核心业务皮具和马具部门销售额同比增长11.3%至35.8亿欧元；成衣与配饰部门销售额增长4.3%至22.55亿欧元；丝绸和纺织品销售额增长2.6%至4.47亿欧 元；珠宝和家居所在的其他业务销售额增长9.2%至10.56亿欧元；香水和美妆业务销售额下降4.1%至2.48亿欧元；腕表业务销售额下降8.9%至2.81亿欧元； 其他产品部门销售额增长7.2%至1.68亿欧元。 财报亦披露了集团在今年上半年可持续和责任成果：爱马仕集团继续创造就业机会，今年前六个月员工人数增加了500多人，其中在法国新增了300个职 位。截至2025年6月底，集团共雇佣25700人，其中15900人在法国，包括超过1000名多元化和残障人士。公司于2月份向全球所有员工每人发放了4500欧元 的2024年度奖金。 业内人士认为，在经历多年高速增长之后，奢侈品消费的热度已不复以往，爱马仕也不能稳握稀缺性的主导权了。面对增长差异化加剧与宏观环境挑战， 爱马仕重申将继续依赖其高度垂直整合的商业模式，通过创意、工艺与全球均衡布局，推动长期发展。这一模式不仅维持了其高利润率，也使其在奢侈品 周期性波动中具备更强韧性。 爱马仕集团首席执行官Axel ...

Core Insights - Hermes reported a revenue of €3.91 billion for Q2 of FY2025, reflecting a 9% year-over-year growth at constant exchange rates [2] - For the first half of the year, total revenue increased by 8% to €8.03 billion, with operating profit rising by 5.7% to €3.33 billion, maintaining a high operating margin of 41.4% despite a 60 basis points decline [2] Regional Performance - The Asia-Pacific market, including China, showed signs of cooling, with Q2 revenue growth of only 0.1% to €1.6 billion and a cumulative increase of 1.5% for the first half [2] - Japan experienced strong growth, with revenue surging by 14.7% to €390 million [2] - The Americas market grew by 12.3% to €760 million, while Europe saw a 9.1% increase to €970 million, and the Middle East recorded a robust growth of 20.4% to €180 million [2] Product Segment Performance - The leather and equestrian goods segment remained the profit backbone, with Q2 revenue growing by 14.8% to €1.77 billion, outperforming market expectations [2] - The ready-to-wear and accessories segment grew by 3.8% to €1.11 billion, driven by positive responses to the autumn/winter women's and summer men's collections in Paris and Shanghai [3] - The silk and textiles segment increased by 2.2% to €190 million, while the perfume and beauty segment declined by 7.2% to €120 million due to a high base from the previous year [3] - The watch segment fell by 5.5% to €130 million, whereas jewelry and home goods saw a growth of 14.9% to €510 million [3] Pricing Strategy - Hermes' CEO Axel Dumas stated that there are currently no plans for further price increases this year, following a previous global price hike of 7% and an additional 5% increase in the U.S. market to offset tariff impacts [3]