Group 1 - The core viewpoint of the article highlights the contrasting performance of three companies that went public on the same day, with Ying Tong Holdings experiencing a significant drop in stock price on its debut, while the other two companies saw substantial gains [1][2]. - Ying Tong Holdings, known as the "first Chinese fragrance stock," faced a 16.67% decline on its first trading day, closing at HKD 2.4 per share, resulting in a total market capitalization of HKD 3.2 billion [1][2]. - The CEO of Ying Tong Holdings attributed the stock market fluctuations to normalcy and emphasized the company's commitment to "long-termism," suggesting that future growth will be reflected in the stock price [2][5]. Group 2 - Ying Tong Holdings has a significant reliance on brand licensing, with self-operated revenue accounting for less than 1%, which poses risks such as the expiration of distribution agreements and customer returns [2][10]. - The company has seen revenue and net profit growth in recent years, with projected revenues of CNY 1.699 billion, CNY 1.864 billion, and CNY 2.083 billion for the fiscal years 2023 to 2025, respectively [3][10]. - The Chinese fragrance market has substantial growth potential, with a low penetration rate and an expected compound annual growth rate of 14.0% in per capita spending from 2023 to 2028, potentially reaching a total market size of CNY 47.7 billion by 2028 [6][10]. Group 3 - Ying Tong Holdings has established partnerships with luxury brands such as Hermès and Van Cleef & Arpels, but its heavy reliance on these brands raises concerns about its long-term sustainability [10][13]. - The company has attempted to shift towards a "distribution + self-operated" model to reduce dependency on external brand licenses, but its own brand, Santa Monica, has not significantly contributed to revenue, accounting for less than 1% of total revenue over the years [10][14]. - The competitive landscape is intensifying with the rise of domestic fragrance brands, prompting Ying Tong Holdings to enhance its self-owned brand promotion and market investment to maintain its market position [14].

中国经济网北京6月26日讯 颖通控股有限公司（以下简称"颖通控股"，06883.HK）今日在港交所上市， 开盘即破发，报2.58港元。截至今日收盘，颖通控股报2.40港元，跌幅16.67%。 颖通控股拟将所得款项净额用于"进一步发展自有品牌（包括SantaMonica），以及收购或投资外部品 牌""发展及扩大直销渠道，包括扩展在线及线下拾氛气盒门店以及其他自营在线及线下门店�u专柜""加 速数字化转型，主要方式是升级数字化CRM系统、中台系统以及财务及运营系统""提升集团的知名度 及声誉""拨付营运资金及一般企业用途，以支持业务营运及增长"。 颖通控股本次发行的联席保荐人为法国巴黎证券（亚洲）有限公司、中信证券（香港）有限公司，保荐 人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为法国巴黎证券 （亚洲）有限公司、中信里昂证券有限公司，整体协调人、联席全球协调人、联席账簿管理人及联席牵 头经办人为招银国际融资有限公司、星展亚洲融资有限公司，联席账簿管理人及联席牵头经办人为中湾 国际证券有限公司、第一上海证券有限公司、富途证券国际（香港）有限公司、软库中华金融服务有限 公司。 截至20 ...

港股打新市场尤为火爆，在香江电器和曹操出行结束招股后，目前还有圣贝拉、周六福、颖通控股、泰 德医药、IFBH、云知声等六家新股处于招股期。 尽管港股打新的中签率远高于A股，但港股新股并不像大A新股一样上市首日都收涨，所以港股打新更 考验投资者的眼光。截至6月20日，今年港股IPO上市的31家新股中，上市首日有19家收涨、3家收平、 9家破发，首日上涨概率约61%、破发率约29%。 近年来，在A股放缓IPO节奏之后，许多消费公司都选择赴港IPO，所以消费企业也成为香港新股市场中 较活跃的存在。今天，发哥就详细分析一下周六福（06168.HK）、颖通控股（06883.HK）这两家消费 股的情况。 1 周六福 基石投资者：罗湖投资、永诚贰号香港、Jump Trading、凯因家族办公室等，认购总占比约51% 基本面情况： 周六福总部位于深圳罗湖区，通过线下门店和线上渠道提供各种珠宝产品，主要为黄金珠宝产品、钻石 镶嵌饰品，其中黄金珠宝产品占比较大。 产品生产方面，周六福自2022年4月停止自身工厂的生产后，就转向全面委外加工模式。委外加工虽然 能在一定程度上帮助企业降本增效，但也存在质量控制风险，如果委外加工的产品 ...

Core Insights - High-end perfume brands are shifting their marketing strategies from traditional counters to immersive exhibitions, creating a deeper cultural dialogue with consumers [2][5][13] Group 1: Exhibition Trends - Perfume exhibitions have evolved from mere product displays to immersive "olfactory theaters" that blend scent, light, and storytelling [3][5] - These brand-led exhibitions serve as platforms for commercial promotion, cultural dissemination, and artistic creativity, transforming brands into tangible value symbols [5][11] Group 2: Historical and Artistic Representation - The exhibitions encapsulate the historical narratives of brands, allowing consumers to experience the brand's journey in a sensory and immersive manner [5][11] - For instance, the Penhaligon's exhibition showcased 155 years of history, highlighting the founder's evolution from barber to royal perfumer through various artifacts [7] - Guerlain's exhibition featured a "time corridor" displaying portraits and original works from five generations of perfumers, illustrating nearly two centuries of fragrance history [9] Group 3: Multi-Sensory Experiences - Brands are focusing on creating immersive artistic experiences, such as Aesop's "Threshold of Reality" exhibition, which uses sand and stone to represent the passage of time and life cycles [10] - Cross-disciplinary artistic expressions are also prominent, as seen in Guerlain's collaboration with IRCAM to create a sensory symphony that translates fragrance layers into sound [10][11] Group 4: Consumer Engagement and Emotional Resonance - The exhibitions aim to foster emotional connections with consumers, moving from product-centric to experience-centric narratives [13][21] - For example, the "Become____" installation by Ushopal combined tarot and personality tests to help consumers find personalized fragrances, enhancing emotional engagement [16][20] Group 5: Cultural Integration and Interaction - The integration of diverse cultural elements in exhibitions, such as Penhaligon's collaboration with Chinese shadow puppetry, allows for a unique cultural resonance and avoids didactic historical narratives [13][14] - The use of interactive installations, like the "wishing well" and sensory engagement zones, encourages emotional responses and personal connections to the brand [18][19] Group 6: Challenges and Consumer Feedback - Despite the popularity of perfume exhibitions, there are criticisms regarding the consumer experience, such as lack of clear product labeling and content depth [21] - Brands must continuously refine their exhibition strategies to enhance consumer engagement and satisfaction [21][22] Group 7: Strategic Recommendations - Successful perfume exhibitions should integrate multi-sensory experiences, historical storytelling, and artistic expression to build consumer trust and brand loyalty [22][23] - The balance of historical, artistic, cultural, interactive, and communicative elements is essential for maximizing the impact of perfume exhibitions [23][35]