事实上，自2020年9月在上交所挂牌，丽人丽妆的营收就"跌跌不休"，从2021年高位的41.55亿元一路下坡，2024年仅有17.28亿元，缩水过半。目前丽人丽妆 市值约41亿元。 "美妆代运营第一股" 2016年花2200万元拍下网络红人Papi酱的首个贴片广告，让丽人丽妆及其创始人黄韬从幕后走到台前。随之而来的还有一份IPO招股书。 A股最贵的分手费出自康泰生物，当时市值达到235.54亿元，这一纪录至今未被打破 一则离婚案引发市场关注。 8月22日，上市公司丽人丽妆发布公告，控股股东、实际控制人黄韬因涉及离婚后财产纠纷所涉的1674.7538万股无限售流通股已办理完毕过户登记手续。本 次过户登记完成后，黄韬持股比例由32.46%降至28.28%，前妻翁淑华持股4.18%。若按8月21日收盘价计算，后者获得股权市值约1.7亿元。 近年，美妆消费降温，作为化妆品网络零售服务商的丽人丽妆日子也不好过。今年一季度营收仅3.61亿元，同比下滑23.58%；预计2025年半年度归属于上市 公司股东的净利润亏损3000万元至4250万元。 然而，短短十年，行业格局大变样——美妆行业整体"退热"，需求不足，价格失守，丽 ...

Core Viewpoint - Coty is exploring the possibility of splitting and selling its high-end and mass beauty divisions, which could lead to a merger and acquisition scale of hundreds of billions to trillions of yuan, potentially reshaping the global beauty industry [1][4]. Company Overview - Founded in 1904 in Paris, Coty has developed a strong brand portfolio, including luxury brands like GUCCI and Burberry, and has grown to be one of the top ten beauty companies globally [2][4]. - Coty operates over 50 fragrance and beauty brands, divided into high-end and mass segments, with high-end beauty generating 277 billion yuan and mass beauty generating 162 billion yuan in revenue for the fiscal year 2024 [1][4]. Financial Performance - Coty's revenue for fiscal year 2024 was 439 billion yuan, reflecting a 10% increase from the previous year, but the company has faced significant fluctuations in performance [9]. - The company reported a net revenue decline of 2% to 333.3 billion yuan for the first three quarters of fiscal year 2025, with a net loss of 22.2 billion yuan [9][10]. Market Dynamics - The global beauty industry is undergoing significant challenges, including market growth slowdown and increased competition from emerging DTC brands, particularly affecting mass beauty brands [4][12]. - Coty is facing difficulties in finding suitable buyers for its mass beauty division, especially in Asia, due to economic slowdowns and trade tensions with the U.S. [5][4]. Strategic Moves - Coty is in discussions with Interparfums regarding the sale of its high-end beauty business, particularly brands like Burberry and Hugo Boss, which have shown strong growth [4][10]. - The company has initiated a transformation plan aimed at streamlining operations and focusing on key business innovations, with an expected savings of nearly 36 billion yuan between fiscal years 2025 and 2027 [12]. Industry Trends - The beauty industry is witnessing a shift towards high-end and luxury products, with major players like Shiseido and Unilever restructuring to enhance operational efficiency [12][14]. - Coty’s historical capital-driven development and frequent ownership changes have influenced its current strategy to seek a sale [11][12].