<p><em>最近的信号暗示，这家中国护肤和化妆品制造商可能正在考虑收购这家美国品牌，该品牌的出售本周已向一家中国投资集团披露</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/29050849/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_29-5-2026_13746_thebambooworks.com_-1024x673.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/29050849/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_29-5-2026_13746_thebambooworks.com_-1024x673.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>护肤产品制造商逸仙电商上周完成了一笔 1.2 亿美元票据发行的第一期，这笔资金可能用于扩展全球市场</li>
<li>这些资金可能用于收购陷入困境的 Erno Laszlo 护肤品牌，该品牌本周以 4400 万美元被一家中国集团收购</li>
</ul>
<p>在成立十年后，位于南方城市广州的化妆品和护肤公司 <strong>逸仙电商有限公司</strong> (NYSE: YSG) 似乎即将踏上前往纽约的西进之旅。逸仙的目标可能是一个历史悠久的公司，Erno Laszlo 护肤品牌，拥有近百年的历史，但最近却陷入困境。</p>
<p>这些是我们在一系列近期发展之后得出的主要结论，包括逸仙的新一轮融资，这笔资金可能用于收购，以及本周 Erno Laszlo 被一家中国集团收购。两个事件的共同点是私募股权公司 Trustar Capital，它既是收购 Erno Laszlo 的中国集团的成员，也是逸仙新融资的投资者。</p>
<p>所有这些发生在逸仙拥有的完美日记美容店连锁在过去三年中面临亏损和核心彩妆产品销售下滑的背景下。该公司通过将重点转向护肤产品来进行转型，护肤产品的销售增长强劲，去年超越彩妆成为其最大的收入来源。</p>
<p>但即便如此，这一增长也在放缓。逸仙预测其整体收入增长将在截至 6 月的当前季度减速至 10% 至 20% 之间，而前两个季度的增长约为 20%，根据其本周公布的 最新季度财报。逸仙只是众多在经济放缓中挣扎的中国消费公司之一，普通人对经济的谨慎态度日益增强。</p>
<p>在逸仙的两个主要产品领域中，彩妆是消费者削减开支最多的领域，而护肤似乎表现出更强的韧性。这一现实在许多中国护肤公司的财务数据中得到了支持，例如在香港上市的 <strong>自然美生物科技</strong> (0157.HK) 和 IPO 申请者 <strong>HBN 科技</strong>，这两家公司去年均报告了稳健的收入增长。</p>
<p>在中国市场悬而未决的诸多问题下，逸仙似乎正在寻求进行一次重大的全球跳跃，以对冲国内的不确定性。该公司全球扩张的第一个线索出现在 3 月，当时逸仙宣布计划通过可转换票据发行筹集 1.2 亿美元。在该公告中，逸仙列出了海外扩张和战略并购作为资金的两个潜在用途。</p>
<p>值得注意的是，票据的两大主要买家是逸仙创始人黄锦峰和 Trustar，后者是国有金融巨头中信资本的私募股权部门。&#34;通过借助 Trustar Capital 在跨境收购和并购后整合方面的成功经验，逸仙旨在进一步推进其全球扩张战略，并巩固其在全球美容市场的地位，&#34;逸仙当时表示。</p>
<p>该公司最初希望在公告后不久的 3 月完成票据发行的第一期。但这显然被延迟了，直到上周 5 月 21 日才 宣布第一期的完成。最值得注意的是，新公告将中国最成功的私募股权投资者之一的高瓴资本作为可转换票据的新投资者，加入了黄和 Trustar 的行列。</p>
<h4><strong>股票反弹</strong></h4>
<p>第一期完成的公告，包括高瓴资本的加入，触发了逸仙在纽约交易的股票反弹。公告当天，股价初步上涨 9%，随后继续攀升，包括在本周二最新财报发布后再次上涨 8%。总的来说，自原始公告以来，股价已上涨 57%。</p>
<p>尽管最新的财务结果总体上是积极的，但反弹的更可能催化剂可能是对使用可转换票据发行资金进行收购的预期。上周的融资公告并未包含任何重要的新信息，除了高瓴资本加入买方集团。但 3 月份的原始公告暗示，融资所得资金可能用于收购 Trustar 投资组合中的一家公司，Axilone，一家美容产品包装制造商，被列为一个具体的例子。</p>
<p>在 Trustar 的网站上查看其当前的投资组合可以发现，最近的一个新增项目是 Erno Laszlo。根据本周行业网站 BeautyMatter 的 一份报告，Erno Laszlo 品牌被一家由广州的中国投资公司 Rouyuchen 领导的集团收购，而 Yatsen 也位于广州。根据该报告，收购价格仅为 4380 万美元，报告指出买家对品牌的兴趣超过了 Erno Laszlo 的业务基本面，而后者相当疲弱。</p>
<p>报告称，Trustar 是买方集团的成员之一。这种收购类型在中国私募股权中相当典型，通常寻找陷入困境的著名西方品牌，旨在将其扭转。相关奢侈品行业的一个更高调的案例来自私募股权巨头复星，该公司在 2010 年代收购了多个奢侈品牌，并将它们整合为一个以 Lanvin 品牌为名的纽约上市公司。</p>
<p>虽然我们不能确定 Yatsen 是否会收购 Erno Laszlo，该品牌的历史可以追溯到 1927 年，并与玛丽莲·梦露和奥黛丽·赫本等电影明星有历史联系，但迹象确实指向这个方向。</p>
<p>正如我们之前提到的，Yatsen 最新的业绩显示其不断增长的护肤业务出现了积极的复苏迹象。该部分业务的收入在第一季度同比增长 58.5%，达到 5.74 亿元人民币（8500 万美元），占其总收入的 56%。这抵消了其彩妆业务 5% 的下滑，导致整体收入增长 22.5%。令人失望的是，由于大量的营销支出，公司在本季度再次出现亏损，亏损额为 6190 万元人民币。在此之前，公司自 2023 年以来已连续报告 10 个季度的亏损，直到去年第四季度短暂回归盈利。</p>
