1月10日上午，中国香港当地的多家媒体消息显示，长和方面涉及零售业务的屈臣氏集团正在推进于中 国香港及英国伦敦的两地同步上市（Dual Listing），并筹资至少20亿美元（约156亿港元）。 屈臣氏集团上市或可提振中国香港IPO市场及推动长和股价继续重估。但长和方面一系列相 关动作，也被认为"可能需考虑多方面情况及接受度" 文｜《财经》特派香港记者 焦建 编辑｜苏琦 李嘉诚家族旗下的长江和记实业（0001.HK，下称"长和"）有望再次分拆重要业务板块并登陆港股市 场。 再以此次的屈臣氏集团上市为例，其诞生于1828年，一位叫A.S．Watson的英国人在中国广州开了家西 药房。虽其原名广东大药房，但由于沃森的粤语读音为屈臣，这个门店又被叫作屈臣氏。 这也被认为是长和系方面从2025年起逐步推动的一系列交易活动的组成部分之一。从宏观层面而言，此 次屈臣氏上市如能成真，被业内认为可给中国香港的IPO（首次公开募股）市场带来一定利好，长和与 新加坡主权财富基金淡马锡（Temasek）的相关业务关系迎来调整，也有助于长和股价的继续重估（re- rating）。 长和系由李嘉诚创立，现任主席为其子李泽钜，总部位于中 ...

Core Insights - CK Hutchison Holdings is considering a dual listing for its subsidiary, Watsons, aiming to raise up to $2 billion [1] - The IPO is planned for the first half of next year, with a potential valuation exceeding $30 billion, making it one of the largest consumer retail IPOs in Hong Kong in recent years [1] Company Overview - Watsons Group, founded in 1841, is a leading global health and beauty retailer operating over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both online and offline platforms [1] - The retail segment of Watsons reported total revenue of HKD 98.84 billion for the first half of 2025, reflecting an 8% year-on-year increase [1] - However, revenue in China decreased by 3.1% to HKD 6.666 billion, indicating ongoing challenges in the health and beauty product sector in that market [1] Parent Company Information - Watsons Group is a member of CK Hutchison Holdings, which operates in 50 countries and regions across four core businesses: ports and related services, retail, infrastructure, and telecommunications [1] - As of November 21, CK Hutchison Holdings has a total market capitalization of HKD 205 billion [1] Previous Listing Discussions - In 2024, there were previous discussions regarding Watsons' potential listing, with Temasek, a sovereign wealth fund holding shares in Watsons, confirming that the listing plan remains intact, although the final decision on timing and details lies with Watsons' board and management [2]

Core Insights - The Thai Ministry of Commerce, in collaboration with various agencies, showcased the potential of Thailand in tourism, investment, and agriculture at the 22nd China-ASEAN Expo [1] - A total of 107 Thai companies participated, representing sectors such as food and beverages, health and beauty, fashion and accessories, home decor, and soft power products [1] - The focus this year is on promoting the eight western provinces of Thailand to attract Chinese tourists, with an expected transaction value close to 1.7 billion Thai Baht [1] Group 1: Event Overview - The 22nd China-ASEAN Expo opened on September 20, featuring a significant Thai presence [1] - The event was attended by key officials, including the Deputy Minister of Commerce and the Deputy Director-General of the International Trade Promotion Department [1] - The Thai pavilion highlighted the "Charming City of Thailand" theme [1] Group 2: Participating Companies and Sectors - 107 Thai enterprises participated, with a focus on small and medium-sized enterprises [1] - The exhibition area was divided into three main sections: International Trade Promotion Department area, Thai product display area, and soft power product area [1] - Specific sector representation included 31 food and beverage companies, 48 health and beauty companies, 14 fashion and accessory companies, 9 home decor companies, and 5 soft power product companies [1]

Financial Data and Key Metrics Changes - Revenues increased by over $8 billion, with $1.3 billion attributed to favorable foreign exchange movements [4] - Underlying net earnings showed strong growth, although not as high as double-digit growth might suggest due to complex non-cash write-downs [5] - EBITDA rose by approximately $700 million, with about 13% of that growth due to favorable foreign exchange [7] - Operating free cash flow increased by $2.1 billion, reflecting an 11% growth compared to the first half of last year [8] - Net debt ratio improved from 17% to 14.7% year-on-year, indicating a solid financial position [9][30] Business Line Data and Key Metrics Changes - Ports division throughput increased by 4% to 44 million TEU, with EBITDA rising by 10% in reported currency [33][34] - Retail division EBITDA increased by 12% to HKD 8 billion, driven by strong performance in Europe despite challenges in Health and Beauty China [37][38] - Infrastructure showed a 6% increase in EBITDA in local currencies, maintaining a strong dividend tradition [48] - CKH Group Telecom reported a 4% growth in underlying EBITDA, with significant merger-related expenses impacting results [50] Market Data and Key Metrics Changes - The ports division saw a 7% increase in HPH Trust and stable performance in Europe, while Asia and Australia experienced a 5% increase [33] - Retail operations in Asia and Europe showed varied performance, with Health and Beauty China under pressure but overall retail EBITDA increasing [38][41] - The telecom market in Europe faced challenges, particularly in Austria, but overall performance remained steady [52] Company Strategy and Development Direction - The company aims to focus on organic growth and cost efficiencies in the ports division despite global trade volatility [36] - Retail strategy includes expanding the store network and enhancing online fulfillment capabilities through dark stores [75] - Infrastructure investments are expected to continue, particularly in aging water infrastructure, which presents attractive returns [81] - The company remains cautious about new investments, preferring to focus on value-accretive opportunities within existing businesses [80] Management Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for the second half of the year due to global uncertainties, despite strong first-half performance [8][12] - The ports division is expected to maintain good earnings growth through organic growth and expanded facilities [36] - Retail management is optimistic about improving Health and Beauty China performance through strategic initiatives [75] - The telecom sector is undergoing a comprehensive review to identify cost reduction opportunities and improve profitability [50] Other Important Information - The company reported a significant foreign exchange impact on working capital, which may not recur in the second half [26] - Sustainability efforts are progressing, with emissions reductions and improved ratings in various sustainability indices [71] Q&A Session Summary Question: Will future dividends be based on reported or recurring earnings? - Dividends are determined by the board, considering underlying performance and financial fundamentals, generally excluding non-cash accounting losses [74] Question: What are the strategic actions on store planning and product portfolio in Health and Beauty China? - The company is transforming the business with dark stores for online fulfillment, which may temporarily impact margins but aligns with customer expectations [75][76] Question: Why is the nature of the one-time loss different from previous disclosures? - The difference is due to the transition from Hong Kong FRS to International Financial Reporting Standards, affecting the exchange reserve and final valuation [78][79] Question: What is the group's investment strategy if net debt decreases significantly? - The company will focus on growth and value-accretive transactions, primarily within existing businesses, while maintaining a cautious approach to capital expenditures [80][83] Question: Is regulatory approval from China required for the proposed ports transaction? - Yes, the transaction requires approval from multiple regulators, including those in China, the US, and the EU, and discussions with a strategic Chinese investor are ongoing [84][86]

