增长，是所有电商商家经营的核心命题。 但同一命题下，商家难点却各不相同，"投放转化率不理想"、"行业内容同质化严重"、"新品打爆难，爆品效应又短暂"、"找不准大促脉门"……大大小小问 题，都成了增长途中的拦路石。 然而，也有不少抖音电商商家是例外，提前拿下了"通关卡"： 虎牌保险柜新品618首发即爆品， 低频消费品也能狂揽800万销售额； 美妆品牌VAA周年庆秒变爆款孵化场，直播GMV斩获2100万!+ 童年伙伴今麦郎凭男团直播和年轻人网友玩到一起，顺手拿下榜单TOP1； …… 这些商家经营到底有何秘笈？ 在与几位业内人士深入交流后，品叔发现许多在抖音电商中"逆势增长"的商家背后，都站着一群"幕后玩家"——抖音电商服务商。 截至今年上半年，抖音电商服务商合作的商家已达30万+，覆盖各行各业，接连孵化爆款奇迹。而相较于那些爆款数据，更让品叔感兴趣的是： "千家千面"的电商商家经营和增长难题，正被"一对一"地精准解决。 1、让每一个生意难题，都有增长新解答 近年来，得益于抖音电商平台"分类型"为服务商提供的"体系化培训和差异化支持"，服务商能力和专业性持续增强，业务范围也已不限于"投放执行"和"店 铺代运营"，而 ...

Core Viewpoint - The company, Liren Lizhuang, announced that its controlling shareholder and actual controller, Huang Tao, has become a defendant in a property dispute following his divorce, which may affect his shareholding status but currently does not impact the company's operations or financial results [1][4]. Group 1: Legal Proceedings - Huang Tao's ex-wife, Weng Shuhua, has requested the transfer of 16.75 million shares registered under Huang Tao's name to their child, Huang Yiqi [1]. - The court has issued a notice for evidence and a response, but the case has not yet gone to trial, leaving the outcome uncertain [1]. - The company stated that the lawsuit will not have a significant impact on its business operations and that it will continue to fulfill its information disclosure obligations as the case progresses [1]. Group 2: Shareholding Changes - On August 22, it was reported that 16.747538 million unrestricted circulating shares were transferred, reducing Huang Tao's shareholding from 32.46% to 28.28%, while Weng Shuhua acquired 4.18% of the shares [4]. - Following the transfer, Huang Tao remains the largest shareholder with a 28.28% stake, while Weng Shuhua became the fourth largest shareholder with a 4.18% stake [4]. - The market value of the shares transferred to Weng Shuhua was approximately 170 million yuan based on the closing price on August 21 [4]. Group 3: Company Background - Liren Lizhuang was established in May 2010 with a registered capital of approximately 400 million yuan, engaging in the wholesale of cosmetics, daily necessities, and related services [4]. - The company has been publicly listed for five years since its debut on the Shanghai Stock Exchange in September 2020 [6]. - The ongoing divorce dispute between Huang Tao and Weng Shuhua has been a point of public interest, particularly regarding the division of shares [7].

Core Insights - The "Paris–Shanghai Perfume Show" marks a significant milestone for the Chinese perfume industry, showcasing its first large-scale collective presence in France, indicating a move towards globalization [1][12] - The event serves as a bridge for cultural exchange between Chinese and international fragrance markets, helping overseas brands understand the Chinese market while assisting Chinese brands in entering the global stage [3][12] Group 1: Event Overview - The exhibition featured over 20 Chinese local perfume brands, including emerging creators and award-winning works, highlighting the originality and cultural expression of Chinese perfumers [4][12] - The event facilitated initial connections between participating brands and buyers/distributors from France and Europe, laying a foundation for future commercial cooperation and market expansion [4][12] Group 2: Industry Discussions - Sixteen industry conferences and roundtable forums were held, gathering experts, creators, and observers to analyze challenges, trends, and prospects in both Chinese and international perfume markets [6] - Topics discussed included market overview and strategic potential, social media and digital ecology, regulatory interpretations, new aesthetics and design trends, and the cross-cultural evolution of olfactory culture [6] Group 3: Cultural Exchange - A special exhibition titled "Culture From The East" focused on contemporary Chinese brands in the beauty and lifestyle sectors, exploring how they reshape cultural narratives through modern design and global language [6] - The event also featured a cross-border fragrance experience in Shanghai, showcasing the artistic universe of the Parisian brand Diptyque, enhancing cultural dialogue between China and France [7][10] Group 4: Future Prospects - The "Paris–Shanghai Perfume Show" is positioned as a pivotal opportunity for Chinese brands to transition from "invited participants" to "leading curators" in the global fragrance dialogue [12][13] - The upcoming "Scent Shanghai 2025" exhibition in Shanghai will further expand the international presence of Chinese perfume brands, with over 200 premium fragrance brands and 100 global beauty brands expected to participate [13]

