Core Viewpoint - Ying Tong Holdings (06883) has established a partnership with Swiss luxury skincare brand Swiss Perfection, gaining exclusive distribution rights for its products in mainland China, Hong Kong, and Macau, which is expected to enhance the company's market competitiveness and drive sustained growth [1] Group 1: Partnership Details - The partnership with Swiss Perfection is set to commence in the third quarter of 2025 [1] - Ying Tong Holdings will implement a customized market entry and expansion plan for Swiss Perfection in the specified regions [1] Group 2: Brand and Market Impact - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for its high-end, technologically advanced skincare products [1] - This collaboration will significantly expand the company's high-end brand portfolio, strengthen brand barriers, and enhance business stability [1] - The partnership is anticipated to boost market competitiveness and customer appeal, providing strong momentum for continuous performance growth [1]

Core Viewpoint - Ying Tong Holdings (06883) has established a partnership with Swiss luxury skincare brand Swiss Perfection, gaining exclusive distribution rights for its products in mainland China, Hong Kong, and Macau, which is expected to enhance the company's market competitiveness and drive sustained growth [1] Group 1: Partnership Details - The partnership with Swiss Perfection is set to commence in the third quarter of 2025 [1] - Ying Tong Holdings will implement a customized market entry and expansion plan for Swiss Perfection in the specified regions [1] Group 2: Brand and Market Impact - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for its high-end, technologically advanced skincare products [1] - This collaboration will significantly expand the company's high-end brand portfolio, strengthen brand barriers, and enhance business stability [1] - The partnership is anticipated to inject strong momentum into the company's performance growth by improving market competitiveness and customer appeal [1]

Core Viewpoint - The company has established a partnership with Swiss luxury skincare brand Swiss Perfection, gaining exclusive distribution rights for its products in mainland China, Hong Kong, and Macau, and will implement a customized market entry and expansion plan for the brand [1] Group 1 - The partnership is set to commence in the third quarter of 2025 [1] - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for its high-end, technologically advanced skincare products [1] - The brand is recognized for its commitment to Swiss innovation standards and exceptional manufacturing quality [1]

Core Viewpoint - The company has established a partnership with Swiss luxury skincare brand Swiss Perfection, acquiring exclusive distribution rights for its products in mainland China, Hong Kong, and Macau, which is expected to enhance market competitiveness and drive sustained growth [1] Group 1: Partnership Details - The partnership is set to commence in the third quarter of 2025 [1] - The company will implement a customized market entry and expansion plan for Swiss Perfection [1] Group 2: Brand and Product Insights - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for high-end, technologically advanced skincare products [1] - The brand is recognized for its commitment to Swiss innovation standards and exceptional manufacturing quality [1] Group 3: Strategic Implications - This collaboration will significantly expand the company's high-end brand portfolio [1] - It aims to build strong brand barriers, enhance business stability, and improve customer attraction [1] - The partnership is expected to inject strong momentum into the company's ongoing performance growth [1]

Core Insights - The company has established a partnership with Swiss luxury skincare brand Swiss Perfection, gaining exclusive distribution rights for its products in mainland China, Hong Kong, and Macau by the third quarter of 2025 [1] - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for its high-end, technologically advanced skincare products, which adhere to Swiss innovation standards and manufacturing excellence [1] - This collaboration is expected to enhance the company's high-end brand portfolio, strengthen brand barriers, improve business stability, and significantly boost market competitiveness and customer appeal, driving sustained growth in performance [1]

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） 自願性公告 與Swiss Perfection建立合作關係 本公告乃穎通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作 出，旨在讓本公司股東和潛在投資者了解本集團的最新業務發展。 與Swiss Perfection建立合作關係 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 2 Swiss Perfection系由瑞士公司PP Produits Prestiges SA持有的高端護膚品牌，該品 牌專注於高奢科技植萃護膚產品，以其瑞士創新護膚標準與卓越製造水準的不懈 堅守而廣受讚譽。 合作的理由及裨益 本次合作將有力擴充公司的高端品牌矩陣，築高品牌壁壘，增強業務穩定性的同 時，全面提升市場競爭力與客戶吸引力，為業績的持續增長注入強勁動力。 本公司董事會（「董事會」）欣然宣佈，於2025年第三季度，本集 ...

