Market Overview - In Q1 2025, the global perfume market showed steady growth, with Tmall's perfume GMV reaching 658 million yuan, a year-on-year increase of 4.23%, and the average transaction value (ATV) growing by 10.39%, indicating a consumer shift towards high-end perfumes [1][20]. - International brands like Chanel, Dior, and Hermes continue to dominate the market, with Chanel holding a 13% market share, driven by the strong sales of its classic fragrances [1][24]. Brand Performance - Domestic brands such as Guansha and Diptyque have achieved rapid growth through differentiated positioning, becoming new highlights in the market [3][24]. - The concentration of top brands is high, with Tmall International's self-operated sales accounting for over 16% of the market, leveraging supply chain advantages [3][24]. - Diptyque's sales increased by 41% year-on-year, attributed to successful marketing strategies around Valentine's Day and International Women's Day, with its rose and berry fragrances becoming bestsellers [3][24]. - Eurolon flagship store saw a staggering 312.5% year-on-year sales growth, with strong performance in categories like perfumes and car fragrances [25][29]. Consumer Trends - Consumers' perception of perfumes is fundamentally changing, with 57% of users on Xiaohongshu viewing perfumes as tools for emotional relief, and 44% seeking spiritual empowerment, indicating a shift from perfumes as mere social symbols to emotional healing carriers [3][4]. - Scenario-based consumption is becoming a core driver, with dating, commuting, and travel being the top three demands, while emerging scenarios like camping and music festivals are showing significant growth [4]. Sustainability and Innovation - Technological breakthroughs are reshaping product forms, such as Coty Group's molecular fragrance technology extending scent duration by 30%, and carbon capture technology achieving carbon neutrality across the supply chain [4]. - Sustainability is an irreversible trend, with consumer attention to eco-friendly packaging increasing by 36%, prompting brands to adopt biodegradable materials and streamlined designs [4].

Core Viewpoint - Ying Tong Holdings Limited has passed the listing hearing on the Hong Kong Stock Exchange, with BNP Paribas and CITIC Securities acting as joint sponsors [1] Company Overview - Ying Tong Holdings is the largest perfume group in China (including Hong Kong and Macau) by retail sales, excluding brand owner fragrance groups [4] - The company primarily engages in the sales and distribution of products sourced from third-party brand licensors, differentiating itself from brand owner fragrance groups [4] - The company has a diverse brand portfolio that includes perfumes, cosmetics, skincare products, personal care items, eyewear, and home fragrances [4] Market Presence - The company has a comprehensive sales and distribution network covering over 400 cities in China (including Hong Kong and Macau), with more than 100 directly operated offline points of sale (POS) and over 8,000 POS operated by retail customers [5] - In addition to offline sales, the company also sells products through well-known e-commerce platforms and social media in China [5] Brand Partnerships - The company has established long-term business relationships with brand licensors looking to enter or expand their influence in the Chinese market [6] - As of May 31, 2025, the company distributes and markets products for a total of 72 external brands, including Hermès, Van Cleef & Arpels, and Chopard, catering to diverse pricing tiers and consumer needs [6] Financial Performance - For the fiscal years ending March 31, 2023, 2024, and 2025, the company's revenue is projected to be approximately RMB 1.699 billion, RMB 1.864 billion, and RMB 2.083 billion, respectively [6][7] - The net profit for the same periods is expected to be around RMB 173 million, RMB 206 million, and RMB 227 million, respectively [6][7]

被誉为"世界上最珍贵的香水"、"香水界爱马仕"的AMOUAGE在中国市场步入发展快车道。 2 0 2 5年5月2 7日，阿曼王室国礼香水品牌AMOUAGE在上海张园揭幕其亚太首家旗舰店，同 时也是品牌全球唯一海洋主题门店——"Th e Sill a g e 香迹"。 面对当下高端美妆市场增长乏力 和线下渠道创新危机的双重压力，Amo u a g e展现出反周期的强大韧性：不仅在不久前获得欧 莱 雅 集 团 的 注 资 ， 还 加 速 推 进 全 球 化 尤 其 是 中 国 市 场 的 扩 张 ， 对 外 释 放 了 十 分 积 极 的 信 号 。 亲赴上海参加旗舰店揭幕仪式的Amo u a g e首席执行官Ma r c o Pa rsi e g l a日前接受《FBe a u t y未 来迹》独家专访，深度解析品牌建设逻辑和战略规划，并分享了对于未来十年高奢香水赛道的 趋势预判。 Amouage首席执行官Marco Parsiegla（右） 接受《FBeauty未来迹》独家专访 在中国消费市场迎来结构性变革的当下，选择开设出亚太首家旗舰店，Amo u a g e可谓向东方 香 水 市 场 交 出 的 一 封 ...

