本文来自微信公众号：每日经济新闻 （ID：nbdnews），记者：范芊芊，编辑：何小桃、张益铭、盖源源，原文标题：《业绩爆雷，美国巨头一年大亏81 亿元，中国内地市场净销售额下滑6%，公司股价大跌》，题图来自：AI生成 雅诗兰黛总裁兼首席执行官Stéphane de La Faverie（司泰峰）表示："尽管外部环境持续波动，但我们已带着向好势头和信心开启了2026财年，在经历了三 年的下滑后，我们有望（2026财年）实现有机销售额增长，并开始重建运营盈利能力，并在未来几年实现稳健的两位数营业利润率。" 从净销售额具体表现看，核心产品线中仅香氛业务保持微增，其余品类均出现下滑；全球主要市场也普遍承压。不过，财报透露的信息并非全是坏消息。 随着利润恢复及增长计划的落地，雅诗兰黛的盈利能力改善，毛利率实现增长。 影响雅诗兰黛业绩的两大关键因素，一个是全球旅游零售市场，一个是中国内地市场。在当晚召开的业绩说明会上，雅诗兰黛高层透露，2025财年，有机 净销售额8%的下滑中，有三分之二来自全球旅游零售市场。在这一财年，集团在该板块大量削减库存，库存逐渐回归合理水平，而中国内地市场则在下 半财年逐渐回暖。 净销售额下滑 ...

社会服务 2025 年 08 月 18 日 毛戈平(01318.HK) 以专业筑高端，打造东方之美 行情走势图 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 Huqiongf ang722@pingan.com.cn 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,886 | 3,885 | 5,142 | 6,734 | 8,652 | | YOY(%) | 57.8 | 34.6 | 32.4 | 31.0 | 28.5 | | 净利润(百万元) | 662 | 881 | 1,159 | 1,526 | 1,964 | | YOY(%) | 88.0 | 33.0 | 31.6 | 31.7 | 28.7 | | 毛利率(%) | 84.8 | 84.4 | 84.2 | 84.4 | 84.5 | | 净利率(%) | 23.0 | 22.7 | 22.6 | 22.7 | 22.7 | | ROE(%) | 42.8 | ...

外资美妆企业近两年集中提出的以"利润优先"为目标的各项变革计划，在2025年半年报发布期间 迎来验收节点。 资生堂2025年上半年销售额下滑7.6%至4698.3亿日元，但核心营业利润达 233.7亿日元，同比增长 21.3%；欧莱雅上半年销售额为224.73亿欧元，同比增长3%，低于去年同期的7.3%；营业利润约 为47.4亿欧元，同比增长3.1%，但增速低于去年同期的8%；雅诗兰黛在今年前三个月实现净销售 额35.5亿美元，同比下滑10%，实现净利润1.59亿美元，同比下滑52%，但相较上一季度实现了扭 亏转盈。 共同的增长命题下，以"恢复利润"为目标的赛程过半，外资美妆企业的各项举措还在持续更新中。 成效 2023年至2024年，为提振业绩，外资美妆企业集中推出了一系列变革或重组计划，聚焦利润恢 复、提高运营效率。 2023年至2024年，为提振业绩，外资美妆企业集中推出了一 系列变革或重组计划，聚焦利润恢复、提高运营效率。共同的 增长命题下，以"恢复利润"为目标的赛程过半，外资美妆企业 的各项举措还在持续更新中。 作者： 罗文利 封图：图虫创意 目前，外资美妆企业在"利润优先"上各有进展：雅诗兰黛自2 ...

