Hermès

H1 sales reached RMB 22.78 bn and adj. net profit RMB 4.32 bn, up 61% and 84% YoY. In Q2, despite industry demand falling over 30%, the company held a 47% GPM. Management acknowledged its pricing moves collided with a black-swan pullback in gold, chose to 'do nothing' in Q2, and signaled 'aggressive' expansion in Europe and the US next year while rejecting buybacks or insider buying as market-cap management tools.