Core Viewpoint - L'Oréal Group reported a notable performance for the first half of 2025, with overall revenue increasing by 3% to €22.47 billion (approximately ¥186.2 billion) and operating profit rising by 3.1% to €4.74 billion (approximately ¥39.28 billion), despite challenges in the high-end beauty market and global economic pressures [2][4][5]. Group Performance - The group's revenue and operating profit have shown growth over the past five years, with double-digit growth from 2021 to 2023. However, growth rates have significantly slowed in recent years, with revenue and operating profit growth dropping to single digits in 2024 and further declining in 2025 [4]. - The CEO, Nicolas Hieronimus, attributed the slowdown to global economic pressures but expressed optimism for the second half of the year, anticipating a gradual recovery in the global beauty market [5]. Division Performance - Professional Products division saw a sales increase of 6.5% to €2.55 billion, marking the strongest performance across all divisions. The Dermatological Beauty division grew by 3.1% to €3.86 billion, with La Roche-Posay being a significant contributor [7]. - Consumer Products division reported a 2.8% increase in sales to €8.41 billion, while the Luxury division experienced a 2% growth to €7.66 billion, indicating ongoing challenges in the high-end beauty market [7]. Regional Performance - The fastest-growing regions for L'Oréal in the first half of 2025 were SAPMENA-SSA and Latin America, with sales growth of 10.4% and 10.3%, respectively [8]. - The North American market grew by 2% to €5.82 billion, while the North Asia market saw a decline of 1.1% to €5.30 billion, with a notable drop of 8.8% in the second quarter [8]. Strategic Developments - L'Oréal announced the acquisition of majority stakes in the high-end haircare brand Color Wow and the skincare brand Medik8, enhancing its brand portfolio in the Professional Products and Luxury divisions [8]. - The company is collaborating with NVIDIA to leverage AI in beauty technology, showcasing innovations at the Viva Technology exhibition [10]. - L'Oréal launched a new "Sustainable Innovation Accelerator" project, planning to invest €100 million over five years to address key industry challenges and enhance sustainability efforts [10]. Upcoming Events - L'Oréal will participate in the upcoming China International Import Expo for the eighth consecutive year, showcasing new brands, products, and technologies, marking its largest presence in the event's history [11].

曾被视为利润"发动机"的高档化妆品销售收入76.6亿欧元（约合人民币635.6亿元），同比仅增长2%。 此外，大众化妆品销售收入84.1亿欧元（约合人民币697.8亿元），同比增长2.8%。皮肤科学美容产品 销售收入38.6亿欧元（约合人民币320.3亿元），虽保持3.1%的同比增长，但增速较2024年的9.8%大幅 放缓。 值得注意的是， 中国作为欧莱雅集团第二大市场，被公司称为"全球最重要的市场之一"。中国市场在第二季度扭转第一 季度下降态势，恢复增长，同比增幅达到约3%。 不过，中国市场所属的北亚市场仍是公司五大业务区中唯一销售额同比负增长的区域。上半年，北亚市 场销售额为53.93亿欧元（约合人民币444.84亿元），同比下滑1.1%，第二季度更是同比下滑8.8%。相 比之下，拉丁美洲市场与中东非市场分别录得10.3%和10.4%的销售额双位数同比增长，欧洲市场和北 美市场的销售额则分别同比增长3.4%与2.0%。 旗下拥有营业利润同比增长3.1%至47.4亿欧元（约合人民币392.77亿元），利润增速已连续第五年下 滑。 回溯往期半年报，近10年，欧莱雅营业利润从2016年的195.75亿元人民币增 ...

具体来看，上半年，欧莱雅集团四大事业部实现全线增长，其中，大众化妆品销售收入84.1亿欧元(约 合人民币697.8亿元)，同比增长2.8%；专业美发产品销售收入25.5亿欧元(约合人民币211.6亿元)，同比 增长6.5%；高档化妆品销售收入76.6亿欧元(约合人民币635.6亿元)，同比增长2%；皮肤科学美容产品 销售收入38.6亿欧元(约合人民币320.3亿元)，同比增长3.1%。 本报讯(记者李静)7月30日，欧莱雅集团发布2025年上半年业绩报告。今年上半年，欧莱雅实现销售额 224.73亿欧元(约合人民币1861.91亿元)，同比增长3%；营业利润47.4亿欧元(约合人民币392.77亿元)， 同比增长3.1%。 ...

