<p>我真的认为没有任何投资者应该忘记 <strong>亚马逊</strong>，就好像任何人都能做到一样。亚马逊在电子商务、人工智能（AI）等领域具有令人难以置信的未来潜力。今年亚马逊的股票上涨了 31%，并且它是目前全球两个最重要行业的领先者。67 位分析师中有 63 位将亚马逊的股票评为买入，另外四位则认为持有。</p>
<p>然而，投资者过去所获得的惊人收益不太可能再现；亚马逊已经是一家庞大的公司，尽管它有巨大的潜力，但它是在一个庞大的基础上进行发展的。在当前水平上将其业务翻倍或三倍所需的时间将比亚马逊刚起步时要长。</p>
<p>寻找超高速增长的投资者更有可能在年轻股票中找到巨大的增长机会。如果你在寻找投资组合的候选者，我有一些建议给你。考虑一下 <strong>e.l.f. Beauty</strong>(ELF -2.02%) 和 <strong>Revolve Group</strong>(RVLV 0.56%)，这两家公司正在利用数字平台与行业领导者竞争。</p>
<h2>1. 化妆品的新领导者</h2>
<p>美容行业几十年来一直被少数巨头主导，但数字时代正在打破这种等级制度。行业领导者 <strong>雅诗兰黛</strong> 多年来收购奢侈品牌，巩固其主导地位，而 <strong>欧莱雅</strong>、露华浓等几家公司则是大众美容的顶尖品牌，也通过收购竞争对手来巩固市场地位。它们形成了强大的竞争和高门槛。</p>
<p>e.l.f.通过专注于数字和社交媒体，创造了一个与年轻目标市场对话的全渠道战略，成功开辟了自己的市场。与其更大的同行相比，它仍然是一个小型公司，销售额仅为其一小部分，但它的增长速度远远超过了几乎所有其他化妆品品牌。它的市场份额已经从 2022 年的第五位上升到最近一个季度的第二位，同时其护肤业务在整体行业增长 1.2% 的情况下增长了 45%。</p>
<p>在仍然承压的经济环境中，e.l.f.展现出了惊人的韧性。在 2025 财年第一季度（截至 6 月 30 日），销售额同比增长了 50%，毛利率扩大了 0.8 个百分点，达到了 71%。营业收入和每股收益（EPS）均有所下降，但两者都是正值且健康，管理层提高了全年收入、营业收入和 EPS 的预期。</p>
<p>以下是亚马逊和 e.l.f.过去四个季度的销售增长对比：</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亚马逊收入增长</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>e.l.f.收入增长</td>
<td>50%</td>
<td>77%</td>
<td>85%</td>
<td>76%</td>
</tr>
</tbody>
</table>
<p>数据来源：亚马逊和 e.l.f.季度报告。e.l.f.的季度为 Q1 25、Q4 24、Q3 24 和 Q2 24。</p>
<p>e.l.f.收益较低的部分原因是其收购了一个新的护肤品牌 Naturium，该品牌已经为业务带来了很大贡献；它占据了第一季度销售增长的 16 个百分点。这是短期压力换取长期收益，管理层预计全年 EPS 将会增加。</p>
<p>在过去三年中，其收益已经超越了亚马逊：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b69f83f4f9cd0a4174b28c101b0a5cb2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b69f83f4f9cd0a4174b28c101b0a5cb2.png"/></p>
<p>AMZN 营业收入（TTM）数据来源于 YCharts。</p>
<p>e.l.f.的增长速度远远超过亚马逊，但其股票的前瞻性市盈率为 25，低于亚马逊的 33。随着 e.l.f.处于高速增长模式，并且还有大量市场份额待征服，e.l.f.的股票可能会成为增长型投资组合的绝佳补充。</p>
<h2>2. 在时尚领域崭露头角</h2>
<p>就像 e.l.f.利用其数字和社交媒体驱动的平台成为美容领域的领导者一样，Revolve 也开发了一个基于人工智能（AI）的平台，成为时尚领域的强有力竞争者。它在社交媒体上也有很大的影响力，并与网红和名人合作，其全数字化的业务模式有助于盈利。</p>
<p>与大多数零售商一样，它在通货膨胀中也经历了困难。它接触到一大批愿意为时尚服装支付全价的时尚爱好者，但他们正在减少消费。不过，形势可能终于开始好转。</p>
<p>第二季度销售额同比增长了 3%，这是自 2022 年以来首次实现同比增长，净收入也比去年翻了一番。像往常一样，客户指标才是真正的故事。尽管经营环境充满挑战，Revolve 仍在不断增加活跃客户，年同比增长 5%，平均订单价值也上升了 2%。</p>
<p>部分积极趋势归因于退货率的下降，这对未来是个好兆头。管理层采取了关键的战略措施来降低退货率，同时提升购物体验，例如改善尺码指导和将个性化重点放在不易退货的商品上。它还开发了一个内部搜索功能，以更低的成本实现更高的销售生成。</p>
<p>Revolve 的销售额仍然只是 <strong>Gap</strong> 和 <strong>Nike</strong> 等服装领导者销售额的一小部分，作为一个较小的参与者，随着趋势向其倾斜，它有更大的增长空间。随着通货膨胀的缓解和利率的下降，它可能会开始实现更高的增长。随着我们接近至关重要的假日季节，它也可能表现优于预期。</p>
<p>由于 Revolve 在当前经营环境中面临巨大的压力，你必须回到通货膨胀之前，才能看到它在更好的条件下如何超越亚马逊：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8f9a69cb9e04c85853ab09ae7ac6e03b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8f9a69cb9e04c85853ab09ae7ac6e03b.png"/></p>
<p>AMZN 收入（年度）数据来源于 YCharts。</p>
<p>你还必须想象它能够回到那个状态，现在收入再次回升，显示出它能够做到的迹象。</p>
<p>Revolve 股票的未来一年市盈率为 36，略高于亚马逊。这只有在你能够想象未来几年潜力的情况下才算是一个好交易，如果你能这样做，你可能会明白它为何值得这个溢价。</p>

亚马逊

<p>这篇文章讨论了亚马逊股票的潜力，今年上涨了 31%，但建议投资者可能在像 e.l.f. Beauty 和 Revolve Group 这样的年轻公司中找到更好的增长机会。e.l.f.在化妆品市场迅速增加了市场份额，实现了 50% 的收入增长，而 Revolve 则利用人工智能和社交媒体改善其时尚零售业务，销售额增长了 3%，显示出复苏的迹象。与亚马逊相对温和的扩张相比，这两家公司在显著增长方面具有良好的前景</p>

<p>I don't really think any investor should forget about <strong>Amazon</strong>, as if anyone could. Amazon has incredible future potential in e-commerce, artificial intelligence (AI), and more. Amazon stock is up 31% this year, and it's the leading player in two of the world's most important industries right now. Sixty-three out of 67 covering analysts call Amazon stock a buy, with the other four calling it a hold.</p>
