Core Insights - The article discusses the evolution of the fragrance market in China, highlighting the shift towards niche and artisanal perfumes as consumers seek unique personal branding through scent [3][4][8] - The concept of "scent identity" is emerging, where consumers use fragrances to establish social recognition and express individuality [3][7] - The market is experiencing significant growth, with retail sales expected to rise from 114 billion yuan in 2018 to 249 billion yuan in 2024, and projected to reach 339 billion yuan by 2028, reflecting a compound annual growth rate of 8% [8][20] Group 1: Company Overview - Ying Tong Group, established in 1987, introduced the first imported perfume to China and has since witnessed the transformation of the Chinese fragrance market [4][5] - The company has partnered with 73 external brands, with 61 holding exclusive rights, covering luxury and niche brands, making it a key player in the industry [5][10] - Ying Tong's fragrance business accounted for 80.9% of its revenue as of March 31, 2025, underscoring its role as a cash flow pillar [5] Group 2: Market Dynamics - The Chinese fragrance market has evolved through various stages, from slow growth in the 1980s to a high-quality development phase since 2015, with increasing consumer awareness and demand for premium products [6][8] - The market is characterized by competition between international and local brands, with local brands capturing 18% of the market share in 2023 [10][20] - The rise of the "scent economy" indicates that fragrance has become a necessity for consumers, with significant increases in demand for scented personal care and home products [7][20] Group 3: Strategic Initiatives - Ying Tong is focusing on building a brand matrix, identifying channel opportunities, and establishing an operational sharing mechanism to enhance collaboration across its diverse brand portfolio [12][13] - The company is expanding its retail presence with over 100 self-operated retail outlets and 8,000 retail points, alongside a robust online presence [14] - Ying Tong is also investing in its own brand, "Santa Monica," to fill market gaps and enhance competitiveness through localized product development [15][16] Group 4: Consumer Engagement - The company emphasizes the importance of creating engaging consumer experiences through innovative retail concepts like "Scent Box," which combines brand incubation and consumer education [18][19] - Ying Tong aims to target younger consumers and educate them about fragrance, leveraging digital tools for personalized marketing and cross-brand recommendations [21][22] - The company is exploring new market opportunities by collaborating with various sectors, including hospitality and smart home brands, to expand its fragrance offerings [20][21]

Group 1 - The core viewpoint of the article is that the IPO market for consumer companies in Hong Kong is expected to become active again in 2025, following a period of slowdown due to various regulatory and economic factors [2][3] - Since 2021, the capital market for consumer companies has faced challenges due to US-China trade tensions and a regulatory focus on "hard technology," leading to a significant slowdown in the capitalisation process for consumer enterprises [2][3] - In June 2024, a joint announcement by six government departments in China aimed to support quality consumer enterprises in financing through IPOs, which has led to a resurgence in consumer market confidence and activity [2][3] Group 2 - According to PwC data, 34% of new companies listed on the Hong Kong stock exchange in the first half of 2025 were in the retail, consumer goods, and services sectors [4] - From January to October 2025, at least 15 consumer companies successfully listed on the Hong Kong Stock Exchange, covering various sub-sectors such as beverages, food, and personal care [4][6] - The listing pace of consumer companies on the Hong Kong Stock Exchange has accelerated significantly in 2025, with multiple companies going public in concentrated periods throughout the year [6] Group 3 - The food and beverage sector remains the hottest area for IPOs, with companies like Mixue Ice City and Gu Ming representing successful capitalisation in the ready-to-drink beverage market [7] - Despite the overall enthusiasm for consumer stocks, the beauty sector has seen a lack of successful IPOs, with only one company, Yingtong Holdings, managing to list in 2025 [8][9] - As of October 30, 2025, 20 domestic beauty-related companies have initiated the IPO process, with many choosing the Hong Kong Stock Exchange as their primary listing venue [12] Group 4 - The beauty industry faces challenges in successfully listing on the Hong Kong Stock Exchange, with only a few companies completing the process despite a high number of applications [13][14] - Factors contributing to the difficulties include high competition for IPO slots and the need for companies to meet stringent financial and operational criteria set by the exchange [14][15] - Many beauty companies exhibit low R&D investment relative to industry averages, which may hinder their long-term growth potential and ability to sustain cash flow [16][17]

