新侠客行A

By Future Trace (FutureBeauty) | Liu Jiaxui
Edited by Wu Sixin
Yesterday (August 19), Estée Lauder Companies released its fiscal 2026 performance report (2025.7.1–2026.6.30). Full-year net sales increased by 5%, and organic growth rose 3% to $15.049 billion (about RMB 101.2 billion).
(FBeauty Future Trace) found that this earnings report has three core highlights:
? For full fiscal year, Estée Lauder Companies’ revenue in China was $3.058 billion (about RMB 20.55 billion). It achieved 9% organic growth year over year, and continued to grow its market share in China for six consecutive quarters.
? Jo Malone London and TOM FORD achieved performance breakthroughs, joining the billion-dollar brand matrix (6 brands in total).

（来源：经济日报）
转自：经济日报
记者日前从雅诗兰黛集团获悉，雅诗兰黛公布了2026财年第四季度及全年财报。2026 财年，雅诗兰黛全面落实“重塑美妆新境”战略愿景，在全球各区域以及几乎所有品类均实现增长，其中中国大陆已连续六个季度实现市场份额增长。
据了解，雅诗兰黛在中国大陆市场有机净销售额第四季度增长7%，全年增长9%。第四季度，集团共有11个品牌在中国大陆市场实现零售额增长，其中6个品牌实现双位数增长，反映品牌组合的增长日益多元化。
此外，雅诗兰黛在中国大陆线上销售渠道实现强劲双位数增长，线上业务已占集团中国业务的50%以上。集团正在加速“在中国，为中国”的创新。随着中国创新研发中心的各项工作全面提速，目前约30%的创新项目来自中国、服务中国市场。（经济日报记者 李治国）

Q4增速升至6%
8月19日，雅诗兰黛集团公布截至6月30日的2026财年业绩。
经历上一财年的收入下滑和大额亏损后，公司重新实现销售增长。全年净销售额150.49亿美元，同比增长5%，有机净销售额增长3%；营业利润7.80亿美元，上年同期为亏损7.85亿美元，营业利润率由-5.5%回升至5.2%。
第四季度增长进一步加快。4月至6月，雅诗兰黛净销售额36.27亿美元，同比增长6%，有机增长5%。同期营业亏损由上年同期的3.90亿美元缩窄至3900万美元，调整后营业利润则由1.37亿美元增至2.67亿美元。季度净亏损1.16亿美元，也明显低于上年同期的5.46亿美元。
不过，雅诗兰黛本财年的“扭亏”需要结合上一财年的低基数来看。2025财年营业利润受到12.86亿美元商誉及其他无形资产减值，以及1.59亿美元滑石粉诉讼相关费用影响。
剔除特殊项目后，2026财年调整后营业利润为16.87亿美元，同比增长47%，调整后营业利润率由8.0%升至11.2%。与此同时，公司毛利率提高1.5个百分点至75.5%，显示利润修复并不完全来自减值减少。
从业务结构看，香水仍是增长最快的品类。2026财年香水销售额27.79亿美元，同比增长12%，有机增长10%，主要由Le Labo、TOM FORD及KILIAN PARIS等高端香水品牌带动。护肤品销售额73.38亿美元，同比增长5%，La Mer、The Ordinary及雅诗兰黛品牌均实现增长。
相比之下，彩妆和护发仍处在调整阶段。彩妆全年销售额42.76亿美元，同比增长2%，但剔除汇率等因素后有机销售基本持平，M·A·C和TOM FORD的增长被Bobbi Brown、Too Faced等品牌的下降部分抵消。护发销售额5.65亿美元基本持平，有机销售下降1%，主要受Aveda表现较弱影响。
中国市场则成为本财年增长较快的地区之一。
按雅诗兰黛新的分地区统计口径，中国大陆全年销售额30.58亿美元，同比增长12%，有机增长9%，约占集团销售额两成；第四季度中国大陆销售额同比增长12%，有机增长7%。
公司称，护肤、香水和彩妆共同推动其在中国大陆高端美妆市场的份额改善，线上渠道销售也保持较快增长。
利润改善同时伴随着持续重组。
雅诗兰黛截至6月底已完成利润恢复与增长计划相关重组项目的审批，预计最终净减少约1万个岗位，重组计划预计带来约12亿美元年度总收益。截至2026财年末，公司已累计确认14亿美元相关重组费用，相关措施预计在2027财年基本完成。
对于2027财年，雅诗兰黛预计有机销售额增长3%至5%，调整后营业利润率进一步升至12.7%至13.5%。公司预计香水和护肤继续增长，彩妆恢复增长。经历2025财年的业绩低谷后，雅诗兰黛目前已经重新进入增长区间，但增长能否进一步扩展到彩妆、护发及北美等相对较弱的业务，仍将影响后续修复的持续性。
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每经记者｜范芊芊????每经编辑｜王紫薇????