<div class="lb-trans"><p>我真的认为没有任何投资者应该忘记 <strong>亚马逊</strong>，就好像任何人都能做到一样。亚马逊在电子商务、人工智能（AI）等领域具有令人难以置信的未来潜力。今年亚马逊的股票上涨了 31%，并且它是目前全球两个最重要行业的领先者。67 位分析师中有 63 位将亚马逊的股票评为买入，另外四位则认为持有。</p>
</div><p>However, the staggering gains investors have benefited from in the past aren't likely to be reproduced; Amazon is already a huge company, and as much potential as it has, it's building on a huge foundation. Doubling or tripling its business at current levels is going to take longer than it did when Amazon was getting started.</p>
<div class="lb-trans"><p>然而，投资者过去所获得的惊人收益不太可能再现；亚马逊已经是一家庞大的公司，尽管它有巨大的潜力，但它是在一个庞大的基础上进行发展的。在当前水平上将其业务翻倍或三倍所需的时间将比亚马逊刚起步时要长。</p>
</div><p>Investors looking for supercharged growth are more likely to find it in younger stocks with massive growth opportunities. If you're looking for a candidate for your portfolio, I have some ideas for you. Consider <strong>e.l.f. Beauty</strong>(ELF -2.02%) and <strong>Revolve Group</strong>(RVLV 0.56%), two young companies that are leveraging digital platforms to compete with industry leaders.</p>
<div class="lb-trans"><p>寻找超高速增长的投资者更有可能在年轻股票中找到巨大的增长机会。如果你在寻找投资组合的候选者，我有一些建议给你。考虑一下 <strong>e.l.f. Beauty</strong>(ELF -2.02%) 和 <strong>Revolve Group</strong>(RVLV 0.56%)，这两家公司正在利用数字平台与行业领导者竞争。</p>
</div><h2>1. The new leader in cosmetics</h2>
<div class="lb-trans"><h2>1. 化妆品的新领导者</h2>
</div><p>The beauty industry has been dominated by a few giants for decades already, but the digital era is bringing down the hierarchy. Industry leader <strong>Estée Lauder</strong> has acquired luxury brands for years, concentrating its dominance, while <strong>L'Oréal</strong>, Revlon, and a few others have been the top names in mass beauty, also buying up the competition to consolidate. They have made for formidable competition and strong barriers to entry.</p>
<div class="lb-trans"><p>美容行业几十年来一直被少数巨头主导，但数字时代正在打破这种等级制度。行业领导者 <strong>雅诗兰黛</strong> 多年来收购奢侈品牌，巩固其主导地位，而 <strong>欧莱雅</strong>、露华浓等几家公司则是大众美容的顶尖品牌，也通过收购竞争对手来巩固市场地位。它们形成了强大的竞争和高门槛。</p>
</div><p>e.l.f. has carved out a niche by focusing on digital and social media and creating an omnichannel strategy that speaks to its young target market. It's still a small outfit compared to its larger peers, with a fraction of their sales, but it's growing much faster than almost any other cosmetics brand today. It has captured market share and moved up from the No. 5 spot to the No. 2 spot in mass cosmetic brand dollar share from 2022 to the most recent quarter, and its skincare business has increased 45% at the same time that the overall industry is up 1.2%.</p>
<div class="lb-trans"><p>e.l.f.通过专注于数字和社交媒体，创造了一个与年轻目标市场对话的全渠道战略，成功开辟了自己的市场。与其更大的同行相比，它仍然是一个小型公司，销售额仅为其一小部分，但它的增长速度远远超过了几乎所有其他化妆品品牌。它的市场份额已经从 2022 年的第五位上升到最近一个季度的第二位，同时其护肤业务在整体行业增长 1.2% 的情况下增长了 45%。</p>
</div><p>In an economic climate that's still under pressure, e.l.f. is demonstrating incredible resilience. Sales increased 50% year over year in the 2025 fiscal first quarter (ended June 30), and gross margin expanded by 0.8 percentage points to 71%. Operating income decreased, as did earnings per share (EPS), but both were positive and healthy, and management raised its outlook for full-year revenue, operating income, and EPS.</p>
