<p><em>最近的信號暗示，這家中國護膚和化妝品製造商可能正在考慮收購這家美國品牌，該品牌的出售本週已向一家中國投資集團披露</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>護膚產品製造商逸仙電商上週完成了一筆 1.2 億美元票據發行的第一期，這筆資金可能用於擴展全球市場</li>
<li>這些資金可能用於收購陷入困境的 Erno Laszlo 護膚品牌，該品牌本週以 4400 萬美元被一家中國集團收購</li>
</ul>
<p>在成立十年後，位於南方城市廣州的化妝品和護膚公司 <strong>逸仙電商有限公司</strong> (NYSE: YSG) 似乎即將踏上前往紐約的西進之旅。逸仙的目標可能是一個歷史悠久的公司，Erno Laszlo 護膚品牌，擁有近百年的歷史，但最近卻陷入困境。</p>
<p>這些是我們在一系列近期發展之後得出的主要結論，包括逸仙的新一輪融資，這筆資金可能用於收購，以及本週 Erno Laszlo 被一家中國集團收購。兩個事件的共同點是私募股權公司 Trustar Capital，它既是收購 Erno Laszlo 的中國集團的成員，也是逸仙新融資的投資者。</p>
<p>所有這些發生在逸仙擁有的完美日記美容店連鎖在過去三年中面臨虧損和核心彩妝產品銷售下滑的背景下。該公司通過將重點轉向護膚產品來進行轉型，護膚產品的銷售增長強勁，去年超越彩妝成為其最大的收入來源。</p>
<p>但即便如此，這一增長也在放緩。逸仙預測其整體收入增長將在截至 6 月的當前季度減速至 10% 至 20% 之間，而前兩個季度的增長約為 20%，根據其本週公佈的 最新季度財報。逸仙只是眾多在經濟放緩中掙扎的中國消費公司之一，普通人對經濟的謹慎態度日益增強。</p>
<p>在逸仙的兩個主要產品領域中，彩妝是消費者削減開支最多的領域，而護膚似乎表現出更強的韌性。這一現實在許多中國護膚公司的財務數據中得到了支持，例如在香港上市的 <strong>自然美生物科技</strong> (0157.HK) 和 IPO 申請者 <strong>HBN 科技</strong>，這兩家公司去年均報告了穩健的收入增長。</p>
<p>在中國市場懸而未決的諸多問題下，逸仙似乎正在尋求進行一次重大的全球跳躍，以對沖國內的不確定性。該公司全球擴張的第一個線索出現在 3 月，當時逸仙宣佈計劃通過可轉換票據發行籌集 1.2 億美元。在該公告中，逸仙列出了海外擴張和戰略併購作為資金的兩個潛在用途。</p>
<p>值得注意的是，票據的兩大主要買家是逸仙創始人黃錦峯和 Trustar，後者是國有金融巨頭中信資本的私募股權部門。&#34;通過藉助 Trustar Capital 在跨境收購和併購後整合方面的成功經驗，逸仙旨在進一步推進其全球擴張戰略，並鞏固其在全球美容市場的地位，&#34;逸仙當時表示。</p>
<p>該公司最初希望在公告後不久的 3 月完成票據發行的第一期。但這顯然被延遲了，直到上週 5 月 21 日才 宣佈第一期的完成。最值得注意的是，新公告將中國最成功的私募股權投資者之一的高瓴資本作為可轉換票據的新投資者，加入了黃和 Trustar 的行列。</p>
<h4><strong>股票反彈</strong></h4>
<p>第一期完成的公告，包括高瓴資本的加入，觸發了逸仙在紐約交易的股票反彈。公告當天，股價初步上漲 9%，隨後繼續攀升，包括在本週二最新財報發佈後再次上漲 8%。總的來説，自原始公告以來，股價已上漲 57%。</p>
<p>儘管最新的財務結果總體上是積極的，但反彈的更可能催化劑可能是對使用可轉換票據發行資金進行收購的預期。上週的融資公告並未包含任何重要的新信息，除了高瓴資本加入買方集團。但 3 月份的原始公告暗示，融資所得資金可能用於收購 Trustar 投資組合中的一家公司，Axilone，一家美容產品包裝製造商，被列為一個具體的例子。</p>
<p>在 Trustar 的網站上查看其當前的投資組合可以發現，最近的一個新增項目是 Erno Laszlo。根據本週行業網站 BeautyMatter 的 一份報告，Erno Laszlo 品牌被一家由廣州的中國投資公司 Rouyuchen 領導的集團收購，而 Yatsen 也位於廣州。根據該報告，收購價格僅為 4380 萬美元，報告指出買家對品牌的興趣超過了 Erno Laszlo 的業務基本面，而後者相當疲弱。</p>
<p>報告稱，Trustar 是買方集團的成員之一。這種收購類型在中國私募股權中相當典型，通常尋找陷入困境的著名西方品牌，旨在將其扭轉。相關奢侈品行業的一個更高調的案例來自私募股權巨頭復星，該公司在 2010 年代收購了多個奢侈品牌，並將它們整合為一個以 Lanvin 品牌為名的紐約上市公司。</p>
<p>雖然我們不能確定 Yatsen 是否會收購 Erno Laszlo，該品牌的歷史可以追溯到 1927 年，並與瑪麗蓮·夢露和奧黛麗·赫本等電影明星有歷史聯繫，但跡象確實指向這個方向。</p>
