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].