<p>底线似乎是，投资者对收购的希望，最有可能是收购 Erno Laszlo，可能会为 Yatsen 带来一些兴奋，因为 Yatsen 可以利用其制造和营销经验，试图为一个著名的西方品牌注入新活力。虽然这种扭转的机会并不保证，但这一举措看起来足够吸引人，可能会在未来一年为股票提供一些上行空间。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

逸仙电商

<p>逸仙电商完成了一项 1.2 亿美元的债券发行，可能是为了收购最近被包括 Trustar Capital 在内的中国集团收购的 Erno Laszlo 护肤品牌。面对国内增长放缓，逸仙电商旨在通过战略性并购实现全球扩张。此次融资消息及高瓴资本的参与引发了 57% 的股票上涨，主要受到收购猜测的推动</p>

<p><em>Recent signals hint the Chinese skincare and cosmetics maker could be eying a purchase of the U.S. brand, whose sale to a Chinese investment group was disclosed this week</em></p>
<div class="lb-trans"><p><em>最近的信号暗示，这家中国护肤和化妆品制造商可能正在考虑收购这家美国品牌，该品牌的出售本周已向一家中国投资集团披露</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/29050849/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_29-5-2026_13746_thebambooworks.com_-1024x673.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/29050849/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_29-5-2026_13746_thebambooworks.com_-1024x673.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Skincare products maker Yatsen Holding completed the first tranche of a $120 million note issue last week, which it may use to expand into the global marketplace</li>
<li>The funds could be used to purchase the struggling Erno Laszlo skincare brand, which this week was purchased by a Chinese group for $44 million</li>
</ul>
<div class="lb-trans"><ul>
<li>护肤产品制造商逸仙电商上周完成了一笔 1.2 亿美元票据发行的第一期，这笔资金可能用于扩展全球市场</li>
<li>这些资金可能用于收购陷入困境的 Erno Laszlo 护肤品牌，该品牌本周以 4400 万美元被一家中国集团收购</li>
</ul>
</div><p>A decade after its founding in the Southern city of Guangzhou, arguably China's earliest window to Western commerce, cosmetics and skincare company <strong>Yatsen Holding Ltd.</strong> (NYSE: YSG) appears on the cusp of making its own westward expedition to New York. The object of Yatsen's affection could be a much older company, the Erno Laszlo skincare brand, which boasts nearly a century of history but has recently fallen onto hard times.</p>
<div class="lb-trans"><p>在成立十年后，位于南方城市广州的化妆品和护肤公司 <strong>逸仙电商有限公司</strong> (NYSE: YSG) 似乎即将踏上前往纽约的西进之旅。逸仙的目标可能是一个历史悠久的公司，Erno Laszlo 护肤品牌，拥有近百年的历史，但最近却陷入困境。</p>
</div><p>Those are our major conclusions following a series of recent developments, including a new fundraising by Yatsen that could be used to purchase the acquisition, as well as the sale of Erno Laszlo to a Chinese group this week. A common thread in those two developments is private equity company Trustar Capital, which is both a member of the Chinese group that bought Erno Laszlo and also happens to be an investor in Yatsen's new fundraising.</p>
<div class="lb-trans"><p>这些是我们在一系列近期发展之后得出的主要结论，包括逸仙的新一轮融资，这笔资金可能用于收购，以及本周 Erno Laszlo 被一家中国集团收购。两个事件的共同点是私募股权公司 Trustar Capital，它既是收购 Erno Laszlo 的中国集团的成员，也是逸仙新融资的投资者。</p>
