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毛戈平(01318):业绩如期靓丽增长,高端美妆定位不断强化
EBSCN· 2025-08-28 03:07
业绩如期靓丽增长,高端美妆定位不断强化 2025 年 8 月 28 日 公司研究 ——毛戈平(1318.HK)2025 年中期业绩点评 买入(维持) 当前价:96.45 港元 分析师:孙未未 执业证书编号:S0930517080001 021-52523672 sunww@ebscn.com 分析师:朱洁宇 作者 分析师:姜浩 执业证书编号:S0930522010001 021-52523680 jianghao@ebscn.com 执业证书编号:S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 4.90 | | --- | --- | | 总市值(亿元): | 472.79 | | 一年最低/最高(元): | 47.65-130.6 | | 近 3 月换手率: | 105.8% | 股价相对走势 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2024-12-10 2025-02-10 2025-04-10 2025-06-10 2025-08-10 毛戈平 恒生指数 | 收益表现 | | ...
突发,资生堂代理的“美国毛戈平”退出日本
3 6 Ke· 2025-08-26 00:21
Core Insights - Shiseido ranks 8th among international beauty giants, but its sales have declined by 7.6% compared to the same period last year [1] - Shiseido is more adept at incubating its own brands, while its capabilities in brand acquisition and management are relatively weak [1][26] - Laura Mercier, a brand previously under Shiseido, is set to exit the Japanese market, raising questions about Shiseido's operational capabilities with acquired brands [1][26] Brand Performance - Laura Mercier was acquired by Shiseido in 2016 for $260 million (approximately 1.86 billion RMB) as part of a strategy to expand into the North American market [11] - The brand's sales in 2015 were $160 million (approximately 1.15 billion RMB), but it has struggled in recent years, with a 28% sales decline in 2020 [12][11] - Shiseido's overall performance has been declining, with revenue growth slowing from 2019 to 2024, including an 18.6% drop in 2020 [15][21] Market Dynamics - The Japanese beauty market is facing challenges, with Shiseido's sales in Japan declining by 0.6% in the first half of 2023, despite a slight recovery in previous years [21] - Other brands, such as Too Faced under Estée Lauder, have also exited the Japanese market, indicating a broader trend of difficulties in this region [33] - Shiseido's strategy includes focusing on core brands and increasing the proportion of skincare sales, which has led to the decision to terminate the partnership with Laura Mercier [26][24]
雅诗兰黛净利大跌390%
盐财经· 2025-08-24 09:04
以下文章来源于21世纪经济报道 ,作者21记者 21世纪经济报道 . 权威、专业、深度、有趣!用经济思维看世界。 本文转载自21世纪经济报道 值班编辑 | 宝珠 视觉 | 顾芗 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间,雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战略方向,但 雅诗兰黛业绩依旧低迷。2025财年,其净销售额为143.26亿美元,同比下滑8%,净利润同比暴跌 390%,从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉,股价立即跳水。当日,雅诗兰黛美股盘前一度跌近15%。截至美东时间周五收盘,股 价为91.23美元,而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报,维持对雅诗兰黛股票的"中性"看跌评级,并预计雅诗兰黛股价将 进一步下跌,未来12个月内潜在跌幅超过20%。 对此,雅诗兰黛管理层对此泰然自若,"业绩整体符合预期,"雅诗兰黛集团总裁兼首席执行官司泰峰 (Stéphane de La Faverie)表示,有信心在2026财年实现有机销售额增长,开始重建营运盈利能力,并 在未来几年实现稳健 ...
主力品类集体哑火,雅诗兰黛净利大跌390%
凤凰网财经· 2025-08-23 12:38
权威、专业、深度、有趣!用经济思维看世界。 来源|21世纪经济报道 以下文章来源于21世纪经济报道 ,作者21记者 21世纪经济报道 . 记者|高江虹 实习生|陈晓冉 编辑|张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间,雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战略方向,但雅诗兰黛业绩依旧低迷。2025财年,其净 销售额为143.26亿美元,同比下滑8%, 净利润同比暴跌390%,从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉,股价立即跳水。当日,雅诗兰黛美股盘前一度跌近15%。截至美东时间周五收盘,股价为91.23美元,而2022年年初时其股价曾高 达374.2美元。 华尔街金融巨头摩根士丹利发布研报,维持对雅诗兰黛股票的"中性"看跌评级, 并预计雅诗兰黛股价将进一步下跌, 未来12个月内潜在跌幅超过 20%。 对此,雅诗兰黛管理层对此泰然自若,"业绩整体符合预期,"雅诗兰黛集团总裁兼首席执行官司泰峰(Stéphane de La Faverie)表示,有信心在 2026财年实现有机销售额增长,开始重建营运盈利能力,并在未来几年实 ...
