相隔十年多，屈臣氏上市计划终于有了新消息。 据《华尔街日报》引述消息报道，长江和记实业正计划推动旗下屈臣氏集团在香港与英国两地上市，预计最高融资规模达20亿美元。多家媒体报道显示，上 市准备工作已在推进，最快将于明年上半年启动。 这已是屈臣氏继2014年首次披露计划、2024年明确意向后的第三次IPO尝试。但与以往不同的是，如今的屈臣氏正面临前所未有的挑战。 价值释放与转型豪赌 有分析认为，长江和记此时推动屈臣氏上市并非偶然。 从资本市场环境看，2025年以来香港IPO市场显著回暖，前10个月新股融资总额已达2160亿港元，较去年同期增加逾两倍。包括珀莱雅（603605）、丸美、 自然堂等国内美妆公司也正在寻求在港交所上市的可能性，这一积极窗口期为屈臣氏上市创造了有利条件。 这与屈臣氏2014年前后首次披露上市计划时的市场环境大有不同。 2013年底，屈臣氏首次披露上市计划，计划香港、伦敦两地上市募资最多780亿港币(按当时汇率计算约617.90亿元)，当时屈臣氏的估值超3000亿港币(按当 时汇率计算约2376.55亿元)。2014年2月，李嘉诚曾在长江和记业绩说明会上明确，屈臣氏会在两地上市，其中一个肯定 ...

屈臣氏即将脱离港股00001号长和，自立门户了？ 日前，环球市场播报在报道中援引知情人士消息称，中国香港首家上市企业长江和记实业有限公司(以下称"长和"，股票代码：00001)，正计划在中国香 港及英国两地上市。 同时，新浪财经就此事及相关事宜的传闻，向屈臣氏母公司长和求证，对方不予置评。 值得注意的是，屈臣氏早在2014年便传出，在中国香港及英国伦敦两地上市的消息，但该计划随着港股变化、舆论压力等而被搁置。 此次，屈臣氏再度传出重启港英上市规划，又意欲如何？且最新财报显示，其中国线下门店数量创7年最低，能否挽救在中国市场日渐萎缩的线下业务及 业绩停滞？ 估值超2000亿，2014年首提港英两地上市 图源：新浪财经 据该消息人士透露，屈臣氏此次预计最高募资规模达20亿美元(约合人民币142.13亿元)，若按照最快启动时间大约在2026年上半年。 公开资料显示，屈臣氏集团于1841年在中国香港创立，现为全球最大的国际健康与美容零售商，旗下拥有12个零售品牌(如屈臣氏、Kruidvat、 Superdrug、Rossmann等美容健康连锁)，踪迹遍布海内外31个市场，拥有17000+家O+O(线上及线下)店铺。 ...

Core Insights - The acceptance of private label products among Chinese urban households has increased significantly, with over 48% purchasing such products by Q3 2025, a 10 percentage point rise from the previous year [1] - Retailers are increasingly focusing on private label development as a key strategy for innovation and market penetration, leading to a surge in private label offerings in the retail sector [1][4] Group 1: Private Label Growth in Beauty Industry - Major beauty retailers like Sephora and Walgreens have seen significant success with their private label products, with Walgreens reporting a 75 basis point increase in market penetration to 17.8% in Q1 2025 [2] - Retailers such as Jin Jia Chong and beauty collective stores are transforming from channel operators to brand owners, with private label sales exceeding 60% in some stores [2][4] - The trend of private labels is also evident in convenience stores like FamilyMart, which leverage their extensive networks to enhance consumer access to beauty products [2][4] Group 2: Competitive Landscape and Challenges - The rise of private labels is reshaping the competitive landscape, putting pressure on traditional beauty brands to adapt or risk being marginalized [3][6] - Traditional brands are facing challenges in maintaining market share as consumers shift their focus from brand recognition to product quality and value [8][9] - Retailers are now taking on a more active role in product development, directly sourcing from manufacturers to enhance profit margins and consumer appeal [4][5] Group 3: Strategies for Traditional Brands - Traditional beauty brands are responding by reinforcing their core values and establishing deeper connections with consumers through innovative product offerings [9] - Some brands are investing in direct-to-consumer channels to gain better control over user data and experiences, thereby avoiding reliance on third-party retailers [9] - Emphasis on technological innovation and product diversification is crucial for traditional brands to maintain a competitive edge [9] Group 4: Quality and Market Positioning - The challenge for retailers lies in ensuring the quality of their private label products, as any quality issues could damage their reputation [10][11] - The competitive environment for private labels is intensifying, particularly in the lower price segments where established brands already exist [11] - Retailers must focus on filling market gaps with unique offerings rather than merely competing on price against existing brands [11][12]

