<p>我真的認為沒有任何投資者應該忘記 <strong>亞馬遜</strong>，就好像任何人都能做到一樣。亞馬遜在電子商務、人工智能（AI）等領域具有令人難以置信的未來潛力。今年亞馬遜的股票上漲了 31%，並且它是目前全球兩個最重要行業的領先者。67 位分析師中有 63 位將亞馬遜的股票評為買入，另外四位則認為持有。</p>
<p>然而，投資者過去所獲得的驚人收益不太可能再現；亞馬遜已經是一家龐大的公司，儘管它有巨大的潛力，但它是在一個龐大的基礎上進行發展的。在當前水平上將其業務翻倍或三倍所需的時間將比亞馬遜剛起步時要長。</p>
<p>尋找超高速增長的投資者更有可能在年輕股票中找到巨大的增長機會。如果你在尋找投資組合的候選者，我有一些建議給你。考慮一下 <strong>e.l.f. Beauty</strong>(ELF -2.02%) 和 <strong>Revolve Group</strong>(RVLV 0.56%)，這兩家公司正在利用數字平台與行業領導者競爭。</p>
<h2>1. 化妝品的新領導者</h2>
<p>美容行業幾十年來一直被少數巨頭主導，但數字時代正在打破這種等級制度。行業領導者 <strong>雅詩蘭黛</strong> 多年來收購奢侈品牌，鞏固其主導地位，而 <strong>歐萊雅</strong>、露華濃等幾家公司則是大眾美容的頂尖品牌，也通過收購競爭對手來鞏固市場地位。它們形成了強大的競爭和高門檻。</p>
<p>e.l.f.通過專注於數字和社交媒體，創造了一個與年輕目標市場對話的全渠道戰略，成功開闢了自己的市場。與其更大的同行相比，它仍然是一個小型公司，銷售額僅為其一小部分，但它的增長速度遠遠超過了幾乎所有其他化妝品品牌。它的市場份額已經從 2022 年的第五位上升到最近一個季度的第二位，同時其護膚業務在整體行業增長 1.2% 的情況下增長了 45%。</p>
<p>在仍然承壓的經濟環境中，e.l.f.展現出了驚人的韌性。在 2025 財年第一季度（截至 6 月 30 日），銷售額同比增長了 50%，毛利率擴大了 0.8 個百分點，達到了 71%。營業收入和每股收益（EPS）均有所下降，但兩者都是正值且健康，管理層提高了全年收入、營業收入和 EPS 的預期。</p>
<p>以下是亞馬遜和 e.l.f.過去四個季度的銷售增長對比：</p>
<table>
<thead>
<tr>
<th>指標</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜收入增長</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>e.l.f.收入增長</td>
<td>50%</td>
<td>77%</td>
<td>85%</td>
<td>76%</td>
</tr>
</tbody>
</table>
<p>數據來源：亞馬遜和 e.l.f.季度報告。e.l.f.的季度為 Q1 25、Q4 24、Q3 24 和 Q2 24。</p>
<p>e.l.f.收益較低的部分原因是其收購了一個新的護膚品牌 Naturium，該品牌已經為業務帶來了很大貢獻；它佔據了第一季度銷售增長的 16 個百分點。這是短期壓力換取長期收益，管理層預計全年 EPS 將會增加。</p>
<p>在過去三年中，其收益已經超越了亞馬遜：</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 營業收入（TTM）數據來源於 YCharts。</p>
<p>e.l.f.的增長速度遠遠超過亞馬遜，但其股票的前瞻性市盈率為 25，低於亞馬遜的 33。隨着 e.l.f.處於高速增長模式，並且還有大量市場份額待征服，e.l.f.的股票可能會成為增長型投資組合的絕佳補充。</p>
<h2>2. 在時尚領域嶄露頭角</h2>
<p>就像 e.l.f.利用其數字和社交媒體驅動的平台成為美容領域的領導者一樣，Revolve 也開發了一個基於人工智能（AI）的平台，成為時尚領域的強有力競爭者。它在社交媒體上也有很大的影響力，並與網紅和名人合作，其全數字化的業務模式有助於盈利。</p>
<p>與大多數零售商一樣，它在通貨膨脹中也經歷了困難。它接觸到一大批願意為時尚服裝支付全價的時尚愛好者，但他們正在減少消費。不過，形勢可能終於開始好轉。</p>
<p>第二季度銷售額同比增長了 3%，這是自 2022 年以來首次實現同比增長，淨收入也比去年翻了一番。像往常一樣，客户指標才是真正的故事。儘管經營環境充滿挑戰，Revolve 仍在不斷增加活躍客户，年同比增長 5%，平均訂單價值也上升了 2%。</p>
<p>部分積極趨勢歸因於退貨率的下降，這對未來是個好兆頭。管理層採取了關鍵的戰略措施來降低退貨率，同時提升購物體驗，例如改善尺碼指導和將個性化重點放在不易退貨的商品上。它還開發了一個內部搜索功能，以更低的成本實現更高的銷售生成。</p>
<p>Revolve 的銷售額仍然只是 <strong>Gap</strong> 和 <strong>Nike</strong> 等服裝領導者銷售額的一小部分，作為一個較小的參與者，隨着趨勢向其傾斜，它有更大的增長空間。隨着通貨膨脹的緩解和利率的下降，它可能會開始實現更高的增長。隨着我們接近至關重要的假日季節，它也可能表現優於預期。</p>
<p>由於 Revolve 在當前經營環境中面臨巨大的壓力，你必須回到通貨膨脹之前，才能看到它在更好的條件下如何超越亞馬遜：</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）數據來源於 YCharts。</p>
<p>你還必須想象它能夠回到那個狀態，現在收入再次回升，顯示出它能夠做到的跡象。</p>
<p>Revolve 股票的未來一年市盈率為 36，略高於亞馬遜。這隻有在你能夠想象未來幾年潛力的情況下才算是一個好交易，如果你能這樣做，你可能會明白它為何值得這個溢價。</p>

