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]

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 ...