Recently, CHAILEEDO learned that the China Securities Regulatory Commission (CSRC) issued a filing notice regarding the overseas issuance and listing of Eternal Beauty Holdings Limited (“Eternal Beauty”), marking a key step in the company’s IPO filing process with the CSRC.
It is understood that Eternal Beauty submitted its overseas listing filing materials through its Chinese operating entity, Shanghai Eternal Beauty Cosmetics Co., Ltd. The company plans to issue no more than 348,750,000 overseas-listed ordinary shares and list them on the Hong Kong Stock Exchange.
Eternal Beauty’s history dates back to 1987, positioning it as a pioneer in China’s perfume market. Over 38 years of development, the company has evolved into a diversified brand management firm, though perfume remains its primary revenue driver. According to data from Frost & Sullivan, based on 2023 retail sales, Eternal Beauty is the largest perfume brand management company in China, the third-largest perfume group in the country, and the only perfume brand management company among China’s top five perfume groups.
According to the prospectus, as of February 4, 2025, Eternal Beauty managed a total of 66 external brands, including Hermès, Van Cleef & Arpels, Chopard, ALBION, and Laura Mercier, spanning categories such as skincare, makeup, personal care products, eyewear, and home fragrances.
In terms of financial performance, for the fiscal years ending March 31, 2022, March 31, 2023, and March 31, 2024, as well as the six months ending September 30, 2024, Eternal Beauty recorded revenues of RMB 1.674 billion ($230.8 million), RMB 1.699 billion ($234.2 million), RMB 1.863 billion ($256.8 million), and RMB 1.064 billion ($146.7 million), respectively. Net profits for these periods were RMB 171 million ($23.58 million), RMB 173 million ($23.85 million), RMB 206 million ($28.4 million), and RMB 115 million ($15.85 million), respectively. Over these three and a half years, the company’s total cumulative revenue reached RMB 6.3 billion, with a net profit of RMB 665 million.
Revenue from the perfume segment specifically amounted to RMB 1.496 billion ($206.2 million), RMB 1.504 billion ($207.4 million), RMB 1.524 billion ($210.1 million), and RMB 885 million ($122 million), accounting for 89.3%, 88.5%, 81.7%, and 83.1% of total revenue, respectively.
Notably, on July 18 last year, Eternal Beauty initially submitted its prospectus to the Hong Kong Stock Exchange. However, as the six-month validity period expired, the listing application was marked as “lapsed” on January 20. Just over ten days later, the company swiftly updated its prospectus and resubmitted the application. On February 7, 2025, Eternal Beauty filed an updated prospectus with the Hong Kong Stock Exchange, with BNP Paribas and CITIC Securities continuing as joint sponsors. If successful, Eternal Beauty is expected to become “China’s first publicly listed perfume company.”
