公司刚起步时，国外品牌方并不了解刘钜荣的能力，他向品牌方提交运营方案，强调对渠道与消费者的理解，借助小规模试点，逐步扩大授权模式。刘钜荣 的开拓性举措奠定了公司在行业中的领先地位。根据颖通财报，截至2025年3月31日，颖通已和73个外部品牌达成合作，其中61个品牌获得独家授权或分装 许可，涵盖爱马仕、梵克雅宝、萧邦等顶奢品牌，以及 Laura Mercier、澳尔滨等细分领域头部品牌，形成"从顶奢到小众"的全覆盖产品矩阵。2024年4月1日 —2025 年3月31日，公司香水业务营收占比80.9%，是名副其实的核心现金流支柱。 回顾近40年的发展，颖通集团经历了中国香水市场的不同发展阶段。 新一代消费者正通过"气味人设"建立圈层识别度。当香水成为个人品牌的延伸，独特性本身就是一种刚需。 文｜钱丽娜 ID | BMR2004 2025年10月，颖通集团（以下简称"颖通"）为法国百年沙龙香氛品牌卡朗在上海油罐艺术中心启动全球焕新特展。新任艺术总监奥利维亚·德·罗斯柴尔德 （Olivia de Rothschild）为这个诞生于1904年的品牌推出"Vibes"情绪分类系统，聚焦情绪消费领域。 这是一个市场信号。 ...

光大证券认为，2025年以来，化妆品行业竞争进一步加剧，虽然存在整体需求偏弱、流量红利减弱以及 费用居高不下等问题，但也看到部分公司和品牌通过发挥自身的差异化优势实现高增长，期待竞争格局 的进一步明朗化和头部企业能力的进一步凸显。 开源证券认为，近年颜值经济和悦己潮流盛行，消费者通过选购功效护肤品(达到美白/抗老等效果)、国 潮彩妆(打造时尚感妆容)、家居香氛(闻香舒缓身心)等达到悦己疗愈的目的，建议关注"情绪消费"下的 美妆投资机遇。主线一：美妆国货崛起旋律持续，关注把握高景气细分赛道且能力不断迭代的美妆企 业；主线二：高端美妆打造稀缺，高端国货美妆势能崛起；主线三：个护家清细分领域多面开花，"需 求刚性+体验升级"双轮驱动。 国家药监局发布《关于深化化妆品监管改革促进产业高质量发展的意见》，其中提出，加大产业扶持力 度。鼓励省级药品监管部门积极争取政府支持，协调相关部门出台化妆品产业扶持政策，营造良好的产 业创新环境，支持行业绿色低碳发展，通过政策赋能推动品牌崛起，培育具有国际竞争力的民族品牌化 妆品。 ...

Core Insights - Luxury goods consumption in China is showing a rebound during this year's "Double Eleven" despite a challenging overall consumption environment, indicating a shift towards rational and diversified consumer behavior [1][2] - The demand for luxury goods has become distinctly segmented into three main consumer groups: the "tasting tribe" seeking new products, the "experiential faction" valuing personalized aesthetics, and the "rational faction" focused on high cost-performance [1][2] Group 1: Market Trends - Major e-commerce platforms report significant growth in luxury goods sales, with Tmall's luxury brand transactions achieving double-digit year-on-year growth during "Double Eleven" [1] - Bain & Company forecasts a general decline in luxury brand performance by mid-2025, yet highlights the resilience of Chinese consumer demand for luxury products [1] Group 2: Consumer Behavior - Modern consumers are increasingly willing to pay for experiences that provide emotional value, leading to a preference for discount channels over full-price stores for entry-level luxury goods [2] - The interaction between brands and younger consumers, particularly Millennials and Generation Z, has fundamentally changed, with a focus on style and emotional resonance rather than brand logos [2] Group 3: Product Categories - There has been rapid growth in categories such as ice sports and high-end home goods during "Double Eleven," with designer lighting, premium tableware, and home fragrances leading the charge [2] - The luxury goods market is evolving from a status symbol to emphasize practicality, cost-effectiveness, and emotional value [2]

