“中国香水第一股”来了

Core Viewpoint - Ying Tong Holdings Limited is set to become the "first Chinese fragrance stock" as it has passed the listing hearing at the Hong Kong Stock Exchange, with expectations to go public by September 2023 at the latest [1][7]. Company Overview - Ying Tong Holdings originated as a Hong Kong-based company specializing in fragrance brand management, founded by Liu Ju Rong, a former chief cabin crew of Cathay Pacific [2]. - The company has evolved into a comprehensive brand management firm in the beauty, fragrance, and eyewear sectors, providing services such as brand consulting, marketing, and logistics [2]. Business Performance - As of March 31, 2023, 2024, and 2025, Ying Tong Holdings reported annual revenues of RMB 1.699 billion, RMB 1.864 billion, and RMB 2.083 billion, respectively, with net profits of RMB 173 million, RMB 206 million, and RMB 227 million, indicating stable growth [8][10]. - The company has a diverse portfolio, managing 72 external brands, including renowned names like Hermès and Chopard, with a significant focus on fragrances [4][14]. Revenue Breakdown - Fragrance sales accounted for over 80% of the company's revenue, with annual revenues of RMB 1.504 billion, RMB 1.524 billion, and RMB 1.688 billion for the years ending March 31, 2023, 2024, and 2025, respectively [14][15]. - The company has also seen growth in skincare and makeup segments, with skincare sales increasing from 5.1% to 7.3% of total revenue over the same period [14][16]. Market Position - Ying Tong Holdings is recognized as the largest fragrance brand management company in China, with a leading position in the market, particularly in the high-end segment [16]. - The global fragrance market has shown significant growth, with a compound annual growth rate (CAGR) of 12.3% from 2018 to 2023, and the Chinese market is expected to grow at a CAGR of 14% by 2028 [17]. Future Plans - The company plans to use the funds raised from its IPO to develop its own brands, expand retail channels, accelerate digital transformation, and enhance brand awareness [7][10]. - Ying Tong Holdings aims to open approximately 100 new stores for its self-owned brand "拾氛气盒" in major Chinese cities over the next four years [13].