在这一背景下，颖通持续推动品牌与渠道的双重升级。一方面通过拓展美妆新品类强化品牌组合，另一 方面则借助自营零售品牌"拾氛气盒Perfume Box"，整合旗下50多个品牌，提供沉浸式购物体验。其自 营零售品牌以创新的"香水银行"、"香水体验墙"等社交互动空间，深受Z世代年轻消费者欢迎，从而推 动香氛从单一商品迈向跨场景情绪健康解决方案，积极引领市场迈入"情绪健康新时代"，实现从"卖产 品"到"提供情绪解决方案"的战略转型。 中信证券在报告中强调，颖通控股未来将继续深化多品牌矩阵与零售网络建设，计划三年内在全国拓展 100家门店，进一步抢占市场份额并提升品牌影响力，打开更广阔的增长天花板。未来，随着"情绪健康 新时代"的逐步深入，颖通控股有望持续整合资源、拓展边界，携手品牌与消费者共同书写中国香氛市 场的新篇章。 报告中指出，颖通控股作为大中华区头部香水品牌管理公司，近40年来凭借其强大的品牌矩阵、深度的 渠道覆盖和敏锐的市场洞察，不断巩固其市场地位。目前颖通旗下共管理72个品牌，其中61个为独家授 权，覆盖香水、护肤、彩妆、家居香氛等多品类，构建了难以复制的竞争壁垒。 尤其值得注意的是，在"在线催化+情绪消费 ...

Core Viewpoint - The successful listing of Ying Tong Holdings Limited on the Hong Kong Stock Exchange symbolizes the filling of a gap in the local perfume market, while the company faces challenges from international luxury brands reclaiming channel control and emerging niche fragrance brands disrupting the market [2]. Financial Performance - Ying Tong's revenue has steadily increased over the past three fiscal years, reaching over 2 billion RMB in the 2025 fiscal year, with revenues of 1.699 billion RMB, 1.864 billion RMB, and 2.083 billion RMB for the fiscal years 2023, 2024, and 2025 respectively [3][4]. - The net profit for the same period has also shown growth, with figures of 1.73 billion RMB, 2.06 billion RMB, and 2.27 billion RMB [3]. - The perfume category remains the core revenue source, contributing 88.5%, 81.7%, and 80.9% of total revenue over the three years, while skincare and makeup categories have seen a significant increase in contribution from 9.1% to 18.2% [3][4]. Market Position - According to data from Frost & Sullivan, Ying Tong holds an 8.1% market share in the mainland China perfume market, ranking as the fourth-largest group, while being the largest perfume brand management company in the non-brand owner segment with a 9.3% market share [4][5]. Brand Partnerships - Ying Tong has established partnerships with 72 brands, including luxury brands like Hermès and Van Cleef & Arpels, as well as niche brands like CREED and Maison 21G, enhancing its competitive advantage [5]. Channel Strategy - As of March 31, 2025, Ying Tong has developed five major sales channels: department stores, cosmetics chains, e-commerce, duty-free, and cross-border sales, covering over 400 cities in China [6]. - The retail channel is the largest source of income, accounting for 48.6% of total revenue in the 2025 fiscal year [6]. Future Plans - Ying Tong plans to allocate approximately 143 million HKD (about 130 million RMB) or 15% of the net proceeds from the IPO to invest in developing its own brands and acquiring or investing in external brands [7]. - The company aims to expand its self-owned brand "Perfume Box" and develop skincare brands [7]. Historical Context - Founded in 1983, Ying Tong initially focused on optical eyewear distribution before pivoting to the perfume industry in 1987, recognizing the potential in the high-end consumer goods market in China [8]. - The company has evolved from a single agent to a brand management group, significantly expanding its brand portfolio over the years [9]. Innovation and Market Adaptation - Ying Tong has pioneered several industry innovations, including the establishment of perfume counters in department stores and the introduction of e-commerce platforms for fragrance sales [11]. - The company is adapting to market changes by focusing on localized marketing strategies and enhancing consumer engagement through its membership system [15][20]. Conclusion - Ying Tong is positioned at a critical juncture, transitioning from a traditional channel distributor to a value-driven entity that emphasizes consumer experience and brand localization, aiming to redefine its role in the evolving fragrance market [21].