Core Viewpoint - L'Oréal's performance in the first half of 2025 shows a slowdown in growth compared to previous years, with a total sales of €22.47 billion (approximately ¥186.19 billion), reflecting a year-on-year growth of 3% [3][4]. By Division - Professional Products division reported sales of €2.55 billion (approximately ¥21.13 billion) with a like-for-like growth of 6.5% in the first half and 11.5% in the second quarter [3][4]. - Consumer Products division achieved sales of €8.41 billion (approximately ¥69.73 billion) with a like-for-like growth of 2.8% in the first half and 3.3% in the second quarter [3][4]. - Luxe division experienced a decline, with sales of €7.66 billion (approximately ¥63.73 billion) and a like-for-like growth of only 2% in the first half, while the second quarter saw a decline of 1.9% [3][4]. - Dermatological Beauty division recorded a sales of €3.86 billion (approximately ¥32.16 billion) with a like-for-like growth of 3.1% in the first half and 3.5% in the second quarter [3][4]. By Region - Europe contributed the highest sales in the first half, totaling €7.53 billion (approximately ¥62.19 billion) with a growth of 3.4% [3][4]. - North America sales reached €5.82 billion (approximately ¥48.26 billion), reflecting a growth of 2% [3][4]. - North Asia, including China, was the only region with negative growth, reporting a decline of 1.1% with sales of €5.39 billion (approximately ¥44.73 billion) [4][6]. - SAPMENA-SSA and Latin America showed strong growth, with sales of €2.06 billion (approximately ¥17.06 billion) and €1.66 billion (approximately ¥13.73 billion), respectively, both growing over 10% [3][4]. Acquisitions - L'Oréal made three acquisitions in the first half of the year, including the luxury perfume brand Amouage, skincare brand Medik8, and professional haircare brand Color Wow, focusing on enhancing its high-end cosmetics and professional hair products [4][5]. - The acquisition of Color Wow is noted for strengthening L'Oréal's position in the high-end hair and styling category [5]. - The integration of Medik8 into the luxury division suggests a trend towards efficacy in high-end skincare products [5].

Investment Rating - The report indicates a positive outlook for L'Oreal with an outperform rating, expecting a relative return exceeding the benchmark index over the next 12-18 months [17]. Core Insights - L'Oreal's revenue for the first half of 2025 (25H1) increased by 1.59% year-over-year, slightly surpassing Bloomberg's consensus forecast of 1.56% [4][9]. - The company's gross profit rose by 1.4%, also above the expected 1.2%, but the gross margin decreased to 74.7%, down 0.1 percentage points year-over-year, which was below the forecast of 75.1% [4][9]. - Operating profit grew by 3.1%, significantly higher than the anticipated 0.5% increase, while net profit attributable to common shareholders fell by 7.9%, contrasting with the expected growth of 1.8% [4][9]. Revenue Breakdown - Revenue by division showed varied performance: - Professional Products: +4.9% YoY, exceeding the forecast of +1.4% [4][5]. - Consumer Products: +1.1% YoY, above the forecast of +0.6% [4][5]. - Luxe: +1.0% YoY, below the forecast of +2.1% [4][5]. - Dermatological Beauty: +1.7% YoY, slightly below the forecast of +1.8% [4][5]. - Revenue by geographic zone also varied: - Europe: +3.4% YoY, below the forecast of +4.5% [4][5]. - North America: +0.4% YoY, exceeding the forecast of -1.0% [4][5]. - North Asia: -1.5% YoY, below the forecast of -0.7% [4][5]. - SAPMENA-SSA: +9.2% YoY, above the forecast of +7.6% [4][5]. - Latin America: -1.0% YoY, exceeding the forecast of -3.2% [4][5]. Profitability Metrics - The gross margin decreased to 74.7%, which is a slight decline from the previous year and lower than the expected margin [4][5]. - The operating profit of €4,740 million reflects a strong performance compared to expectations, while the net profit attributable to common shareholders of €3,368 million indicates a significant decline [4][5].