Core Viewpoint - L'Oréal's Q1 2025 financial report shows a sales revenue of €11.73 billion, marking a 4.4% year-on-year growth, but the growth rate is the lowest in five years, with a significant slowdown in the "skin science beauty" segment [1][2] Group 1: Financial Performance - In Q1 2025, L'Oréal's sales reached €11.73 billion, reflecting a 4.4% increase compared to the previous year [1] - The company has experienced consistent sales growth in Q1 over the past five years, but the growth rate has been declining, reaching its lowest point this year [1] - The "skin science beauty" segment, which had previously shown strong performance, has seen a notable slowdown in growth this quarter [1][2] Group 2: Business Segment Performance - The mass cosmetics division, L'Oréal's main revenue source, achieved sales of €4.279 billion, a 2.5% year-on-year increase [2] - The luxury cosmetics division, which includes brands like Lancôme and Biotherm, saw a 7.3% increase in sales to €4.093 billion, benefiting from a complementary brand portfolio [2] - The professional hair products division reported a 2.7% growth, reaching €1.277 billion, driven by a strong performance from brands like Kérastase [2] - The skin science beauty division's sales were €2.086 billion, with a 3.5% year-on-year growth, but this marks a slowdown compared to previous years [2][3] Group 3: Regional Market Insights - The European market was a highlight for L'Oréal in Q1, with sales of €3.915 billion, reflecting a 4.9% year-on-year growth [6] - The North American market faced a decline, with sales of €2.973 billion, down 1.4% year-on-year [6] - The North Asia market, which had previously seen a decline, showed recovery with a sales increase of 8.4% to €2.953 billion [6] - The Chinese market has faced challenges, marking its first negative growth in a decade, impacting overall performance [1][6][7] Group 4: Strategic Initiatives and Challenges - L'Oréal has been actively investing in the skin science beauty sector, including the launch of new products and acquisitions, such as a 10% stake in Galderma [3][5] - The company has initiated the "L'Oréal Skin Health Action" project, planning to invest €20 million over five years to enhance access to skin health services [5] - The rise of domestic brands and changing consumer preferences, particularly among Gen Z, pose significant challenges to L'Oréal's market position [8][9] - Reports indicate that L'Oréal plans to significantly reduce its tourism retail workforce in response to sluggish sales in this channel, with potential layoffs of up to 50% [9]

证券之星：于莹 4月17日，欧莱雅公布了2025年第一季度财报，数据显示，报告期内，公司实现了117.3亿欧元的销售额，同比增长4.4%。 梳理了欧莱雅近5年一季度的业绩情况，证券之星发现，其第一季度销售额均保持增长，但增幅整体呈现下滑态势，并于今 年创下近5年来最低增幅。而细看其财报数据，去年表现亮眼、曾被寄予厚望的"皮肤科学美容"业务今年一季度增长明显放 缓。 | | 欧莱雅集团近5年第一季度销售额及增幅 | | | --- | --- | --- | | 年份 | 销售额(亿人民币) | 同比涨幅 | | 2025 | 972. 04 | 4. 40% | | 2024 | 931. 34 | 8. 30% | | 2023 | 860. 08 | 13.00% | | 2022 | 750. 7 | 19.00% | | 2021 | 630. 56 | 11. 50% | 值得一提的是，2024年，欧莱雅在中国市场遭遇了罕见的"倒春寒"。在财报中，公司曾表示，中国市场十年来首次出现负 增长，以至于整体业绩增长都被拖累。而今年一季度，中国市场的表现再度成为关注的重点，虽然公司未披露具体数据， 但就在近 ...