Investment Rating - The report does not explicitly state an investment rating for Eternal Beauty Holdings Core Viewpoints - Eternal Beauty Holdings Limited is the largest perfume brand management company in China, established in 1983 and has been operating in the Chinese market for nearly 40 years [1][7] - The company focuses on long-term value and brand image building rather than short-term discount promotions [4][11] - The business model is primarily B2B, with 80% of operations in brand agency and distribution, while 20% is direct retail [2][8] - The company has exclusive agency rights for over 90% of brands in the Chinese market, covering a comprehensive sales network [9][10] - Eternal Beauty Holdings ranks third in the Chinese perfume market, behind international giants Chanel and LVMH, and offers a diverse range of approximately 2,000 scents across 52 perfume brands [5][12] Summary by Sections Company Overview - Eternal Beauty Holdings is headquartered in Hong Kong and officially listed on the Hong Kong Stock Exchange on June 26, 2025, with an issue price of HK$2.88 per share [1][7] Business Model - The company operates a B2B brand agency and distribution model, ensuring stable profit margins for partners and maintaining long-term relationships [2][8] - Direct retail operations are concentrated in top commercial areas of 13 cities, avoiding lower-tier city channels [2][8] Market Strategy - The company emphasizes full-channel control to maintain stable pricing and prevent market disruption [9][10] - It provides a one-stop solution for brands entering the Chinese market, leveraging its extensive network and market experience [10] Brand Management - Eternal Beauty Holdings prioritizes long-term brand value and customer mindset cultivation, collaborating with brands for over 10 years [4][11] - The company recognizes the personalized nature of perfume consumption in China and tailors its offerings accordingly [5][12]
颖通控股（06883）：颖中国香水品牌管理龙头，重视长期价值与全渠道布局