日经汇总了日本65家上市零售企业2025年12月至2026年2月的营业利润预期，结果百货商场预计利润下 降24%。对于百货商场来说，中国游客一直是购买高档化妆品、手表和珠宝等商品意愿强烈的"优质客 户"…… 中国政府呼吁本国公民避免前往日本的举措正在直击日本百货商场的业绩。6家日本百货商场的2025年 12月～2026年2月营业利润预计将同比下降24%。业内普遍认为，中国游客减少的状况将长期持续，必 须开拓中国以外的客源，并通过加薪带动日本国内消费回暖。 大阪市的黑门市场以往总是挤满海外游客。自中国政府2025年11月中旬呼吁本国公民避免前往日本以 来，中国游客的身影明显减少。东京都内数一数二的旅游景点浅草寺也一样，来自欧美的访日游客十分 引人注目。往年12月～2月正值春节期间，是中国游客扎堆的时期，但今年的景象大不相同。 大阪市中央区的大丸百货心斋桥店 J Front社长小野圭一警惕地表示："中国呼吁谨慎赴日的影响很可能会长期持续"。中日之间的航班持续 减少，各百货商场对2025年12月～2026年2月的业绩预期持悲观态度。J Front因上年同期有准备金转 回，受其反作用影响，12月～2月的营业利润将同比 ...

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].

Group 1 - The core viewpoint of the articles highlights that L'Oréal's operating profit has increased by 3.1% to €4.74 billion (approximately ¥39.277 billion), marking the fifth consecutive year of declining profit growth [1] - Over the past decade, L'Oréal's operating profit has grown from ¥19.575 billion in 2016 to ¥39.277 billion in 2025, with a compound annual growth rate (CAGR) of 7.2% [1] - The growth rate of L'Oréal's semi-annual operating profit has significantly slowed from 26.8% in 2021 to 3.1% in 2025, reaching a five-year low [1] Group 2 - In the first half of the year, all four business divisions of L'Oréal achieved growth, with the professional hair products division being the standout performer, generating sales of €2.55 billion (approximately ¥21.16 billion) and a year-on-year growth of 6.5% [1] - The luxury cosmetics segment, once considered a profit engine, saw sales of €7.66 billion (approximately ¥63.56 billion) with only a 2% year-on-year increase [1] - The mass cosmetics segment reported sales of €8.41 billion (approximately ¥69.78 billion), reflecting a year-on-year growth of 2.8% [1] Group 3 - The skincare and beauty products segment achieved sales of €3.86 billion (approximately ¥32.03 billion), maintaining a year-on-year growth of 3.1%, but this is a significant slowdown compared to 9.8% growth in 2024 [1] - China is identified as L'Oréal's second-largest market and is referred to as one of the "most important markets globally," with a recovery in growth in the second quarter, showing a year-on-year increase of approximately 3% [2] - However, the North Asia market, which includes China, remains the only region among L'Oréal's five business areas to experience a year-on-year decline in sales, with a drop of 1.1% in the first half of the year [2] Group 4 - In contrast, the Latin America and Middle East & Africa markets recorded double-digit year-on-year sales growth of 10.3% and 10.4%, respectively [2] - The European market and North American market saw year-on-year sales growth of 3.4% and 2.0%, respectively [2]

Core Insights - L'Oréal Group reported a sales revenue of €22.473 billion (approximately ¥186.19 billion) for the first half of 2025, representing a year-on-year growth of 3% [1] - The operating profit for the same period was €4.74 billion (approximately ¥39.28 billion), showing a year-on-year increase of 3.1% [1] Segment Performance - The mass cosmetics division generated sales of €8.41 billion (approximately ¥69.78 billion), with a year-on-year growth of 2.8% [1] - The professional hair products segment achieved sales of €2.55 billion (approximately ¥2.12 billion), reflecting a year-on-year increase of 6.5% [1] - The luxury cosmetics division reported sales of €7.66 billion (approximately ¥63.56 billion), with a year-on-year growth of 2% [1] - The skin science and beauty products segment generated sales of €3.86 billion (approximately ¥32.03 billion), marking a year-on-year increase of 3.1% [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].