闻献 龙吟 救春水 闻献 间献 间献 丹沉 流量米 什 么 是 " 禅 酷 " 。 作 者 | 李 小 霞 编 辑 | 乔 芊 访 谈 | 杨 轩 李 小 霞 一瓶可以卖出1750元的香水，除了香奈儿、爱马仕，还有可能是来自中国的品牌。 新消费最为热火朝天的那几年，将产品做出溢价曾蔚然成风。而后随着消费逻辑的转变，平价成为时代的注脚。 当蜜雪冰城、瑞幸大杀四方时，也有一些例外，比如在引人注目的"消费F4"里，一件金饰卖到几万块的老铺黄金。 闻献亦属于「例外」。这家成立于2021年的国产品牌，以浓香精为切口，靠着原创能力在大牌固若金汤的高端香水堡垒中打入一枚楔子。 不似奢侈品牌有百年历史打底，仅凭一个名字就能卖上高价，闻献要用两倍的香精浓度、独特的视觉和表达等东西来证明自己值得外界认为的"贵"。 以产品发布为例，闻献像时装一样以季节 （season） 为单位推出新系列，第一季「人无完人」，第二季「人面兽心」，第三季「不省人事」……每一季里包含的3-6款产品，也有着比 较特别的名字，诸如初熟之物naive、空无一木void、羽化仙feather。 这些与众不同，吸引了一批忠实拥趸者——去年线下全渠道复购中，60% ...

上个月，"中国香水第一股"颖通控股登陆港交所，而在资本热捧香水赛道之际，曾是国内规模最大的香水企业圣美伦(南京)香水有限公司(以下简称"圣美 伦")，却因原料违规再收罚单。 7月7日，聚美丽从江苏省药品监督管理局获悉，圣美伦因未按照强制性国家标准或者技术规范使用原料，违反《化妆品监督管理条例》有关规定，被处以 罚款1万元。 | | 个 全省管页 | | --- | --- | | | 法可利得政协裁等信用信息公安专 | | | 江苏省药品监督管理局 | | € 返回 | | | 行政相对人名称 | 圣美伦(南京)香水有限公司 | | 行政相对人类别 | 法人及非法人组织 | | 统一社会信用代码 | 913201157360678309 | | 工商注册号 | | | 组织机构代码 | | | 税务登记号 | | | 李业单位证书号 | | | 社会组织登记证号 | | | 法定代表人 | 周信钢 | | 法定代表人证件类型 | 身份证 | | 法定代表人证件号码 | 344448888444449 | | 证件类型 | | | 证件号码 | | | 行政处罚决定书文号 | 苏药监宁处罚(2025] 7号 | ...

近一个月以来,普华永道集中助力五家来自中国内地的杰出企业顺利登陆香港交易所主板市场,表现亮 眼。这五家企业分别是人工智能领域的佼佼者云知声、在消费品行业深耕多年的颖通控股、引领共享出 行新风尚的曹操出行、专注于提供创新技术解决方案的容大合众,以及专注于临床阶段眼科生物科技的 拨康视云。 2025年7月3日,拨康视云制药有限公司以股票代码2592在香港联合交易所主板挂牌上市。普华永道作为 拨康视云的审计师,凭借对资本市场规则与会计准则的深刻理解以及丰富的行业经验,为公司提供了专业 的审计审阅及资本市场相关服务。 拨康视云是一间临床阶段眼科生物科技公司,致力于开发各种治疗慢性眼病的药物和疗法。目前,公司拥 有两款核心产品,均为自主开发。 2025年6月30日,云知声智能科技股份有限公司(以下简称"云知声")以股票代码9678在香港联合交易所主 板挂牌上市,普华永道担任审计师。 云知声是一家AI解决方案提供商,基于其600亿参数的山海大模型,专注提供用于日常生活及医疗相关应 用场景的对话式AI产品及解决方案。云知声业务集中于通过以用户为中心的AI解决方案,提升运营效 率、加强决策能力及提供更佳产出,为不同行业的客户 ...