<p>正如我們之前提到的，Yatsen 最新的業績顯示其不斷增長的護膚業務出現了積極的復甦跡象。該部分業務的收入在第一季度同比增長 58.5%，達到 5.74 億元人民幣（8500 萬美元），佔其總收入的 56%。這抵消了其彩妝業務 5% 的下滑，導致整體收入增長 22.5%。令人失望的是，由於大量的營銷支出，公司在本季度再次出現虧損，虧損額為 6190 萬元人民幣。在此之前，公司自 2023 年以來已連續報告 10 個季度的虧損，直到去年第四季度短暫迴歸盈利。</p>
<p>底線似乎是，投資者對收購的希望，最有可能是收購 Erno Laszlo，可能會為 Yatsen 帶來一些興奮，因為 Yatsen 可以利用其製造和營銷經驗，試圖為一個著名的西方品牌注入新活力。雖然這種扭轉的機會並不保證，但這一舉措看起來足夠吸引人，可能會在未來一年為股票提供一些上行空間。</p>
<p><em>要訂閲 Bamboo Works 每週免費的新聞通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

逸仙電商

<p>逸仙電商完成了一項 1.2 億美元的債券發行，可能是為了收購最近被包括 Trustar Capital 在內的中國集團收購的 Erno Laszlo 護膚品牌。面對國內增長放緩，逸仙電商旨在通過戰略性併購實現全球擴張。此次融資消息及高瓴資本的參與引發了 57% 的股票上漲，主要受到收購猜測的推動</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>最近的信號暗示，這家中國護膚和化妝品製造商可能正在考慮收購這家美國品牌，該品牌的出售本週已向一家中國投資集團披露</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>護膚產品製造商逸仙電商上週完成了一筆 1.2 億美元票據發行的第一期，這筆資金可能用於擴展全球市場</li>
<li>這些資金可能用於收購陷入困境的 Erno Laszlo 護膚品牌，該品牌本週以 4400 萬美元被一家中國集團收購</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>在成立十年後，位於南方城市廣州的化妝品和護膚公司 <strong>逸仙電商有限公司</strong> (NYSE: YSG) 似乎即將踏上前往紐約的西進之旅。逸仙的目標可能是一個歷史悠久的公司，Erno Laszlo 護膚品牌，擁有近百年的歷史，但最近卻陷入困境。</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>這些是我們在一系列近期發展之後得出的主要結論，包括逸仙的新一輪融資，這筆資金可能用於收購，以及本週 Erno Laszlo 被一家中國集團收購。兩個事件的共同點是私募股權公司 Trustar Capital，它既是收購 Erno Laszlo 的中國集團的成員，也是逸仙新融資的投資者。</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>所有這些發生在逸仙擁有的完美日記美容店連鎖在過去三年中面臨虧損和核心彩妝產品銷售下滑的背景下。該公司通過將重點轉向護膚產品來進行轉型，護膚產品的銷售增長強勁，去年超越彩妝成為其最大的收入來源。</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，這一增長也在放緩。逸仙預測其整體收入增長將在截至 6 月的當前季度減速至 10% 至 20% 之間，而前兩個季度的增長約為 20%，根據其本週公佈的 最新季度財報。逸仙只是眾多在經濟放緩中掙扎的中國消費公司之一，普通人對經濟的謹慎態度日益增強。</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>在逸仙的兩個主要產品領域中，彩妝是消費者削減開支最多的領域，而護膚似乎表現出更強的韌性。這一現實在許多中國護膚公司的財務數據中得到了支持，例如在香港上市的 <strong>自然美生物科技</strong> (0157.HK) 和 IPO 申請者 <strong>HBN 科技</strong>，這兩家公司去年均報告了穩健的收入增長。</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>在中國市場懸而未決的諸多問題下，逸仙似乎正在尋求進行一次重大的全球跳躍，以對沖國內的不確定性。該公司全球擴張的第一個線索出現在 3 月，當時逸仙宣佈計劃通過可轉換票據發行籌集 1.2 億美元。在該公告中，逸仙列出了海外擴張和戰略併購作為資金的兩個潛在用途。</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，票據的兩大主要買家是逸仙創始人黃錦峯和 Trustar，後者是國有金融巨頭中信資本的私募股權部門。&#34;通過藉助 Trustar Capital 在跨境收購和併購後整合方面的成功經驗，逸仙旨在進一步推進其全球擴張戰略，並鞏固其在全球美容市場的地位，&#34;逸仙當時表示。</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>該公司最初希望在公告後不久的 3 月完成票據發行的第一期。但這顯然被延遲了，直到上週 5 月 21 日才 宣佈第一期的完成。最值得注意的是，新公告將中國最成功的私募股權投資者之一的高瓴資本作為可轉換票據的新投資者，加入了黃和 Trustar 的行列。</p>
