Investment Rating - The report indicates a positive investment outlook for the Chinese perfume and fragrance industry, highlighting its resilience and growth potential in the face of global market fluctuations [10][11][12]. Core Insights - The Chinese perfume and fragrance industry is experiencing a transformation from "transactional purchasing" to "value resonance consumption," where consumers prioritize emotional connections and cultural narratives over mere product functionality [10][25]. - The market is witnessing a significant shift towards emotional and experiential consumption, particularly in lower-tier cities, which are becoming key growth drivers due to their untapped potential [12][33]. - International brands are increasingly localizing their strategies to resonate with Chinese consumers, while domestic brands are focusing on deepening their presence in the local market and exploring global opportunities [40][46]. Summary by Sections Part 1: Resilient Growth of the Chinese Consumer Market - The report decodes the "ice-fire resilience" of the Chinese consumer market, driven by policy stimulation and inherent growth dynamics, particularly in lower-tier cities [18][19]. - The retail sales growth rate of consumer goods has shown a positive trend, with a peak in May 2025, indicating a recovery in consumer sentiment [21][25]. - The shift from survival consumption to development-oriented consumption is emphasized, with a focus on enhancing the quality and cultural aspects of products [25][26]. Part 2: Evolution of the Chinese Perfume and Fragrance Market - The Chinese perfume market is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 8% from 2024 to 2028, reaching a market size of 33.9 billion yuan [58][59]. - The report highlights the dual leadership of the Chinese market, where local beauty brands demonstrate resilience alongside global growth engines [56][58]. - The concept of the "olfactory economy" is emerging, where fragrances extend beyond traditional products to become integral to lifestyle experiences [65][66]. Part 3: Consumer Behavior Insights in the Chinese Perfume Market - There is a notable increase in interest among consumers in lower-tier cities, indicating a growing market for fragrances [14][33]. - The report identifies a trend of personalized scent experiences, where consumers seek unique olfactory identities [36][39]. - The evolving consumer landscape is characterized by a shift towards emotional and experiential connections with brands [52][53]. Part 4: Product Development Trends in the Chinese Perfume Market - The industry is moving towards a new era of fragrances that integrate sensory experiences into daily life, emphasizing lifestyle solutions [47][48]. - The report discusses the evolution of fragrance products, highlighting the importance of cultural narratives and emotional connections in product development [15][16]. Part 5: Marketing Development Trends in the Chinese Perfume Market - Marketing strategies are evolving to focus on emotional resonance and cultural narratives, moving from symbolic consumption to value co-creation [16][55]. - The integration of digital platforms and experiential marketing is reshaping how brands connect with consumers [16][55]. Conclusion - The report concludes that the Chinese perfume and fragrance market is poised for robust growth, driven by emotional consumption trends, the awakening of lower-tier markets, and the collaborative efforts of international and domestic brands [51][54].

中国香水市场正在迎来发展机遇。颖通控股（06883.HK，以下简称"颖通"）联合德勤咨询发布的《中 国香水香氛行业白皮书》（以下简称"白皮书"）显示，全球香水市场未来四年预计将维持4%至6%的增 长。其中，中国香水市场预计高单位数增速，到2028年中国香水市场规模预计突破339亿元，年复合率 为8%。 品牌竞争激烈 对于国外品牌与国内品牌的差异，颖通相关负责人认为："从市场大环境来看，中国是全球规模最大的 美妆市场之一，本土品牌在大众护肤、美妆领域具备天然优势：依托国内完整的美妆供应链体系，能实 现更高效的生产响应与成本控制，形成明显的生产与价格优势；但在科研层面与国际一线品牌仍有差 距。" 对于本土香氛品牌的发展，一名香氛品牌创始人此前向《中国经营报》记者表示："从美妆大产业的发 展逻辑上，国内、国外是有一致性的，都是从护肤、彩妆再到香氛、香水，从2019年起中国彩妆有整体 性的增长。我认为，从2020年5月份起，香薰进入了赛道增长周期。原因是中国人对于自己的文化开始 有自信了，这是非常重要的一点，因为香水、香氛非常需要情感。对做'东方嗅觉'的品牌来说，如果消 费者对文化不认同，那么品牌就只能主打性价比。但 ...