（原标题：颖通控股(06883)股东将股票存入法国巴黎银行 存仓市值19.76亿港元） 智通财经APP获悉，香港联交所最新资料显示，11月21日，颖通控股(06883)股东将股票存入法国巴黎银 行，存仓市值19.76亿港元，占比70.03%。 颖通控股发布公告，于2025年第三季度，本集团与瑞士奢侈护肤品牌Swiss Perfection建立合作关系。通 过此合作，本集团已获得Swiss Perfection 旗下产品在中国内地、中国香港及中国澳门市场的独家经销 权，并负责为该品牌实施定制化的市场进入与扩张计划。 ...

香港联交所最新资料显示，11月21日，颖通控股(06883)股东将股票存入法国巴黎银行，存仓市值19.76 亿港元，占比70.03%。 颖通控股发布公告，于2025年第三季度，本集团与瑞士奢侈护肤品牌Swiss Perfection建立合作关系。通 过此合作，本集团已获得Swiss Perfection旗下产品在中国内地、中国香港及中国澳门市场的独家经销 权，并负责为该品牌实施定制化的市场进入与扩张计划。 ...

格隆汇11月18日丨颖通控股(06883.HK)宣布，谨定于2025年11月28日（星期五）举行董事会会议，以考 虑及通过本集团截至2025年9月30日止六个月的中期业绩，及派发中期股息（如有），以及处理其他事 项。 ...

穎通控股有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲通 告謹定於2025年11月28日（星期五）舉行董事會會議，以考慮及通過本集團截至 2025年9月30日止六個月的中期業績，及派發中期股息（如有），以及處理其他事 項。 承董事會命 穎通控股有限公司 董事會主席 劉鉅榮先生 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Eternal Beauty Holdings Limited 穎通控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6883） 董事會會議召開日期 香港，2025年11月18日 於本公告日期，董事會包括：(i)執行董事劉鉅榮先生、林荊女士、劉頴賢女 士及朱維馴先生；及(ii)獨立非執行董事陶志強先生、Nagy Guillaume Nicolas Sébastien先生及Chan Soh Cheng女士。 ...

Company Overview - Ying Tong Holdings is a leading high-end perfume brand management company in China, providing distribution and market deployment services for 73 external brands as of FY25 [1] - The company is expected to benefit from the recovery of high-end consumption and the increasing penetration rate of perfumes and fragrances [1][2] - Ying Tong's brand matrix is continuously expanding, with plans to enhance self-operated retail stores and proprietary brands, which are anticipated to create new revenue and profit growth points [1][3] Industry Insights - The Chinese perfume market is projected to reach 26.5 billion yuan in 2024, with a CAGR of 15.1% from 2019 to 2024, significantly higher than the global expected growth rate of 3.5% during the same period [2] - Currently, over 50% of the domestic perfume market is dominated by overseas luxury brands, indicating a substantial opportunity for domestic brands to increase their market share [2] - The demand for perfumes in China has considerable room for growth compared to Europe and the United States, particularly in the extension from perfumes to fragrances, which could enhance market education and expand the "olfactory economy" [2] Competitive Advantages - Ying Tong has established a rich brand matrix ranging from affordable to luxury, covering various categories including skincare, home fragrances, and personal care [2] - The company maintains stable long-term relationships with its top two suppliers, EuroItalia and Yite, which accounted for 59.4% of total procurement in FY25 [2] - Ying Tong has a comprehensive channel layout with 8,302 offline sales points in China as of FY25, alongside steady growth in online channels [2] Growth Opportunities - The company is launching self-operated retail stores, such as the multi-brand perfume and fragrance collection store "Shi Fen Qi He," to enhance customer experience and increase sales [3] - Ying Tong is actively developing its proprietary brand, Santa Monica, which is expanding into eyewear, perfumes, and fragrances, with a projected CAGR of 41% for brand revenue from FY24 to FY25 [3] - The company is also exploring external acquisitions to diversify its brand matrix and deepen its channel layout [3] Market Positioning - There are concerns regarding the sustainability of the brand management model; however, historical analysis of leading overseas perfume management companies suggests that local distributors are essential for rapid market coverage and scale operations [3] - Ying Tong's operational experience and channel resources provide a unique advantage for sustainable development in the domestic market [3] Financial Projections - The company forecasts net profits of 261 million yuan, 327 million yuan, and 412 million yuan for FY26E, FY27E, and FY28E, respectively, with corresponding EPS of 0.19 yuan, 0.24 yuan, and 0.30 yuan [4] - A target price of 2.86 HKD is set, corresponding to a 14X FY26E PE, reflecting the company's growth potential and market positioning [4]