Core Insights - The fragrance industry is transitioning from "sensory pleasure" to "emotional health core needs," indicating a strategic shift in consumer preferences and market focus [1] - The Hong Kong and Macau fragrance market is experiencing three key transformations: emotional demand-driven consumption, the popularization of home fragrances, and the rise of the olfactory economy in commercial spaces [1][2] Company Strategy - The company plans to leverage its 40 years of channel advantages and multinational service network to act as a core bridge for global fragrance brands entering the Chinese market, integrating international innovation with Chinese consumption upgrades [1] - The company aims to establish its first fragrance experience flagship store in Hong Kong by 2026 and open a "Perfume Box" flagship store in Shanghai by the end of 2026, creating immersive retail experiences for customers [2] Market Data - According to a survey conducted in July 2025 involving 790 consumers in Hong Kong and Macau, 81% of respondents have integrated fragrances into their daily lives, a 9% increase from the previous year [1] - The global home fragrance market is projected to reach $40 billion by 2032, with a compound annual growth rate of 6.56% [2] Product Portfolio - As of June 10, 2025, the company is the largest fragrance group in China by retail sales (excluding brand owners), distributing products from 72 external brands across various pricing tiers and functions to meet diverse consumer needs [3]

Core Insights - Foreign beauty companies are focusing on "profit first" strategies, with significant changes being implemented as they approach the 2025 mid-year report [2][8] - Companies like Shiseido, L'Oréal, and Estée Lauder are experiencing varying degrees of sales and profit fluctuations, indicating a collective shift towards profit recovery [2][10] Financial Performance - Shiseido's sales fell by 7.6% to 469.83 billion yen in the first half of 2025, but core operating profit rose by 21.3% to 23.37 billion yen [2] - L'Oréal reported a 3% increase in sales to 22.473 billion euros, with operating profit growing by 3.1% to approximately 4.74 billion euros, although both figures were lower than the previous year's growth rates [2] - Estée Lauder's net sales dropped by 10% to 3.55 billion USD in the first three months of the year, with net profit down by 52% to 159 million USD, although it managed to turn a profit compared to the previous quarter [2] Strategic Initiatives - Companies are implementing cost control and operational efficiency measures, with Estée Lauder announcing significant layoffs as part of its restructuring plan [3][6] - L'Oréal has focused on strict management of operating expenses, resulting in a record operating profit margin of 21.1% in the first half of 2025 [4] - Shiseido's action plan aims to restore profits through cost reductions and improved operational efficiency, targeting a core operating profit margin increase from 4.97% to 7% by 2026 [8][10] Product Strategy - Estée Lauder is expanding its high-margin product offerings, including a new perfume line in collaboration with luxury brand Balmain [6] - L'Oréal's CEO noted that high-end brands are experiencing stronger growth compared to mid-range brands, indicating a strategic shift towards premium products [6] Innovation and Technology - Companies are leveraging technology and innovation to drive growth, with L'Oréal adopting a "multi-polar model" and investing in local supply chains [7] - All three major beauty companies are embracing AI for various applications, including virtual try-ons and data insights [7] Market Challenges - The shift towards profit recovery reflects the increasing market competition and pressure on profit margins faced by these companies [8][12] - L'Oréal's sales in the Chinese market have shown signs of recovery, but overall performance remains challenged by declining consumer sentiment and competition [11][12] - Estée Lauder has faced multiple quarters of declining sales in the Asia-Pacific region, prompting a strategic pivot to reduce reliance on the Chinese market [12]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Chao Yue Holdings, which rose by 32.18% to HKD 0.115 per share, with a trading volume of HKD 1.2088 million as of 10:01 AM on August 14 [1] - Chao Yue Holdings specializes in supplying exclusive international brands and its own branded products, including beauty, skincare, perfumes, health supplements, personal care, household goods, and global specialty foods [1] - The company operates seven physical stores in Hong Kong and Macau and engages in online retail across 44 e-commerce platforms, offering over 300,000 products and covering 34 countries [1] Group 2 - As of the 2024 annual report, Chao Yue Holdings reported total revenue of HKD 74.5888 million and a net loss of HKD 12.4 million [2]