</div><p>All this comes as Yatsen, which owns the Perfect Diary chain of beauty stores, has struggled over the last three years with losses and declining sales for its core color cosmetic products. The company has been engineering a turnaround by shifting its focus to skincare products, which have been logging strong double-digit sales growth and overtook color cosmetics as its biggest revenue source last year.</p>
<div class="lb-trans"><p>所有这些发生在逸仙拥有的完美日记美容店连锁在过去三年中面临亏损和核心彩妆产品销售下滑的背景下。该公司通过将重点转向护肤产品来进行转型，护肤产品的销售增长强劲，去年超越彩妆成为其最大的收入来源。</p>
</div><p>But even that growth is slowing. Yatsen predicted its overall revenue growth would decelerate to between 10% and 20% in the current quarter through June, compared with about 20% growth in the previous two quarters, according to its latest quarterly results announced this week. Yatsen is just one of many Chinese consumer companies that are struggling right now as ordinary people grow increasingly cautious in a slowing economy.</p>
<div class="lb-trans"><p>但即便如此，这一增长也在放缓。逸仙预测其整体收入增长将在截至 6 月的当前季度减速至 10% 至 20% 之间，而前两个季度的增长约为 20%，根据其本周公布的 最新季度财报。逸仙只是众多在经济放缓中挣扎的中国消费公司之一，普通人对经济的谨慎态度日益增强。</p>
</div><p>Within Yatsen's two main product areas, color cosmetics is one area where consumers have been cutting back most, while skincare seems to be showing more resilience. That reality is backed up in the financials of numerous Chinese skincare companies like Hong Kong-listed <strong>Natural Beauty Bio-Tech</strong> (0157.HK) and IPO applicant <strong>HBN Technology,</strong> which bothreported solid revenue gains last year.</p>
<div class="lb-trans"><p>在逸仙的两个主要产品领域中，彩妆是消费者削减开支最多的领域，而护肤似乎表现出更强的韧性。这一现实在许多中国护肤公司的财务数据中得到了支持，例如在香港上市的 <strong>自然美生物科技</strong> (0157.HK) 和 IPO 申请者 <strong>HBN 科技</strong>，这两家公司去年均报告了稳健的收入增长。</p>
</div><p>With so many question marks hanging over the Chinese market, Yatsen appears to be looking to make a big global jump to hedge against the uncertainty at home. The first clue at the company's global aspirations came in March, when Yatsen announced plans to raise $120 million through a convertible note offering. In that announcement, Yatsen listed overseas expansion and strategic M&amp;A as two potential uses of the funds.</p>
<div class="lb-trans"><p>在中国市场悬而未决的诸多问题下，逸仙似乎正在寻求进行一次重大的全球跳跃，以对冲国内的不确定性。该公司全球扩张的第一个线索出现在 3 月，当时逸仙宣布计划通过可转换票据发行筹集 1.2 亿美元。在该公告中，逸仙列出了海外扩张和战略并购作为资金的两个潜在用途。</p>
</div><p>Notably, the two main buyers of the notes were Yatsen founder Huang Jinfeng and Trustar, a private equity arm of state-run financial powerhouse Citic Capital. &#34;By drawing on Trustar Capital's proven track record in cross-border acquisitions and post-merger integration, Yatsen aims to further its global expansion strategy and solidify its position in the global beauty market,&#34; Yatsen said at the time.</p>
<div class="lb-trans"><p>值得注意的是，票据的两大主要买家是逸仙创始人黄锦峰和 Trustar，后者是国有金融巨头中信资本的私募股权部门。&#34;通过借助 Trustar Capital 在跨境收购和并购后整合方面的成功经验，逸仙旨在进一步推进其全球扩张战略，并巩固其在全球美容市场的地位，&#34;逸仙当时表示。</p>
