爱马仕背后的香水大佬上市了

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is becoming an ideal platform for beauty and consumer brands to go public, with Ying Tong Holdings Ltd. recently passing the listing hearing, positioning itself to become the "first Chinese fragrance stock" by 2025 [1][3]. Group 1: Company Overview - Ying Tong Holdings has successfully navigated the IPO process in less than a year, indicating a favorable environment for beauty brands in Hong Kong [5]. - The company operates 75, 34, and 8 offline stores in mainland China, Hong Kong, and Macau, respectively, as of March 31, 2025 [6]. - Ying Tong Holdings manages 72 external brands, with 52 being fragrance brands, and its own brand, Santa Monica, which sells eyewear and entry-level high-end fragrance products [6][29]. Group 2: Financial Performance - The revenue for Ying Tong Holdings is projected to grow from approximately 1.699 billion yuan in 2023 to 2.083 billion yuan by 2025, with fragrance sales being the primary driver [18]. - Fragrance products account for 80.9% of total revenue by March 31, 2025, although their share is gradually declining from 88.5% in 2023 [20]. Group 3: Market Dynamics - The Chinese fragrance market is expected to grow at a compound annual growth rate (CAGR) of 14.0% from 2023 to 2028, with entry-level and high-end fragrances experiencing slower growth rates of 10.4% and 15.3%, respectively [22]. - The company faces challenges due to its heavy reliance on external brands for revenue, with its own brand generating only 5.3 million yuan in 2023, accounting for just 0.3% of total revenue [29]. Group 4: Strategic Considerations - The CEO of Ying Tong Holdings expressed intentions to enhance organizational capabilities through the IPO, aiming to strengthen acquisition potential and attract better talent [18]. - The company is expanding its skincare and makeup product lines to maintain competitiveness amid a slowing fragrance market [27].