21世纪经济报道记者赵佳佳实习生刘是卓 低迷的奢侈品消费或将在双十一迎来"逆转"。 全球知名咨询公司贝恩公司发布的研究报告，作为两大核心奢侈品市场的中国与美国近年来出现下滑趋势。2025年上半年，各 大奢侈品集团的营业收入、净利润都呈现下滑的态势。 但在今年双十一中，奢侈品又成为备受消费者关注的热门品类之一，据天猫双十一第一周期数据显示10月20日正式开售后，奢 品品牌整体成交同比两位数增长，Balenciaga.Burberry、Canada Goose、Coach、MiuMiu、Maison Margiela、Max Mara.Moncler、 Ralph Lauren等品牌均在天猫实现高双位数增长。 而即使在奢侈品市场规模整体下滑的时间点上，消费者对于奢侈品的需求仍然旺盛——只不过和过去相比，当下消费者的奢侈 品消费正在逐渐分化：有的消费者重视"新品"，渴望尝鲜；有的消费者重视个性化审美与体验；有的消费者重视"高性价比"、 降低品牌溢价。不同的需求正在重新洗牌奢侈品消费市场。 而特卖电商唯品会数据显示，多个奢侈品品牌销量同比增长超30%。同时，主打奢侈品特卖的唯品会，还在今年双十一期间， 引入中检鉴定师 ...

Core Insights - Luxury brands are experiencing significant growth during this year's Double 11 shopping festival, with overall sales increasing by double digits year-on-year on Tmall [1] - The shift in luxury consumption is towards lifestyle and quality enhancement, with a notable rise in demand for winter sports gear and high-end home goods [3][5] Group 1: Sales Performance - Tmall's first cycle data shows that luxury brands like Balenciaga, Burberry, and Moncler achieved high double-digit growth in sales [1] - The luxury segment for winter sports equipment saw over 80% year-on-year growth since October, driven by brands like Balenciaga and Zegna [3] - High-end home goods are emerging as a new growth area, with brands like Wedgwood and HAY also reporting double-digit sales increases [3] Group 2: Consumer Trends - Millennials and Gen Z are becoming the main consumers of luxury goods, seeking brands that resonate with their personal aesthetics rather than just logos [5] - Coach experienced a three-digit percentage increase in sales on Tmall's Double 11 opening day, attributed to its unique product lines appealing to younger consumers [5] - The introduction of new products is a key driver for growth, with over 200 luxury brands launching more than 10,000 exclusive items during this year's event [5]

新华财经上海10月18日电（记者吴宇）由法兰克福展览集团与上海四季桂展览有限公司联合举办的气味 上海2025秋季香水香氛精品展，近日在上海举行。这是中德企业在这一"小众展览"领域首次携手。 据介绍，最近25年，法兰克福展览集团致力打造"美丽世界"全球系列展会。在气味上海香水香氛精品展 之前，已在日本、阿联酋、沙特阿拉伯、乌兹别克斯坦等八个市场布点，覆盖了与"美丽"相关行业的完 整供应链，并与法兰克福展览集团旗下的三场消费品展会（国际春季消费品展览会、国际圣诞礼品世界 展览会、手工制作及创意文具展览会）遥相呼应，推动了众多关联行业的贸易对接与技术交流。 据介绍，本届展览汇集参展企业超150家、香水品牌近300个，总展览面积6000平方米，相关展品涵盖香 水、家居香氛、车载香氛、香薰蜡烛、中国传统香道等领域。 （文章来源：新华财经） 法兰克福展览集团相关负责人表示，气味上海香水香氛精品展已成为其旗下"美丽世界"全球系列展会的 最新成员，每年举办两届。这一合作是当前中国香水香氛市场快速增长催生的成果，合作双方的长远目 标是构建一个贯通香水香氛艺术的历史传承与未来想像的交汇空间。 上海四季桂展览有限公司负责人表示，中 ...

