44.73 billion) [4][6]. - SAPMENA-SSA and Latin America showed strong growth, with sales of €2.06 billion (approximately ¥17.06 billion) and €1.66 billion (approximately ¥13.73 billion), respectively, both growing over 10% [3][4]. Acquisitions - L'Oréal made three acquisitions in the first half of the year, including the luxury perfume brand Amouage, skincare brand Medik8, and professional haircare brand Color Wow, focusing on enhancing its high-end cosmetics and professional hair products [4][5]. - The acquisition of Color Wow is noted for strengthening L'Oréal's position in the high-end hair and styling category [5]. - The integration of Medik8 into the luxury division suggests a trend towards efficacy in high-end skincare products [5].
欧莱雅(OR):营收经营利润同比上升,毛利率略降维持稳定
Haitong Securities International· 2025-07-30 08:28
Investment Rating - The report indicates a positive outlook for L'Oreal with an outperform rating, expecting a relative return exceeding the benchmark index over the next 12-18 months [17]. Core Insights - L'Oreal's revenue for the first half of 2025 (25H1) increased by 1.59% year-over-year, slightly surpassing Bloomberg's consensus forecast of 1.56% [4][9]. - The company's gross profit rose by 1.4%, also above the expected 1.2%, but the gross margin decreased to 74.7%, down 0.1 percentage points year-over-year, which was below the forecast of 75.1% [4][9]. - Operating profit grew by 3.1%, significantly higher than the anticipated 0.5% increase, while net profit attributable to common shareholders fell by 7.9%, contrasting with the expected growth of 1.8% [4][9]. Revenue Breakdown - Revenue by division showed varied performance: - Professional Products: +4.9% YoY, exceeding the forecast of +1.4% [4][5]. - Consumer Products: +1.1% YoY, above the forecast of +0.6% [4][5]. - Luxe: +1.0% YoY, below the forecast of +2.1% [4][5]. - Dermatological Beauty: +1.7% YoY, slightly below the forecast of +1.8% [4][5]. - Revenue by geographic zone also varied: - Europe: +3.4% YoY, below the forecast of +4.5% [4][5]. - North America: +0.4% YoY, exceeding the forecast of -1.0% [4][5]. - North Asia: -1.5% YoY, below the forecast of -0.7% [4][5]. - SAPMENA-SSA: +9.2% YoY, above the forecast of +7.6% [4][5]. - Latin America: -1.0% YoY, exceeding the forecast of -3.2% [4][5]. Profitability Metrics - The gross margin decreased to 74.7%, which is a slight decline from the previous year and lower than the expected margin [4][5]. - The operating profit of €4,740 million reflects a strong performance compared to expectations, while the net profit attributable to common shareholders of €3,368 million indicates a significant decline [4][5].