国际美妆巨头业绩分化：香水业务成"救命稻草"，中国市场成关键变量
近期国际美妆集团陆续发布第三季度财报，欧莱雅增速放缓，雅诗兰黛和资生堂则出现明显下滑。值得关注的是，香水业务成为多数集团逆势增长的亮点。
Recently, international beauty conglomerates have released their Q3 financial reports, with L'Oréal showing slowed growth and Estée Lauder and Shiseido experiencing significant declines. Notably, the fragrance business has emerged as a bright spot for most groups.
雅诗兰黛：第一财季亏损超11亿 中国市场持续疲软
Estée Lauder: Q1 Loss Exceeds 1.1 Billion Yuan with Continued Weakness in Chinese Market
雅诗兰黛最新财报显示，截至9月30日的2025财年第一季度，收入下跌4%至33.6亿美元，净亏损1.56亿美元（约11.2亿元人民币）。首席执行官Fabrizio Freda表示，中国市场需求疲软和亚洲旅游零售业下滑是主要原因。
Estée Lauder's latest report shows that in the first quarter of fiscal year 2025 ending September 30, revenue fell by 4% to $3.36 billion, with a net loss of $156 million (approximately 1.12 billion yuan). CEO Fabrizio Freda stated that weak demand in the Chinese market and the decline in Asian travel retail were the main reasons.
资生堂：第三季度利润暴跌60% 中国市场下滑13%
Shiseido: Q3 Profit Plummets 60% with 13% Drop in Chinese Market
日本美妆巨头资生堂第三季度收入下跌8%至2142亿日元（约99亿元人民币），营业利润大跌60%。其中中国市场收入下滑13%，旅游零售业务更是暴跌38%。
Japanese beauty giant Shiseido saw its Q3 revenue drop by 8% to 214.2 billion yen (approximately 9.9 billion yuan), with operating profit plunging 60%. The Chinese market revenue declined by 13%, while travel retail business plummeted by 38%.
香水业务：逆势增长的"定海神针"
Fragrance Business: The "Anchor" of Counter-Trend Growth
在整体业绩下滑的背景下，香水业务却成为亮点。西班牙Puig集团前三季度香水业务增长10.9%，贡献集团73%营收；LVMH香水美妆业务第三季度有机增长3%；资生堂香水业务前九个月同比增长7%。
Against the backdrop of overall performance decline, the fragrance business has become a highlight. Spanish group Puig saw its fragrance business grow by 10.9% in the first three quarters, contributing 73% of group revenue; LVMH's fragrance and beauty business achieved 3% organic growth in Q3; Shiseido's fragrance business increased by 7% year-on-year in the first nine months.
中国市场：国际美妆巨头的关键战场
Chinese Market: The Key Battleground for International Beauty Giants
海关数据显示，9月中国化妆品进口量下跌11.3%，已连续五个月下滑。与此同时，国货品牌正在崛起，毛戈平成为首个进入高端美妆零售前十的中国品牌。不过双十一数据显示，进口美妆品牌仍占据主导地位。
Customs data shows that China's cosmetics imports fell by 11.3% in September, marking five consecutive months of decline. Meanwhile, domestic brands are rising, with Maogeping becoming the first Chinese brand to enter the top ten in high-end beauty retail. However, Double Eleven data indicates that imported beauty brands still dominate.
SEO优化提示：本文通过分析国际美妆巨头最新财报数据，聚焦香水业务逆势增长现象和中国市场变化，使用数据对比和趋势分析增强内容价值，包含雅诗兰黛、资生堂、欧莱雅等品牌关键词，适合美妆行业SEO推广。
SEO Optimization Tip: This article analyzes the latest financial reports of international beauty giants, focusing on the counter-trend growth of the fragrance business and changes in the Chinese market. It uses data comparison and trend analysis to enhance content value, incorporating keywords such as Estée Lauder, Shiseido, L'Oréal, making it suitable for beauty industry SEO promotion.
