珀莱雅②：先参股、再控股，花知晓能把珀莱雅变成美妆集团吗？｜EP68

from 投研随身听 · host 慢研播客

二零二五年八月，珀莱雅累计投入约四点二八亿元取得花知晓百分之三十八点四五股权；观察约十个月以后，再投入约三点五一亿元，将持股提高到百分之五十一。花知晓二零二五年收入十七点二六亿元、净利润二点八亿元，销售费用率明显低于珀莱雅。交易没有业绩对赌，约九点二四亿元商誉主要依靠创始团队五年服务期和竞业禁止约束。本期拆解珀莱雅已经证明的选择与购买能力，以及尚待验证的整合与复用能力。两者的差别，决定公司最终成为美妆集团，还是品牌控股平台。信息截止：2026-08-27。本节目不构成投资建议。

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珀莱雅②：先参股、再控股，花知晓能把珀莱雅变成美妆集团吗？｜EP68

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