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。 当 ...

Core Viewpoint - Estée Lauder reported a significant net loss of approximately $1.13 billion (around 81 billion RMB) for the fiscal year 2025, with a net sales decline of 8% [3][8]. Financial Performance - For the fiscal year 2025, net sales reached $14.33 billion, down from $15.61 billion in 2024 and $15.91 billion in 2023 [4]. - The operating loss was $785 million, with a net loss of $1.13 billion, marking the third consecutive year of declining net sales [3][4]. - The gross margin improved by 2.3 percentage points to 74% due to enhanced operational efficiency and better pricing strategies [5][6]. Market Analysis - The decline in net sales was primarily driven by a 28% drop in the global travel retail segment, which accounted for two-thirds of the overall sales decline [12][13]. - The Asia-Pacific market, including China, saw a 21% decrease in net sales, reflecting broader challenges in the travel retail sector [12][13]. - The Chinese mainland market's net sales were $2.741 billion, down 6%, highlighting its significance as it constitutes nearly 20% of the company's total sales [8][10]. Strategic Adjustments - Estée Lauder has restructured its management to emphasize the importance of the Chinese market, establishing it as a separate reporting segment [9][10]. - The company plans to report performance based on the new regional structure starting from the first quarter of fiscal year 2026, aiming for clearer accountability [10]. - The company is optimistic about the recovery of organic net sales in the Chinese market for fiscal year 2026, with signs of growth in the latter half of fiscal year 2025 [11]. Future Outlook - The CEO expressed confidence in achieving organic sales growth in fiscal year 2026 after three years of decline, with a goal of restoring operational profitability and achieving a stable double-digit operating margin in the coming years [7][11]. - Estée Lauder is focusing on innovation and product development to drive sales, with plans to increase the proportion of innovative products to over 25% by fiscal year 2026 [11].

Core Viewpoint - The article discusses innovative measures in Hainan, such as the "免保衔接" (insurance-free connection) and "先入区后报关" (entering the zone before customs declaration), which enhance regulatory efficiency and facilitate the sales of duty-free products. Group 1: Innovations in Duty-Free Logistics - The "免保衔接" model allows duty-free goods to be imported and stored in a bonded area before being sold, improving logistics efficiency and reducing costs [2][4]. - The Hainan International Logistics Center has transformed into a multifunctional logistics hub, integrating duty-free, bonded, and cross-border logistics, thus enhancing the operational capabilities of the duty-free industry [3][4]. - The new model enables companies to flexibly adjust their inventory and sales strategies, allowing for the efficient transfer of goods between bonded and duty-free statuses [4][5]. Group 2: Performance Metrics - In the first half of the year, the "免保衔接" business model processed 1,648 customs declarations, a year-on-year increase of 141.72%, with a total value of approximately 1.637 billion yuan, up 68.5% [6]. - The implementation of the "先入区后报关" model has led to a 50% reduction in storage and logistics costs, and a 35% increase in logistics efficiency [7][8]. Group 3: Regulatory Enhancements - The integration of smart card access with customs systems allows for better management of duty-free goods, enabling companies to stock up on inventory without immediate tax liabilities [4][8]. - The introduction of electronic tags for duty-free cosmetics has streamlined the inspection process, enhancing consumer experience and combating counterfeit products [8].

Group 1: Retail Sales Data - In April, the total retail sales of consumer goods reached 37,174 billion yuan, a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [2][4] - From January to April, the total retail sales amounted to 161,845 billion yuan, with a year-on-year growth of 4.7% [2][4] - The retail sales of cosmetics in April reached 30.9 billion yuan, growing by 7.2%, which is higher than the overall retail sales growth [2][4] Group 2: Shiseido's Performance - Shiseido's net sales for Q1 2025 decreased by 8.5% to 228.24 billion yen (approximately 11.1 billion yuan), while operating profit was 7.20 billion yen (approximately 0.35 billion yuan) [6] - The decline in net sales was attributed to a deteriorating economic environment affecting consumer spending, particularly in China and the Americas [6][8] - Shiseido's restructuring efforts and cost management partially offset the profit decline from travel retail [6] Group 3: Market Strategy and Consumer Trends - Shiseido has integrated its China market and travel retail business into a unified management unit to enhance resource efficiency and market responsiveness [8] - Online channels in China showed strong performance, with double-digit growth during promotional periods, indicating a recovery in high-end product demand [8] - The company noted that Chinese consumers are increasingly focused on brand strength and efficacy in skincare products, with decreasing price sensitivity [8] Group 4: Competitor Insights - L'Oréal reported a 4.4% year-on-year increase in sales for Q1 2025, with its luxury cosmetics division growing by 7.3% [11] - Despite challenges in travel retail, L'Oréal's performance in the Chinese market was strong, with both online and offline channels performing well [11] - Estée Lauder's total revenue for Q3 2025 fell by 10% to $3.55 billion, with a significant decline in net profit, but the Chinese market showed some growth in online sales [12]

Core Viewpoint - The article highlights the rising consumption power and changing attitudes of middle-aged men towards self-investment, particularly in health and grooming products, indicating a shift in the male consumer market [3][31][39]. Group 1: Changing Male Consumption Trends - Successful men are increasingly willing to spend on high-end health products, such as the "president bowl" bird's nest priced at 528 yuan per bowl, reflecting a broader trend of men investing in their well-being [3][4][31]. - The male health and grooming market is experiencing significant growth, with the male high-end health product market size increasing by 47% year-on-year, and men over 40 contributing over 60% of sales [28][31]. - The male skincare and medical beauty market is growing rapidly, with a reported annual growth rate exceeding 20% and average spending per customer reaching 2.75 times that of female customers [26][31]. Group 2: Consumer Behavior Insights - Men are now prioritizing visible benefits in their purchases, such as energy enhancement and anti-aging, leading brands to emphasize "hardcore technology" in their products [29][31]. - Social media platforms are playing a crucial role in shaping male consumer behavior, with discussions around men's health and skincare increasing significantly, indicating a shift in societal norms [32][33]. - The emergence of brands catering specifically to men's needs, such as "Kehan" for skincare, demonstrates the growing market potential and the willingness of men to invest in personal care [22][25]. Group 3: Market Implications - The changing dynamics in male spending habits suggest that the era of men only purchasing luxury items like watches and cars is over, with a new focus on health and self-care [31][39]. - The success of brands like "Xiaoguan Tea," which achieved annual revenue of 2 billion yuan, illustrates the lucrative opportunities in the male consumer market [20][31]. - The article suggests that as more men embrace self-care and grooming, the market will likely see the introduction of products that surpass traditional luxury offerings, indicating a potential shift in the overall health and beauty industry [42].