Company Overview - Ying Tong Holdings is positioned as the "first stock in perfume" in the Hong Kong IPO market, with a current P/E ratio of 11, significantly lower than Sa Sa International's 22, indicating potential for valuation convergence due to the rapid growth of the Chinese perfume market and Ying Tong's leading position [1] - The company has established itself as the preferred partner for international brands entering the Greater China market, supported by a comprehensive distribution network covering over 8,000 sales points in more than 400 cities [1][2] - Ying Tong holds licenses for 72 internationally renowned perfume and beauty brands, including top luxury names like Hermès Beauty and Versace, with many brands entering into long-term agreements, including recent 10-year contracts [1] Financial Performance - For 2024, Ying Tong is projected to achieve a shareholder profit of HKD 227 million, maintaining a compound annual growth rate (CAGR) of over 14.5% over the past two years, outperforming international peers [2] - The company's gross margin has remained above 50% for the past three years, with net profit margins consistently leading the industry due to effective cost control [2] - The company is focusing on diversifying its sales strategy, with the revenue share from perfume business expected to decrease from 88.5% in 2023 to 80.9% by 2025, while skincare and cosmetics segments are growing rapidly, achieving a CAGR of 56.1% [2] Cash Flow and Dividend Policy - Ying Tong's cash flow is robust, with a net cash flow from operating activities reaching HKD 237 million by March 2025 and a cash balance of HKD 256 million at the end of the period [2] - The management has committed to a dividend payout ratio of no less than 50% in the future, with upcoming interim results expected to support dividend distribution [2] Industry Context - The Chinese perfume market is experiencing rapid growth, with Ying Tong offering over a thousand perfume SKUs that cater to various consumer segments, from budget to high-end [3] - The diverse fragrance designs and application scenarios enhance the company's competitive edge in the market, minimizing the impact of any brand exits on overall business performance [3]

[Table_Title] 证券研究报告 / 行业深度报告 情绪消费催生嗅觉经济，东方香氛重塑市场新格局 报告摘要： [Table_Summary] 香水市场：中国香水 2023 年规模达 261 亿元，预计 2023-2028 年 CAGR 为 12.82%。伴随消费者对香水的认知度和接受度提升，中国香水渗透率 和市场规模正稳步抬升，2023 年中国内地+香港+澳门香水规模已达 261 亿元，2018-2023 年 CAGR 为 12.32%，预计 2023-2028 年 CAGR 为 12.82%。中国香水市场占全球市场份额同样快速提高，2023 年占 3.68%， 预计 2028 年份额将达 5.67%，中国香水市场展现出强劲增长势能。 市场趋势：中国香水渗透率低是经济发展的阶段性现象，随情绪消费兴 起有望快速崛起。中国 2023 年人均香水额仅 16 元，远低于美国（423 元）、英国（406 元）、韩国（170 元）和日本（47 元），中国香水渗透率 低并非文化和宗教等因素导致的必然结果，而是经济发展时期不同造成 的阶段性现象。虽然欧美受宗教和文化等影响，香水起步较早且接受度 高，但其发展史也印证了 ...