<div class="lb-trans"><p>在仍然承压的经济环境中，e.l.f.展现出了惊人的韧性。在 2025 财年第一季度（截至 6 月 30 日），销售额同比增长了 50%，毛利率扩大了 0.8 个百分点，达到了 71%。营业收入和每股收益（EPS）均有所下降，但两者都是正值且健康，管理层提高了全年收入、营业收入和 EPS 的预期。</p>
</div><p>Here are how Amazon's and e.l.f.'s sales growth stack up for the past four quarters:</p>
<div class="lb-trans"><p>以下是亚马逊和 e.l.f.过去四个季度的销售增长对比：</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>Amazon revenue growth</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>E.l.f. revenue growth</td>
<td>50%</td>
<td>77%</td>
<td>85%</td>
<td>76%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亚马逊收入增长</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>e.l.f.收入增长</td>
<td>50%</td>
<td>77%</td>
<td>85%</td>
<td>76%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Amazon and e.l.f. quarterly reports. E.l.f. quarters are Q1 25, Q4 24, Q3 24, and Q2 24.</p>
<div class="lb-trans"><p>数据来源：亚马逊和 e.l.f.季度报告。e.l.f.的季度为 Q1 25、Q4 24、Q3 24 和 Q2 24。</p>
</div><p>Part of the reason e.l.f.'s earnings were lower is its acquisition of a new skincare brand, Naturium, which is already adding a lot to the business; it accounted for 16 percentage points of the first-quarter sales increase. This is short-term pressure for long-term gain, and management is expecting an increase in EPS for the full year.</p>
<div class="lb-trans"><p>e.l.f.收益较低的部分原因是其收购了一个新的护肤品牌 Naturium，该品牌已经为业务带来了很大贡献；它占据了第一季度销售增长的 16 个百分点。这是短期压力换取长期收益，管理层预计全年 EPS 将会增加。</p>
</div><p>Its earnings how outpaced Amazon's over the past three years:</p>
<div class="lb-trans"><p>在过去三年中，其收益已经超越了亚马逊：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b69f83f4f9cd0a4174b28c101b0a5cb2.png" alt="" original-src="https://media.ycharts.com/charts/b69f83f4f9cd0a4174b28c101b0a5cb2.png"/></p>
<p>AMZN Operating Income (TTM) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 营业收入（TTM）数据来源于 YCharts。</p>
</div><p>e.l.f. is growing much faster than Amazon, but its stock trades at a forward one-year P/E ratio of 25, or cheaper than Amazon's 33. With e.l.f. in high-growth mode, and plenty of market share to conquer, e.l.f. stock could be an incredible addition to a growth-oriented portfolio.</p>
<div class="lb-trans"><p>e.l.f.的增长速度远远超过亚马逊，但其股票的前瞻性市盈率为 25，低于亚马逊的 33。随着 e.l.f.处于高速增长模式，并且还有大量市场份额待征服，e.l.f.的股票可能会成为增长型投资组合的绝佳补充。</p>
</div><h2>2. Taking over in fashion</h2>
<div class="lb-trans"><h2>2. 在时尚领域崭露头角</h2>
</div><p>Just like e.l.f. has leveraged its digital, social media-powered platform to become a leader in beauty, Revolve has developed an artificial intelligence (AI)-based platform to emerge as a strong contender in fashion. It also has a large social media presence and works with influencers and celebrities, and its all-digital business lends itself to profitability.</p>
<div class="lb-trans"><p>就像 e.l.f.利用其数字和社交媒体驱动的平台成为美容领域的领导者一样，Revolve 也开发了一个基于人工智能（AI）的平台，成为时尚领域的强有力竞争者。它在社交媒体上也有很大的影响力，并与网红和名人合作，其全数字化的业务模式有助于盈利。</p>
</div><p>Like most retailers, it has struggled through inflation. It reaches a mass audience of fashion aficionados who are willing to pay full price for trendy clothing, and they've been cutting down. But the tide might be finally starting to turn.</p>
