智通财经记者 | 王慧静 智通财经编辑 | 汤威 编者语：本周徕卡相机宣布2024-2025财年全球营业额再创新高， 宜家宣布其北京昌平设计订购中心将 于10月1日正式开业 ，比斯特系列于米兰时装周颁发新锐设计师奖，丹麦照明品牌Louis Poulsen在杭州 开设中国首家独立门店，INS新乐园在沪推出公共艺术装置《月地徐徐》，TAMBURINS推出全新香水 系列"SUNSHINE"，德国高仪无锡旗舰店开业，GROHE SPA系列新品首发， 中国澳门保利美高梅博物 馆宣布将于10月推出"丝路"主题展览 及音乐会。 1．比斯特系列于米兰时装周颁发新锐设计师奖 近日，比斯特系列在米兰时装周期间携手意大利国家时装商会，共同颁发"比斯特系列新锐设计师奖"。 该奖项旨在支持具有可持续发展理念的年轻设计师，本届获奖者为哥伦比亚设计师Ana Tafur，其创立 的Sake项目致力于与传统社区合作推动生态修复和再生经济。 获奖设计师将加入比斯特系列的定制化成长计划，获得商业谈判、供应链优化等领域的导师指导，并有 机会通过比斯特系列旗下购物村的贵宾空间展示作品。比斯特系列主席表示，该奖项体现了品牌对支持 新兴创意人才和推动行业 ...

Group 1: Core Investment Logic - The company is a key beneficiary in the rapidly growing Chinese perfume market, which is projected to grow at a rate of 9-14% over the next 4-5 years, driven by increased penetration rates and rising consumer spending [1] - The company holds a third market share in retail sales in China (including Hong Kong and Macau), with 81% of its revenue coming from the perfume business in FY2025 [1] Group 2: Multi-Brand Operations - The company manages over 70 international brands and more than 2000 SKUs, providing a one-stop solution for core channels, significantly reducing communication costs [2] - The company has nearly 40 years of experience in addressing the challenges of bringing overseas brands into China, effectively shortening inspection processes and utilizing a 2 million member data system for localized product modifications [2] Group 3: Investor Concerns - Concerns regarding the potential loss of core brand operating rights are considered to be overstated, as most suppliers have permanent contracts with brands contributing 70% of sales [3] - The threat from domestic brands is limited, as the perfume market is in a phase of incremental expansion, with significant differences in pricing and target demographics between domestic and international high-end brands [3] Group 4: Valuation and Rating - The initial coverage rating is "Buy," with a target price of 3.49 HKD, corresponding to a 14.2 times FY26E price-to-earnings ratio, reflecting a 30% valuation discount based on a 1.07 times comparable industry forward PEG [3]

Core Viewpoint - The report from Citi indicates that the Chinese perfume market is expected to experience an annual growth rate of 14% from 2023 to 2028, benefiting companies like Ying Tong Holdings, which is the third-largest perfume group in Greater China [1] Company Summary - Ying Tong Holdings is projected to achieve a sales growth of 17% and a net profit growth of 27% for the fiscal year ending March 2026 [1] - The company is expected to see a compound annual growth rate (CAGR) in sales and net profit of 16% and 25%, respectively, from fiscal years 2026 to 2028 [1] - The net profit margin is anticipated to increase from 11.1% in fiscal year 2026 to 13% in fiscal year 2028, driven by market share expansion in perfumes and other categories, as well as the growth of direct-to-consumer (DTC) channels [1] Industry Summary - The Chinese perfume market is projected to grow significantly, with an annual growth rate of 14% from 2023 to 2028, indicating a robust demand for fragrance products in the region [1] - The expansion of DTC channels is expected to play a crucial role in the growth of the perfume market, allowing companies to reach consumers more effectively [1]

