Core Viewpoint - The announcement highlights a strategic partnership between Ying Tong Holdings (06883) and the Italian high-end fragrance brand CULTI, effective from January 1, 2026, aimed at enhancing the distribution network for high-end fragrances in China [1] Group 1: Partnership Details - The partnership grants Ying Tong Holdings exclusive distribution rights for CULTI products in mainland China, Hong Kong, and Macau [1] - The company will implement a customized market entry and expansion plan for the CULTI brand [1] Group 2: Brand Overview - CULTI, owned by CULTI Milano S.p.A., specializes in flameless fragrances and is positioned in the high-end lifestyle segment [1] - The brand offers a comprehensive fragrance experience, including home fragrances, car fragrances, personal care products, and perfumes, aligning with consumer trends focused on "emotional health" and "value resonance" [1] Group 3: Market Strategy - The collaboration aims to strengthen Ying Tong Holdings' high-end fragrance distribution network and expand its market share in the home fragrance category [1] - The partnership is expected to capture the double-digit growth potential of the Chinese fragrance market, providing sustainable business momentum for the company [1]

Core Viewpoint - The company Ying Tong Holdings (06883) has announced a partnership with the Italian high-end fragrance brand CULTI, effective from January 1, 2026, to gain exclusive distribution rights for CULTI products in mainland China, Hong Kong, and Macau [1] Group 1: Partnership Details - The partnership allows the company to implement customized market entry and expansion plans for CULTI in the specified regions [1] - CULTI, owned by CULTI Milano S.p.A., specializes in flameless fragrances and offers a range of products including home fragrances, car fragrances, personal care items, and perfumes [1] Group 2: Market Strategy - The collaboration aims to strengthen the company's high-end fragrance distribution network in China and expand its market share in the home fragrance category [1] - The partnership is expected to capture the double-digit growth potential of the Chinese fragrance market, providing sustainable business momentum for the company [1]

Core Viewpoint - The announcement highlights a strategic partnership between Ying Tong Holdings and the Italian high-end fragrance brand CULTI, effective from January 1, 2026, aimed at enhancing the distribution network for high-end fragrances in China [1] Group 1: Partnership Details - Ying Tong Holdings has secured exclusive distribution rights for CULTI products in mainland China, Hong Kong, and Macau [1] - The partnership includes the implementation of a customized market entry and expansion plan for CULTI in these regions [1] Group 2: Brand and Market Positioning - CULTI, owned by CULTI Milano S.p.A., specializes in flameless fragrances and targets the high-end lifestyle market, offering a comprehensive range of home fragrances, car fragrances, personal care products, and perfumes [1] - The brand aims to create a "cultural home" experience by blending art and nature, aligning with consumer trends focused on "emotional health" and "value resonance" [1] Group 3: Strategic Objectives - The collaboration is intended to strengthen Ying Tong Holdings' high-end fragrance distribution network and expand its market share in the home fragrance category [1] - The partnership is expected to capture the double-digit growth potential of the Chinese fragrance market, providing sustainable business momentum for the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Eternal Beauty Holdings Limited 穎通控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6883） 自願性公告 与CULTI建立合作關係 本公告乃穎通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」或 「穎通控股」）自願作出，旨在讓本公司股東和潛在投資者了解本集團的最新業 務發展。 CULTI 系由意大利公司CULTI Milano S.p.A.持有的品牌，該品牌專注於无火香薰，定 位高端生活，覆蓋意式家居香氛、車載香薰、個人護理产品及香水的全氛圍香氛體 驗，打造"家的文化"，把藝術和自然巧妙融合，正契合市場對"情感健康"及 "價值共鳴"的消費趨勢。 合作的理由及裨益 本次合作旨在強化本集團在中国的高端香氛分銷網絡，豐富家居香氛品類市場份 額和品牌價位段版圖，捕捉中國香氛市場的雙位數增長潛力，為本集團注入可持 續的業務動力。 1 與CULTI建立合作關係 本公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.14 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 85.3%. The net profit attributable to shareholders was 105 million yuan, up 81.6% year-on-year. In Q3 alone, revenue reached 820 million yuan, with a year-on-year increase of 123%, and net profit was 32.51 million yuan, growing 73% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.14 billion yuan, a year-on-year increase of 85.3%, and a net profit of 105 million yuan, up 81.6%. In Q3, revenue was 820 million yuan, reflecting a 123% year-on-year growth, while net profit was 32.51 million yuan, increasing by 73% [2][4]. Brand Performance - The self-owned brand and brand management segments showed significant growth, with revenues of 450 million yuan and 200 million yuan respectively in Q3, marking increases of 344.5% and 114.1% year-on-year. The self-owned brand "Zhanjia" continued its high growth trajectory, achieving Q3 revenue of 230 million yuan, up 118.9% year-on-year [6]. Profitability - The company's gross margin improved by 11.3 percentage points to 61% in Q3 2025, primarily due to the rapid growth of high-margin self-owned brand businesses. The expense ratios for sales, management, R&D, and finance increased by 17.7%, -4.1%, -0.4%, and 0.4 percentage points respectively [6]. Future Outlook - The company is expected to maintain strong growth in its self-owned brands, with projections for EPS of 0.58, 1.13, and 1.61 yuan per share for 2025-2027. The ongoing expansion in the health product sector and the successful launch of new products are anticipated to further enhance customer reach and profitability [6].

