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。 里昂发布研报称，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(06883)作为大中华区销售额第三大的香水集团将从中受惠。首予"跑赢大市"评级， 以预测未来12个月目标市盈率13倍计，目标价3.82港元。 ...

科恩表示，在欧洲，高端奢侈品牌拥有更强的定价权来适应关税变化，大公司可以承受部分利润损失， 或将部分生产线转移到美国。然而中小型企业却往往无法迅速调整产能或供应链布局，他们只能削减利 润以吸收部分关税成本，而这些成本最终将转嫁给消费者。 （央视财经《第一时间》）根据美国总统特朗普7月31日签署的行政令，美国将对欧盟征收所谓"对等关 税"的税率定为15%。尽管这一税率低于此前威胁的30%，但依然对依赖美国市场的欧洲中小企业构成 严峻挑战。 总部位于法国南部城市马赛郊外的一家平价香水品牌已有90年历史，美国市场占其销售总额的四分之 一，其产品在美国约2万家零售店和超市等场所均有销售。这家企业的负责人科恩表示，美国对欧盟加 征15%的所谓对等关税，对于像他们这样利润微薄的平价品牌来说，是一次真正的考验。 法国某平价香水品牌首席执行官 洛朗·科恩：我们最近才知道美国对欧盟商品关税提升至15%，虽然这 比之前威胁的30%或者50%要低，但比几个月前的零关税要糟糕得多，这对我们公司来说是一次真正的 考验。 转载请注明央视财经 编辑：潘煦 法国某平价香水品牌首席执行官 洛朗·科恩：我们香水的零售价约为20美元（约合144元 ...

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].

Core Insights - PwC has successfully assisted five outstanding companies from mainland China in their IPOs on the Hong Kong Stock Exchange, showcasing strong performance [1] - The companies include Yunzhisheng, Yingtong Holdings, Cao Cao Travel, Rongda Hezhong, and Bokan Vision, each representing different sectors such as AI, consumer goods, ride-sharing, technology solutions, and ophthalmic biotechnology [1][3][4] Company Summaries - Bokan Vision Pharmaceutical Co., Ltd. was listed on July 3, 2025, under stock code 2592, focusing on developing treatments for chronic eye diseases with two core self-developed products [1] - Rongda Hezhong Technology Group Co., Ltd. was listed on June 10, 2025, under stock code 9881, providing technology solutions and serving as an important player in the market [3] - Cao Cao Travel, a ride-hailing platform incubated by Geely Group, was listed on June 25, 2025, under stock code 02643, becoming a strong competitor in the industry [3] - Yingtong Holdings, the largest perfume group in China (including Hong Kong and Macau), was listed on June 26, 2025, under stock code 6883, focusing on brand expansion and distribution [3] - Yunzhisheng Intelligent Technology Co., Ltd. was listed on June 30, 2025, under stock code 9678, specializing in AI solutions with a focus on enhancing operational efficiency and decision-making [4]

Investment Rating - The report recommends a "Buy" rating for the company Mao Geping, with a target price positioned in the range of 300-500 RMB for 30ml products, targeting the upper middle class [5]. Core Insights - The Chinese perfume market is projected to reach 26.1 billion RMB in 2023, with a CAGR of 12.82% from 2023 to 2028, indicating strong growth potential [1][45]. - The market penetration of perfumes in China is currently low, with a per capita spending of only 16 RMB in 2023, significantly lower than that of developed countries, suggesting substantial room for growth as consumer awareness and acceptance increase [2][50]. - The competitive landscape is dominated by international brands like Chanel and Dior, while local brands such as "Guanxia" and "Wenxian" are emerging by integrating Eastern cultural elements and modern design [3]. Summary by Sections Market Overview - The Chinese perfume market is experiencing rapid growth, with a CAGR of 15% from 2018 to 2023, significantly outpacing global market growth [40]. - The market share of China in the global perfume market is expected to rise from 3.68% in 2023 to 5.67% by 2028, reflecting the increasing importance of the Chinese market [45]. Market Trends - The shift from material consumption to emotional consumption is driving the growth of the perfume market, with consumers increasingly valuing emotional experiences [4]. - The rise of online shopping and social media platforms is reshaping the perfume purchasing landscape, with online sales expected to grow at a CAGR of 22% from 2023 to 2028 [53][54]. Competitive Landscape - International brands currently dominate the market, but local brands are gaining traction by offering products that resonate with Chinese cultural values [3]. - Mao Geping is expanding its product line into perfumes, leveraging its brand recognition and cultural elements to differentiate itself from international competitors [3]. Future Outlook - The report highlights the potential for significant growth in the perfume sector, particularly in lower-tier cities and through online channels, as consumer preferences evolve [50][54]. - The increasing focus on emotional value and self-expression among consumers is expected to further drive the demand for perfumes in China [4][39].

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].

Group 1: Industry Overview - The "lipstick effect" refers to a phenomenon where sales of inexpensive luxury items, like lipsticks, increase during economic downturns as consumers seek affordable indulgences [1] - The Chinese perfume market is the fastest-growing among the top 10 global markets, with a total market size increasing from 14.6 billion yuan in 2018 to 26.1 billion yuan in 2023, representing a compound annual growth rate (CAGR) of approximately 12.3% [1] - The market is expected to further grow to 47.7 billion yuan by 2028, with a projected CAGR of 12.8% [1] Group 2: Company Profile - Ying Tong Holdings is a pioneer in introducing imported perfumes to the Chinese market, managing a diverse portfolio that includes perfumes, cosmetics, skincare, personal care products, eyewear, and home fragrances [3] - As of 2023, Ying Tong Holdings is the largest perfume group in China, excluding brand owners, and the third-largest overall [3] - The company has over 70 external brands under its distribution and market deployment, including high-profile names like Hermès and Van Cleef & Arpels [3] Group 3: Financial Performance - For the fiscal years ending March 31, 2023, 2024, and 2025, Ying Tong Holdings reported revenues of 1.699 billion yuan, 1.864 billion yuan, and 2.083 billion yuan, respectively, with net profits of 173 million yuan, 206 million yuan, and 227 million yuan [5] - The company's revenue is heavily reliant on perfume sales, which accounted for 88.5%, 81.7%, and 80.9% of total revenue in the respective fiscal years [5] - The gross margin for perfume sales was 49.1%, 48.5%, and 48.4% over the same periods [5] Group 4: Strategic Initiatives - Ying Tong Holdings is diversifying its business by increasing the share of skincare and cosmetics, which contributed 7.3% and 10.9% of revenue in the 2025 fiscal year [6] - The company has launched its own perfume brand, Santa Monica, which, despite its small scale, has shown significant growth potential, increasing from 1 million yuan in revenue in 2023 to 17 million yuan in 2025 [6] - The company is expanding its retail presence through its self-operated brand "Perfume Box," which focuses on creating an interactive retail experience [5][6] Group 5: Market Position and Valuation - Ying Tong Holdings operates a comprehensive distribution network across over 400 cities in China, with more than 100 self-operated outlets and over 8,000 retail points [4] - The company has a low price-to-earnings (P/E) ratio of 14, which is considered attractive given its growth prospects and potential for future dividends [7][8] - The IPO valuation was below 4 billion yuan, and the stock experienced a slight drop post-listing, indicating a potentially undervalued position in the market [7][8]