亞馬遜

<p>這篇文章討論了亞馬遜股票的潛力，今年上漲了 31%，但建議投資者可能在像 e.l.f. Beauty 和 Revolve Group 這樣的年輕公司中找到更好的增長機會。e.l.f.在化妝品市場迅速增加了市場份額，實現了 50% 的收入增長，而 Revolve 則利用人工智能和社交媒體改善其時尚零售業務，銷售額增長了 3%，顯示出復甦的跡象。與亞馬遜相對温和的擴張相比，這兩家公司在顯著增長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>我真的認為沒有任何投資者應該忘記 <strong>亞馬遜</strong>，就好像任何人都能做到一樣。亞馬遜在電子商務、人工智能（AI）等領域具有令人難以置信的未來潛力。今年亞馬遜的股票上漲了 31%，並且它是目前全球兩個最重要行業的領先者。67 位分析師中有 63 位將亞馬遜的股票評為買入，另外四位則認為持有。</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，投資者過去所獲得的驚人收益不太可能再現；亞馬遜已經是一家龐大的公司，儘管它有巨大的潛力，但它是在一個龐大的基礎上進行發展的。在當前水平上將其業務翻倍或三倍所需的時間將比亞馬遜剛起步時要長。</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>尋找超高速增長的投資者更有可能在年輕股票中找到巨大的增長機會。如果你在尋找投資組合的候選者，我有一些建議給你。考慮一下 <strong>e.l.f. Beauty</strong>(ELF -2.02%) 和 <strong>Revolve Group</strong>(RVLV 0.56%)，這兩家公司正在利用數字平台與行業領導者競爭。</p>
</div><h2>1. The new leader in cosmetics</h2>
<div class="lb-trans"><h2>1. 化妝品的新領導者</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>美容行業幾十年來一直被少數巨頭主導，但數字時代正在打破這種等級制度。行業領導者 <strong>雅詩蘭黛</strong> 多年來收購奢侈品牌，鞏固其主導地位，而 <strong>歐萊雅</strong>、露華濃等幾家公司則是大眾美容的頂尖品牌，也通過收購競爭對手來鞏固市場地位。它們形成了強大的競爭和高門檻。</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.通過專注於數字和社交媒體，創造了一個與年輕目標市場對話的全渠道戰略，成功開闢了自己的市場。與其更大的同行相比，它仍然是一個小型公司，銷售額僅為其一小部分，但它的增長速度遠遠超過了幾乎所有其他化妝品品牌。它的市場份額已經從 2022 年的第五位上升到最近一個季度的第二位，同時其護膚業務在整體行業增長 1.2% 的情況下增長了 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>在仍然承壓的經濟環境中，e.l.f.展現出了驚人的韌性。在 2025 財年第一季度（截至 6 月 30 日），銷售額同比增長了 50%，毛利率擴大了 0.8 個百分點，達到了 71%。營業收入和每股收益（EPS）均有所下降，但兩者都是正值且健康，管理層提高了全年收入、營業收入和 EPS 的預期。</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>以下是亞馬遜和 e.l.f.過去四個季度的銷售增長對比：</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>指標</th>
<th>Q3 24</th>
<th>Q2 24</th>
<th>Q1 24</th>
<th>Q4 23</th>
</tr>
</thead>
<tbody>
<tr>
<td>亞馬遜收入增長</td>
<td>11%</td>
<td>10%</td>
<td>13%</td>
<td>14%</td>
</tr>
<tr>
<td>e.l.f.收入增長</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>數據來源：亞馬遜和 e.l.f.季度報告。e.l.f.的季度為 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.收益較低的部分原因是其收購了一個新的護膚品牌 Naturium，該品牌已經為業務帶來了很大貢獻；它佔據了第一季度銷售增長的 16 個百分點。這是短期壓力換取長期收益，管理層預計全年 EPS 將會增加。</p>