</div><p>The company initially hoped to complete the first tranche of the note issue in March, shortly after the announcement. But that was apparently delayed, and it only announced the first tranche's completion last week on May 21. Most notably, the new announcement added Hillhouse, one of China's most successful private equity investors and a longtime Yatsen backer, as a new investor in the convertible notes, alongside Huang and Trustar.</p>
<div class="lb-trans"><p>该公司最初希望在公告后不久的 3 月完成票据发行的第一期。但这显然被延迟了，直到上周 5 月 21 日才 宣布第一期的完成。最值得注意的是，新公告将中国最成功的私募股权投资者之一的高瓴资本作为可转换票据的新投资者，加入了黄和 Trustar 的行列。</p>
</div><h4><strong>Stock rally</strong></h4>
<div class="lb-trans"><h4><strong>股票反弹</strong></h4>
</div><p>Announcement of the first tranche's completion, including the addition of Hillhouse to the list of investors, touched off a rally for Yatsen's New York-traded stock. The shares initially rose 9% the day of the announcement, and continued to climb after that, including another 8% gain after its latest financial results came out this Tuesday. All said, the shares have risen 57% since the original announcement.</p>
<div class="lb-trans"><p>第一期完成的公告，包括高瓴资本的加入，触发了逸仙在纽约交易的股票反弹。公告当天，股价初步上涨 9%，随后继续攀升，包括在本周二最新财报发布后再次上涨 8%。总的来说，自原始公告以来，股价已上涨 57%。</p>
</div><p>While the latest financial results were broadly positive, the more likely catalyst for the rally is probably expectation for an acquisition using funds from the convertible note issue. Last week's fundraising announcement didn't include any significant new information beyond the addition of Hillhouse to the buyer group. But the original announcement in March suggested that money from the fundraising could be used to buy a company in Trustar's portfolio, with Axilone, a maker of beauty product packaging, named as one specific example.</p>
<div class="lb-trans"><p>尽管最新的财务结果总体上是积极的，但反弹的更可能催化剂可能是对使用可转换票据发行资金进行收购的预期。上周的融资公告并未包含任何重要的新信息，除了高瓴资本加入买方集团。但 3 月份的原始公告暗示，融资所得资金可能用于收购 Trustar 投资组合中的一家公司，Axilone，一家美容产品包装制造商，被列为一个具体的例子。</p>
</div><p>A look at Trustar's current investment portfolio on its website reveals that one of the most recent additions is Erno Laszlo. According to a report this week on BeautyMatter, an industry website, the Erno Laszlo brand was acquired by a group led by Rouyuchen, a Chinese investment company based in Guangzhou, where Yatsen is also based. The purchase price was just $43.8 million, according to the report, which pointed out the buyers were more interested in the brand than Erno Laszlo's business fundamentals, which are quite weak.</p>
<div class="lb-trans"><p>在 Trustar 的网站上查看其当前的投资组合可以发现，最近的一个新增项目是 Erno Laszlo。根据本周行业网站 BeautyMatter 的 一份报告，Erno Laszlo 品牌被一家由广州的中国投资公司 Rouyuchen 领导的集团收购，而 Yatsen 也位于广州。根据该报告，收购价格仅为 4380 万美元，报告指出买家对品牌的兴趣超过了 Erno Laszlo 的业务基本面，而后者相当疲弱。</p>