Group 1: Core Investment Logic - The company is a key beneficiary in the rapidly growing Chinese perfume market, which is projected to grow at a rate of 9-14% over the next 4-5 years, driven by increased penetration rates and rising consumer spending [1] - The company holds a third market share in retail sales in China (including Hong Kong and Macau), with 81% of its revenue coming from the perfume business in FY2025 [1] Group 2: Multi-Brand Operations - The company manages over 70 international brands and more than 2000 SKUs, providing a one-stop solution for core channels, significantly reducing communication costs [2] - The company has nearly 40 years of experience in addressing the challenges of bringing overseas brands into China, effectively shortening inspection processes and utilizing a 2 million member data system for localized product modifications [2] Group 3: Investor Concerns - Concerns regarding the potential loss of core brand operating rights are considered to be overstated, as most suppliers have permanent contracts with brands contributing 70% of sales [3] - The threat from domestic brands is limited, as the perfume market is in a phase of incremental expansion, with significant differences in pricing and target demographics between domestic and international high-end brands [3] Group 4: Valuation and Rating - The initial coverage rating is "Buy," with a target price of 3.49 HKD, corresponding to a 14.2 times FY26E price-to-earnings ratio, reflecting a 30% valuation discount based on a 1.07 times comparable industry forward PEG [3]

Core Viewpoint - Chengdu's first city duty-free store is set to open on September 25, showcasing a blend of global selections and domestic products, with a focus on Sichuan characteristics and national brands [1][8]. Group 1: Store Overview - The duty-free store is located in the Renheng Plaza, covering over 3,000 square meters, featuring more than 70 international brands and over 50 quality domestic brands [3][5]. - The product categories include cosmetics, alcoholic beverages, fashion items, watches, jewelry, and travel electronics, with notable brands like Estée Lauder, Lancôme, and Hennessy available [3][5]. Group 2: Pricing and Promotions - The store offers significant price advantages compared to regular retail, with promotional activities during the opening, including no-threshold consumption vouchers and a value package for members worth 666 yuan [5][8]. - Customers must present valid exit-entry documents and have travel plans within 60 days to purchase duty-free items [5][7]. Group 3: Shopping Experience - The store employs a "in-store ordering, airport pickup" model, allowing travelers to collect their purchases at the Chengdu Tianfu International Airport on the day of departure [7]. - A "taxable goods area" is also available for all visitors, allowing for no-threshold purchases and benefiting from departure tax refund policies [8][10]. Group 4: Cultural and Experience Offerings - The store promotes domestic products and cultural heritage, featuring brands like Tongrentang and local themed products, alongside a dedicated area for trendy toys and cultural items [10][12]. - An exclusive Care Bears themed store is introduced, along with a small bar for visitors to experience and taste local beverages, enhancing the shopping experience beyond mere transactions [12].

Group 1 - The core viewpoint of the report is that 招银国际 initiates coverage of 颖通控股 (06883) with a "Buy" rating and sets a target price of HKD 3.49, corresponding to a 14.2 times price-to-earnings ratio for the fiscal year 2026 [1] - The report highlights that the Chinese perfume market is recognized as the fastest-growing segment in the cosmetics industry, with multiple institutions predicting a growth rate of 9-14% over the next 4-5 years [1] - 颖通控股's multi-brand operation is seen as a strategic advantage that enhances its control over both upstream and downstream partnerships [1] Group 2 - There are concerns among investors regarding the revenue gap caused by the retraction of core brand operations and the impact of rising domestic brands on market share [1] - The report suggests that these investor concerns may be overstated [1]

Group 1 - The core viewpoint of the report is that 招银国际 initiates coverage of 颖通控股 (06883) with a "Buy" rating and sets a target price of HKD 3.49, corresponding to a 14.2 times price-to-earnings ratio for the fiscal year 2026 [1] - The report highlights that the Chinese perfume market is recognized as the fastest-growing segment in the cosmetics industry, with multiple institutions predicting a growth rate of 9-14% over the next 4-5 years [1] - 颖通控股's multi-brand operation is seen as a strategic advantage that enhances its control over both upstream and downstream partnerships [1] Group 2 - There are concerns among investors regarding the revenue gap caused by the retraction of core brand operations and the impact of rising domestic brands on market share [1] - The report suggests that these investor concerns may be overstated, indicating a more optimistic outlook for the company [1]

