随着消费者"为情绪价值买单"的趋势愈发显著，"气味"当前正成为悦己消费与文化消费的新载体，香氛 市场迎来发展新机遇。 8月23日，全国首个天猫香氛空间在杭州大厦正式开业。该空间以"香氛体验"为核心，梵克雅宝、 Trudon等国际品牌以及宇宙的猜想、祝安、富山香堂、尹谜等超40个国产新锐香氛品牌入驻，覆盖液体 香氛、香薰精油、香薰蜡烛等百余种产品。 据了解，绝大多数入驻的品牌此前并无线下布局，该香氛空间为香氛香薰行业落地的首个线下空间，也 被业内视为新锐香氛品牌集体亮相的"孵化器"。据悉，未来天猫有计划在更多一线城市核心商圈进行线 下布局。 中国香氛市场正迎来爆发式增长期。《2025年中国香氛香薰行业趋势研判》数据显示，2024年，我国香 氛香薰行业市场规模278.52亿元，覆盖香水、车载、居家、洗护四大领域，其中车载和居家类香氛市场 规模近80%。从增速来看，中国香氛市场近五年复合增长率高达18.9%，超过全球香氛市场7%的平均增 长水平。 不过公开数据显示，我国香氛市场渗透率仅5%，远低于海外成熟市场，体现出较大的增长潜力。在低 渗透率与高增长率之下，当前国外知名大牌、本土美妆个护品牌以及专注香氛领域的新锐 ...

以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 本文转载自21世纪经济报道 值班编辑 | 宝珠 视觉 | 顾芗 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间，雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战略方向，但 雅诗兰黛业绩依旧低迷。2025财年，其净销售额为143.26亿美元，同比下滑8%，净利润同比暴跌 390%，从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉，股价立即跳水。当日，雅诗兰黛美股盘前一度跌近15%。截至美东时间周五收盘，股 价为91.23美元，而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报，维持对雅诗兰黛股票的"中性"看跌评级，并预计雅诗兰黛股价将 进一步下跌，未来12个月内潜在跌幅超过20%。 对此，雅诗兰黛管理层对此泰然自若，"业绩整体符合预期，"雅诗兰黛集团总裁兼首席执行官司泰峰 （Stéphane de La Faverie）表示，有信心在2026财年实现有机销售额增长，开始重建营运盈利能力，并 在未来几年实现稳健 ...

权威、专业、深度、有趣！用经济思维看世界。 来源|21世纪经济报道 以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 记者|高江虹 实习生|陈晓冉 编辑|张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间，雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战略方向，但雅诗兰黛业绩依旧低迷。2025财年，其净 销售额为143.26亿美元，同比下滑8%， 净利润同比暴跌390%，从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉，股价立即跳水。当日，雅诗兰黛美股盘前一度跌近15%。截至美东时间周五收盘，股价为91.23美元，而2022年年初时其股价曾高 达374.2美元。 华尔街金融巨头摩根士丹利发布研报，维持对雅诗兰黛股票的"中性"看跌评级， 并预计雅诗兰黛股价将进一步下跌， 未来12个月内潜在跌幅超过 20%。 对此，雅诗兰黛管理层对此泰然自若，"业绩整体符合预期，"雅诗兰黛集团总裁兼首席执行官司泰峰（Stéphane de La Faverie）表示，有信心在 2026财年实现有机销售额增长，开始重建营运盈利能力，并在未来几年实 ...

记者丨高江虹 实习生陈晓冉 编辑丨张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间，雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战略方向， 但雅诗兰黛业绩依旧低迷。2025财年，其净销售额为143.26亿美元，同比下滑8%，净利润同比暴跌 390%，从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉，股价立即跳水。当日，雅诗兰黛美股盘前一度跌近15%。截至美东时间周五收盘，股 价为91.23美元，而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报，维持对雅诗兰黛股票的"中性"看跌评级，并预计雅诗兰黛股价将 进一步下跌，未来12个月内潜在跌幅超过20%。 对此，雅诗兰黛管理层对此泰然自若，"业绩整体符合预期，"雅诗兰黛集团总裁兼首席执行官司泰峰 （Stéphane de La Faverie）表示，有信心在2026财年实现有机销售额增长，开始重建营运盈利能力，并 在未来几年实现稳健的两位数调整后营业利润率。 值得关注的是，自2026财年Q1起，雅诗兰黛集团调整区域架构，未来中国大陆将作为独立地区进行业 绩列报。 当 ...