Investment Rating - The report initiates coverage on Ying Tong Holdings with a "Buy" rating and a target price of HKD 2.86, corresponding to a 14X FY26E PE [1][6][8]. Core Insights - Ying Tong Holdings is a leading high-end perfume brand management company in China, providing distribution and market deployment services for 73 external brands as of FY25. The company is expected to benefit from the recovery in high-end consumption and the increasing penetration of perfumes and fragrances [1][3][20]. - The Chinese perfume market is projected to reach RMB 26.5 billion in 2024, with a CAGR of 15.1% from 2019 to 2024, significantly higher than the global expected growth rate of 3.5% during the same period [2][20]. - The company has established a diverse brand matrix, extending from perfumes to skincare, home fragrances, and personal care, enhancing its market coverage across various consumer segments [3][22]. Summary by Sections Company Overview - Ying Tong Holdings is recognized as the largest non-brand owner perfume group in China, with a market penetration rate of 9.30% as of 2023, ranking third in the market [24][25]. - The company has a stable supply chain, with its top two suppliers, EuroItalia and Yite, accounting for 59.4% of total procurement in FY25, indicating strong long-term partnerships [3][22]. Growth Drivers - The company is expanding its self-operated retail stores and proprietary brands, which are expected to create new revenue and profit growth points. The self-operated brand "Shi Fen Qi He" aims to enhance customer experience through a multi-price product display [4][20]. - Ying Tong is also exploring external acquisitions to diversify its brand matrix and strengthen its market presence, particularly in lower-tier cities [4][23]. Market Dynamics - The report highlights the significant growth potential in the Chinese perfume market, with current penetration rates in the single digits compared to over 20% in the U.S. and 50% in Europe. This indicates substantial room for growth as consumer education progresses [2][20]. - The expansion of fragrance categories into personal care and home cleaning products is expected to further enlarge the market size, with the fragrance personal care market projected to reach RMB 50 billion by 2025 [20]. Financial Projections - The forecast for Ying Tong Holdings' net profit attributable to the parent company for FY26E, FY27E, and FY28E is RMB 261 million, RMB 327 million, and RMB 412 million, respectively, with corresponding EPS of RMB 0.19, RMB 0.24, and RMB 0.30 [6][12].

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 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 | | | 呈交日期: 2025年11月5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 | | | 7,000,000,000 | HKD | | 0.001 | HKD | | 7,000,000 | 本月底法定/註冊股本總額： HKD 7,000,000 FF ...

Core Viewpoint - Ying Tong Holdings (06883.HK) experienced a price increase of over 3% in the morning session, with a current rise of 2.87%, trading at HKD 2.15, and a transaction volume of HKD 34.11 million [1] Company Summary - Ying Tong Holdings' stock price rose to HKD 2.15, reflecting a positive market response [1] - The trading volume reached HKD 34.11 million, indicating active investor interest [1]