公司刚起步时，国外品牌方并不了解刘钜荣的能力，他向品牌方提交运营方案，强调对渠道与消费者的理解，借助小规模试点，逐步扩大授权模式。刘钜荣 的开拓性举措奠定了公司在行业中的领先地位。根据颖通财报，截至2025年3月31日，颖通已和73个外部品牌达成合作，其中61个品牌获得独家授权或分装 许可，涵盖爱马仕、梵克雅宝、萧邦等顶奢品牌，以及 Laura Mercier、澳尔滨等细分领域头部品牌，形成"从顶奢到小众"的全覆盖产品矩阵。2024年4月1日 —2025 年3月31日，公司香水业务营收占比80.9%，是名副其实的核心现金流支柱。 回顾近40年的发展，颖通集团经历了中国香水市场的不同发展阶段。 新一代消费者正通过"气味人设"建立圈层识别度。当香水成为个人品牌的延伸，独特性本身就是一种刚需。 文｜钱丽娜 ID | BMR2004 2025年10月，颖通集团（以下简称"颖通"）为法国百年沙龙香氛品牌卡朗在上海油罐艺术中心启动全球焕新特展。新任艺术总监奥利维亚·德·罗斯柴尔德 （Olivia de Rothschild）为这个诞生于1904年的品牌推出"Vibes"情绪分类系统，聚焦情绪消费领域。 这是一个市场信号。 ...

近年来，中国香氛市场持续火热。以香水产品为例，艾媒咨询发布的《2024—2025年中国香水行业研究 及消费者洞察报告》显示，2023年中国香水市场规模已达到207亿元，同比增长22.5%，预计到2029年 有望达到515亿元。 不过，本土香氛产业在成长过程中仍面临诸多挑战。王春娟表示，本土香氛品牌在调香工艺、原料溯源 体系方面存在一定短板。为解决这一问题，国内香精香料企业可加大对高端香氛原料的研发力度，以抢 抓"嗅觉经济"发展机遇；有能力的香氛品牌则可通过自建供应链、招聘优秀调香师等方式解决产品在香 气上的"卡脖子"难题。 中国民协新质生产力委员会秘书长吴高斌对《证券日报》记者表示，"嗅觉经济"是新消费的重要表现。 中国香氛市场的崛起不仅能推动国内香氛产业链的完善与升级，还能满足消费者的个性化需求，有助于 激发消费潜力，促进消费市场繁荣。 中关村物联网产业联盟副秘书长袁帅则表示，国际香精巨头往往更重视订单量大的香氛品牌，因此本土 香氛品牌可通过提升品牌声量、扩大市场份额等方式，增强与国际原料供应商合作时的话语权，进而提 升自身供应链的稳定性和自主性，为产业高质量发展筑牢根基。 在市场红利的驱动下，各类企业纷纷 ...

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].

Group 1: Industry Trends - The trend towards pharmaceutical and medical beauty products in the Chinese beauty market is becoming increasingly evident, with consumers focusing on ingredient research and clinical validation data [2] - Traditional beauty brands are enhancing the professionalism of their formulations, emphasizing collaboration with dermatology experts and conducting clinical tests [2] - Medical companies are entering the beauty sector, with a notable competition for medical device approvals for collagen products, reflecting the medicalization of beauty [2] Group 2: Product Innovations - Estee Lauder introduced products specifically designed for post-medical treatment skincare, showcasing a trend towards targeted skincare solutions [1] - Shiseido launched a new technology skincare brand, RQ PYOLOGY, aimed at Asian skin, featuring 14 globally debut products at the expo [1] - Amorepacific presented a new brand, Aestheran, targeting sensitive skin, previously sold through hospitals and pharmacies in South Korea [1] Group 3: Localization Strategies - Estee Lauder's Clinique brand launched a product inspired by Chinese medicinal plants, indicating a focus on local consumer needs [3] - Kao's brand, FuriFur, introduced a new cleansing oil based on market feedback, with plans to relocate its headquarters to China to enhance localization efforts [3] - L'Oreal China is deepening its collaboration with Alibaba Cloud to accelerate its "beauty technology" transformation, focusing on AI applications in marketing and consumer insights [3] Group 4: Fragrance Market Growth - Estee Lauder reported a 14% increase in net sales for its fragrance products, marking the highest growth among its categories [4] - Dolce & Gabbana showcased its fragrance line at the expo, marking its first full-scale entry into the Chinese market after previously operating under a licensing model [4] - The beauty business of Dolce & Gabbana has been integrated into the group’s long-term strategy, with plans to launch its makeup line in China by 2026 [4]