<div class="lb-trans"><p>与大多数零售商一样，它在通货膨胀中也经历了困难。它接触到一大批愿意为时尚服装支付全价的时尚爱好者，但他们正在减少消费。不过，形势可能终于开始好转。</p>
</div><p>Sales were up 3% year over year in the second quarter, the first year-over-year increase since 2022, and net income more than doubled from last year. As usual, the customer metrics tell the real story. Revolve continues to add active customers despite the challenging operating environment, with a 5% increase year over year, and average order value crept up 2%.</p>
<div class="lb-trans"><p>第二季度销售额同比增长了 3%，这是自 2022 年以来首次实现同比增长，净收入也比去年翻了一番。像往常一样，客户指标才是真正的故事。尽管经营环境充满挑战，Revolve 仍在不断增加活跃客户，年同比增长 5%，平均订单价值也上升了 2%。</p>
</div><p>Part of the positive trends are due to a decrease in the return rate, which bodes well for the future. Management has made key strategic efforts to curb the return rate that at the same time elevate the shopping experience, like improving size guidance and focusing personalization on merchandise less likely to be returned. It also developed an internal search function that yields higher sales generation at lower costs.</p>
<div class="lb-trans"><p>部分积极趋势归因于退货率的下降，这对未来是个好兆头。管理层采取了关键的战略措施来降低退货率，同时提升购物体验，例如改善尺码指导和将个性化重点放在不易退货的商品上。它还开发了一个内部搜索功能，以更低的成本实现更高的销售生成。</p>
</div><p>Revolve's sales are still a fraction of sales from apparel leaders like <strong>Gap</strong> and <strong>Nike</strong>, and as a smaller player with trends moving in its favor, it has much more room to grow. As inflation moderates and interest rates do gown, it's likely to start reaching higher. It could also outperform as we get closer to the all-important holiday season.</p>
<div class="lb-trans"><p>Revolve 的销售额仍然只是 <strong>Gap</strong> 和 <strong>Nike</strong> 等服装领导者销售额的一小部分，作为一个较小的参与者，随着趋势向其倾斜，它有更大的增长空间。随着通货膨胀的缓解和利率的下降，它可能会开始实现更高的增长。随着我们接近至关重要的假日季节，它也可能表现优于预期。</p>
</div><p>Since Revolve has been experiencing massive pressure in the current operating environment, you'd have to go back to pre-inflation to see how it has edged out Amazon under better conditions:</p>
<div class="lb-trans"><p>由于 Revolve 在当前经营环境中面临巨大的压力，你必须回到通货膨胀之前，才能看到它在更好的条件下如何超越亚马逊：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/8f9a69cb9e04c85853ab09ae7ac6e03b.png" alt="" original-src="https://media.ycharts.com/charts/8f9a69cb9e04c85853ab09ae7ac6e03b.png"/></p>
<p>AMZN Revenue (Annual) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 收入（年度）数据来源于 YCharts。</p>
</div><p>You would also have to imagine that it could go back there, and now that revenue is picking up again, it's demonstrating signs that it can.</p>
<div class="lb-trans"><p>你还必须想象它能够回到那个状态，现在收入再次回升，显示出它能够做到的迹象。</p>
</div><p>Revolve stock trades at a forward, one-year P/E ratio of 36, or slightly more than Amazon's. It's only a great deal if you can envision the potential in a few years from now, and if you can, you might see why it deserves that premium.</p>
<div class="lb-trans"><p>Revolve 股票的未来一年市盈率为 36，略高于亚马逊。这只有在你能够想象未来几年潜力的情况下才算是一个好交易，如果你能这样做，你可能会明白它为何值得这个溢价。</p>
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Should You Forget Amazon? Why These Unstoppable Stocks Are Better Buys.

- 亚马逊在电商和人工智能领域具有巨大潜力，股价今年上涨 31%。  
- e.l.f. Beauty 和 Revolve Group 是年轻公司，分别在化妆品和时尚领域快速增长。  
- e.l.f. 的销售增长率高达 50%，而 Revolve 也在逐步恢复销售，显示出市场回暖迹象。  

你是否应该忘记亚马逊？为什么这些势不可挡的股票是更好的买入选择