Core Viewpoint - The global fragrance market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's fragrance market projected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028, indicating a strong trend in the fragrance sector despite overall pressure on the beauty industry [2][6]. Industry Overview - The fragrance segment has shown resilience, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance businesses amidst declines in other product lines [6]. - The Chinese fragrance market is anticipated to exceed 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in fragrance sales in the offline market for 2024, contrasting with a 7.9% decline in overall beauty sales [6]. Company Insights - Ying Tong Holdings, listed in Hong Kong, has faced market skepticism since its IPO, primarily due to its heavy reliance on brand agency agreements, with a significant portion of its brand authorizations expiring within a year [3][4]. - As of May 31, Ying Tong managed 72 external brands, with its own brand revenue accounting for less than 1% in Q1 of this year [4]. - The CEO of Ying Tong indicated plans to enhance their own brand, Santa Monica, through product refinement and potential partnerships or acquisitions to scale up [4]. Market Dynamics - The fragrance market is increasingly influenced by the "scent economy," with a notable rise in male fragrance consumption, which is expected to grow from 37.1% in 2023 to 40.1% in 2024 [5][7]. - The competition among brands is intensifying, with international brands still dominating the market, while domestic brands are beginning to emerge [8][9]. Future Trends - The white paper indicates that the consumer base for fragrances is shifting, with a significant increase in the proportion of fragrance users in first-tier cities [7]. - Ying Tong's strategy for introducing new brands focuses on proven success in foreign markets, product quality, and the willingness of brand owners to adapt to the Chinese market [9].

Group 1 - The launch of the variety show "Flowers and Youth 7" has sparked interest in traditional Chinese incense, highlighting the cultural significance of incense in China [2] - The fragrance industry is evolving from "scent trading" to "value resonance consumption," where consumers express emotions and cultural identity through scents [4][5] - The report by Ying Tong Group and Deloitte indicates that the fragrance market in China is expected to grow significantly, with a projected market size exceeding 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [6][10] Group 2 - The fragrance market in China is showing resilience compared to other beauty segments, with a continuous growth rate of 3.7% in offline sales since 2025 [8] - The report identifies five major opportunities in the fragrance market, including the growth potential in second-tier cities and the increasing demand for men's fragrances [15] - The rise of domestic brands is shifting the focus from mere cultural symbols to deeper cultural connections, as brands seek to resonate with modern consumers [17][18] Group 3 - The report emphasizes the importance of multi-sensory experiences in fragrance consumption, with trends indicating a shift towards integrating scents into various lifestyle scenarios [20][23] - The boundaries between fragrance categories are becoming blurred, with a growing trend of niche brands entering the mainstream market [24][26] - Ying Tong Group's operational strategy involves a brand matrix approach, ensuring that over 70 brands are effectively managed and marketed across different channels [28]

Core Insights - The report highlights the resilience of the Chinese consumer market despite global fluctuations, with strong growth potential particularly in lower-tier cities [2][4] - A shift towards "value resonance consumption" is identified, where consumers prioritize emotional connections over mere product functionality, driving growth in the fragrance sector [2][4] - The report emphasizes the importance of sustainable competitive advantages for brands in a more mature and rational market environment [4][6] Market Dynamics - The retail sales growth of consumer goods has been steadily recovering since 2025, indicating a positive trend in consumer spending [2] - The emergence of seasoned consumers, such as quality-focused buyers and fragrance enthusiasts, is shaping market trends [4] - The fragrance category is experiencing robust growth due to its unique emotional connection attributes and significant market penetration potential [4] Consumer Behavior - Consumers are becoming more self-aware and confident, leading to a transformation in the fragrance market landscape [4] - The increasing market education is solidifying consumer understanding of fragrances, paving the way for a new growth cycle [2][4] Marketing Strategies - Successful marketing in 2025 will require a combination of insights, strategy, and tactics, focusing on understanding deep market needs and localizing operations [6] - Brands must establish deep emotional connections with consumers to thrive in the evolving market [4][6] Industry Outlook - The release of the white paper marks a significant milestone in documenting the growth and changes in China's olfactory economy [6] - The insights gathered aim to foster industry development and create more resilient growth pathways [6]

