奢侈品行业2025年中报总结

00 125Q24IMF4-56225Q2325Q2/ 125Q2234MiuMiu 40%Canda Goose 1Q3Q42HermèsKering Prada25H1LVMHPrada3 1Gucci BV Dior Miumiu2Aspirational Customer325Q2 LystMiuMiu5Q120BurberryBirkenstock 125BurberryTapestry20pct59pctPE192251.8%-2.3%  25Q24-5601 2025 4IMF20257IMF202525Q2Q1Q3 SpendTrend20254-569.1%5 25Q2 2025 1-60.1%25Q21.2%Q14149.2%5-6Q2 500-3000>3000 01 1-6RPK1-60.7% 254-5Q1 25Q22024/25Q1/254-51.1%/0.0%/10.9% 25Q2/ 25Q2/5.3%/5.1%2.4% 25Q20.2%/4.9%/7.1% 25Q202 25Q2Canada GooseBurberryPrada-3.2%Moncler-1.9%Kering-1.8%Kering17.5%MonclerHermèsLVMHPrada25H1-5.8%Canada Goose25Q2-47.8% 25Q202 25Q2-3.8%25Q1+2.7%25Q2Canada Goose21.5%DTCBurberry5.5%Q1Hermès5.6%Prada+2.7%LVMH-7.1%Kering-17.9% 02 25Q2 25Q25%25Q11%25Q112% 25Q2LVMHKeringPradaMoncler/ Canada GooseQ2DTCLVMHQ2MonclerHermèsKeringQ1Kering20%Prada 25H102 25H1-15.1%24H2-11.4%25H1Kering-46.0%Prada0.7%Hermès5.2%6.0%Moncler-15.1%LVMH-21.6%25Q2 Canada Goose61.8%25H1 25H102 25H1 LVMH2.0pctKering1.4pctHermèsPrada Moncler25Q2Canada goose1.7pct Hermès0.3pctCanada gooseSG&A4380900Moncler LVMHKering3-4pct 02 25Q2Miu Miu+40%KeringGucciYSL 25Q21.0%Q1 25Q2MiuMiu+40.0%Canada Goose+21.5%Hermès+9.0%Gucci-25.0%Yves Saint Laurent-10.0%Prada-4.0% 03 25Q2LystMiuMiuBurberryBirkenstock 25Q2 Lyst IndexMiuMiuLoewePradaCoachBurberryBirkenstockVersace316 Lyst25Q2——Labubu 03 25Q2 LVMH Kering Prada MonclerBurberry25Q24Hermès  Hermès Prada MonclerHermès 03 Canada GooseBurberrySnow Goose HermèsPrada LVMH Kering MonclerMoncler Q2LVMHMoncler26Hermès 03 25Q3Q4 25Q325Q426 Canada Goose25Q2FY26HermèsPrada25 HermèsMiumiu 19-24YSLMiumiuCoach 5HermèsMoncler Prada Miumiu 04 2024Prada MiuMiu Rebag2024GoyardHermès Chanel 2024CelineThe Row PradaMiuMiuPradaMiuMiuPrada 05 25 25BurberryTapestry20pct 59pctPE19 20251.8%-2.3%      1.投资建议的比较标准 以报告发布后的12个月内的市场表现为比较标准，报告发布日后的12个月内的公司股价（或行业指数）的涨跌幅相对同期的沪深300指数涨跌幅为基准。 2.投资建议的评级标准 报告发布日后的12个月内的公司股价（或行业指数）的涨跌幅相对同期的沪深300指数的涨跌幅。