</div><p>Its earnings how outpaced Amazon's over the past three years:</p>
<div class="lb-trans"><p>在過去三年中，其收益已經超越了亞馬遜：</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 營業收入（TTM）數據來源於 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.的增長速度遠遠超過亞馬遜，但其股票的前瞻性市盈率為 25，低於亞馬遜的 33。隨着 e.l.f.處於高速增長模式，並且還有大量市場份額待征服，e.l.f.的股票可能會成為增長型投資組合的絕佳補充。</p>
</div><h2>2. Taking over in fashion</h2>
<div class="lb-trans"><h2>2. 在時尚領域嶄露頭角</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.利用其數字和社交媒體驅動的平台成為美容領域的領導者一樣，Revolve 也開發了一個基於人工智能（AI）的平台，成為時尚領域的強有力競爭者。它在社交媒體上也有很大的影響力，並與網紅和名人合作，其全數字化的業務模式有助於盈利。</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>與大多數零售商一樣，它在通貨膨脹中也經歷了困難。它接觸到一大批願意為時尚服裝支付全價的時尚愛好者，但他們正在減少消費。不過，形勢可能終於開始好轉。</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>第二季度銷售額同比增長了 3%，這是自 2022 年以來首次實現同比增長，淨收入也比去年翻了一番。像往常一樣，客户指標才是真正的故事。儘管經營環境充滿挑戰，Revolve 仍在不斷增加活躍客户，年同比增長 5%，平均訂單價值也上升了 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>部分積極趨勢歸因於退貨率的下降，這對未來是個好兆頭。管理層採取了關鍵的戰略措施來降低退貨率，同時提升購物體驗，例如改善尺碼指導和將個性化重點放在不易退貨的商品上。它還開發了一個內部搜索功能，以更低的成本實現更高的銷售生成。</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 的銷售額仍然只是 <strong>Gap</strong> 和 <strong>Nike</strong> 等服裝領導者銷售額的一小部分，作為一個較小的參與者，隨着趨勢向其傾斜，它有更大的增長空間。隨着通貨膨脹的緩解和利率的下降，它可能會開始實現更高的增長。隨着我們接近至關重要的假日季節，它也可能表現優於預期。</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>由於 Revolve 在當前經營環境中面臨巨大的壓力，你必須回到通貨膨脹之前，才能看到它在更好的條件下如何超越亞馬遜：</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）數據來源於 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>你還必須想象它能夠回到那個狀態，現在收入再次回升，顯示出它能夠做到的跡象。</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 股票的未來一年市盈率為 36，略高於亞馬遜。這隻有在你能夠想象未來幾年潛力的情況下才算是一個好交易，如果你能這樣做，你可能會明白它為何值得這個溢價。</p>
</div>

Should You Forget Amazon? Why These Unstoppable Stocks Are Better Buys.

- 亞馬遜在電商和人工智能領域具有巨大潛力，股價今年上漲 31%。  
- e.l.f. Beauty 和 Revolve Group 是年輕公司，分別在化妝品和時尚領域快速增長。  
- e.l.f. 的銷售增長率高達 50%，而 Revolve 也在逐步恢復銷售，顯示出市場回暖跡象。  

你是否應該忘記亞馬遜？為什麼這些勢不可擋的股票是更好的買入選擇