Investment and Expansion - Angel Yeast plans to invest CNY 502 million to establish a biomanufacturing center, which will include a seven-story building with a total area of 27,687.65 square meters and an underground parking area for 297 vehicles [1][3] - The project is expected to enhance Angel Yeast's technological innovation capabilities in biomanufacturing, thereby strengthening its profitability and competitive edge [1][3] - Zhou Liufu, a jewelry company, successfully listed on the Hong Kong Stock Exchange, opening with a more than 10% increase and reaching a market capitalization of over HKD 10.5 billion [5] - Zhou Liufu's online sales are projected to grow at a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue by 2024 [5] Market Position and Strategy - Ying Tong Holdings, the largest perfume brand management company in China, officially listed on the Hong Kong Stock Exchange, marking its strong market position [7] - The company is recognized as the third-largest perfume group in the comprehensive markets of mainland China, Hong Kong, and Macau, indicating its robust capability to enter the stock market [7] - Danone's acquisition of The Akkermansia Company aims to strengthen its investment in gut health and next-generation biological research, enhancing its core competitiveness in this field [11][13] - Dazzle Fashion Group announced the closure of all offline stores for its men's brand RAZZLE by August 31, 2025, focusing resources on its core mid-to-high-end women's wear business [16] Retail and Brand Development - HotMaxx's new store format, HotMaxx Super Warehouse, has opened in Beijing, featuring seven product zones while maintaining a low-price strategy [10] - Uniqlo plans to open its first store in southern India in Bangalore, marking a significant expansion into the southern market [18] Leadership Changes - The former business general manager of Kraft Heinz in China has joined Mondelēz as the head of the frozen cake team for Greater China, indicating a strategic focus on growth in the frozen baking sector [20] - Alibaba Group has streamlined its partner organization from 26 to 17 members, emphasizing a focus on frontline business leaders [22] - Anna Wintour announced her resignation as editor-in-chief of American Vogue while retaining her role as global editorial director, reflecting changes in the fashion media landscape [25]

Core Viewpoint - The article discusses the rising trend of "ghost aesthetics" in fashion and culture, highlighting how this theme has become a significant influence in recent fashion shows and social media, reflecting deeper societal emotions and economic conditions [8][15][66]. Fashion Trends - The fashion shows by Dior and Alexander McQueen have embraced ghostly themes, using sheer materials and a monochromatic color palette to evoke a haunting atmosphere [10][12]. - The popularity of ghost aesthetics in fashion is reminiscent of Victorian urban legends and is represented in East Asian culture through characters like Tomie from Junji Ito's works [15][16]. Cultural Shifts - The term "ghost" has transformed from a taboo subject to a compliment in social media, indicating a shift in cultural perceptions of beauty and aesthetics [20][21]. - The emergence of "ghostcore" aesthetics reflects a desire for self-protection and a way to confront negative emotions, as people embrace darker themes in their personal expression [38][39]. Psychological Insights - The article suggests that the fascination with ghostly themes is linked to a collective need for visibility and acknowledgment in a world where individuals often feel overlooked [57][62]. - The trend of "阴湿感" (yin wet feeling) represents a complex emotional state that combines allure with darkness, resonating with contemporary narratives in literature and media [42][49]. Economic Context - The rise of ghost aesthetics is positioned as a cultural response to economic downturns, paralleling historical trends where darker themes emerge during times of financial instability [65][76]. - The article draws connections between the current economic climate and the resurgence of ghostly themes in fashion, suggesting that these trends serve as a coping mechanism for societal anxieties [77][79].

来源 | 聚美丽 作者 |tt 随着嗅觉经济的崛起，香水领域无疑是近年来的热门赛道。从国际巨头到奢侈品集团，它们的种种行为已经彰显了其想要瓜分这块"蛋糕"的野心。如，欧 莱雅领投韩国小众香BORNTOSTANDOUT；开云集团收购全球最大独立香水品牌Creed。 如今，国际原料商们也在加速抢占香水市场的份额。 6月27日，据奇华顿官网发布的新闻显示，奇华顿正在收购巴西供应商Vollmens Fragrance Ltdas的多数股权。 △图源：奇华顿官网 此前，奇华顿在2020年就提出了2025战略，将以"拓展投资组合"、"扩大客户范围"、"重点市场策略"为三大增长驱动力，并力求在2021-2025这5年的战略 周期内，实现4%~5%的有机销售额增长，及至少12%的自由现金流。 而此次收购正符合这一战略。奇华顿首席执行官 Gilles Andrier也在一份声明中表示："收购Vollmens Fragrances的多数股权完全符合我们的2025年战略， 即扩大与本地和区域客户的影响力。这种合作伙伴关系将进一步加强我们在拉丁美洲高增长市场的业务。" "Vollmens Fragrance将为奇华顿带来专业知识，为 ...

