为什么消费品牌并购看重真实复购？
中国消费品牌增长快，但平台流量、促销和库存会掩盖真实盈利能力。买方需要判断品牌是否有可持续复购和渠道利润，而不是只看销售额。
估值重点
估值应关注渠道结构、毛利率、复购率、库存周转、获客成本、平台依赖、商标权属、供应链和营运资金。
尽职调查重点
尽调应覆盖商标、渠道合同、电商平台数据、库存、供应商、产品合规、税务、退货率和历史投诉。
卖方准备
卖方应准备渠道收入拆分、复购数据、库存账龄、平台费用、商标文件、供应商合同和产品合规资料。
Lyndon如何协助
Lyndon可协助中国消费品牌企业、买方和顾问准备估值、资料室、风险清单和交易执行。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
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