2024年对于欧莱雅来说应该是倍感压力的一年，特别是在中国市场。 从2024年全年业绩报告来看，欧莱雅实现销售额434.8亿欧元，同比增长5.1%，创下销售额新高；实现营业利润86.88亿欧元，同比增长6.7%，营业利润率则 达到了20%。 实际上从最近几年来看，欧莱雅在中国市场的地位逐渐被撼动，业绩增速也呈现放缓趋势。在2019年-2021年，欧莱雅中国市场增速在20%以上，但是从 2022年开始出现断崖式下滑，2022年-2023年仅实现低个位数增长。 到了2024年，第一季度表现尚可，第二季度便开始呈现负增长状态，接下来的第三季度、第四季度也无法扭转颓势。财报中将北亚市场中国大陆美容市场增 长为负归因为受选择性渠道疲软、旅游零售销售压力等因素影响。 就欧莱雅在中国市场的业务布局来看，主要是大众化妆品和高端化妆品贡献大部分营收。其中，大众化妆品以巴黎欧莱雅品牌为代表，高端化妆品则包括兰 蔻、赫莲娜、YSL、理肤泉、修丽可等。 近些年来欧莱雅在中国市场表现不佳，也要归因为大众化妆品的增长缓慢以及高端化妆品的消费乏力。 首先就大众化妆品而言，在中国市场正面临激烈的竞争。一方面本土护肤品牌逐渐崛起，再加上国内消 ...

L'ORÉAL USA CAPITAL MARKETS DAY D E C E M B E R 3 , 2 0 2 5 This Presentation does not constitute an offer or solicitation to sell or purchase any securities of L'Oréal SA or any associated company (collectively, the "Company"), nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States except by me ...

Core Viewpoint - L'Oréal's third-quarter revenue increased by 3.4% year-on-year, with North Asia, including China, growing by 4.7%, surpassing analyst expectations of 3.2% [3] Revenue Performance - The mass cosmetics segment showed the lowest growth at 0.4%, while luxury beauty and professional hair care grew by 1.5% and 1.1%, respectively. The skin science beauty segment led with a growth rate of 6.1%, although this growth has noticeably slowed [4] - In China, all segments except mass cosmetics achieved growth exceeding market levels, with notable performances from brands like Lancôme, Helena Rubinstein, and YSL [4] Strategic Acquisition - L'Oréal announced a €4 billion acquisition of Kering's beauty business, which includes the luxury perfume brand Creed and the fragrance rights for Balenciaga and Bottega Veneta [4][5] - This acquisition is seen as a significant move for L'Oréal in the high-end fragrance market, which is expected to enhance its market share in this segment from 13.7% to potentially 19.7% [5] Market Dynamics - The luxury beauty sector remains competitive, with L'Oréal's luxury division still showing growth despite overall high-end consumption slowing down [4][5] - The global fragrance market's annual sales growth has slowed from 13% last year to 11% this year, with high-end fragrances experiencing a more pronounced slowdown [6] Challenges Ahead - The Gucci fragrance business, currently licensed to Coty until 2028, poses a challenge as L'Oréal will need to invest significantly to reshape the brand's image upon acquisition [6][7] - Creed, while a promising asset, currently generates approximately $400 million in annual sales, indicating that L'Oréal will need to invest heavily to expand the sales network for Creed and the other brands acquired [7]

Core Insights - L'Oréal's stock declined by 6.4% to 372.45 euros following disappointing third-quarter results [1] - The company's like-for-like sales growth for Q3 was 4.2%, falling short of analysts' expectations by 50 basis points [2] - Analysts expressed concerns over the lack of visibility in future growth, particularly regarding the Chinese market and fragrance destocking [5] Financial Performance - Reported sales for the third quarter increased by 0.5% to 10.33 billion euros, which was 1% below the consensus estimate of 10.44 billion euros [5] - Adjusted for IT transformation, L'Oréal's sales rose by 4.9% during the same period [6] Strategic Moves - L'Oréal announced the acquisition of Kering Beauty for 4 billion euros, marking the company's largest deal to date [6] - The CEO expressed cautious optimism for upcoming sales events in China and the holiday season in the U.S. and Europe [4]

Summary of Key Points from the Conference Call Industry Overview - The Chinese beauty e-commerce market experienced a slight contraction in September with a Gross Merchandise Value (GMV) decline of -1.0% and a -2.6% decline in Q3, following a -2.2% decline in August [2][21] - Despite the overall market decline, tracked cosmetics leaders outperformed with +8.1% growth in September, up from +6.5% in August, and a solid +12% two-year CAGR [2][21] - The tracked beauty companies gained market share by +125 basis points (bps) in September, with Q3 growth improving to +6.5% compared to +3.5% in Q2 [2][21] Company Performance Highlights L'Oréal - Achieved +11% GMV growth in September, expanding market share by +177bps [4] - Q3 GMV growth accelerated to +10%, a significant improvement from flat growth in Q2 [4] Estée Lauder - Delivered impressive GMV growth of +16% in September and maintained strong momentum with a +14% increase in Q3 [5] - Market share gains of +299bps were driven by flagship brands La Mer and Estée Lauder [5] LVMH - GMV grew +7% YoY in September, gaining +122bps in market share [6] - The brand Dior was a key driver, with pricing increases offsetting volume declines [6] Proya - Experienced a -9% YoY decrease in September, with its flagship brand declining -11% [8] - Despite frequent new product launches, the company struggled to rejuvenate core brand growth [8] Giant Biogene - Declined -7% YoY in September, with flagship brand Kefumei falling -10% [9] - Consumer confidence was impacted by resurfaced product quality concerns [9] Shiseido - Overall online sales increased by +2% YoY in September, with flagship brand Shiseido seeing a +28% growth [10] - The premium line Clé de Peau declined -15% YoY [10] Beiersdorf - GMV performance rebounded with a +7% increase in September, following a -21% decline in August [11] - Eucerin achieved a +107% GMV increase in September [11] P&G Beauty Brands - Posted robust GMV growth of +21% in September, rebounding from +5% growth in August [12] - Significant market share gain of +148bps was noted [12] Unilever - Continued to face challenges with a -4% decline in September, following a -21% drop in August [13] - Market share gains were robust, increasing by +133bps [13] Henkel - Beauty Care division faced pressure with a -16% decline in September and -24% in Q3 [14] Investment Implications - Outperform ratings on Beiersdorf and Unilever, with Market-Perform ratings on Henkel and L'Oréal [16] - In the Chinese cosmetics market, Shiseido is rated Underperform, Proya is rated Market-Perform, and Giant Biogene is rated Outperform [18] Additional Insights - The upcoming 11.11 Singles Day festival is seen as a critical checkpoint for assessing brand market positions amid ongoing controversies [9] - The Douyin platform has been a significant contributor to market growth, while T+T continues to observe declines [21] This summary encapsulates the key points from the conference call, highlighting the performance of major companies within the beauty industry and the overall market dynamics.