Group 1 - The four major flavor and fragrance companies, DSM-Firmenich, Givaudan, IFF, and Symrise, reported strong financial performance in the first half of 2024, with total revenue exceeding 47.5 billion yuan [1][6][8] - Anhui Zhongcao Flavor Co., Ltd. successfully went public, indicating a surge in IPO activity among domestic flavor and fragrance companies [11][13] - Synthetic biology is gradually being integrated into the flavor and fragrance industry, potentially addressing issues such as raw material shortages, impure flavor profiles, and environmental pollution [3][17][19] Group 2 - The global flavor and fragrance market is highly competitive, with the four major companies holding approximately 50% of the market share, creating a monopolistic competition landscape [1][35][37] - The domestic flavor and fragrance industry in China is characterized by low concentration, with a focus on differentiation and niche markets [24][28] - The market size of China's flavor and fragrance industry is projected to reach 43.9 billion yuan, driven by industrialization and market demand [24][25] Group 3 - The online sales of perfume and fragrance products reached 17.963 billion yuan from August 2023 to August 2024, showing a year-on-year growth of 7.11% [2] - The demand for flavor and fragrance products is expected to grow significantly, with the Chinese fragrance market projected to reach 44 billion yuan by 2028 [25][28] - The trend of "self-care consumption" is emerging, with consumers increasingly seeking emotional value from fragrance products [46][49]

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]

Investment Rating - The report indicates a positive investment outlook for the Chinese perfume and fragrance industry, highlighting its resilience and growth potential in the face of global market fluctuations [10][11][12]. Core Insights - The Chinese perfume and fragrance industry is experiencing a transformation from "transactional purchasing" to "value resonance consumption," where consumers prioritize emotional connections and cultural narratives over mere product functionality [10][25]. - The market is witnessing a significant shift towards emotional and experiential consumption, particularly in lower-tier cities, which are becoming key growth drivers due to their untapped potential [12][33]. - International brands are increasingly localizing their strategies to resonate with Chinese consumers, while domestic brands are focusing on deepening their presence in the local market and exploring global opportunities [40][46]. Summary by Sections Part 1: Resilient Growth of the Chinese Consumer Market - The report decodes the "ice-fire resilience" of the Chinese consumer market, driven by policy stimulation and inherent growth dynamics, particularly in lower-tier cities [18][19]. - The retail sales growth rate of consumer goods has shown a positive trend, with a peak in May 2025, indicating a recovery in consumer sentiment [21][25]. - The shift from survival consumption to development-oriented consumption is emphasized, with a focus on enhancing the quality and cultural aspects of products [25][26]. Part 2: Evolution of the Chinese Perfume and Fragrance Market - The Chinese perfume market is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 8% from 2024 to 2028, reaching a market size of 33.9 billion yuan [58][59]. - The report highlights the dual leadership of the Chinese market, where local beauty brands demonstrate resilience alongside global growth engines [56][58]. - The concept of the "olfactory economy" is emerging, where fragrances extend beyond traditional products to become integral to lifestyle experiences [65][66]. Part 3: Consumer Behavior Insights in the Chinese Perfume Market - There is a notable increase in interest among consumers in lower-tier cities, indicating a growing market for fragrances [14][33]. - The report identifies a trend of personalized scent experiences, where consumers seek unique olfactory identities [36][39]. - The evolving consumer landscape is characterized by a shift towards emotional and experiential connections with brands [52][53]. Part 4: Product Development Trends in the Chinese Perfume Market - The industry is moving towards a new era of fragrances that integrate sensory experiences into daily life, emphasizing lifestyle solutions [47][48]. - The report discusses the evolution of fragrance products, highlighting the importance of cultural narratives and emotional connections in product development [15][16]. Part 5: Marketing Development Trends in the Chinese Perfume Market - Marketing strategies are evolving to focus on emotional resonance and cultural narratives, moving from symbolic consumption to value co-creation [16][55]. - The integration of digital platforms and experiential marketing is reshaping how brands connect with consumers [16][55]. Conclusion - The report concludes that the Chinese perfume and fragrance market is poised for robust growth, driven by emotional consumption trends, the awakening of lower-tier markets, and the collaborative efforts of international and domestic brands [51][54].

