Core Viewpoint - Ying Tong Holdings is launching an IPO, offering 333 million shares globally, with a listing date set for June 26 on the Hong Kong Stock Exchange, marking its position as the first publicly listed perfume company in China [1] Company Overview - Ying Tong Holdings has established a unique business model focused on localizing international brands in China, which has allowed it to maintain a competitive edge for over 42 years [3][5] - The company collaborates with 72 external brands, with 52 being perfume brands, and has long-standing partnerships with key players like InterParfums and Hermès [3][5] Market Position - The Chinese perfume market is experiencing rapid growth, with a projected market size of 229 billion RMB in 2023 and a compound annual growth rate (CAGR) of approximately 15% [13] - Despite the growth, the penetration rate of perfumes in China is only 5%, significantly lower than in Europe and the US, indicating substantial market potential [13] Business Strategy - Ying Tong Holdings emphasizes a long-term approach, focusing on brand value and avoiding excessive price competition to maintain brand integrity [11][14] - The company plans to invest IPO proceeds into four main areas, including deepening its agency business, enhancing perfume product development, acquiring validated brands, and launching innovative retail projects like "Scent Box" [15][18] Financial Performance - The "Scent Box" project is expected to have a gross margin increase from 66.1% in the fiscal year ending March 31, 2023, to 75.7% by March 31, 2025, with plans to open 100 self-operated stores within three years [18] Consumer Insights - Ying Tong Holdings has accumulated over 2 million user data through its CRM system, enabling personalized services that cater to the diverse needs of consumers in the high-turnover perfume market [18]