报道称，针对相关市场传闻，长和方面回应，"不会对任何市场传闻或揣测作出评论。" 据悉，此前长和因疫情影响及当时新股市场投资情绪低迷，暂缓了屈臣氏集团的上市进程。随着近期全球IPO市场回暖，投资者信心回升，屈臣氏分拆上市 的计划再度被提上议程，有望最快于2026年上半年启动IPO。 据外媒引述消息人士报道，长江和记实业有限公司（下称"长和"）正考虑分拆旗下屈臣氏集团，并安排在中国香港、英国两地上市，预计集资规模高达20亿 美元（约合人民币142.15亿元）。 有知情人士强调，目前屈臣氏的上市计划仍处于初步评估阶段，尚未形成最终决议，包括具体发行规模、时间表在内的多项细节仍有待进一步确定。 长和发布的2025年上半年财报显示，屈臣氏集团旗下公司组成的零售部门，收益总额为988.4亿港元（约合人民币902.71亿元），同比增长8%。尽管全球表 现较佳，但其在中国收益总额为66.66亿港元（约合人民币60.88亿元），同比下滑3.1%。公告称，中国保健及美容产品业务于下半年将持续面对阻力。 图源屈臣氏集团 值得注意的是，早在2024年就曾传出屈臣氏上市的消息。彼时，持有屈臣氏股权的新加坡主权基金淡马锡（Temasek ...

近日彭博社报道，有知情人士称，长江和记实业（0001.HK）正考虑让旗下屈臣氏集团在中国香港、英国双重上市，首次公开募股计划于明年上半年进行。 11月24日，长江和记实业集团公司事务部回应南都湾财社记者称，集团不评论任何市场传闻或揣测。 创立于1841年的屈臣氏是历史悠久的健康与美容零售集团，1981年被李嘉诚成功收购。2014年2月，李嘉诚曾在长江和记实业（下称"长和"）业绩说明会上 明确，屈臣氏会在两地上市，其中一个肯定是香港。但仅1个月后，长和以440亿港元将24.95%的屈臣氏集团股权卖给新加坡投资公司淡马锡（Temasek）， 至此，淡马锡成为了屈臣氏第二大股东。 往后几年，偶尔有媒体传出屈臣氏IPO、淡马锡出售屈臣氏股权的消息，但始终没有明确结果。据华尔街见闻2024年的报道，淡马锡控股副首席执行长谢松 辉对外表示，屈臣氏集团上市计划仍然存在，目标不变。 近年长和财报显示，屈臣氏集团中国市场持续承压。长和拥有港口及相关业务、零售、基建、电讯这四大业务，2024年，长和的零售业务（即屈臣氏集团） 收益同比增长4%至1901.93亿港元，EBITDA同比增长1%至163.95亿港元。 但按照地区来看， ...

Core Viewpoint - Watsons is accelerating its transformation in response to fierce competition from e-commerce platforms and the rise of new beauty retail formats, seeking a "revival strategy" [2] Management Changes - On November 1, 2023, Pan Meiling will succeed Li Jiale as the Managing Director of Hong Kong Watsons, with Li continuing as a business advisor until December 2025 [3] - The new appointee, Pan Meiling, has over 20 years of experience in the fast-moving consumer goods and retail sectors, and is expected to leverage her market knowledge to drive team performance [3] - The Hong Kong Retail CEO, Qu Wenhui, who took office in March 2023, aims to enhance customer experience across over 500 O+O (offline and online) stores in Hong Kong [3] Digital Transformation and O+O Strategy - The term "O+O" has been frequently mentioned in the context of Watsons' digital transformation, which aims to seamlessly integrate offline and online platforms to enhance consumer shopping experiences [5] - Watsons is focusing on digital channels and platforms to establish closer communication with consumers, utilizing its store network and service teams [5] Financial Performance - In the first half of 2025, Watsons' retail division reported total revenue of HKD 98.84 billion, an 8% year-on-year increase, with the health and beauty segment contributing HKD 87.86 billion, accounting for 89% of total revenue [6][9] - The health and beauty segment saw a 4.5% year-on-year increase in same-store sales, while EBITDA and EBIT improved, driven by strong performance in European and Asian markets, although the Chinese market showed weakness with a slight decline of 1% in same-store sales [7] - From 2022 to 2024, Watsons' health and beauty business in China experienced revenue declines of 23%, 6%, and 18%, respectively, with a 15.3% drop in same-store sales in 2024 [8] Store Operations - As of June 30, 2025, Watsons had 3,630 stores in China, down from 3,775 the previous year, reflecting a net closure of 145 stores due to the decision to close underperforming locations [11] - The company is expanding its "back-end stores," which serve as small order fulfillment centers for online orders, increasing from 131 to 394 stores in the first half of the year [11]

Core Viewpoint - Watsons Group, under Li Ka-shing, is continuously reducing its store count in China, reflecting a strategic shift in response to declining performance in the region [2][4]. Financial Performance - In the first half of 2025, Watsons Group reported a revenue of HKD 6.666 billion in China, a year-on-year decrease of 3% [2][3]. - The EBITDA for the same period was HKD 117 million, down 53% compared to the previous year [2][3]. Store Count and Sales Performance - The number of stores in China decreased by 145, representing a 4% reduction year-on-year [4][6]. - The year-on-year sales growth rate for stores in China improved from -18.6% to -1% [4][5]. Strategic Adjustments - The reduction in store count is part of a strategy to optimize the store portfolio, closing underperforming locations upon lease expiration [6]. - The company is increasing its online fulfillment capabilities, with the number of micro-fulfillment centers rising from 131 to 394 [6]. Regional Performance - Other regions, such as Asia and Europe, are performing well, with significant growth in sales and store counts, contrasting sharply with the decline in China [3][5]. - In Asia, store count increased by 796, with a sales growth rate of 6.4% [5]. Employment Trends - The number of employees in Chengdu Watsons has decreased from 1,582 in 2022 to 1,204 in 2024, indicating a trend of workforce reduction [8]. - Similarly, in Chongqing, employee numbers have also shown a continuous decline from 600 in 2022 to 501 in 2024 [10]. Overall Strategy - The company is adopting a dual strategy of closing inefficient physical stores while expanding its online and warehousing capabilities to enhance competitive advantage amid pressures from e-commerce and local beauty stores [11].

Core Viewpoint - The company has achieved a gross margin of 75% and generates over 100 million in annual revenue from selling health and beauty products in Hong Kong, indicating strong market potential as it prepares for an IPO [1] Group 1 - The company specializes in health and beauty products, which have shown significant demand in the Hong Kong market [1] - The impressive gross margin of 75% highlights the company's effective cost management and pricing strategy [1] - Annual revenue exceeding 100 million demonstrates the company's established market presence and financial stability [1] Group 2 - The upcoming IPO reflects the company's growth ambitions and the potential for attracting further investment [1] - The health and beauty industry in Hong Kong is characterized by robust consumer spending, providing a favorable environment for the company's expansion [1] - The company's strong financial performance positions it well to capitalize on market opportunities post-IPO [1]