Reporter｜Fan Qianqian???? Edited by｜Wei Wenyi????
Estee Lauder Companies achieved a turnaround to operating profit.
On August 19, Estee Lauder Companies disclosed its performance for the 2026 fiscal year (from July 1, 2025 to June 30, 2026), which is also the first fiscal year in which it separately disclosed its performance for Mainland China.
In the 2026 fiscal year, the Estee Lauder Companies overall net sales reached USD 15.049 billion, up 5% year over year, with operating profit of USD 780 million, turning loss into profit. Following the release of its results, the company’s stock price also surged on the U.S. market, closing on August 19 up more than 16%.

On Wednesday, Estee Lauder (EL.US) surged more than 17%, to $98.95. In terms of news flow, on August 19, Estee Lauder released its fourth-quarter fiscal results: adjusted earnings per share of $0.39, beating analysts’ consensus estimate of $0.32; quarterly revenue of $3.627 billion, surpassing the $3.543 billion consensus estimate.
The company’s CEO said growth has returned, with organic sales growth of 3% in fiscal year 2026, accelerating to 5% in the fourth quarter. The company reiterated that profit recovery aligns with its growth plan, with PRGP expected to be substantially completed by fiscal year 2027.

On August 4, at the 2026 Sullivan Summit, a white paper bringing together global beauty conglomerates, leading domestic brands, and emerging efficacy-focused brands was officially released on-site: Syngen Biotech, together with Estée Lauder Group and Avène—along with Hanshu, Proya, Baitai Ni, Furinda, Oushiman, Fan Beauty Diary, Fan Wenhua, Ju Yi Group, Yushi Yan, Cistto Skin Vision, Kiehl’s, PMPM, and other dozen-plus leading domestic beauty brands—co-released (with the well-known consulting firm Sullivan) the 2026 siRNA white paper on application scenarios in consumer-grade fields, providing a complete breakdown of the technical logic, industry landscape, and future directions of small-nucleic-acid technology in the efficacy skincare track, and offering industry reference for innovative applications of nucleic-acid technology in efficacy skincare.

文｜美觉BeautyNEXT
In the beauty industry, “paying tribute to the founders” is one of the common narratives: those historical portraits, entrepreneurial anecdotes that are repeatedly mentioned, and key terms like “pioneering” and “craftsmanship” that are always emphasized are standard talking points for many high-end beauty brands with deep historical roots.
But few people dig deeper into the “heritage” that is repeatedly invoked—this actually contains two dimensions that are often confused with each other:
One is “founder spirit,” the belief foundation of a brand—its conviction to “do the right things.” Second is “founder thinking,” the decision logic behind how these beliefs are put into practice: “doing things the right way.”

By | See Beauty Industry, A Young Man of This Era
Edit | Lu Xucheng
Is domestic beauty still good value for money?
Many consumers, after shopping around and comparing prices, lamented: nowadays, many domestic beauty products are priced close to—or even higher than—international luxury brands, quietly transforming into “gram assassins.”
Consumer Zhao Na (a pseudonym) personally experienced this discrepancy. She compared several exfoliating products side by side: MOGE PING Exfoliating Cream (30ml) was 169 yuan, which works out to 5.63 yuan per milliliter; Caudalie (75ml) was 142 yuan, or just 1.89 yuan per milliliter; Aesop (75ml) was priced at 436 yuan, or 5.81 yuan per milliliter. After converting, within the same product category, MOGE PING’s unit-volume price is 2.9 times Caudalie’s, differing from Aesop by only 0.18 yuan.

