{"id":211879,"date":"2026-08-03T21:36:43","date_gmt":"2026-08-03T13:36:43","guid":{"rendered":"http:\/\/www.htt.hk\/?p=211879"},"modified":"2026-08-03T21:36:43","modified_gmt":"2026-08-03T13:36:43","slug":"%e7%be%8e%e5%9b%bd%e5%8f%af%e6%8c%81%e7%bb%ad%e6%97%b6%e5%b0%9a%e5%93%81%e7%89%8c-reformation-%e6%ad%a3%e5%bc%8f%e7%99%bb%e9%99%86%e7%ba%bd%e4%ba%a4%e6%89%80%ef%bc%8c%e5%b8%82%e5%80%bc%e7%ba%a69","status":"publish","type":"post","link":"https:\/\/www.htt.hk\/?p=211879","title":{"rendered":"\u7f8e\u56fd\u53ef\u6301\u7eed\u65f6\u5c1a\u54c1\u724c\u00a0Reformation \u6b63\u5f0f\u767b\u9646\u7ebd\u4ea4\u6240\uff0c\u5e02\u503c\u7ea69.5\u4ebf\u7f8e\u5143"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u82f1\u56fd\u79c1\u52df\u57fa\u91d1<strong>\u00a0Permira\u00a0<\/strong>\u63a7\u80a1\u7684\u7f8e\u56fd\u53ef\u6301\u7eed\u65f6\u5c1a\u54c1\u724c<strong>\u00a0Reformation<\/strong>\u00a0\u5b8c\u6210\u9996\u6b21\u516c\u5f00\u52df\u80a1\uff08IPO\uff09\uff0c\u6b63\u5f0f\u5728\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u6302\u724c\u4ea4\u6613\uff0c\u80a1\u7968\u4ee3\u7801\u4e3a REF\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reformation \u672c\u6b21\u53d1\u884c\u4ef7\u4e3a<strong>\u6bcf\u80a115\u7f8e\u5143<\/strong>\uff0c\u5904\u4e8e\u539f\u5b9a15\u201317\u7f8e\u5143\u533a\u95f4\u4e0b\u9650\uff0c\u5171\u8ba1\u53d1\u884c14,062,500\u80a1\u666e\u901a\u80a1\uff0c\u5176\u4e2dReformation \u81ea\u8eab\u53d1\u552e9,478,821\u80a1\u666e\u901a\u80a1\uff0c\u90e8\u5206\u73b0\u6709\u80a1\u4e1c\u51fa\u8ba94,583,679\u80a1\u666e\u901a\u80a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u672c\u6b21 IPO \u53d1\u884c\u4ef7\u8ba1\u7b97\uff0c<strong>Reformation \u5408\u8ba1\u52df\u8d442.109\u4ebf\u7f8e\u5143<\/strong>\u3002\u622a\u81f3\u4e0a\u5e02\u6b21\u65e5\u6536\u76d8\uff0cReformation \u80a1\u4ef7<strong>\u4e0a\u6da87.56%\u81f316.22\u7f8e\u5143\/\u80a1<\/strong>\uff0c<strong>\u6700\u65b0\u5e02\u503c\u4e3a9.58\u4ebf\u7f8e\u5143<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u62db\u80a1\u6587\u4ef6\u62ab\u9732\uff0c\u672c\u6b21 IPO \u5b8c\u6210\u540e\uff0cPermira \u6301\u6709 Reformation \u7ea649%\u7684\u6d41\u901a\u80a1\u4efd\uff0c\u521b\u59cb\u4eba Yael Aflalo \u7684\u5bb6\u65cf\u4fe1\u6258\u6301\u80a1\u7ea620%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/08\/ScreenShot_2026-08-03_141914_301.png?x-oss-process=image\/resize,m_fill,w_1700,h_718\" alt=\"\" class=\"wp-image-476941\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Reformation 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class=\"wp-block-list\">\n<li><strong>\u5f3a\u5927\u7684\u5ba2\u6237\u57fa\u7840\uff1a<\/strong>2025\u5e74\uff0cDTC\u6e20\u9053\u6d3b\u8dc3\u5ba2\u6237\u6570\u7a81\u7834100\u4e07\u4eba\u6b21\uff0c\u622a\u81f32026\u5e743\u670828\u65e5\uff0c\u6d3b\u8dc3\u987e\u5ba2\u603b\u6570\u7ea6\u4e3a114\u4e07\u3002<\/li>\n\n\n\n<li><strong>\u51c0\u8425\u6536\u7a33\u5b9a\u589e\u957f\uff1a<\/strong>2025\u5e74\uff0c\u516c\u53f8\u51c0\u8425\u6536\u8fbe\u52305.071\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u7ea690%\u6765\u81ea\u76f4\u9762\u6d88\u8d39\u8005\uff08DTC\uff09\u6e20\u9053\uff0c\u4e14\u8fd170%\u7684DTC\u51c0\u8425\u6536\u6765\u81ea\u590d\u8d2d\u987e\u5ba2\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">2015-2025\u5e74\u95f4\uff0c\u516c\u53f8\u51c0\u8425\u6536\u7684\u590d\u5408\u5e74\u5747\u589e\u957f\u7387\uff08CAGR\uff09\u8fbe34%\uff0c2023-2025\u5e74\u590d\u5408\u5e74\u5747\u589e\u957f\u7387\u4e3a19%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u622a\u81f33\u670828\u65e5\u76842026\u8d22\u5e74\u4e00\u5b63\u5ea6\uff0c\u516c\u53f8\u51c0\u8425\u6536\u5f55\u5f971.123\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f30.4%\uff0c\u4e14\u5df2\u8fde\u7eed20\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u51c0\u8425\u6536\u4e24\u4f4d\u6570\u589e\u957f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5f3a\u52b2\u7684\u6bdb\u5229\u7387\uff1a<\/strong>2021-2024\u5e74\u95f4\uff0c\u6bdb\u5229\u7387\u6301\u7eed\u5f55\u5f9764.0%\u53ca\u4ee5\u4e0a\uff1b2025\u5e74\u6bdb\u5229\u7387\u4e3a60.2%\uff1b2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6bdb\u5229\u7387\u4e3a70.3%\u3002<\/li>\n\n\n\n<li><strong>\u6301\u7eed\u7684\u76c8\u5229\u80fd\u529b\uff1a<\/strong>\u96642020\u5e74\u53d7\u65b0\u51a0\u75ab\u60c5\u5f71\u54cd\u5916\uff0c2018-2025\u5e74\u95f4\uff0c\u51c0\u5229\u6da6\u5747\u4e3a\u6b63\u30022025\u5e74\u51c0\u5229\u6da6\u4e3a1260\u4e07\u7f8e\u5143\u3002<\/li>\n\n\n\n<li><strong>\u7a33\u5065\u7684\u8c03\u6574\u540eEBITDA\uff1a<\/strong>2025\u5e74\uff0c\u8c03\u6574\u540eEBITDA\u4e3a4500\u4e07\u7f8e\u5143\uff0c\u5360\u51c0\u8425\u6536\u76848.9%\uff1b2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f55\u5f97\u51c0\u4e8f\u635f1210\u4e07\u7f8e\u5143\uff0c\u540c\u65f6\u5b9e\u73b0\u8c03\u6574\u540eEBITDA\u4e3a1590\u4e07\u7f8e\u5143\uff0c\u5360\u51c0\u8425\u6536\u768414.1%\uff0c\u8f832025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6539\u5584\u4e861450\u4e2a\u57fa\u70b9\u3002<\/li>\n<\/ul>\n\n\n\n<figure 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