在刚刚过去的财报季，国际美妆巨头们的业绩集体承压。但在所有产品线中，香水香氛成为逆势增长的赛道。这也是去年年中这些美妆巨头在财报中透露的 一大信息，如今这一趋势仍在延续。 9月4日，颖通控股（06883.HK，股价2.200港元，市值29.84亿港元）联合德勤咨询发布的《2025中国香水香氛行业白皮书》（以下简称《白皮书》）显示， 全球香水市场规模在未来四年预计将维持4%～6%的增速，中国市场预计未来增速则更快，在2024—2028年的年复合增长率预计将达到8%。 香水市场的火热也推动了一家香水代理公司上市。今年6月，颖通控股登陆港股市场，成为"香水第一股"。但自IPO（首次公开募股）以来，颖通控股备受市 场质疑，公司高度依赖代理品牌，自营品牌营收占比低，股价表现并不理想。9月4日，颖通控股首席执行官林荆就市场质疑以及香水香氛行业的趋势，接受 了包括《每日经济新闻》记者在内的媒体记者采访。 林荆：一年代理合约期很普遍 上市首日（6月26日），颖通控股破发；截至9月5日收盘，公司股价仍低于发行价2.88港元/股。 图片来源：通达信截图 市场在担忧什么？ 关键点在于颖通控股是高奢品牌香化头部代理商，极度依赖品牌方 ...

在品牌竞争格局方面，中国香水市场目前仍以国际大牌为主导，但不同平台间存在明显差异。2025年1 —5月销售额监测数据显示，淘系、京东平台呈现""国际品牌垄断"特征；抖音平台则有不同表现，平价 国产品牌在该平台"TOP20"中占据半壁江山。 经济观察网9月4日，香水代理龙头企业颖通集团联合德勤咨询发布《中国香水香氛行业白皮书》(下 称"白皮书")。 关于消费端趋势，白皮书强调，当前消费者对香水的使用场景更趋丰富，偏好也更显多元，"一人千 面、一面一香"的个人气味宇宙构建需求正在兴起。同时，白皮书特别指出两大蓝海客群正加速拓展市 场基本盘：一是男性客群，数据显示其香水消费占比已从2023年的37.1%提升至2024年的40.1%；二是Z 世代消费者，尤其是二线及以下城市的年轻群体，尽管这部分消费者仍处于品牌认知建立与使用习惯培 养阶段，但其蕴含的巨大成长潜力与市场渗透空间，正成为推动中国香水市场规模扩容的关键力量。 从市场增长预期来看，白皮书指出，全球香水市场未来四年预计维持4%—6%的温和增长；与之相比， 中国香水市场受高端化、小众化、场景多元化趋势叠加影响，增长动力更显著，预计到2028年，中国香 水市场规模 ...