Investment Rating - The report initiates coverage on the company with a "Buy" rating [6][27]. Core Insights - The company is a pioneer in luxury fragrance management in China, having introduced high-end perfumes systematically since 1980. It operates through a brand authorization model, providing comprehensive services from market access to consumer education [6][10]. - The Chinese perfume market is projected to be the fastest-growing segment in the cosmetics industry, with a compound annual growth rate (CAGR) of 9-14% over the next 4-5 years. The company is positioned as a key beneficiary of this growth, with 81% of its revenue derived from fragrance sales [6][10][15]. - The company has a strong market presence, ranking third in market share in China (including Hong Kong and Macau) with 9.3% [9][11]. Financial Overview - The company’s projected financials indicate a steady increase in sales revenue from RMB 1,864 million in FY24A to RMB 3,134 million in FY28E, reflecting a CAGR of 15% [6][8]. - Net profit is expected to grow from RMB 206.5 million in FY24A to RMB 370.3 million in FY28E, with a notable increase of 32% in FY26E [6][8]. - The target price is set at HKD 3.49, representing a potential upside of 72.8% from the current price of HKD 2.02 [2][6]. Market Dynamics - The report highlights the increasing penetration of perfumes in China, with per capita spending on perfumes significantly lower than in developed markets. In 2023, the per capita spending in China was RMB 16 compared to RMB 423 in the US [15][17]. - The growth in the perfume market is supported by rising consumer demand in lower-tier cities and a significant increase in male fragrance spending, which saw a 1151% year-on-year growth in 2023 [18][19]. Business Model and Strategy - The company operates a multi-brand strategy, managing over 70 international brands and providing a wide range of products across various price points, which enhances its negotiation power with distribution channels [22][25]. - The company has established a robust supply chain and distribution network, covering 400 cities and 7,800 sales terminals, which allows for precise matching of brands to sales channels [24][25]. Competitive Landscape - The company faces competition from both international luxury brands and emerging domestic brands. However, the report suggests that the threat from domestic brands is currently limited as they primarily serve to cultivate potential customers for high-end brands [27]. - The company has long-term contracts with key suppliers, reducing the risk of losing core brand operating rights, which is a concern among investors [27].

Core Viewpoints - The beauty market is experiencing a shift in business logic due to "growth anxiety," with a market size of 600 billion and only a 3.1% increase in retail sales from January to July 2025 [6][4]. Group 1: Industry Environment - Niche imported products are driving sales in offline beauty stores, with brands like 法朗丝 achieving high sales and customer retention through effective product positioning and compliance [3]. - The international beauty industry is under pressure, with only five companies, including L'Oréal and Kao, showing growth in the first half of 2025. Companies are responding with layoffs and brand optimization [4]. Group 2: Offline Beauty Market Dynamics - A significant number of beauty brands are closing stores, with 828 closures reported in July 2025. The rise of online channels and changing consumer preferences are contributing to this trend [5]. - The offline beauty service experience is lacking, leading to a shift towards online shopping. Domestic beauty brands may present new opportunities for offline channels [5]. Group 3: Market Growth and Consumer Trends - Despite growth pressures, the beauty market shows resilience, with Tmall's beauty segment capturing 45.1% market share during the 618 shopping festival [6]. - The youth demographic, particularly the Alpha generation, is increasingly entering the beauty market, with 75% of teenagers using skincare or fragrance products [9]. Group 4: Capital Market Trends - The beauty capital market is experiencing a dichotomy, with over 30 companies pursuing IPOs while nine face delisting risks due to financial misconduct [14]. - Brands like 珀莱雅 are planning to issue H-shares for global expansion, indicating a shift towards high-quality development in the industry [14]. Group 5: New Product Innovations - The hair care market is rapidly growing, driven by Z generation consumers focusing on scalp care and deep repair products [13]. - Brands are innovating with new products like 卡诗's护发精油 and FAN BEAUTY's发膜, emphasizing technology and consumer insights [13].

Core Insights - The article highlights the revitalization and expansion of traditional brands in Jiangsu, focusing on their efforts to modernize while maintaining quality and cultural heritage [1][3][4] Group 1: Brand Revitalization - The reopening of the Han Fuxing restaurant in Nanjing on September 20 attracted a large crowd, indicating strong local interest in traditional cuisine [1][3] - The restaurant's renovation included a modernized storefront and a more accessible layout for customers, aiming to blend traditional flavors with contemporary consumer preferences [3] - Other traditional brands in Jiangsu are also expanding their presence in new cities, bringing local flavors and cultural elements to a broader audience [3][4] Group 2: New Store Openings - The opening of the Taizhou Yan·Liufang Tea House in Suzhou features a 320 square meter space that combines dining with cultural experiences, targeting urban consumers [4] - The "Yancheng Eight Dishes" restaurant opened its first location in Shanghai, showcasing local culinary traditions and aiming to attract both locals and visitors [6] - The Aozhaoguan restaurant in Suzhou continues to blend traditional and modern culinary practices, with a focus on high-quality ingredients and local flavors [10] Group 3: Brand Heritage and Innovation - The revival of the "Yuezhonggui" beauty brand, originally established in 1851, reflects a trend of reintroducing historical brands with modern adaptations to attract contemporary consumers [11] - The new offerings from "Yuezhonggui" include skincare and fragrance products that leverage traditional techniques while incorporating modern technology for improved quality [11]