Core Points - Hubei Province officially implements a tax refund policy for outbound travelers starting July 1, 2025, with Wuhan as a key city offering an innovative "buy and refund immediately" service [1][2] - The policy aims to enhance the internationalization of the city and improve the shopping experience for foreign travelers [1][4] Group 1: Policy Implementation - The "buy and refund immediately" service allows foreign travelers to receive tax refunds on-site by providing a credit card pre-authorization guarantee, marking a significant improvement over traditional tax refund processes [2][3] - The first day of the policy saw successful transactions, with travelers receiving refunds such as 177.12 RMB for a 2000 RMB purchase and 243 RMB for a 3000 RMB purchase [2] Group 2: Economic Impact - The tax refund policy is expected to boost high-end consumption and promote Hubei's specialty products globally, including local tea varieties [4] - Data shows a 48.18% year-on-year increase in foreign traveler entries during the May Day holiday and a 37.84% increase in total foreign traveler spending at Wuhan's port in the first half of the year [4] Group 3: Service Enhancements - HanKou Bank serves as the exclusive tax refund agency in Hubei, providing a dual-track service of "smart + manual" assistance at airports, with a self-service process that takes less than 5 minutes [3] - The number of tax refund stores in Wuhan has reached 62, with 33 offering the "buy and refund immediately" service, including well-known shopping centers [3] Group 4: Future Developments - Future plans include exploring more convenient verification mechanisms to convert policy benefits into consumption growth, enhancing Wuhan's competitiveness in the international tourism shopping sector [5] - The tax refund policy is expected to significantly increase the attractiveness of foreign traveler spending, supported by optimized cross-border payment and multilingual services [4][5]

Core Viewpoint - The global luxury goods industry is facing significant challenges, potentially experiencing its largest setback in 15 years, as indicated by Bain & Company. Despite this, Hermès continues to show growth, although it faces increasing difficulties in customer acquisition and reliance on leather goods [4][6]. Financial Performance - Hermès reported an 8% revenue growth to €8 billion, with all geographic regions showing growth, except for the perfume and beauty and watch sectors [4][5]. - In the first half of 2024, Hermès achieved a 15% growth, with double-digit growth across most regions, except for a slight decline in the watch sector [5]. Market Challenges - The company is struggling with the challenge of attracting new customers and is affected by the second-hand market disrupting pricing strategies. The reliance on leather goods is becoming increasingly problematic [6][20]. - The second-hand market has shown that Hermès products can sell for more than retail prices, indicating a strong demand but also a shift in consumer purchasing behavior [12][14]. Sector Performance - The leather goods sector saw a revenue increase of 12.4%, while the ready-to-wear and silk sectors experienced a decline in growth rates, with ready-to-wear growing only 5.5% compared to 15.5% the previous year [21]. - The perfume and beauty sector saw a decline of 3.8%, while the watch sector dropped by 7.9% [21]. Geographic Performance - The Americas market is becoming increasingly important for Hermès, with a 9.5% growth in the first half of 2025, while the Asia-Pacific region only grew by 1.5% [30][31]. - Growth in Japan has slowed from over 22% in 2024 to 16% in 2025, and the overall growth in the Asia-Pacific region has significantly decreased compared to previous years [30][31]. Pricing Strategy - Hermès plans to continue raising prices globally, but has already implemented a 5% price increase in the U.S. to counteract tariff impacts [28][29]. - The company is facing pressure to adjust its pricing strategy due to rising costs of raw materials, particularly in the jewelry sector [33]. Future Outlook - The importance of diversifying product lines is emphasized, as reliance on leather goods may not sustain the company in the long term. The company is looking to expand into high-end fashion to create a second growth curve [24][34]. - The decline in middle-class consumers willing to spend on entry-level products poses a risk to Hermès' customer base [36].

