Investment Rating - The report initiates coverage on the company with a "Buy" rating [6][27]. Core Insights - The company is a pioneer in luxury fragrance management in China, having introduced high-end perfumes systematically since 1980. It operates through a brand authorization model, providing comprehensive services from market access to consumer education [6][10]. - The Chinese perfume market is projected to be the fastest-growing segment in the cosmetics industry, with a compound annual growth rate (CAGR) of 9-14% over the next 4-5 years. The company is positioned as a key beneficiary of this growth, with 81% of its revenue derived from fragrance sales [6][10][15]. - The company has a strong market presence, ranking third in market share in China (including Hong Kong and Macau) with 9.3% [9][11]. Financial Overview - The company’s projected financials indicate a steady increase in sales revenue from RMB 1,864 million in FY24A to RMB 3,134 million in FY28E, reflecting a CAGR of 15% [6][8]. - Net profit is expected to grow from RMB 206.5 million in FY24A to RMB 370.3 million in FY28E, with a notable increase of 32% in FY26E [6][8]. - The target price is set at HKD 3.49, representing a potential upside of 72.8% from the current price of HKD 2.02 [2][6]. Market Dynamics - The report highlights the increasing penetration of perfumes in China, with per capita spending on perfumes significantly lower than in developed markets. In 2023, the per capita spending in China was RMB 16 compared to RMB 423 in the US [15][17]. - The growth in the perfume market is supported by rising consumer demand in lower-tier cities and a significant increase in male fragrance spending, which saw a 1151% year-on-year growth in 2023 [18][19]. Business Model and Strategy - The company operates a multi-brand strategy, managing over 70 international brands and providing a wide range of products across various price points, which enhances its negotiation power with distribution channels [22][25]. - The company has established a robust supply chain and distribution network, covering 400 cities and 7,800 sales terminals, which allows for precise matching of brands to sales channels [24][25]. Competitive Landscape - The company faces competition from both international luxury brands and emerging domestic brands. However, the report suggests that the threat from domestic brands is currently limited as they primarily serve to cultivate potential customers for high-end brands [27]. - The company has long-term contracts with key suppliers, reducing the risk of losing core brand operating rights, which is a concern among investors [27].

里昂发表研报称，根据沙利文报告，中国香水市场在2023年至2028年的销售额年均增长率料达14%。该 行相信，颖通控股作为大中华区销售额第三大的香水集团，将从中受惠。里昂预测，颖通控股明年3月 底止2026财政年度的销售额及净利润将分别增长17%及27%。预测2026至2028财政年度的销售额及净利 润年均复合增长率分别达16%及25%，净利润率将从2026财政年度的11.1%上升至2028财政年度的 13%，原因是香水及其他品类的市占扩张，以及DTC渠道扩张。 颖通控股(06883)尾盘涨超6%，截至发稿，涨5.42%，报2.14港元，成交额1694.42万港元。 公开资料显示，颖通控股是中国内地及港澳地区最大的香水品牌管理公司，其收入主要来源于销售外部 品牌的香水、护肤品、彩妆和个人护理等产品。招股书显示，截至3月31日，公司管理的外部品牌总数 达72个，涵盖Hermès、Van Cleef&Arpels、Chopard、Albion、Laura Mercier等多个国际知名品牌。公司 提供全面的销售及分销网络，涵盖中国(包括香港及澳门)大量的香水、护肤品、彩妆、个人护理产品、 眼镜及家居香氛的渠道。 ...

Company Overview - Ying Tong Holdings (06883) is the largest perfume brand management company in mainland China and the Hong Kong-Macau region, with revenue primarily derived from the sale of external brands' perfumes, skincare, cosmetics, and personal care products [1] - As of March 31, the company manages a total of 72 external brands, including internationally recognized names such as Hermès, Van Cleef & Arpels, Chopard, Albion, and Laura Mercier [1] - The company provides a comprehensive sales and distribution network covering a wide range of channels for perfumes, skincare, cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau [1] Industry Insights - According to a report by S&P Global, the Chinese perfume market is expected to experience an average annual growth rate of 14% from 2023 to 2028 [2] - As the third-largest perfume group by sales in Greater China, Ying Tong Holdings is positioned to benefit from this market growth [2] - Analysts predict that for the fiscal year ending March 2026, the company's sales and net profit will grow by 17% and 27%, respectively [2] - From fiscal years 2026 to 2028, the compound annual growth rates for sales and net profit are expected to reach 16% and 25%, respectively, with net profit margin increasing from 11.1% in fiscal 2026 to 13% in fiscal 2028 [2] - The growth is attributed to market share expansion in perfumes and other categories, as well as the expansion of direct-to-consumer (DTC) channels [2]

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].