Core Insights - The report highlights the resilience and growth potential of China's perfume and fragrance industry, driven by policy stimulation and internal growth, with significant opportunities emerging in lower-tier cities [10][12][13]. Group 1: Market Overview - The Chinese fragrance market is experiencing a transformation from transactional purchasing to value resonance consumption, emphasizing emotional value and cultural identity [10][23]. - Lower-tier cities are becoming new growth engines, showing higher consumption expenditure growth compared to first-tier cities, indicating a shift in consumer behavior and expectations [10][29]. - The market is characterized by a dual trend of international brands localizing and Chinese brands globalizing, with both adapting to local tastes and cultural narratives [10][31]. Group 2: Consumer Behavior - There is an expansion of interest groups, with over 170 million users on platforms like Xiaohongshu showing interest in fragrances, and more than 40% of consumers selecting scents based on specific scenarios [2][3]. - Male consumers and young consumers in lower-tier cities represent a significant growth opportunity, with male consumption rising to 40.1% [2][3]. - Consumers are increasingly aware of the emotional and cultural significance of fragrances, moving from brand origin recognition to psychological needs [2][3]. Group 3: Product and Channel Dynamics - The product landscape is shifting from single sensory consumption to multi-scenario and emotional expression, with the rise of "addictive scent notes" and the integration of AI in product development [2][3]. - Online and offline channels are coexisting dynamically, with online platforms focusing on content dissemination and conversion, while offline channels serve as core high-end consumption spaces [2][3]. - Different cities require differentiated channel strategies, with international brands focusing on first-tier offline markets and Chinese brands penetrating lower-tier markets through beauty collection stores [2][3]. Group 4: Marketing Trends - Oriental aesthetic marketing is evolving from symbolic representation to value co-creation, with both international and domestic brands deeply exploring Eastern culture [2][3]. - Scenario marketing is focusing on emotional contexts, creating "parallel life scenarios" to enhance consumer engagement [2][3]. - Brands are leveraging IP collaborations to break through traffic challenges and create cultural antibodies, while offline spaces are being upgraded to serve as emotional interaction and cultural dissemination mediums [2][3]. Group 5: Future Outlook - The industry needs to evolve collaboratively in human value, cultural connotation, technological empowerment, and scenario penetration to achieve sustainable growth [2][3]. - The Chinese fragrance market is projected to exceed 33.9 billion yuan by 2028, with a compound annual growth rate of 8% [2][48].

Core Insights - The rise of the fragrance economy has made the perfume sector a hot market, with major players like L'Oréal and Kering showing ambition to capture market share through acquisitions [1][3] - Firmenich is acquiring a majority stake in Brazilian supplier Vollmens Fragrance Ltdas, aligning with its 2025 strategy to expand its portfolio and customer base in high-growth markets like Latin America [3][4] Company Strategy - Firmenich's 2025 strategy aims for 4%-5% organic sales growth and at least 12% free cash flow during the 2021-2025 period, with the acquisition of Vollmens expected to contribute approximately 25 million Swiss Francs (around 224 million RMB) in incremental sales [3][4] - The CEO of Firmenich emphasized that this acquisition enhances their influence with local and regional clients, strengthening their position in the Latin American market [3][4] Market Dynamics - The global fragrance market is projected to reach between 57 billion USD (approximately 408.81 billion RMB) and 61 billion USD (approximately 437.50 billion RMB) in 2024, with expectations to exceed 79.30 billion USD (approximately 568.72 billion RMB) by 2027 [8] - Other international raw material giants are also actively acquiring fragrance companies to capture market share, with IFF and others making significant acquisitions to enhance their product development capabilities [8][10] Financial Performance - Firmenich's sales performance has been strong, with a slight decline of 2.84% in 2023, but overall profitability has increased, reaching 7.41 billion Swiss Francs (approximately 66.52 billion RMB) in 2024, with a 24.9% rise in operating profit [10][12] - The fragrance and beauty segment has consistently contributed significantly to Firmenich's revenue, maintaining sales above 3.2 billion Swiss Francs (approximately 28.72 billion RMB) from 2021 to 2024, with a 10.51% year-on-year growth in 2024 [12][14] Competitive Landscape - Major players in the fragrance market, including LVMH and Estée Lauder, are also investing in fragrance brands, indicating a highly competitive environment [14] - The acquisition strategies of Firmenich and other raw material companies highlight the growing importance of the fragrance sector as a key growth area for profitability [14]

Core Viewpoint - Interparfums Group plans to increase product prices by 6% to 7% in the U.S. market starting August 1, 2025, in response to a new 10% tariff on French imports [1] Group 1: Company Strategy - The price increase is a strategic move to mitigate the impact of the new tariff policy on imported goods from France [1] - Interparfums Group manages a portfolio of fragrance brands, including Coach, Jimmy Choo, Montblanc, and Lacoste [1]