每次在机场免税店或者海南免税城扫货，瞅着那吸引人的价格，是不是都纳闷：这"免税"俩字，到底免 的是啥税？为啥能便宜这么多？今天就好好给大伙儿扒一扒免税品背后的"三重省钱账"！ 一、核心是啥？ 三种税直接"全免单" 免税品最实在的好处，就是直接把商品进国内市场通常要交的三种主要税给免 了： 1. 进口关税：这个大家应该都不陌生吧，毕竟之前老美和咱的关税战打的沸沸扬扬。打的就是这个进口 关税！ 简单来说就是跨境商品进咱国门得交的"入门费"。免税店（像机场隔离区、海南离岛免税店）属于海关 特殊管的地方，算"关境外"，商品在这儿卖，就相当于还没"正式进咱国家"，所以关税就免了。 图片来源：潮点素材 普通商品（比如化妆品）一般不高，大概1%-5%，但烟酒这类敏感商品，税率能高到好几十个百分点 呢！ 2. 进口环节增值税：是不是听起来很迷茫，这又是啥东西？这个其实就是商品进国内流通时要交的主要 流通税，现在标准税率是13%。那免税店为啥能免？道理很简单：买免税品然后带出境的人（不管是外 国游客还是咱自己人），没享受到国内流通和使用时的公共服务（比如基础设施、教育医疗这些），所 以不用交这部分增值税。 听起来好像没啥影响， ...

Financial Data and Key Metrics Changes - The company reported a total revenue growth of 11% in the first quarter, exceeding the high single-digit outlook, driven by strong performance in direct-to-consumer channels [21][22] - Adjusted gross margin expanded by 160 basis points to 72.1%, attributed to average unit retail (AUR) growth, favorable mix shift towards full-price and international businesses, and lower cotton costs [23][24] - Adjusted operating margin increased by 230 basis points to 16.6%, with operating profit rising by 29%, both ahead of guidance [25] Business Line Data and Key Metrics Changes - Core product sales, which represent over 70% of the business, grew in the mid-teens, driven by seasonal sweater polos and lightweight outerwear [12][13] - High potential categories, including women's apparel, outerwear, and handbags, saw strong double-digit growth, outpacing total company growth [13][14] - Direct-to-consumer (DTC) retail comps increased by 13%, with double-digit growth in both digital and brick-and-mortar stores [15][16] Market Data and Key Metrics Changes - Asia led performance with a 19% increase in revenue, followed by Europe at 10% and North America at 8% [22][23] - China experienced over 30% growth, driven by strong consumer response to brand-building initiatives [30][31] - North America maintained healthy trends with high single-digit growth, supported by strong DTC channels [17][26] Company Strategy and Development Direction - The company focuses on three long-term strategic pillars: elevating the lifestyle brand, driving core products, and winning in key cities with a consumer ecosystem [8][15] - Continued investment in technology, AI, and analytics to enhance consumer service and operational efficiency [7][18] - The company aims to expand its presence in key city ecosystems globally, leveraging brand desirability and diverse growth drivers [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the fiscal year but remains cautious about the second half due to potential tariff-related pressures on consumer behavior [7][22] - The company anticipates low to mid-single-digit revenue growth for the full year, with a focus on the first half being stronger [33][34] - Management highlighted the importance of operational discipline and agility in navigating a dynamic macro environment [39] Other Important Information - The company ended the quarter with $2.3 billion in cash and short-term investments, and $1.6 billion in total debt [31] - Inventory increased by 18% year-over-year, reflecting strong global demand and strategic receipt pull-forwards to mitigate tariff impacts [32][90] - The company plans to exit 90 to 100 wholesale doors in fiscal 2026, with approximately half related to Hudson's Bay [26] Q&A Session Summary Question: What have been the largest drivers of upside and how sustainable are they? - Management noted the shift towards a more elevated full-price consumer base and the resilience of core consumers across regions as key drivers [44][45] Question: Can you walk us through your updated guidance assumptions? - The updated guidance reflects over-delivery in Q1 and a better outlook for Q2, with tariff impacts remaining broadly in line with previous guidance [54][56] Question: What is the outlook for the handbag business? - The handbag category is seen as a high potential growth area, with strong initial responses to recent product launches [60][62] Question: How much of the inventory increase was driven by tariffs? - The inventory increase was partially due to strategic pull-forwards related to tariffs, but overall inventory growth is expected to align with revenue growth [90][92] Question: Can you quantify the tariff impact on gross margin this year? - Tariffs are the biggest headwind for gross margin, but management is confident in offsetting this pressure through various growth strategies [97][99]