Core Viewpoint - NITORI, Japan's largest home goods chain, initially planned to expand aggressively in mainland China but has since shifted to a contraction strategy, closing numerous stores within a year, raising questions about its market judgment and operational strategy [2][8]. Group 1: Financial Performance - For the fiscal year 2024, NITORI reported sales of 928.9 billion yen (approximately 45.91 billion RMB), a year-on-year increase of 3.7%, but operating profit decreased by 5.8% to 120.3 billion yen (approximately 5.95 billion RMB), and net profit fell by 11.1% to 76.89 billion yen (approximately 3.8 billion RMB) [2]. - The company's pure sales from its brand business reached 821 billion yen (approximately 40.58 billion RMB), reflecting a 4.5% year-on-year growth, indicating overall performance was subpar with two consecutive years of revenue growth but profit decline [2][4]. Group 2: Market Structure and Strategy - The sales structure shows that physical stores accounted for 76.6% of total sales, a decrease of 2.5 percentage points, while online sales and overseas markets saw increases, highlighting significant growth in online and international business despite volatility in the mainland China market [3][4]. - NITORI's international expansion strategy includes opening 54 new stores overseas in the fiscal year 2024, with 23 of those in mainland China, indicating a focus on international growth despite domestic challenges [8][9]. Group 3: Operational Adjustments - NITORI plans to adjust its store opening strategy in mainland China, aiming for a more rational approach by focusing on smaller, high-yield locations and enhancing product offerings to improve sales per square meter [11][12]. - The company is also revising its supply chain management to reduce costs and improve efficiency, indicating a proactive approach to adapt to changing market conditions [11][12]. Group 4: Competitive Landscape - NITORI's performance is contrasted with that of MUJI, which has seen significant growth in health and beauty product sales, suggesting that NITORI may be lagging in product innovation and market appeal [15][16]. - The company is entering the saturated home appliance market, which poses risks given the lack of growth potential in this sector, highlighting a strategic shift that may not align with market trends [18][19]. Group 5: Digital Transformation - NITORI is focusing on enhancing its internal IT systems to support operational efficiency, with plans to increase its IT workforce and improve digital capabilities, reflecting a commitment to modernizing its business processes [21][23]. - The company emphasizes the importance of cultivating a skilled workforce capable of leveraging digital tools, which is crucial for achieving long-term strategic goals [24][26].

Core Insights - The article emphasizes the importance of product selection for sellers on the Ozon platform, highlighting that understanding the best-selling categories and selection techniques for the Russian market in 2025 is crucial for success [1][4]. Group 1: Ozon Platform Overview - Ozon is the largest B2C e-commerce platform in Russia, covering multiple product categories. The platform's potential for sellers is increasing as consumer purchasing habits evolve and the e-commerce market rapidly develops [4]. Group 2: Importance of Product Selection - Product selection is a critical aspect of e-commerce operations, directly impacting sales and market competitiveness. A well-thought-out selection strategy can help increase sales, meet consumer demand, and reduce inventory risks [5][8]. Group 3: Ozon Product Selection Techniques - Market research is the first step in product selection, providing valuable product information through various analysis methods [6]. - Monitoring user reviews is essential as they reflect product quality and consumer purchasing intent, aiding in identifying popular items [6]. - Defining the target audience is crucial, as different consumer groups have varying product preferences based on age and gender [7][9]. - Seasonal demand should be considered, as certain products experience higher sales during specific times of the year [10]. Group 4: Recommended Best-Selling Categories for 2025 - Electronics are expected to remain a popular category on Ozon, driven by continuous technological advancements [13]. - Health and beauty products are gaining traction as consumers increasingly prioritize wellness [14]. - Home goods are in demand as they directly affect consumer happiness [15]. - The baby and maternity market is growing, with young parents seeking high-quality products [16]. - Fashion and accessories continue to be significant, with rising consumer interest in style and personalization [17]. - Seasonal products and festive items will see increased demand during holidays [18]. Group 5: Summary of Product Selection Strategies - Sellers on Ozon should integrate market research, user feedback, target demographics, and seasonal trends into their product selection strategies. Adapting and optimizing these strategies in response to market changes will enhance sellers' success on the platform [20].