第一章：断裂与重生——逃离"宿命"的叙事 "我是一个非常听话的小女孩，老师让我干什么我就干什么。"创业分享会上，个子娇小的"90后"、植物 医生加盟商谢巧丽的声音平稳而坚定。 她的故事始于一场家庭突变。15岁那年，父亲因病去世，留下一位年幼的弟弟和摇摇欲坠的家。那一 年，她从校园走进社会，从"孩子"变成"顶梁柱"。十多年后，她已经是拥有14家门店、带领50人团队的 创业者。 "我非常痛恨当年。如果家里哪怕多一点钱，也许爸爸能多活几年。"谢巧丽说，"所以我很早就告诉自 己，不能再让家人陷入那种无力的命运。" 她的出路，来自街边的一家绿色护肤品店——植物医生。那一刻，她看到的不只是工作，而是一种可 能。 "过去是一个幽灵，虚无缥缈，没什么影响力。只有未来才有分量。" —— 塔拉·韦斯特弗 《你当像鸟飞 往你的山》 在那本畅销全球的回忆录里，美国作家塔拉·韦斯特弗讲述了一个关于逃离与重建、教育与自我的故 事。她是在废料场长大、与世隔绝的女孩，最终挣脱束缚，考入剑桥大学，完成了生命的重塑与思想的 解放。 在当下中国，一群背景各异的女性，也在翻越属于自己的那座山。她们的山，不是剑桥，而是一家家坐 落在城市街角的植物医生 ...

Core Insights - The trend of early internships among university students is increasing, with a significant rise in the number of students starting internships in their first or second year of college [1][7][16] - Companies are increasingly looking for candidates with relevant internship experience, leading to a competitive job market where students feel pressured to gain multiple internships early in their academic careers [8][9][17] Group 1: Internship Trends - A survey indicated that 41.1% of graduates from prestigious universities and 59.5% from regular universities began internships in their first or second year, a notable increase from 21% in 2019 [1] - The concept of internships is likened to a "snowball effect," where the quality and relevance of internship experiences improve with each subsequent position [7] - 78.4% of graduates have at least one internship experience, with 32.7% having two or more, reflecting a growing trend in early career preparation [7] Group 2: Student Experiences - Students are increasingly proactive in seeking internships, with many starting their search as early as their first year to avoid competition with upperclassmen [3][4] - The pressure to secure internships has led students to prioritize practical experience over academic performance, with some even adjusting their class schedules to accommodate internship commitments [18][19] - There is a perception among students that having multiple internships is essential for securing desirable job offers, leading to a culture of "resume padding" [15][22] Group 3: Employer Perspectives - Employers express caution regarding hiring first- and second-year students for internships due to their limited availability and the short duration of their commitment [17] - Companies prefer candidates who can contribute immediately, often valuing relevant internship experience over academic performance [8][9] - The demand for interns who can quickly adapt and produce results has increased, creating a challenging environment for students who may not yet possess the necessary skills [17][19] Group 4: Educational Institutions - Universities are attempting to bridge the gap between academic training and industry needs by establishing partnerships with companies for internship programs [21] - There is a call for closer collaboration between educational institutions and businesses to better prepare students for the workforce [21] - Some institutions are implementing mentorship programs to provide students with industry insights and guidance on career paths [21]

中国经济网北京10月14日讯黄埔海关官网近期发布太平海关行政处罚案件信息公开单(太平关检罚字 〔2025〕3号)。其中，广州逸仙电子商务有限公司存在进口法定检验商品未报检的违法行为，违反《中 华人民共和国进出口商品检验法》第五条、《中华人民共和国进出口商品检验法实施条例》十六条第一 款之相关规定。 依照《中华人民共和国进出口商品检验法实施条例》第四十五条第一款以及《中华人民共和国海关行政 处罚裁量基准(二)》(海关总署公告2025年第21号)第四条、第九条第二项之规定，太平海关决定从轻科 处罚款人民币156285元。 天眼查工商信息显示，广州逸仙电子商务有限公司，成立于2015年，位于广东省广州市，是一家以从事 零售业为主的企业。企业注册资本51384.06万美元，实缴资本47999.028971万美元，并已于2020年完成 了IPO上市。 逸仙官网显示，逸仙集团创立于2016年，是在中国本土孵化和成长的多品牌新锐国货美妆集团。2020年 11月逸仙集团正式在纽约证券交易所挂牌上市，并作为年轻的中国美妆上市公司继续前行。逸仙集团还 是完美日记母公司。 《中华人民共和国进出口商品检验法》第五条规定：列入目录的进 ...