Core Insights - The article highlights the strategic partnership between Ying Tong Holdings and the historic French luxury fragrance brand Cire Trudon, aiming to expand its presence in the Greater China market [1][3] - The rise of "emotional consumption" is driving demand for high-end home fragrances, positioning them as essential for urban elites to express themselves and enhance their well-being [1][2] Market Potential - According to Frost & Sullivan and Deloitte, the Chinese fragrance market is projected to reach 47.7 billion RMB by 2028, with the home fragrance segment experiencing a compound annual growth rate (CAGR) of 18.1%, making it one of the few high-end sectors with sustained growth [2] - Consumers are increasingly willing to pay for "small luxury moments" that reflect taste and quality, with Trudon exemplifying this trend due to its royal heritage and craftsmanship [2] Strategic Partnership - Cire Trudon, established in 1643, is the oldest fragrance brand in France and has a strong presence in global luxury retail, including locations in Paris, London, and New York [3] - In mainland China, Trudon has entered top-tier department stores and online platforms, while Ying Tong's extensive network covers over 400 cities and 8,000 sales terminals, facilitating effective online and offline penetration [3] Capital Market Recognition - Ying Tong has received recognition from the capital market, with Lyon Securities naming it a "preferred stock" due to its focus on the high-end market and brand collaboration strategy, showcasing operational resilience and exceeding profit expectations [4] Future Outlook - Ying Tong plans to open its first fragrance experience flagship store in Hong Kong by 2026, aiming to create an immersive brand landmark that integrates art, culture, and lifestyle [5] - The collaboration between Ying Tong and Trudon symbolizes a significant partnership in the Asian luxury fragrance market, with Ying Tong poised for greater international influence amid the rapid rise of the "olfactory economy" in China [5]

Core Viewpoint - The report from Lyon indicates a mixed trend in consumer spending during the recent holiday period, with strong travel demand but varying performance across sectors [1] Group 1: Travel and Consumer Trends - Overall travel demand showed a year-on-year increase of 6.9% in total cross-regional travel volume [1] - The luxury goods sector is experiencing continuous improvement, benefiting from easier comparative bases, targeted customer development, and increased promotional activities in shopping malls [1] Group 2: Sector Performance - The film box office and sportswear sectors are noted to be underperforming [1] - Sales in the gold and jewelry sector benefited from rising gold prices, although overall sales volume remains weak [1] Group 3: Company Insights - Channel checks reveal that Lao Pu Gold (06181) continues to perform strongly, with reduced sales pressure due to less aggressive inventory promotion by brands [1] - Preferred stocks identified by Lyon include LVMH, Richemont, Yingtong Holdings (06883), and Anta Sports (02020) [1]

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 | | | 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10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 | | | 7,000,000,000 | HKD | | 0.001 | HKD | | 7,000,000 | 本月底法定/註冊股本總額： HKD 7,000,000 FF ...

Group 1: Core Investment Logic - The company is a key beneficiary in the rapidly growing Chinese perfume market, which is projected to grow at a rate of 9-14% over the next 4-5 years, driven by increased penetration rates and rising consumer spending [1] - The company holds a third market share in retail sales in China (including Hong Kong and Macau), with 81% of its revenue coming from the perfume business in FY2025 [1] Group 2: Multi-Brand Operations - The company manages over 70 international brands and more than 2000 SKUs, providing a one-stop solution for core channels, significantly reducing communication costs [2] - The company has nearly 40 years of experience in addressing the challenges of bringing overseas brands into China, effectively shortening inspection processes and utilizing a 2 million member data system for localized product modifications [2] Group 3: Investor Concerns - Concerns regarding the potential loss of core brand operating rights are considered to be overstated, as most suppliers have permanent contracts with brands contributing 70% of sales [3] - The threat from domestic brands is limited, as the perfume market is in a phase of incremental expansion, with significant differences in pricing and target demographics between domestic and international high-end brands [3] Group 4: Valuation and Rating - The initial coverage rating is "Buy," with a target price of 3.49 HKD, corresponding to a 14.2 times FY26E price-to-earnings ratio, reflecting a 30% valuation discount based on a 1.07 times comparable industry forward PEG [3]