Core Insights - The global perfume market is expected to maintain a growth rate of 4% to 6% over the next four years, with China's market projected to grow even faster at a compound annual growth rate (CAGR) of 8% from 2024 to 2028 [2][7]. Company Overview - Ying Tong Holdings (06883.HK) became the "first stock" in the perfume sector after its IPO in June, but has faced market skepticism due to its heavy reliance on brand agency and low revenue from self-owned brands [2][5]. - As of March 31, Ying Tong Holdings had 22 brand authorizations expiring within a year, raising concerns as many luxury brands are shifting to self-operated models [5]. Market Trends - The perfume segment has shown resilience amid overall pressure on the beauty industry, with companies like Estée Lauder and L'Oréal reporting growth in their fragrance divisions despite declines in other product lines [6]. - The Chinese market is expected to surpass 33.9 billion yuan by 2028, with a 3.6% year-on-year growth in perfume sales, contrasting with a 7.9% decline in overall beauty sales [7]. Competitive Landscape - International brands continue to dominate the market, with Ying Tong Holdings introducing up to 10 new brands annually while evaluating over 100 potential brands each year [10][11]. - Domestic brands like "Guanxia" and "Wenxian" are emerging, but they have yet to make a significant impact in the top perfume rankings [11]. Consumer Behavior - The "scent economy" is on the rise, with increasing opportunities in second-tier and lower-tier markets, as well as a growing demand for men's fragrances [6][7]. - By 2025, over 50% of fragrance consumers in first-tier cities are expected to be part of the advanced consumer group, indicating a shift in market demographics [7].