来源：市场资讯 （来源：化妆品观察 品观） 本周美妆行业发生了这些值得关注的事情 屈臣氏或港英双重上市 据外媒披露，长江和记正计划分拆屈臣氏集团，拟最早于2026年上半年在香港与伦敦两地双重上市，募 资规模约20亿美元（约合人民币141.5亿元），估值有望突破300亿美元（约合人民币2123亿元）。 •屈臣氏或港英双重上市 • 植物医生推进IPO • 国货防脱第一股要来了 • 珀莱雅原料商重返新三板 • 10亿级原料商格林生物三冲IPO • Hourglass创始人再推新品牌Outside In • 第六届中国化妆品年会圆满闭幕 IPO 若顺利上市，这将成为港股消费零售板块近年最大规模的IPO之一。对此，长和方面回应"不评论市场 传闻"。 作为拥有超16900家门店、1.75亿会员的全球零售巨头，屈臣氏如今的财务表却难掩疲态，尤其在中国 市场。2024年，屈臣氏中国区营业利润暴跌130%；2025年上半年收益同比下滑3%，门店净关闭145 家，成全球唯一负增长区域。 为扭转颓势，屈臣氏近年已推行"O+O"云店模式、试水社区店与大健康店、去BA化、降低自有品牌比 例、换血管理层等一系列自救举措，一定程度上延缓颓 ...

Investment Rating - The report does not explicitly state the investment rating for Yatsen Holding (YSG US) Core Insights - Yatsen Holding's revenue for Q2 2025 reached 1.09 billion yuan, a year-on-year increase of 36.8%, driven by strong performance in skincare brands and stable growth in color cosmetics [2][10] - The gross profit for Q2 2025 was 850 million yuan, reflecting a 39.5% year-on-year increase, with a gross profit margin of 78.3%, up 1.6 percentage points from the previous year [2][10] - The company expects Q3 2025 net revenue to be between 790 million yuan and 880 million yuan, representing a year-on-year growth of approximately 15% to 30% [2][10] Revenue Performance - Skincare brands contributed significantly, with net revenue increasing by 78.7% year-on-year to 580 million yuan, accounting for 53.5% of total revenue [2][10] - The three core skincare brands saw revenue growth of 88.1%, while color cosmetics brands experienced an 8.8% increase, with the Perfect Diary brand returning to growth [2][10] Expense Management - Total operating expenses for Q2 2025 were 910 million yuan, a year-on-year increase of 21.7%, but the operating expense ratio decreased by 10.3 percentage points to 83.4% [3][11] - Fulfillment expenses were 63.29 million yuan, with a fulfillment expense ratio of 5.8%, down 0.6 percentage points year-on-year [3][11] - Sales and marketing expenses were 720 million yuan, with a sales and marketing expense ratio of 66.5%, down 2.1 percentage points year-on-year [3][11] Profitability - Operating loss for Q2 2025 narrowed to 55.48 million yuan, down from 135 million yuan in the same period last year, with an operating loss margin of 5.1% [4][12] - Non-GAAP net profit turned positive at 11.5 million yuan, compared to a non-GAAP net loss of 74.89 million yuan in the previous quarter [4][12] Strategic Outlook - The company is confident in maintaining a balance between growth and profitability, particularly in high-end skincare brands which typically yield higher gross margins [5][13] - Yatsen has been actively investing in R&D, establishing a world-class R&D center in Shanghai to enhance its competitive advantage [5][13] Brand Development - Continuous investment in product R&D and brand building has led to strong performance, with flagship products like the VC serum and innovative offerings in color cosmetics [6][14] - The company is expanding its offline presence with experience stores in major cities to enhance brand influence and consumer interaction [6][14]