Investment Rating - The report provides a positive investment rating for the beauty and personal care industry, highlighting significant growth potential in various segments [1]. Core Insights - The beauty and personal care industry is experiencing a surge in user engagement, particularly in makeup and fragrance categories, driven by trends such as emotional healing and cultural collaborations [3][8]. - The report emphasizes the importance of understanding consumer trends, such as the rise of mini makeup products and the integration of fragrance into personal care routines, which are reshaping market dynamics [10][90]. User Trends - Trend 01: The rise of "mini makeup" products, with searches for mini makeup increasing by 145% year-on-year, indicating a shift towards portable beauty solutions [15][17]. - Trend 02: The "island makeup" trend reflects a desire for quick, effective beauty solutions that cater to the vacation mindset, with related searches up by 350% [38][44]. - Trend 03: The "no foundation makeup" trend is gaining traction, with a 262% increase in searches, as consumers seek lightweight, breathable products for warmer months [76][78]. Fragrance Trends - Trend 01: The focus on "energy fragrances" is growing, with a 165% increase in related searches, as consumers seek scents that resonate with their emotional states [92][94]. - Trend 02: The "memory fragrance" trend utilizes scents to evoke memories, with significant engagement on platforms like Xiaohongshu, indicating a strong consumer interest in personalized fragrance experiences [100][102]. - Trend 03: The trend of "DIY fragrances" is emerging, with a 52% increase in searches for DIY scent combinations, reflecting a growing consumer interest in personalized fragrance solutions [180][182]. Category Trends - The report identifies a significant expansion in the women's hygiene products sector, with trends such as "therapeutic sleepwear" and "private care" gaining traction due to increased consumer awareness and demand [188][194]. - The "absorbent pads" trend highlights a growing need for incontinence products, with a staggering 813% increase in related searches, indicating a previously underserved market [217][223]. - The "facial cleansing wipes" trend is also on the rise, with a focus on convenience and user experience, particularly for travel and outdoor activities, as evidenced by a 134% increase in related discussions [238][250].

Group 1 - Tmall's 618 event has seen a significant increase in overseas brand participation, with nearly 50,000 new products launched on Tmall International [1][3] - The first hour of sales recorded a doubling in transactions for 374 overseas brands, with 109 brands exceeding 10 million in sales during the initial phase [3] - New Zealand's A2 milk brand experienced a 55% increase in sales during the first phase, prompting an early arrival of 100,000 units of popular stock [3] Group 2 - The second-generation red light mask sales increased by 198% compared to last year's Double 11 event, leading to a 20% increase in stock for CurrentBody [4] - KAGAMI, a Japanese whiskey glass brand, reported a 30% increase in sales by May 27, with stock levels for 618 being more than double that of the previous year [4] - VAPE, a mosquito repellent brand, achieved the top sales in the mosquito liquid category on Tmall International, with stock levels also doubling compared to last year [4] Group 3 - Many overseas brands attribute their sales success to simplified discount mechanisms and transparent pricing during the 618 event [6] - Gotukola, an Israeli hair care brand, anticipates a 268% increase in sales, with a target of 27 million [6] - WHC, a Belgian fish oil brand, aims for 130 million in sales, reflecting a 97% year-on-year growth, aided by a 15% official discount [6] Group 4 - On June 3, Tmall's 618 Import Day featured over 1,500 global buyers conducting live streams from 15 countries, showcasing nearly 20,000 imported products at discounted prices [8] - Major discounts were offered on luxury items, such as Louis Vuitton and Coach products, with significant price reductions during the live streams [8] - Tmall International introduced various import category coupons, providing discounts up to 420 yuan for purchases over specified amounts [9]

智通财经记者 | 周芳颖 智通财经编辑 | 楼婍沁 有网友称AMOUAGE官方对于其中文名给出了解释，"阿"代表品牌发源地"阿曼"，"漠"代表孕育乳香树的沙漠，"史"意指阿曼香料的悠久历史。 界面时尚就品牌名含义以及线下门店规划求证AMOUAGE品牌官方，但对方拒绝回应。 2650 56.00 196 25.00 05:00 S 31 1 1 T I AMOUAGE PRIFE BELER FR ll 950 n a ICITE TIL The De ▶ AMOUAGE成立于1984年。因为阿曼盛产乳香，阿曼国王邀请时任法国调香师协会会长的调香师以阿曼国宝级香料银乳香、阿曼岩玫瑰和龙涎香为主要原 料，创作了其第一款香水GOLD黄金。这样特殊的成立背景也让AMOUAGE被称为"阿曼王室国礼香水"。 AMOUAGE单瓶100ml香水的价格在3250元到4480元。由于参与618大促优惠活动，其跨境渠道的天猫海外旗舰店的价格目前低于官方旗舰店价格，但整体2 千元起步的价位带使其直接锚定高奢定位。 久谦中台向界面时尚提供的数据显示，2022年到2024年，AMOUAGE在天猫和抖音两个平台合计营收在350万元上下徘徊 ...

