投资者当前两大担忧： 1）核心品牌运营权被收回带来营收缺口；2）国产品牌崛起冲击其市场份额。 经过剖析，我们认为这些担忧或被过度放大。 1）品牌运营权收回风险现实情况较为乐观。公司供应商与多数品牌（贡献70%销售）签有永久合约， 如主力品牌Versace 去年与供应商续约30 年。 欧洲品牌因高研发成本，倾向与渠道长期合作，即使收回运营权也附有高额补偿。且销售体量越大的品 牌对渠道依赖越强，收回难度越大，体量小的品牌被收回则对整体业绩影响有限。2）国产品牌竞争当 下威胁有限。香水市场处于增量扩张阶段，国产品牌与国际高端品牌价格带、客群差异大，前者更多在 为后者培育潜在客群。且国产品牌在调香师培养、研发投入、原料获取、生产工艺等方面与国际品牌差 距悬殊，短期难成威胁。 颖通控股成立于1980 年，是第一家系统性、规模化地将国际高端香水引入中国的公司。区别于贸易 商，公司通过品牌授权代理模式，为欧洲香水提供从市场准入、渠道铺设到消费者教育的全链条服务。 作为中国进口香水先行者，公司为现行行业标准的制定与优化发挥了重要作用。我们认为核心投资逻辑 如下： 高增赛道的核心受益者。中国香水市场成为化妆品领域增速最快赛道基 ...

智通财经APP获悉，招银国际发布研报称，首次覆盖颖通控股(06883)为"买入"评级，并设目标价3.49港 元，对应2026财年14.2倍的市盈率。基于1.07倍可比同业前瞻PEG给予30%的估值折价。 该行认为，中国香水市场成为化妆品领域最快赛道基本已达成共识，多机构预测未来4-5年增速达9- 14%。且颖通控股多品牌的运营构筑上下游两端合作主动权。然而，现投资者对核心品牌运营被收回带 来的收入缺口，以及国产品牌崛起从而冲击其市场份额感到担忧。该行则认为，这些担忧或被过度放 大。 ...

招银国际发布研报称，首次覆盖颖通控股(06883)为"买入"评级，并设目标价3.49港元，对应2026财年 14.2倍的市盈率。基于1.07倍可比同业前瞻PEG给予30%的估值折价。 该行认为，中国香水市场成为化妆品领域最快赛道基本已达成共识，多机构预测未来4-5年增速达9- 14%。且颖通控股多品牌的运营构筑上下游两端合作主动权。然而，现投资者对核心品牌运营被收回带 来的收入缺口，以及国产品牌崛起从而冲击其市场份额感到担忧。该行则认为，这些担忧或被过度放 大。 ...

颖通控股 (6883 HK) 奢品香氛管理先驱，首次覆盖给予买入评级 颖通控股成立于 1980 年，是第一家系统性、规模化地将国际高端香水引入中国 的公司。区别于贸易商，公司通过品牌授权代理模式，为欧洲香水提供从市场准 入、渠道铺设到消费者教育的全链条服务。作为中国进口香水先行者，公司为现 行行业标准的制定与优化发挥了重要作用。我们认为核心投资逻辑如下： 财务资料 | (截至 03 月 31 日) | FY24A | FY25A | FY26E | FY27E | FY28E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 1,864 | 2,083 | 2,425 | 2,784 | 3,134 | | 同比增长 (%) | 9.7 | 11.8 | 16.4 | 14.8 | 12.6 | | 净利润 (百万人民币) | 206.5 | 227.0 | 299.7 | 324.1 | 370.3 | | 同比增长 (%) | 19.3 | 10.0 | 32.0 | 8.1 | 14.3 | | 每股收益 (人民币) | na | na | ...

中国香水市场正在迎来发展机遇。颖通控股（06883.HK，以下简称"颖通"）联合德勤咨询发布的《中 国香水香氛行业白皮书》（以下简称"白皮书"）显示，全球香水市场未来四年预计将维持4%至6%的增 长。其中，中国香水市场预计高单位数增速，到2028年中国香水市场规模预计突破339亿元，年复合率 为8%。 品牌竞争激烈 对于国外品牌与国内品牌的差异，颖通相关负责人认为："从市场大环境来看，中国是全球规模最大的 美妆市场之一，本土品牌在大众护肤、美妆领域具备天然优势：依托国内完整的美妆供应链体系，能实 现更高效的生产响应与成本控制，形成明显的生产与价格优势；但在科研层面与国际一线品牌仍有差 距。" 对于本土香氛品牌的发展，一名香氛品牌创始人此前向《中国经营报》记者表示："从美妆大产业的发 展逻辑上，国内、国外是有一致性的，都是从护肤、彩妆再到香氛、香水，从2019年起中国彩妆有整体 性的增长。我认为，从2020年5月份起，香薰进入了赛道增长周期。原因是中国人对于自己的文化开始 有自信了，这是非常重要的一点，因为香水、香氛非常需要情感。对做'东方嗅觉'的品牌来说，如果消 费者对文化不认同，那么品牌就只能主打性价比。但 ...