记者丨 高江虹 实习生陈晓冉 编辑丨张伟贤 这大概是美妆巨头雅诗兰黛二十年来最大的亏损。 8月20日晚间，雅诗兰黛发布截至6月30日的2025财年Q4及全年业绩报告。尽管已积极调整战 略方向，但雅诗兰黛业绩依旧低迷。2025财年，其净销售额为143.26亿美元，同比下滑8%， 净利润同比暴跌390%，从上一年的盈利3.9亿美元变为亏损11.33亿美元。 这份业绩一出炉，股价立即跳水。当日，雅诗兰黛美股盘前一度跌近15%。截至美东时间周五 收盘，股价为91.23美元，而2022年年初时其股价曾高达374.2美元。 华尔街金融巨头摩根士丹利发布研报，维持对雅诗兰黛股票的"中性"看跌评级， 并预计雅诗 兰黛股价将进一步下跌， 未来12个月内潜在跌幅超过20%。 对此，雅诗兰黛管理层对此泰然自若，"业绩整体符合预期，"雅诗兰黛集团总裁兼首席执行官 司泰峰（Stéphane de La Faverie）表示，有信心在2026财年实现有机销售额增长，开始重建 营运盈利能力，并在未来几年实现稳健的两位数调整后营业利润率。 值得关注的是，自2026财年Q1起，雅诗兰黛集团调整区域架构，未来中国大陆将作为独立地 区进行业绩列报 ...

Core Insights - The fragrance industry is transitioning from "sensory pleasure" to "emotional health core needs," indicating a strategic shift in consumer preferences and market focus [1] - The Hong Kong and Macau fragrance market is experiencing three key transformations: emotional demand-driven consumption, the popularization of home fragrances, and the rise of the olfactory economy in commercial spaces [1][2] Company Strategy - The company plans to leverage its 40 years of channel advantages and multinational service network to act as a core bridge for global fragrance brands entering the Chinese market, integrating international innovation with Chinese consumption upgrades [1] - The company aims to establish its first fragrance experience flagship store in Hong Kong by 2026 and open a "Perfume Box" flagship store in Shanghai by the end of 2026, creating immersive retail experiences for customers [2] Market Data - According to a survey conducted in July 2025 involving 790 consumers in Hong Kong and Macau, 81% of respondents have integrated fragrances into their daily lives, a 9% increase from the previous year [1] - The global home fragrance market is projected to reach $40 billion by 2032, with a compound annual growth rate of 6.56% [2] Product Portfolio - As of June 10, 2025, the company is the largest fragrance group in China by retail sales (excluding brand owners), distributing products from 72 external brands across various pricing tiers and functions to meet diverse consumer needs [3]

Core Viewpoint - The aromatherapy market is experiencing significant growth, transitioning from luxury items to essential daily products, driven by increasing disposable income and consumer demand for wellness solutions, especially in the post-pandemic era [1][7][28]. Industry Definition and Classification - Aromatherapy products include essential oils, candles, diffusers, stones, and tablets, aimed at improving air quality and enhancing mood [2][3]. - The market is categorized into various segments, including perfumes, essential oils, and other fragrance products, with specific classifications based on concentration levels [3]. Current Development Status Global Market - The global aromatherapy market is projected to reach USD 79.003 billion in 2024, with the perfume segment accounting for USD 65.543 billion and essential oils for USD 8.743 billion [5]. - The market is expected to grow to USD 82.374 billion by 2025, indicating a robust demand for natural therapies over synthetic alternatives [5]. Chinese Market - In China, the aromatherapy industry is expected to produce 656.907 million units and reach a market size of CNY 27.852 billion in 2024, with projections of 709.388 million units and CNY 30.034 billion by 2025 [7][10]. Industry Chain - The upstream of the aromatherapy industry includes flower cultivation, fragrance materials, and packaging, which are crucial for product quality and market competitiveness [12][14]. - The distribution channels are diversifying, with both online and offline sales channels playing significant roles in market growth [12]. Competitive Landscape - The global market features intense competition with established brands like Chanel and Dior dominating the high-end segment, while emerging brands focus on natural and organic products [23][25]. - In China, domestic brands are gaining traction, appealing to younger consumers with unique cultural narratives and product offerings [23][27]. Development Trends Product Diversification and Personalization - The industry is moving towards offering a wider range of products, including smart diffusers and personalized fragrance options to cater to diverse consumer preferences [28][29]. Environmental and Health Focus - There is a growing emphasis on eco-friendly and health-conscious products, with a shift towards natural and organic ingredients [30]. Technological Innovation - The integration of smart technology in aromatherapy products is becoming a key trend, enhancing user experience and convenience [31].