Group 1 - The core viewpoint of the article is that the Chinese perfume market is expected to experience a compound annual growth rate (CAGR) of 14% from 2023 to 2028, according to a report by Sullivan [1] - The company Ying Tong Holdings (06883) is positioned to benefit from this growth, being the third-largest perfume group by sales in Greater China [1] - The report initiates a "buy" rating for Ying Tong Holdings with a target price of HKD 3.82, based on a projected price-to-earnings ratio of 13 times for the next 12 months [1] Group 2 - The forecast for Ying Tong Holdings indicates a sales growth of 17% and a net profit growth of 27% for the fiscal year ending March 2026 [1] - From fiscal years 2026 to 2028, the company is expected to achieve a CAGR of 16% in sales and 25% in net profit, with net profit margin increasing from 11.1% in fiscal 2026 to 13% in fiscal 2028 [1] - The growth is attributed to market share expansion in perfumes and other categories, as well as the expansion of direct-to-consumer (DTC) channels [1]

Core Viewpoint - The U.S. has imposed a 15% tariff on EU goods, which poses significant challenges for small and medium-sized enterprises in Europe that rely on the U.S. market, despite being lower than the previously threatened rates of 30% or 50% [1][2]. Group 1: Impact on Companies - A French budget perfume brand, which has been in operation for 90 years, derives 25% of its sales from the U.S. market, and the new tariff is a serious test for such low-margin brands [1]. - The CEO of the perfume brand, Laurent Cohen, indicated that the retail price of their perfume, currently around $20, will increase to $23 due to the 15% tariff, which will likely alienate cost-conscious consumers [2]. - Larger luxury brands have more pricing power to absorb tariff impacts, while smaller companies struggle to adjust production capacity or supply chains quickly, often having to reduce profits to absorb some of the tariff costs, which will ultimately be passed on to consumers [1]. Group 2: Economic Context - The Eurozone's GDP growth slowed to 0.1% in Q2 2023, the lowest quarterly growth rate since early 2024, largely due to the impact of U.S. tariffs [2]. - The initial positive effects of European companies "rushing to export" before the tariff implementation are diminishing, indicating a potential downturn in economic activity [2].

Group 1: Impact of New Tariffs - The U.S. has implemented a 15% tariff on most European exports, marking the highest tariff on European goods since the 1930s [1] - This policy is a continuation of the Trump administration's trade protectionism aimed at correcting trade imbalances and revitalizing U.S. manufacturing [1] - European companies are feeling the impact, with some pausing shipments, raising prices, or sacrificing profit margins [1] Group 2: Industry-Specific Reactions - Wine producers in Germany, such as Johannes Selbach, express concern over the 15% tariff, which affects both European and American families reliant on the wine trade [2] - The champagne industry, represented by producers like Drappier, faces unique challenges as the product can only be produced in specific regions of France, making relocation impossible [2] - High-end brands like Chanel and LV can pass on costs through price increases, while multinational companies like Procter & Gamble and Adidas are considering local price hikes or absorbing some profit losses [3][4][5] Group 3: Challenges for Small Businesses - Small and medium-sized enterprises (SMEs) are struggling to adapt quickly to the new tariffs, with many unable to adjust production capacity or supply chains [5] - Companies like Corania, a budget perfume brand, are under significant pressure due to their reliance on U.S. sales, prompting them to seek alternative markets or reduce costs [5] - According to Reuters, at least 99 out of nearly 300 monitored companies have announced price increases due to the trade war, predominantly among European firms [5]

Group 1 - The U.S. will impose a 15% tariff on most products exported from Europe starting Friday, significantly impacting European manufacturers [1] - European businesses are facing historically high tariff rates, leading to shipment suspensions, price increases, and concerns over potential bankruptcies [1] - The complexity of doing business with the U.S. has escalated, causing delays in goods transportation and a reevaluation of supply chain strategies [1] Group 2 - The wine industry on both sides of the Atlantic is suffering due to tariffs, affecting thousands of producers and businesses reliant on wine imports and exports [2] - Consumer giants like Procter & Gamble and Adidas are warning of price increases in the U.S. to cope with tariff impacts [2] - Some European companies, particularly in the automotive sector, are planning to establish factories in the U.S. to avoid tariffs, while others find it impossible to relocate their supply chains [2] Group 3 - The 15% tariff on affordable perfume products is forcing companies like Corania to demonstrate significant creativity to survive in the U.S. market [3]

