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Smartkarma AI Primers

Smartkarma

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Equity Bottom-Up

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 <li>
<a href="https://smartkarma.com/entities/eternal-beauty-holdings-limited">Eternal Beauty</a> is a key player in the Greater China beauty market, acting as the largest non-brand-owner perfume group by retail sales in 2023. The company's integrated model spans distribution, wholesale, retail, and brand management services for a diverse portfolio of international brands.</li>
 <li>The company has demonstrated consistent top-line growth, with revenue increasing over the past three fiscal years. However, this growth has been accompanied by a noticeable compression in gross and net margins, indicating potential pricing pressure or a shift in product mix.</li>
 <li>Significant corporate governance events have occurred recently, including a trading suspension since March 2026 and the replacement of its auditor. These events, coupled with a board that has seen significant turnover and has a minority of independent directors, present notable risks for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Eternal Beauty is a key player in the Greater China beauty market, acting as the largest non-brand-owner perfume group by retail sales in 2023. The company's integrated model spans distribution, wholesale, retail, and brand management services for a diverse portfolio of international brands.
  The company has demonstrated consistent top-line growth, with revenue increasing over the past three fiscal years. However, this growth has been accompanied by a noticeable compression in gross and net margins, indicating potential pricing pressure or a shift in product mix.
  Significant corporate governance events have occurred recently, including a trading suspension since March 2026 and the replacement of its auditor. These events, coupled with a board that has seen significant turnover and has a minority of independent directors, present notable risks for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Eternal Beauty (6883 HK) - Aug 2026

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Founded in 1980s, Eternal is the first company in China to introduce international premium perfumes in a systematic and large-scale manner.</li><li>Distinct from pure distributors, the company adopts a brand licensing and agency model, providing end-to-end services for European perfumes, covering market access, channel development, and consumer education.</li><li>As a pioneer in China’s imported perfume sector, it has played a pivotal role in formulating and optimizing the current industry standards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Founded in 1980s, Eternal is the first company in China to introduce international premium perfumes in a systematic and large-scale manner.Distinct from pure distributors, the company adopts a brand licensing and agency model, providing end-to-end services for European perfumes, covering market access, channel development, and consumer education.As a pioneer in China’s imported perfume sector, it has played a pivotal role in formulating and optimizing the current industry standards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Eternal Beauty (6883 HK) - Pioneer of Luxury Fragrance Management, Initiate with Buy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, in a busy listing week, the results from listing were mixed.</li>
<li>On the placements front, there were a number of large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, in a busy listing week, the results from listing were mixed.
On the placements front, there were a number of large deals across the region.


ECM Weekly (30 June 2025) - FWD, Anjoy, IFBH, HDB Financials, Virgin, Xero, Shinhan, Innovent

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<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> raised around US$125m in its Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.</li>
</ul>



Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.


Eternal Beauty IPO Trading - Weak Demand, Close to Fair Value

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> failed to perform at listing marking a turnaround for recent A/H listing. <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Sanhua Intelligent (2050 HK)</a> will be next in line. </li>
<li>On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line. 
On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.


ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

Hong Kong

Eternal Beauty is an investment holding company primarily engaged in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances. The company also provides brand management and market entry/expansion services for third-party brand licensors. It was founded in 1987 and is headquartered in Kowloon Bay, Hong Kong.

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Eternal Beauty (6883 HK)

Primer: Eternal Beauty (6883 HK) - Aug 2026

Eternal Beauty is a key player in the Greater China beauty market, acting as the largest non-brand-owner perfume group by retail sales in 2023....

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