(Source: Huayin Paper Box and Carton)
On July 21, in the production workshop of Jiangsu Henshang Packaging Technology Co., Ltd. in Chuanjiang Town, Tongzhou District, the machines roared and roared. A Heidelberg six-color printing press was running at high speed, and fully automatic die-cutting and hot stamping equipment carried out their tasks in an orderly manner. Front-line workers were concentrating on completing processes such as die-cutting, lining/affixing, and assembly. A batch of high-end gift boxes was being produced under tight timelines. This year, the company’s orders are booked out to two months later, creating a scene of both strong production and strong sales.
Eight years ago, this place was still a simple packaging workshop with only about 40 employees, two manual production lines, and an annual output value of just RMB 23 million; today, the company has a 50-mu modern industrial park, with more than 30,000 square meters of production and office space for its own use. During peak season, the workforce exceeds 300 people. It produces 60,000 sets of gift boxes and carrying bags per day, and more than 1 million cartons of various types per day. Annual revenue has climbed to nearly RMB 200 million. Its partner customers include more than 300 high-end brands at home and abroad such as Estée Lauder, Health and Longevity, LEGO, and Wedgwood, among others.

Copied from: Yangtze Evening Post
On July 27, the ninth China International Import Expo (CIIE) entered a 100-day countdown to its opening. On the same day, two major international beauty groups—L’Oréal and Estée Lauder—released major signals of their strategic deployments. Since the first CIIE in 2018, L’Oréal has attended every year for nine consecutive years; on-site signings have also secured its seat for the 10th CIIE. This year marks Estée Lauder’s eighth appearance at “the National Exhibition and Convention Center (the ‘four-leaf clover’)”, coinciding with the group’s 80th anniversary. The company simultaneously unveiled skin-research achievements tailored to Chinese consumers’ skin needs to gear up for the expo. By leveraging the CIIE to introduce global new products, implement local smart manufacturing, and co-create through medical research and innovation, both groups will also export beauty technologies incubated in China to overseas markets. Their sustained commitment to the Chinese market also directly reflects the strong appeal of the CIIE’s open platform to foreign beauty companies.

As an important window for China’s high-level opening-up, the CIIE provides a core stage for enterprises to showcase new technologies and new products. On July 27, at the 100-day countdown to the ninth CIIE, the launch ceremony for the recruitment of exhibitors for the tenth China International Import Expo was held at the Shanghai National Exhibition and Convention Center. At the ceremony, 68 companies signed on to participate in the tenth CIIE, with a signed exhibition area of over 50,000 square meters.
As a brand-new platform to capture the spillover effects of the CIIE, the Lu-Link global consumer premium exhibition base, located in the core business district of Lujiazui, officially opened in mid-June this year. It is positioned as the first stop for overseas brands entering China, a hub for transforming CIIE exhibits into real-world outcomes, and a destination for premium consumer experiences. From the “Four-Leaf Clover” to Lujiazui, from six days to 365 days, more stories of first releases, premieres, and major exhibitions are accelerating along this transformation chain.

Recently, the China Flavors and Fragrances, Cosmetics and Personal Care Industry Association (hereinafter referred to as the “China Fragrance and Cosmetics Association”) released key data on the cosmetics industry for the first half of 2026. In the first half of 2026, the total transaction value across all channels for cosmetics in China further expanded to RMB 611.41 billion, up 4.35% year-on-year.
The data released by the China Fragrance and Cosmetics Association also shows that in the first half of 2026, the online channel achieved total transactions of approximately RMB 380.887 billion, up 5.74% year-on-year; the offline channel achieved total transactions of RMB 230.519 billion, up 2.13% year-on-year.
Notably, this is the first time in years that both online and offline channels recorded positive growth at the same time. Behind this are structural changes taking place in the online and offline sales channels for cosmetics.

Xinhua News Shanghai, July 27 (Reporter Li Jiajia) On July 27, the ninth China International Import Expo (hereinafter referred to as the “CIIE”) entered a 100-day countdown to its opening. Meanwhile, the launching ceremony for the exhibition recruitment of the tenth CIIE was held at the National Exhibition and Convention Center (Shanghai). At the ceremony, 68 companies signed agreements to participate in the tenth CIIE, with a contracted exhibition area of over 50,000 square meters.
As the world’s first national-level exhibition themed around “imports,” the CIIE has, over eight years, attracted more than 27,000 company visits from over 180 countries and regions to participate, with intended deals totaling over US$58 billion.