Core Viewpoint - The global fragrance market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's fragrance market projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028, indicating a strong trend in the fragrance sector despite overall pressure on the beauty industry [2][6]. Industry Overview - The fragrance segment has shown resilience, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance businesses amidst declines in other product lines [6]. - The Chinese fragrance market is anticipated to exceed 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in fragrance sales in the offline market for 2024, contrasting with a 7.9% decline in overall beauty sales [6]. Company Insights - Ying Tong Holdings, listed in Hong Kong, has faced market skepticism since its IPO, primarily due to its heavy reliance on brand agency agreements, with a significant portion of its brand authorizations expiring within a year [3][4]. - As of May 31, Ying Tong managed 72 external brands, with its own brand revenue accounting for less than 1% in Q1 of this year [4]. - The CEO of Ying Tong indicated plans to enhance their own brand, Santa Monica, through product refinement and potential partnerships or acquisitions to scale up [4]. Market Dynamics - The fragrance market is increasingly influenced by the "scent economy," with a notable rise in male fragrance consumption, which is expected to grow from 37.1% in 2023 to 40.1% in 2024 [5][7]. - The competition among brands is intensifying, with international brands still dominating the market, while domestic brands are beginning to emerge [8][9]. Future Trends - The white paper indicates that the consumer base for fragrances is shifting, with a significant increase in the proportion of fragrance users in first-tier cities [7]. - Ying Tong's strategy for introducing new brands focuses on proven success in foreign markets, product quality, and the willingness of brand owners to adapt to the Chinese market [9].

在刚刚过去的财报季，国际美妆巨头们的业绩集体承压。但在所有产品线中，香水香氛成为逆势增长的赛道。这也是去年年中这些美妆巨头在财报中透露的 一大信息，如今这一趋势仍在延续。 9月4日，颖通控股（06883.HK，股价2.200港元，市值29.84亿港元）联合德勤咨询发布的《2025中国香水香氛行业白皮书》（以下简称《白皮书》）显示， 全球香水市场规模在未来四年预计将维持4%～6%的增速，中国市场预计未来增速则更快，在2024—2028年的年复合增长率预计将达到8%。 香水市场的火热也推动了一家香水代理公司上市。今年6月，颖通控股登陆港股市场，成为"香水第一股"。但自IPO（首次公开募股）以来，颖通控股备受市 场质疑，公司高度依赖代理品牌，自营品牌营收占比低，股价表现并不理想。9月4日，颖通控股首席执行官林荆就市场质疑以及香水香氛行业的趋势，接受 了包括《每日经济新闻》记者在内的媒体记者采访。 林荆：一年代理合约期很普遍 上市首日（6月26日），颖通控股破发；截至9月5日收盘，公司股价仍低于发行价2.88港元/股。 图片来源：通达信截图 市场在担忧什么？ 关键点在于颖通控股是高奢品牌香化头部代理商，极度依赖品牌方 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 穎通控股有限公司 | | | 呈交日期: | 2025年9月3日 | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06883 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,000,000,000 | HKD | | 0.001 | HKD | | 7,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 7,000,000,00 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Core Insights - The fragrance industry is transitioning from "sensory pleasure" to "emotional health core needs," indicating a strategic shift in consumer preferences and market focus [1] - The Hong Kong and Macau fragrance market is experiencing three key transformations: emotional demand-driven consumption, the popularization of home fragrances, and the rise of the olfactory economy in commercial spaces [1][2] Company Strategy - The company plans to leverage its 40 years of channel advantages and multinational service network to act as a core bridge for global fragrance brands entering the Chinese market, integrating international innovation with Chinese consumption upgrades [1] - The company aims to establish its first fragrance experience flagship store in Hong Kong by 2026 and open a "Perfume Box" flagship store in Shanghai by the end of 2026, creating immersive retail experiences for customers [2] Market Data - According to a survey conducted in July 2025 involving 790 consumers in Hong Kong and Macau, 81% of respondents have integrated fragrances into their daily lives, a 9% increase from the previous year [1] - The global home fragrance market is projected to reach $40 billion by 2032, with a compound annual growth rate of 6.56% [2] Product Portfolio - As of June 10, 2025, the company is the largest fragrance group in China by retail sales (excluding brand owners), distributing products from 72 external brands across various pricing tiers and functions to meet diverse consumer needs [3]