Core Viewpoint - Sasa International is undergoing a critical transformation phase, reporting a sales increase despite challenges in its online operations after closing all offline stores in mainland China [1][2]. Group 1: Financial Performance - For the second fiscal quarter from July 1 to September 30, Sasa International reported a total revenue of HKD 10.308 billion, an increase of 8.4% year-on-year [2]. - Offline sales accounted for approximately 80.2% of total revenue, with offline sales reaching HKD 8.263 billion, a year-on-year growth of 9.4% [2][5]. - Online sales generated HKD 2.045 billion, reflecting a year-on-year increase of 4.9%, representing 19.8% of total revenue [5]. Group 2: Market and Operational Insights - As of September 30, Sasa International operated 157 offline stores, with a net increase of 2 stores, primarily in Hong Kong and Macau [4]. - The company’s core markets remain Hong Kong and Macau, where revenue grew by 10.2% to HKD 7.919 billion during the reporting period [5]. - The Southeast Asian market is identified as a new growth engine, with revenue increasing by 11.2% to HKD 1.189 billion, driven by a 41.3% growth in online sales [5]. Group 3: Challenges and Strategic Focus - In mainland China, Sasa International faced difficulties, with online sales declining by 3.5% to HKD 1.179 billion, although profitability improved year-on-year [7]. - The company is focusing on enhancing its online business and promoting exclusive brands to adapt to changing consumer preferences [7]. - Sasa International has closed all offline stores in mainland China due to the inability to achieve economies of scale, with 14 stores closed by March 31 and the remaining 18 by June 30 [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 SA SA INTERNATIONAL HOLDINGS LIMITED 莎莎國際控股有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號：178) 截至 2025 年 9 月 30 日止 第二季度未經審核之最新銷售數據 莎莎國際控股有限公司（「公司」） 董事會公佈本公司及其附屬公司（「集團」）由2025年7月 1日至9月30日止第二季度(「第二季」或「期內」）未經審核之最新銷售數據。 集團持續經營業務 | 營業額 | 2025/26 | 2024/25 | 按年變動 | | --- | --- | --- | --- | | (百萬港元) | 財政年度第二季 | 財政年度第二季 | (%) | | 線下業務 | | | | | 香港及澳門 | 737.5 | 670.0 | +10.1% | | 東南亞 | 88.8 | 85.6 | +3.7% | | | 826.3 | 755.6 | +9 ...

Core Insights - The newly opened beauty store BEAUTY CHOICE at Guangzhou Tower Square features a music-themed design, attracting a significant number of consumers during the National Day holiday [1][3]. Group 1: Consumer Demographics and Behavior - Guangzhou Tower Square is projected to have an average daily foot traffic of over 76,000 by August 2025, which is 4.2 times the city's median foot traffic of approximately 18,000 [3]. - The majority of visitors (55.08%) are aged between 19 and 29, indicating a strong preference for entertainment through gaming and music compared to previous generations [3]. Group 2: Marketing and Expansion Strategy - The management of Guangzhou Tower Square has integrated music into its marketing strategy, hosting events like the Guangzhou Tower Music Art Season and custom musical productions to engage contemporary consumers [3]. - The brand plans to expand the "beauty + X" themed stores into more artistic domains and aims to open around 30 new stores annually in cities such as Shanghai, Beijing, Shenzhen, Wuhan, and Nanjing [5].

Core Viewpoint - The ongoing legal disputes between Huang Tao, the controlling shareholder of Liren Lizhuang, and his ex-wife, Weng Shuhua, have raised uncertainties regarding the company's ownership structure and have coincided with a significant decline in the company's financial performance [1][3][5] Company Overview - Liren Lizhuang, founded in 2007 by Huang Tao and Weng Shuhua, transitioned from a "Taobao couple shop" to a publicly listed company in 2020, with an initial stock price of 12.23 yuan per share and a market capitalization exceeding 220 billion yuan shortly after listing [2][3] - The company has faced a substantial drop in revenue, with figures declining from 41.55 billion yuan in 2021 to 17.28 billion yuan in 2024, representing a nearly 60% decrease [3][5] Legal Issues - Weng Shuhua has initiated multiple lawsuits against Huang Tao, including a recent request to transfer 16.74 million shares (valued at approximately 1.67 billion yuan) to their children, which adds to the ongoing legal complexities surrounding the company's ownership [1][3] - Huang Tao's shares have been subject to judicial freezes and forced execution due to the ongoing divorce proceedings, impacting his ownership stake from 32.46% to 28.28% [3] Financial Performance - In the first half of 2025, Liren Lizhuang reported a revenue of 8.31 billion yuan, a year-on-year decline of 13.98%, and a net loss of 32.76 million yuan, attributed to reduced gross profit and increased impairment losses [5] - The company has emphasized its marketing efficiency and data analysis capabilities as key competitive advantages, particularly in response to the diminishing internet user growth and traffic [4]