集团上半年实现销售额80.34亿欧元，同比增长8.1%，经常性营业利润从去年同期的31.5亿欧元增至33.3亿欧元。公司维持中期增长目标，但明确提 及"当前环境充满不确定的经济和地缘政治因素"。 7月30日周三，全球奢侈品巨头爱马仕公布2025年截至6月底的二季度及上半年业绩报告。主要财务数据如下： 营收 ：二季度销售额39.1亿欧元，同比增长9%（按固定汇率计算），增速较一季度的7.2%有所加快，但略低于市场预期的39.2亿欧元；上半年集团实现销售额 80.34亿欧元，同比增长8.1%。 盈利 ：上半年经常性营业利润从去年同期的31.5亿欧元增至33.3亿欧元，但归母净利润从23.7亿欧元降至22.5亿欧元。 现金流： 经营活动现金流为27.33亿欧元，同比下降3.4%；调整后自由现金流为18.47亿欧元，同比增长4.0%。 分业务看： 皮具与马具上半年收入35.78亿欧元，同比增长12.4%；成衣及配饰收入22.55亿欧元，增长5.5%；丝绸与纺织收入4.47亿欧元，同比增长3.5%；香水美 容收入2.48亿欧元，同比下滑3.8%；手表收入2.81亿欧元，下降7.9%。 分地区看： 日本市场增长16%表现 ...

Core Insights - Hermes reported a 9% year-on-year sales growth in Q2, with revenue reaching €3.91 billion, although slightly below market expectations of €3.92 billion [1] - The company's net profit decreased from €2.37 billion to €2.25 billion, despite an increase in operating profit [1][3] - The overall sales for the first half of the year amounted to €8.034 billion, reflecting an 8.1% increase compared to the previous year [1] Financial Performance - Q2 revenue was €3.91 billion, up 9% year-on-year, accelerating from 7.2% growth in Q1 [1] - Operating profit for the first half rose from €3.15 billion to €3.33 billion, while net profit fell from €2.37 billion to €2.25 billion [1] - Operating cash flow was €2.733 billion, down 3.4% year-on-year, while adjusted free cash flow increased by 4% to €1.847 billion [1] Business Segment Analysis - Leather goods and saddlery generated €3.578 billion in revenue, growing 12.4%, and accounted for nearly 45% of total revenue [6] - Ready-to-wear and accessories saw a 5.5% increase to €2.255 billion, while silk and textiles grew 3.5% to €447 million [1][7] - The perfume and beauty segment declined by 3.8% to €248 million, and watch revenue fell by 7.9% to €281 million [1][7] Regional Performance - Japan exhibited a strong growth of 16%, with revenue reaching €815 million, highlighting local customer loyalty [7] - The Americas grew by 12% to €1.455 billion, driven by double-digit growth in the U.S. market [7] - The Asia-Pacific region (excluding Japan) only saw a 3% increase, indicating challenges in the Chinese market [2][7] Profitability and Cost Pressures - Hermes' operating margin for the first half was 41.4%, a decline of 0.6 percentage points year-on-year [8] - Currency fluctuations negatively impacted revenue by €77 million, reflecting the cost pressures faced by multinational luxury brands [10] - Ongoing investments in capacity expansion are expected to compress profit margins in the short term [10]

Group 1 - Indonesia announced the easing or removal of import restrictions on ten categories of goods and raw materials, including forest products, pearls, subsidized fertilizers, certain fuels and chemicals, plastic raw materials, food pallets, bicycles, and footwear [1] - The measures aim to assist in negotiations with the US regarding a 32% tariff threat and to promote broader trade goals, including a trade agreement with the EU and joining the OECD [1] - Indonesia will tighten import regulations on clothing and accessories to support domestic manufacturing, while maintaining import restrictions on strategic goods such as rice, salt, fishery products, and certain labor-intensive industry products [1] Group 2 - Indonesia proposed investment cooperation with the US in the electric vehicle supply chain, focusing on nickel and other key materials, but did not disclose further details [2] - As the world's largest nickel producer, Indonesia is accelerating its electric vehicle battery supply chain, recently launching a $5.9 billion industrial park construction [2] - The policy adjustments are part of President Joko Widodo's early efforts to improve Indonesia's business environment, which has seen a decline in global competitiveness rankings [2]