雅诗兰黛净利大跌390%
21世纪经济报道· 2025-08-22 23:55
记者丨 高江虹 实习生陈晓冉 编辑丨张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间,雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战 略方向,但雅诗兰黛业绩依旧低迷。2025财年,其净销售额为143.26亿美元,同比下滑8%, 净利润同比暴跌390%,从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉,股价立即跳水。当日,雅诗兰黛美股盘前一度跌近15%。截至美东时间周五 收盘,股价为91.23美元,而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报,维持对雅诗兰黛股票的"中性"看跌评级, 并预计雅诗 兰黛股价将进一步下跌, 未来12个月内潜在跌幅超过20%。 对此,雅诗兰黛管理层对此泰然自若,"业绩整体符合预期,"雅诗兰黛集团总裁兼首席执行官 司泰峰(Stéphane de La Faverie)表示,有信心在2026财年实现有机销售额增长,开始重建 营运盈利能力,并在未来几年实现稳健的两位数调整后营业利润率。 值得关注的是,自2026财年Q1起,雅诗兰黛集团调整区域架构,未来中国大陆将作为独立地 区进行业绩列报 ...
简讯:逸仙电商营收增37%,彩妆品重返增长轨道
Xin Lang Cai Jing· 2025-08-22 00:43
Core Viewpoint - Yatsen Holding Limited (YSG.US) reported a significant revenue increase of 36.8% year-on-year to 1.09 billion yuan in Q2, driven by a recovery in color cosmetics sales and strong growth in skincare products [1] Group 1: Revenue Performance - Skincare sales reached 581 million yuan, a remarkable increase of 78.7% compared to 325 million yuan in the same period last year [1] - Color cosmetics sales grew by 8.8%, reversing a 10% decline in Q1 [1] - Skincare products accounted for 53% of total revenue in Q2, surpassing color cosmetics as the main revenue driver [1] Group 2: Future Outlook - The company expects revenue growth to slow down in Q3, projecting an increase of 15% to 30%, with revenue forecasted between 779 million yuan and 880 million yuan [1] Group 3: Financial Results - The net loss for Q2 narrowed to 19.5 million yuan from 85.5 million yuan in the same period last year [1] - On a non-GAAP basis, the company achieved a profit of 11.5 million yuan in Q2 [1] Group 4: Stock Performance - Following the earnings report, Yatsen's stock price rose by 0.6% to $9.60, with a year-to-date increase of approximately 130% [1]
珀莱雅股价上涨1.75% 公司回购注销24.2万股限制性股票
Jin Rong Jie· 2025-08-18 17:37
Group 1 - The stock price of Proya reached 84.50 yuan as of the close on August 18, 2025, with an increase of 1.45 yuan, representing a rise of 1.75% [1] - The trading volume on that day was 102,835 hands, with a turnover of 868 million yuan and a fluctuation of 3.29% [1] - Proya is primarily engaged in the research, production, and sales of cosmetics, covering various categories such as skincare, makeup, and cleansing [1] Group 2 - On the evening of August 18, the company announced the repurchase and cancellation of 242,424 restricted stocks held by 14 former incentive targets from the 2022 restricted stock incentive plan, with the cancellation date set for August 21, 2025 [1] - On August 18, the net inflow of main funds into Proya was 62.29 million yuan, with a net inflow of 32.09 million yuan over the past five days [1]
除了Swatch,这些品牌也曾在争议问题上翻过车
第一财经· 2025-08-17 14:26
Core Viewpoint - The article discusses the controversies faced by international brands, particularly in the context of advertising that has been perceived as discriminatory or culturally insensitive, highlighting the need for brands to understand and respect local cultures when entering new markets [3][10]. Group 1: Swatch Controversy - Swatch faced backlash due to a controversial advertisement featuring a "squinty-eyed" image, which sparked discussions about cultural sensitivity in marketing [3][10]. Group 2: Philipp Plein Incident - Philipp Plein produced a limited batch of T-shirts with offensive slogans in 2007, which resurfaced years later, leading to public outrage and a subsequent apology from the brand [4][6]. - Despite the apology, the brand's reputation suffered in China, with limited offline presence and a lack of widespread recognition [6]. Group 3: Dolce & Gabbana's Missteps - Dolce & Gabbana faced significant backlash in 2018 for an advertisement that depicted an Asian model struggling to use chopsticks, which was deemed racially insensitive [7]. - The brand's founders issued a public apology after