Cailian News Agency, July 22 (Reporter Wu Weiling): Global well-known membership-based warehouse retailer Costco (Kaishike) officially announced a partnership with JD.com today. In addition, in the recent period, Hema upgraded the traffic entry points of the Taobao app, moving from the Taobao Flash Purchase (Taobao Shanguo) section to the first screen of the Taobao app homepage. Industry analysts told Cailian News Agency’s reporter that the nearly synchronized traffic moves by the two retail giants are not coincidental; rather, real-time retail competition has moved from a race against speed to a new turning point where it is about competing for exclusivity of supply and the depth of scenario integration.
According to JD’s Blackboard News, today at the market opening, JD.com reached a cooperation with Kaishike, and JD became Kaishike’s only official e-commerce partner in China.

Author｜Chester
Original first publication｜Blue Word Plan
An AI speaker that hasn’t even been officially released yet may now become a crucial clue in a legal showdown between two Silicon Valley giants.
Three years after announcing its foray into AI hardware, OpenAI’s first consumer-grade hardware finally shows signs of coming together. According to the latest report from Bloomberg, it is a mobile smart speaker with no screen.
At the same time, OpenAI has been sued by Apple. According to Apple’s 40-page complaint, in pursuing its own hardware ambitions, OpenAI has spent years poaching Apple’s “talent.”
Meanwhile, GoerTek, one of the major players in the “Apple supply chain” that has helped Apple create countless iconic products, also appears in OpenAI’s hardware lineup.

On July 22, Runbei Hangke fell 0.97%. Trading value was 74.90 million yuan, turnover rate was 2.05%, and total market value was 3.932 billion yuan.
Anomaly analysis
Aero engine + large aircraft + commercial space + disinfectant + low-altitude economy
1. Aviation lubricating oil mainly provides lubrication and heat dissipation for aero engines, directly affecting aviation safety. Similarly, downstream airlines need to select the appropriate aviation lubricating oil for specific aircraft models according to the aircraft maintenance manuals. At present, domestic airlines mainly use two aviation lubricating oil brands: ExxonMobil and Esstman. ExxonMobil’s brand influence is stronger than Esstman’s. The company has a long cooperation history with ExxonMobil and a stable, good relationship with it. As ExxonMobil’s sole authorized aviation lubricating oil distributor in China, the company has a certain pricing power with downstream customers.

Viewpoint News: On the 22nd, Amazon disclosed that the platform Amazon Business for serving enterprises and government agencies reported an annualized sales figure of $60 billion in the second quarter. This compares with the global annualized sales figure exceeding $35 billion in 2023.
In the first half of 2026, the platform added more than 1.8 million new customers, bringing the total number of organizations served worldwide to 11 million.
In a statement, Shelley Salomon, Global Vice President of Amazon Business, said that organizations of all sizes rely on Amazon Business for a wide selection, everyday value, and fast, reliable delivery. This trust is reflected in continued growth. As organizations look to do more work with fewer resources, the company is developing new ways to help save time and costs, and to reinvest resources into business growth.

Apple plans to launch a new-generation iPad mini in October 2026. The core upgrade lies in a significant improvement in processor performance. According to reliable reports, the model may adopt an A19 Pro or A20 Pro chip, which would represent clear gains in both computing performance and energy efficiency compared with the current model released in 2024 that uses the A17 Pro chip.
In terms of display, the new model is expected to feature an 8.4-inch LTPS hybrid OLED screen with a 60Hz refresh rate. For the audio experience, it is expected to introduce a new speaker solution based on vibration principles to optimize loudspeaker sound quality and spatial feel. In addition, the device will further strengthen its protective capabilities, with improved water resistance.

　　Facing increasingly intense competition in the AI market, Google announced three new Gemini series AI models on July 21.
　　The three newly released models each have their own strengths. Gemini 3.6 Flash, as the flagship model, shows improvements in programming, multimodal processing, and knowledge work. According to Google, compared with the previous-generation Gemini 3.5 Flash, it can reduce output token consumption by up to 17%, while also lowering usage costs. The input and output token prices are set at $1.50 and $7.50 per million, respectively. Gemini 3.5 Flash-Lite focuses on high-throughput and low-latency tasks, making it suitable for large-scale application scenarios such as agentic search and document processing, delivering better performance at extremely low cost.