</div><p>Significantly, Trustar was one of the members of the buyer group, the report said. This type of acquisition is quite typical for Chinese private equity, which often looks for struggling famous Western brands with an aim to turning them around. A higher-profile case in the related luxury sector comes from private equity giant Fosun, which purchased several luxury brands in the 2010s and combined them into a single New York-listed company under the Lanvin brand.</p>
<div class="lb-trans"><p>报告称，Trustar 是买方集团的成员之一。这种收购类型在中国私募股权中相当典型，通常寻找陷入困境的著名西方品牌，旨在将其扭转。相关奢侈品行业的一个更高调的案例来自私募股权巨头复星，该公司在 2010 年代收购了多个奢侈品牌，并将它们整合为一个以 Lanvin 品牌为名的纽约上市公司。</p>
</div><p>While we can't say for certain that Yatsen will purchase Erno Laszlo, whose history dates back to 1927 and has been historically linked to movie stars like Marilyn Monroe and Audrey Hepburn, the signs certainly point in that direction.</p>
<div class="lb-trans"><p>虽然我们不能确定 Yatsen 是否会收购 Erno Laszlo，该品牌的历史可以追溯到 1927 年，并与玛丽莲·梦露和奥黛丽·赫本等电影明星有历史联系，但迹象确实指向这个方向。</p>
</div><p>As we've previously noted, Yatsen's latest results show positive signs of recovery on its growing skincare business. Revenue from that part of its business rose 58.5% year-on-year to 574 million yuan ($85 million) in the first quarter to account for 56% of its total. That offset a 5% decline in its color cosmetics business, resulting in 22.5% overall revenue growth. In a disappointing sign, the company slipped back into the red with a loss of 61.9 million yuan for the quarter due to heavy marketing spending. Before that, it had reported 10 consecutive quarterly losses dating back to 2023, before briefly returning to the black in last year's fourth quarter.</p>
<div class="lb-trans"><p>正如我们之前提到的，Yatsen 最新的业绩显示其不断增长的护肤业务出现了积极的复苏迹象。该部分业务的收入在第一季度同比增长 58.5%，达到 5.74 亿元人民币（8500 万美元），占其总收入的 56%。这抵消了其彩妆业务 5% 的下滑，导致整体收入增长 22.5%。令人失望的是，由于大量的营销支出，公司在本季度再次出现亏损，亏损额为 6190 万元人民币。在此之前，公司自 2023 年以来已连续报告 10 个季度的亏损，直到去年第四季度短暂回归盈利。</p>
</div><p>The bottom line seems to be investors are hopeful that an acquisition, most likely of Erno Laszlo, could bring some excitement back to Yatsen, which can use its manufacturing and marketing experience to try to breathe new life into a famous Western brand. While the chances for such a turnaround are hardly guaranteed, the step looks intriguing enough to probably provide some upside for the stock over the next year or so.</p>
<div class="lb-trans"><p>底线似乎是，投资者对收购的希望，最有可能是收购 Erno Laszlo，可能会为 Yatsen 带来一些兴奋，因为 Yatsen 可以利用其制造和营销经验，试图为一个著名的西方品牌注入新活力。虽然这种扭转的机会并不保证，但这一举措看起来足够吸引人，可能会在未来一年为股票提供一些上行空间。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Yatsen's Cash Raise Fuels Erno Laszlo Speculation

- 元气大伤的 Yatsen Holding 可能计划收购 Erno Laszlo 品牌。
- Yatsen 最近成功完成了 1.2 亿美元可转债的首批发行。
- 收购预计能增强其在全球市场的竞争力。

逸仙电商的筹资行动引发了对 Erno Laszlo 的猜测