Market Overview - The total retail sales of consumer goods in China showed a growth trend from July 2024 to July 2025, with a year-on-year increase of 5.0% in the first half of 2025, driven by policies like trade-in programs and promotions on e-commerce platforms [12][13] - In the first half of 2025, significant growth was observed in various sectors, including home appliances, food, and pet products, with specific categories like ice makers growing by 168% and special medical formula foods increasing by 46% [1][12] Key Industry Trends - The personal care and household cleaning industry is expected to see stable demand and growth, with retail sales projected to increase due to supply chain optimization and market expansion [21][22] - The foundation makeup market in China is anticipated to surpass 100 billion yuan, with brands like Estée Lauder and Lancôme leading in sales on e-commerce platforms [37][38] - The small home appliance market is expanding, with significant sales growth in water purifiers and household appliances, driven by consumer demand for convenience and quality [2][21] - The outdoor and sports industry is experiencing an upward trend in sales, particularly for yoga, fitness, and outdoor travel products, with a notable increase in consumer interest in outdoor apparel and pet-related outdoor products [2][3]

Core Viewpoint - The Chinese fragrance market is undergoing significant changes, characterized by the rise of the "scent economy," the integration of fragrance into various personal care products, and the transformation of retail spaces into cultural and emotional connection hubs [3][4][14]. Group 1: Market Evolution - The 2025 China Fragrance Industry White Paper reflects the evolution of the fragrance market, highlighting a shift from "niche luxury" to "value resonance consumption" [4][7]. - The fragrance market in China is projected to grow at a compound annual growth rate (CAGR) of 8%, with an expected market size exceeding 33.9 billion yuan by 2028 [7][14]. - The growth drivers are changing, with emotional value and emotional connection becoming key factors for consumers [7][14]. Group 2: Channel Transformation - The relationship between online and offline channels has evolved from competition to dynamic coexistence, with online sales accounting for 34% of the fragrance market and expected to grow at an 11% CAGR [15][19]. - Offline channels are not declining; instead, they are experiencing growth, with fragrance being the only beauty category to show continuous positive growth in recent years [19][21]. - The future of channels will be characterized by a deep integration of offline experiences and online content, creating a seamless consumer journey from discovery to purchase [21][24]. Group 3: Consumer Demographics - New consumer segments are emerging, particularly in lower-tier cities and among male consumers, who are increasingly adopting fragrance usage for personal enjoyment rather than just for gifting [26][27]. - Over 40% of consumers select fragrances based on specific scenarios, indicating a shift from viewing fragrance as a luxury to a daily necessity [27][29]. Group 4: Product Category Changes - The boundaries of fragrance categories are dissolving, with fragrances now permeating personal care, home, automotive, and wearable products, evolving into a "holistic scent solution" [29][30]. - 63% of consumers use home fragrance products, reflecting a growing demand for scent in daily life [29][30]. Group 5: Strategic Responses - The company is focusing on long-term partnerships and brand education, emphasizing the importance of emotional value and cultural identity in marketing [34][36]. - A multi-dimensional approach is being adopted, including enhancing offline experiences, optimizing online operations, and fostering a fully integrated channel strategy [37][38]. - The company is leveraging technology and cultural storytelling to drive its marketing efforts, aiming to reshape brand value and consumer engagement [39][42].