证券研究报告 可选消费 部分海外龙头中国业务持续回暖 华泰研究 2025 年 11 月 11 日│中国内地 动态点评 25Q3 多家海外美护/奢侈品龙头中国区业务出现不同程度的回暖趋势： LVMH 除日本以外的亚太区营收经历 6 季度下滑后，25Q3 重回正增长；欧 莱雅中国大陆连续 2 季度恢复正增长，25Q3 提速至 3%；爱马仕中国区业 务增长强劲；雅诗兰黛亦实现中国区业务同比增长 9%；联合利华中国区除 冰激凌外各业务板块恢复增长；在旅游零售渠道，欧莱雅/LVMH/开云集团 等公司亦观察到了改善迹象。据爱马仕，当前已观察到中国一线城市房地产 市场企稳、中国大陆与中国香港金融市场回升的积极宏观信号；欧莱雅亦称 高端线引领中国市场复苏。我们认为中国大陆区消费有望持续渐进式回暖。 区域视角：部分龙头中国营收持续回暖，部分龙头日本本地消费维稳 1）中国：欧莱雅中国大陆 25Q3 收入同比增长约 3%，驱动北亚 yoy4.7% （like-for-like 口径，下同），LVMH 中国大陆 Q3 本地市场营收已重回正增 长，国内消费恢复至中高个位增长，爱马仕 Q3 大中华区营收增长强劲，拜 尔斯道夫旗下莱珀妮 ...

Group 1 - The core viewpoint of the article highlights the rapid growth and international expansion of Chinese beauty brands, driven by cultural integration and technological innovation [2][3][4] - Chinese beauty products are expected to reach an export value of 51.2 billion yuan in 2024, with a year-on-year growth of 11.9% [3] - The collaboration between beauty brands and celebrities has surged, with first-day GMV exceeding 10 million yuan becoming a standard [4] Group 2 - The global beauty market is projected to reach 677 billion USD by 2025, with skincare leading at 180.3 billion USD, and China holding a 35% market share [9] - Domestic brands are increasingly entering the medical beauty sector, intensifying competition as they launch medical-grade products [5][13] - The rise of "Douyin brands" has changed consumer perceptions, with brands like BABI achieving significant sales through targeted marketing strategies [30] Group 3 - The beauty industry is witnessing a structural transformation, with a focus on rational consumption and the importance of cost-effectiveness [12] - The trend of cross-industry collaboration is evident as fast fashion brands like Zara and H&M venture into the beauty market due to declining apparel sales [8] - The emphasis on sustainability and ESG principles is becoming crucial for companies in the beauty sector, with examples like 诺斯贝尔 leading the way [21]