</div><h4><strong>Stock rally</strong></h4>
<div class="lb-trans"><h4><strong>股票反彈</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，包括高瓴資本的加入，觸發了逸仙在紐約交易的股票反彈。公告當天，股價初步上漲 9%，隨後繼續攀升，包括在本週二最新財報發佈後再次上漲 8%。總的來説，自原始公告以來，股價已上漲 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>儘管最新的財務結果總體上是積極的，但反彈的更可能催化劑可能是對使用可轉換票據發行資金進行收購的預期。上週的融資公告並未包含任何重要的新信息，除了高瓴資本加入買方集團。但 3 月份的原始公告暗示，融資所得資金可能用於收購 Trustar 投資組合中的一家公司，Axilone，一家美容產品包裝製造商，被列為一個具體的例子。</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 的網站上查看其當前的投資組合可以發現，最近的一個新增項目是 Erno Laszlo。根據本週行業網站 BeautyMatter 的 一份報告，Erno Laszlo 品牌被一家由廣州的中國投資公司 Rouyuchen 領導的集團收購，而 Yatsen 也位於廣州。根據該報告，收購價格僅為 4380 萬美元，報告指出買家對品牌的興趣超過了 Erno Laszlo 的業務基本面，而後者相當疲弱。</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>報告稱，Trustar 是買方集團的成員之一。這種收購類型在中國私募股權中相當典型，通常尋找陷入困境的著名西方品牌，旨在將其扭轉。相關奢侈品行業的一個更高調的案例來自私募股權巨頭復星，該公司在 2010 年代收購了多個奢侈品牌，並將它們整合為一個以 Lanvin 品牌為名的紐約上市公司。</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>雖然我們不能確定 Yatsen 是否會收購 Erno Laszlo，該品牌的歷史可以追溯到 1927 年，並與瑪麗蓮·夢露和奧黛麗·赫本等電影明星有歷史聯繫，但跡象確實指向這個方向。</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>正如我們之前提到的，Yatsen 最新的業績顯示其不斷增長的護膚業務出現了積極的復甦跡象。該部分業務的收入在第一季度同比增長 58.5%，達到 5.74 億元人民幣（8500 萬美元），佔其總收入的 56%。這抵消了其彩妝業務 5% 的下滑，導致整體收入增長 22.5%。令人失望的是，由於大量的營銷支出，公司在本季度再次出現虧損，虧損額為 6190 萬元人民幣。在此之前，公司自 2023 年以來已連續報告 10 個季度的虧損，直到去年第四季度短暫迴歸盈利。</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>底線似乎是，投資者對收購的希望，最有可能是收購 Erno Laszlo，可能會為 Yatsen 帶來一些興奮，因為 Yatsen 可以利用其製造和營銷經驗，試圖為一個著名的西方品牌注入新活力。雖然這種扭轉的機會並不保證，但這一舉措看起來足夠吸引人，可能會在未來一年為股票提供一些上行空間。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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Yatsen's Cash Raise Fuels Erno Laszlo Speculation

- 元氣大傷的 Yatsen Holding 可能計劃收購 Erno Laszlo 品牌。
- Yatsen 最近成功完成了 1.2 億美元可轉債的首批發行。
- 收購預計能增強其在全球市場的競爭力。

逸仙電商的籌資行動引發了對 Erno Laszlo 的猜測