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 Dynamics - Guizhou Moutai plans to establish a research institute company with its controlling shareholder, Moutai Group, with a registered capital of 1 billion yuan. Guizhou Moutai will contribute 490 million yuan (49% stake) in cash and physical assets, while Moutai Group will contribute 510 million yuan (51% stake) [1][3] - The establishment of the research institute aims to integrate research resources from both internal and external sources, focusing on the development of core business and the transformation of brewing technology achievements, promoting the integration of technological innovation and industrial innovation, enhancing core competitiveness, and facilitating high-quality development [1][3] Brand Dynamics - Amazon plans to acquire the San Francisco-based startup Bee AI, which has launched a wearable AI device priced at $49.99. The specific terms of the deal have not been disclosed [6] - The acquisition signifies Amazon's further expansion into the generative AI field, extending its reach into wearable consumer hardware products [6] - Longchamp has signed a fragrance business licensing agreement with Interparfums SA, effective until December 31, 2036. Interparfums will be responsible for the creative, development, production, and distribution of Longchamp fragrances, with the first fragrance expected to launch in 2027 [8] - This partnership may diversify Longchamp's business, leveraging its strong influence in the leather goods sector [8] Corporate Acquisitions - Li & Fung Group from Hong Kong has acquired the UK sock giant Orrsum, which supplies over 50 million pairs of socks annually to 5,000 retail stores worldwide [9][10] - This acquisition marks Li & Fung's first merger in over a decade and its first capital move since privatization in 2020, indicating a strategic shift towards a platform growth model [9][10] Market Expansion - Singapore-based DTC furniture brand Castlery is set to enter the UK market in September, having previously achieved success in Singapore, Australia, Canada, and the US [11][15] - The UK launch will feature Castlery's popular furniture series and offer next-week delivery services, enhancing consumer convenience [11][15] Personnel Changes - Shangri-La Group announced that Guo Huiguang, daughter of founder Guo Huanian, will become the CEO starting August 1. She has been an executive director since June 2016 and chairman since January 2017 [22][24] - Under her leadership, the group is expected to ensure a unified development strategy across all levels [22][24] - Pronovias has appointed Cristina Alba Ochoa as CEO, effective July 21. She brings extensive leadership experience to the role [22][27] - Subway has appointed Jonathan Fitzpatrick as CEO, effective July 28, who has over 20 years of experience in franchising and fast food [22][30] - His previous experience at Burger King, where he led significant operational improvements, is expected to benefit Subway's operations [22][30]

Core Viewpoint - The article discusses the evolution of the Chinese fragrance brand "闻献" (Wenxian), highlighting its transition from a niche artistic brand to a more commercially viable product line that embraces Chinese culture as a core narrative to appeal to a broader audience [8][15][40]. Group 1: Brand Development and Strategy - Wenxian, founded in 2021, has carved a niche in the high-end fragrance market by using a higher concentration of fragrance oils, which is double that of international brands, to justify its pricing [9][35]. - The brand's seasonal product launches, with unique names and themes, have attracted a loyal customer base, with 60% of last year's offline repurchases coming from returning customers [10][41]. - The founder, Meng Zhaoran, acknowledges past missteps in brand expansion and emphasizes the need for a clearer, unified narrative as the brand seeks to reach a wider audience [12][14]. Group 2: Cultural Integration and Market Positioning - Meng believes that embracing Chinese culture is essential for the brand's identity and market penetration, as it provides a relatable story for diverse consumer groups [15][46]. - The upcoming product line, "沉檀龙麝" (Sandalwood Dragon Musk), reflects this cultural integration, featuring Chinese fragrance notes and packaging that resonates with both domestic and international markets [42][49]. - The brand aims to differentiate itself from competitors by focusing on unique storytelling and cultural authenticity rather than imitating established Western brands [47][66]. Group 3: Business Growth and E-commerce Strategy - Wenxian plans to expand its physical presence, targeting 35 stores by the end of the year, while also enhancing its e-commerce capabilities to balance online and offline sales [56][58]. - The brand is strategically adjusting its product offerings for online platforms, introducing smaller sizes and lighter fragrances to cater to price-sensitive consumers [60][61]. - Meng emphasizes the importance of understanding consumer preferences and creating memorable narratives around fragrances to drive sales and brand loyalty [66][70].