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with total revenue reaching 2.138 billion yuan, a year-on-year increase of 85.30%, and a net profit attributable to shareholders of 105 million yuan, up 81.57% [1] Revenue Breakdown - The self-owned brand revenue experienced explosive growth, becoming the core growth engine, with Q3 2025 self-owned brand revenue at 451 million yuan, a year-on-year increase of 344.5%, accounting for 55.1% of total revenue [2] - The brand "Zhanjia" generated 227 million yuan in revenue for Q3 2025, a year-on-year increase of 118.9%, with cumulative revenue for the first nine months reaching 680 million yuan, up 148.6% [2] - The brand "Feicui" also saw significant growth, with Q3 revenue of 203 million yuan, a quarter-on-quarter increase of 98.8%, and cumulative revenue of 362 million yuan for the first nine months [2] - The newly launched brand "Niu6 Yiyue Beid" achieved revenue of 12.126 million yuan by September, with a threefold increase in GMV in August and September [2] - The brand management business generated 204 million yuan in Q3 2025, a year-on-year increase of 114.1%, while the agency operation business achieved approximately 164 million yuan in revenue, showing stable development [2] Profitability and Cost Structure - Overall profitability improved, with a gross margin of 61.02% in Q3 2025, an increase of 12.42 percentage points year-on-year, primarily due to the higher gross margin from self-owned brand business [3] - The expense ratios for sales, management, and R&D in Q3 2025 were 54.52%, 3.37%, and 0.80%, respectively, with sales expense ratio increasing year-on-year due to revenue recognition timing issues [3] Investment Outlook - The company, as a leader in agency operations, has validated its multi-brand incubation capability, with self-owned brand business entering a harvest phase, indicating strong future growth potential [3] - Revenue projections for 2025-2027 are 3.483 billion, 5.334 billion, and 7.476 billion yuan, with year-on-year growth rates of 97.3%, 53.1%, and 40.2%, respectively [3] - Net profit forecasts for the same period are 179 million, 348 million, and 520 million yuan, with year-on-year growth rates of 69.7%, 93.9%, and 49.4% [3] - The current price-to-earnings ratios for 2025, 2026, and 2027 are projected at 73.4X, 37.8X, and 25.3X, respectively, maintaining a "buy" rating [3]

Group 1 - The fragrance market in China has seen a significant increase in popularity, with the usage rate among young urban consumers aged 25 to 35 rising from 20% to 50% over the past three years [1] - The domestic scented candle market reached a scale of 181.5 billion yuan in 2023, expected to exceed 250 billion yuan by 2025, while the car fragrance segment has seen a search volume growth of 141% [9] - Despite the growing interest, the penetration rate of fragrance products in China remains below 5%, significantly lower than in Western countries where it can exceed 50% [9] Group 2 - The rise of fragrance products is attributed to their expanding usage scenarios, diverse functionalities, affordability, and emotional value, making them a part of daily life for many consumers [9][10] - Brands like emonster and Xitai are capitalizing on this trend by focusing on emotional healing and using natural essential oils to enhance user experience [20][22] - Unique positioning strategies are being employed by various brands, such as Xitai's focus on Chinese plant fragrances and the development of affordable yet high-quality products to meet the needs of new middle-class consumers [24][25] Group 3 - The fragrance industry faces challenges such as raw material monopolies and high competition from established brands like Estée Lauder and L'Oréal, which are entering the fragrance market as a new growth point [28][32] - New brands are focusing on expanding their product lines and enhancing customer engagement through offline experiences and personalized marketing strategies [29][32] - The long-term success of these brands will depend on their ability to understand consumer emotions and address supply chain issues effectively [32]