a wave of criticism and celebrity boycotts, highlighting the importance of cultural respect in marketing [7][10]. Group 4: Dior's Advertising Issues - Dior's 2023 makeup advertisement featuring an Asian model performing a "pulling the eyes" gesture led to accusations of Asian discrimination, echoing previous controversies [8][9]. - The brand clarified that the controversial image was part of an artistic project rather than a commercial advertisement, but the incident raised questions about the portrayal of Asian aesthetics in marketing [10]. Group 5: Recommendations for Brands - Experts suggest that international brands should adopt a more humble approach when entering new markets, emphasizing the importance of understanding local customs, culture, and consumer preferences to avoid marketing failures [10].
除了Swatch,这些品牌也曾在争议问题上翻过车
Di Yi Cai Jing· 2025-08-17 12:42
Core Viewpoint - International brands need to abandon their "arrogance" and respect local cultures to avoid controversies and enhance their market presence in China [1] Group 1: Controversial Advertising Cases - Swatch faced backlash for a "slant-eyed" promotional image, highlighting a trend of international brands producing ads that are perceived as discriminatory [2] - Philipp Plein's controversial T-shirts with offensive slogans resurfaced years later, leading to public outrage and a subsequent apology from the brand [3] - Dolce & Gabbana's 2018 advertisement featuring an Asian model struggling with chopsticks was criticized for racial and gender insensitivity, resulting in a boycott from Chinese celebrities and the cancellation of a fashion show [5] - Dior's recent advertisement featuring an Asian model performing a "pulling the eye" gesture sparked significant controversy, with accusations of promoting "Asian discrimination" [6][7] Group 2: Brand Image and Market Strategy - The backlash from these incidents has negatively impacted the brand image of international luxury brands in China, leading to a decline in consumer trust [7] - Experts suggest that international companies should adopt a more humble approach, understanding local customs and consumer preferences to effectively promote their brands in new markets [7] - Dolce & Gabbana has been attempting to repair its reputation in China by participating in significant events like the China International Import Expo [8]
颖通控股:香氛产业正在向“情绪健康核心需求”战略转型
Core Insights - The fragrance industry is transitioning from "sensory pleasure" to "emotional health core needs," indicating a strategic shift in consumer preferences and market focus [1] - The Hong Kong and Macau fragrance market is experiencing three key transformations: emotional demand-driven consumption, the popularization of home fragrances, and the rise of the olfactory economy in commercial spaces [1][2] Company Strategy - The company plans to leverage its 40 years of channel advantages and multinational service network to act as a core bridge for global fragrance brands entering the Chinese market, integrating international innovation with Chinese consumption upgrades [1] - The company aims to establish its first fragrance experience flagship store in Hong Kong by 2026 and open a "Perfume Box" flagship store in Shanghai by the end of 2026, creating immersive retail experiences for customers [2] Market Data - According to a survey conducted in July 2025 involving 790 consumers in Hong Kong and Macau, 81% of respondents have integrated fragrances into their daily lives, a 9% increase from the previous year [1] - The global home fragrance market is projected to reach $40 billion by 2032, with a compound annual growth rate of 6.56% [2] Product Portfolio - As of June 10, 2025, the company is the largest fragrance group in China by retail sales (excluding brand owners), distributing products from 72 external brands across various pricing tiers and functions to meet diverse consumer needs [3]