Core Viewpoint - The acquisition of Beijing SKP by Boyu Capital's fund marks a significant shift in ownership while maintaining the existing management structure, indicating a financial investment approach rather than operational changes [1][2]. Company Overview - Boyu Capital's fund is set to acquire 42%-45% of Beijing SKP, reducing Radiance's stake from 60% to the same range, while Radiance retains control over SKP [1]. - The estimated valuation of the entire SKP business is between 40 billion to 50 billion [1]. Market Position - In 2024, Beijing SKP's market shares in various cities are projected as follows: Beijing (10-15%), Xi'an (15-20%), Chengdu (10-15%), and Wuhan (0-5%) [2][3]. - Despite challenges in the luxury goods sector, Beijing SKP has shown strong sales growth, with an 18% increase in sales year-on-year as of Q1 2025 [3]. Sales Performance - On the annual birthday sales event, Beijing SKP experienced a 15% year-on-year sales increase in 2024 [3]. - The "buy and return" service, initiated in 2019, has significantly boosted sales, with a 104% increase in tax refund customers in 2024 compared to the previous year [5]. - Chengdu SKP reported a remarkable 224% increase in sales from the "buy and return" service [5].