Group 1 - As of August 22, the stock price of Qingdao Kingking is 8.93 yuan, down 0.15 yuan or 1.65% from the previous trading day [1] - The opening price on August 22 was 8.90 yuan, with a highest price of 9.18 yuan and a lowest price of 8.80 yuan, and a trading volume of 884,800 hands, amounting to 789 million yuan [1] - Qingdao Kingking primarily engages in the research, production, and sales of cosmetics, candles, and craft products, with offerings including cosmetics, scented candles, and home fragrances, covering both domestic and overseas markets [1] Group 2 - On the morning of August 22, Qingdao Kingking experienced a rapid rebound, with a price increase of over 2% within 5 minutes, reaching 9.13 yuan at 9:35 AM, with a transaction amount of 123 million yuan [1] - The net outflow of main funds on that day was 63.29 million yuan, with a cumulative net outflow of 97.29 million yuan over the past five trading days [1]

Core Insights - The fragrance industry is transitioning from "sensory pleasure" to "emotional health core needs," indicating a strategic shift in consumer preferences and market focus [1] - The Hong Kong and Macau fragrance market is experiencing three key transformations: emotional demand-driven consumption, the popularization of home fragrances, and the rise of the olfactory economy in commercial spaces [1][2] Company Strategy - The company plans to leverage its 40 years of channel advantages and multinational service network to act as a core bridge for global fragrance brands entering the Chinese market, integrating international innovation with Chinese consumption upgrades [1] - The company aims to establish its first fragrance experience flagship store in Hong Kong by 2026 and open a "Perfume Box" flagship store in Shanghai by the end of 2026, creating immersive retail experiences for customers [2] Market Data - According to a survey conducted in July 2025 involving 790 consumers in Hong Kong and Macau, 81% of respondents have integrated fragrances into their daily lives, a 9% increase from the previous year [1] - The global home fragrance market is projected to reach $40 billion by 2032, with a compound annual growth rate of 6.56% [2] Product Portfolio - As of June 10, 2025, the company is the largest fragrance group in China by retail sales (excluding brand owners), distributing products from 72 external brands across various pricing tiers and functions to meet diverse consumer needs [3]

Group 1 - The core viewpoint of the article highlights the significant growth potential of Ying Tong Holdings, which is the largest perfume brand management company in mainland China and Hong Kong-Macau, with a notable increase in stock price [1] - As of the latest report, Ying Tong Holdings' stock price rose by over 6%, currently trading at 2.14 HKD with a transaction volume of 16.94 million HKD [1] - The company manages a total of 72 external brands, including renowned names such as Hermès, Van Cleef & Arpels, and Chopard, indicating a strong portfolio in the beauty and personal care sector [1] Group 2 - According to a report by Lyon, the Chinese perfume market is expected to experience an average annual growth rate of 14% from 2023 to 2028, which will benefit Ying Tong Holdings as the third-largest perfume group in Greater China [1] - Lyon forecasts that by the end of the fiscal year 2026, Ying Tong Holdings' sales and net profit will grow by 17% and 27% respectively [1] - The projected compound annual growth rates for sales and net profit from fiscal years 2026 to 2028 are 16% and 25%, with net profit margin expected to increase from 11.1% in fiscal year 2026 to 13% in fiscal year 2028, driven by market share expansion in perfumes and other categories, as well as the growth of direct-to-consumer channels [1]

Company Overview - Ying Tong Holdings (06883) is the largest perfume brand management company in mainland China and the Hong Kong-Macau region, with revenue primarily derived from the sale of external brands' perfumes, skincare, cosmetics, and personal care products [1] - As of March 31, the company manages a total of 72 external brands, including internationally recognized names such as Hermès, Van Cleef & Arpels, Chopard, Albion, and Laura Mercier [1] - The company provides a comprehensive sales and distribution network covering a wide range of channels for perfumes, skincare, cosmetics, personal care products, eyewear, and home fragrances in China, including Hong Kong and Macau [1] Industry Insights - According to a report by S&P Global, the Chinese perfume market is expected to experience an average annual growth rate of 14% from 2023 to 2028 [2] - As the third-largest perfume group by sales in Greater China, Ying Tong Holdings is positioned to benefit from this market growth [2] - Analysts predict that for the fiscal year ending March 2026, the company's sales and net profit will grow by 17% and 27%, respectively [2] - From fiscal years 2026 to 2028, the compound annual growth rates for sales and net profit are expected to reach 16% and 25%, respectively, with net profit margin increasing from 11.1% in fiscal 2026 to 13% in fiscal 2028 [2] - The growth is attributed to market share expansion in perfumes and other categories, as well as the expansion of direct-to-consumer (DTC) channels [2]