Group 1 - LVMH's Maison Francis Kurkdjian and L'Oréal's Aesop have closed their first stores in China, highlighting challenges faced by some high-end fragrance brands in the market [1][2] - The closure of these flagship stores, which were established with high expectations in 2022, raises questions about the brands' adaptability to the Chinese market and potential missteps in their commercial strategies [2][3] - Other high-end brands like Estée Lauder's Frederic Malle and Byredo are thriving in China by employing diversified channel strategies and building emotional connections with consumers [2][7] Group 2 - Maison Francis Kurkdjian, founded in 2009 by renowned perfumer Francis Kurkdjian, initially gained traction but struggled to maintain its presence in China due to high pricing and limited marketing engagement [3][4] - The brand's flagship product, "Baccarat Rouge 540," priced at nearly 2000 yuan for 35ml, may deter price-sensitive consumers who opt for cheaper alternatives [4][5] - Experts suggest that the brand needs to redefine its strategy in China to foster deeper emotional ties and enhance consumer loyalty [5][8] Group 3 - The Chinese fragrance market is experiencing significant growth, with a market size of 20.7 billion yuan in 2023, reflecting a 22.5% year-on-year increase, and is projected to reach 51.5 billion yuan by 2029 [7][8] - International brands like Chanel and Dior dominate the high-end market, while local brands such as To Summer and Documents are carving out niches through cultural relevance and innovative marketing [7][8] - The success of fragrance brands now hinges on their ability to create unique consumer experiences and emotional connections rather than merely relying on product quality [9]

Core Insights - The high-end beauty market in China has seen a decline of over 20 billion in the past four years, while the perfume segment is emerging as a growth area for major beauty brands [3][22] - Perfume possesses a unique dual identity as both a luxury and emotional product, allowing it to maintain resilience during economic fluctuations [3][6] - The compound annual growth rate (CAGR) for the perfume industry from 2018 to 2023 is 15%, with a slight expected decline to 14% in 2024, still outperforming other beauty categories [3][6] Market Dynamics - Despite the optimistic outlook for the perfume market, the penetration rate remains low, indicating significant untapped demand among Chinese consumers for high-quality and emotionally resonant fragrances [6][10] - The shift in consumer perception is moving from "logo worship" to "cultural resonance," where the narrative behind a fragrance plays a crucial role in its appeal [6][10] - The market is characterized by a growing number of "fragrance novices," presenting a vital opportunity for brands to introduce quality products and engage consumers [6][10] Brand Strategy - The company aims to introduce high-quality brands and products that cater to the Chinese market, focusing on balancing brand culture, aesthetics, and product quality [8][12] - The membership system is crucial, with 80% of members being women aged 20-40, who are not only consumers but also influencers of "olfactory experiences" [10][12] - The company has established a diverse brand matrix, including both high-end and mass-market fragrances, to cater to various consumer segments [18][19] Competitive Landscape - The company is the largest perfume brand management firm in mainland China, Hong Kong, and Macau, but faces challenges from international brands seeking to gain market share [13][22] - There is a need for "super localization" in marketing strategies, as international brands often underestimate the unique demands of the Chinese market [13][16] - The company has successfully executed localized marketing campaigns, such as the immersive pop-up store for the French brand Parfums de Marly, showcasing its ability to adapt international brands to local tastes [14][16] Operational Excellence - The company has built a robust operational foundation over nearly four decades, managing over 60 external brands and covering 400 cities in China [18][19] - The focus on a multi-channel strategy has allowed the company to remain resilient during market disruptions, leveraging e-commerce and retail partnerships [17][19] - The introduction of the "PERFUME BOX" retail concept aims to enhance consumer experience by offering a curated selection of fragrances, further solidifying the company's market position [19][22] Long-term Vision - The company emphasizes a long-term perspective, focusing on sustainable brand development rather than short-term sales growth [23][24] - Continuous investment in consumer insights and brand management has created a competitive edge, allowing the company to navigate market fluctuations effectively [23][24] - The commitment to both localization and internationalization positions the company as a leader in the evolving Chinese perfume market, fostering a unique blend of cultural and commercial success [25][26]