来源：价值at风险 所谓"口红效应"是指一种有趣的经济现象，这个词最早出现在美国，表面的意思就是：每当在经济不景 气时，口红的销量反而会直线上升。因为在美国人们认为口红是一种比较廉价的消费品，在经济不景气 的情况下，人们仍然会有强烈的消费欲望，会转而购买比较廉价的商品。口红、香水这种作为"廉价的 非必要之物"，可以对消费者起到一种"安慰"的作用，经济的衰退会让一些人的收入降低，这样他们很 难攒钱去做一些"大事"，比如买房、买车、出国旅游等等，这样手中反而会出现一些"小闲钱"，正好去 买一些"提供情绪价值的必要之物"。 这也就产生了一系列现象级公司，以香水市场为例，中国内地香水市场是全球前10大香水市场中增速最 快的，中国香水总市场规模由2018年146亿元增加至2023年261亿元，复合年增长率约为12.3%；预计 2028年将进一步增长至477亿元，复合年增长率约为12.8%。 而渠道上的调整也是颖通控股近年来的业务重点。截至2025年3月31日，颖通控股的产品在中国400多个 城市的超过100个自营网点和8000多个零售商网点销售，构建了极为广泛的线下分销网络。与此同时， 公司积极拓展线上渠道，在天猫、京 ...

Core Viewpoint - The stock price of Ying Tong Holdings, known as the "first stock of perfume," plummeted by 23.96% within two days of its listing, raising concerns among investors about the company's future prospects [1][2]. Company Overview - Ying Tong Holdings is the largest perfume group in China (including Hong Kong and Macau) by retail revenue, excluding brand owners, and ranks as the third-largest perfume group in mainland China and Hong Kong [3]. - The company has a diverse portfolio of brands, including perfumes, cosmetics, skincare products, eyewear, and home fragrances [3]. Financial Performance - For the fiscal years 2022 to 2025, Ying Tong Holdings is projected to have revenues of 1.699 billion, 1.864 billion, and 2.083 billion yuan, with net profits of 173 million, 206 million, and 227 million yuan respectively [4]. Brand Portfolio - As of March 31, 2023, 2024, and 2025, Ying Tong Holdings' brand portfolio includes 52, 65, and 73 external brands respectively, with all licensing agreements still valid [5]. Market Dynamics - The global perfume market grew from 590.7 billion yuan in 2018 to 709.6 billion yuan in 2023, with a compound annual growth rate (CAGR) of 12.3%, while the Chinese market grew at 11.6% [8]. - However, the company faces structural risks as international brands increasingly reclaim licenses or establish their own perfume businesses, which threatens Ying Tong's growth potential [8]. Business Model Concerns - Ying Tong Holdings primarily operates as a brand agency rather than owning its own brands, with 99% of its revenue coming from external brands [9]. - The company has a high dependency on a few suppliers, with the top five suppliers accounting for a significant portion of its procurement, raising concerns about revenue stability if key partnerships end [9]. - The expiration of a distribution agreement with a major luxury brand in December 2022 resulted in a revenue drop of 425 million yuan, representing 25.5% of total revenue for that fiscal year [9]. Brand Development Challenges - The company's own brand, Santa Monica, has minimal revenue contributions projected at 0.3%, 0.8%, and 0.9% for the fiscal years 2023 to 2025, indicating a lack of market presence [12]. - Ying Tong Holdings has been criticized for insufficient investment in research and development, which limits its ability to compete effectively in the market [12]. Market Sentiment - The timing of the IPO coincided with tight liquidity in the Hong Kong market and pressure on the consumer sector, leading to negative market sentiment towards high-priced listings [13]. - The broader perfume industry is experiencing collective anxiety, as the market appears to have a consumption gap, with younger consumers favoring niche brands but showing low repurchase rates [13]. Industry Trends - The decline in stock prices of other new consumer concept stocks, such as Perfect Diary and Nayuki Tea, reflects a diminishing patience from the capital market for "story-driven" companies lacking solid fundamentals [14]. - Ying Tong Holdings must transition from being perceived merely as a "middleman" to demonstrating its capability in developing proprietary brands and expanding beyond fragrance products to regain investor confidence [14].