Core Insights - The beauty industry is experiencing a resurgence in the fragrance sector, with major brands and local companies expanding their offerings [2][3] - Interparfums has signed a fragrance licensing agreement with Longchamp, with the first fragrance expected to launch in 2027 [2] - The market is witnessing a trend of cross-industry brands entering the fragrance space, indicating a shift in consumer preferences towards emotional and everyday use of fragrances [8][10] Industry Developments - Interparfums is set to fully manage the Longchamp fragrance line, which will include the creation, development, production, and sales of the brand's perfumes [2] - Coty has launched a new mass-market fragrance brand, Origen, targeting the U.S. market with a focus on storytelling through scents [5] - TSG Consumer has acquired the independent fragrance brand Phlur, which emphasizes emotional resonance and affordability [7] Market Trends - The global fragrance market is projected to grow steadily, with estimates suggesting it will exceed $79.3 billion by 2027, driven by the demand for self-care and emotional healing [8][9] - The fragrance market is expanding at a compound annual growth rate of over 3%, with the Chinese market showing significant growth potential despite low penetration rates [9] - Fragrances are increasingly seen as everyday emotional consumption items rather than luxury goods, with younger consumers seeking emotional connections through scent [9][10] Financial Performance - Puig's latest half-year report indicates that its fragrance and fashion division generated €1.685 billion in revenue, accounting for over 70% of total revenue, with an 8.6% year-on-year growth [8] - The fragrance industry boasts a gross margin of approximately 70%, with low raw material costs and high product turnover rates contributing to its profitability [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][13]. Core Views - The company leverages its refined operational capabilities in agency services to empower the development of its proprietary brands, aligning with the trend of increasingly precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The anticipated launch of a new brand centered around ruby fish oil is also promising, indicating a strong outlook for the company's brand-building potential through refined operations [5][12]. Summary by Sections Company Overview - The company is a leading global consumer brand digital management firm that started with agency services and has recently focused on developing proprietary brands, gradually building a multi-brand matrix. Since its establishment in 2011, it has developed a competitive advantage in categories such as health products, maternal and infant care, and beauty and personal care, while also expanding into high-potential categories like pets and healthcare. The proprietary brands Zhenjia and Feicui have seen rapid brand momentum, becoming core drivers of revenue growth and profit elasticity [8][21]. E-commerce Services - The company's traditional business is e-commerce services, covering a wide range of brands in beauty, personal care, maternal and infant care, and health products. The e-commerce service business is divided into agency and brand management categories, with the latter involving a higher level of engagement. The company is actively transitioning to a brand management model, which aligns with the current trend of omnichannel operations and is expected to enhance its core brand operation capabilities [9][34]. Home Cleaning Business - The home cleaning market in China has shown steady growth, with the laundry care segment being the largest sub-category. The Zhenjia brand targets the high-end scented home cleaning market, focusing on niche categories like lingerie wash and laundry pods, achieving rapid brand momentum. The company plans to continue expanding its product range in home cleaning, which is expected to elevate the brand's potential [10][35]. Health Products Business - The health products market in China is experiencing robust demand, particularly in the oral beauty and anti-aging segment, which reached a market size of 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The company focuses on the oral beauty market with the Feicui brand and has rapidly achieved exponential growth by launching products like ruby fish oil. The long-term customer base is expected to support sustained growth in the health products business [11][21]. Investment Recommendations - The report expresses confidence in the company's ability to empower its proprietary brands through refined operations, which aligns with the trend of precise e-commerce channel investments. The two main proprietary brands, Zhenjia and Feicui, are in a rapid growth phase, significantly boosting revenue and contributing to profit elasticity. The projected EPS for 2025-2027 is 0.82, 1.03, and 1.43 yuan per share, respectively [12][21].

Core Insights - The rise of the fragrance economy has made the perfume sector a hot market, with major players like L'Oréal and Kering showing ambition to capture market share through acquisitions [1][3] - Firmenich is acquiring a majority stake in Brazilian supplier Vollmens Fragrance Ltdas, aligning with its 2025 strategy to expand its portfolio and customer base in high-growth markets like Latin America [3][4] Company Strategy - Firmenich's 2025 strategy aims for 4%-5% organic sales growth and at least 12% free cash flow during the 2021-2025 period, with the acquisition of Vollmens expected to contribute approximately 25 million Swiss Francs (around 224 million RMB) in incremental sales [3][4] - The CEO of Firmenich emphasized that this acquisition enhances their influence with local and regional clients, strengthening their position in the Latin American market [3][4] Market Dynamics - The global fragrance market is projected to reach between 57 billion USD (approximately 408.81 billion RMB) and 61 billion USD (approximately 437.50 billion RMB) in 2024, with expectations to exceed 79.30 billion USD (approximately 568.72 billion RMB) by 2027 [8] - Other international raw material giants are also actively acquiring fragrance companies to capture market share, with IFF and others making significant acquisitions to enhance their product development capabilities [8][10] Financial Performance - Firmenich's sales performance has been strong, with a slight decline of 2.84% in 2023, but overall profitability has increased, reaching 7.41 billion Swiss Francs (approximately 66.52 billion RMB) in 2024, with a 24.9% rise in operating profit [10][12] - The fragrance and beauty segment has consistently contributed significantly to Firmenich's revenue, maintaining sales above 3.2 billion Swiss Francs (approximately 28.72 billion RMB) from 2021 to 2024, with a 10.51% year-on-year growth in 2024 [12][14] Competitive Landscape - Major players in the fragrance market, including LVMH and Estée Lauder, are also investing in fragrance brands, indicating a highly competitive environment [14] - The acquisition strategies of Firmenich and other raw material companies highlight the growing importance of the fragrance sector as a key growth area for profitability [14]