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].

在刚刚过去的财报季，国际美妆巨头们的业绩集体承压。但在所有产品线中，香水香氛成为逆势增长的赛道。这也是去年年中这些美妆巨头在财报中透露的 一大信息，如今这一趋势仍在延续。 9月4日，颖通控股（06883.HK，股价2.200港元，市值29.84亿港元）联合德勤咨询发布的《2025中国香水香氛行业白皮书》（以下简称《白皮书》）显示， 全球香水市场规模在未来四年预计将维持4%～6%的增速，中国市场预计未来增速则更快，在2024—2028年的年复合增长率预计将达到8%。 香水市场的火热也推动了一家香水代理公司上市。今年6月，颖通控股登陆港股市场，成为"香水第一股"。但自IPO（首次公开募股）以来，颖通控股备受市 场质疑，公司高度依赖代理品牌，自营品牌营收占比低，股价表现并不理想。9月4日，颖通控股首席执行官林荆就市场质疑以及香水香氛行业的趋势，接受 了包括《每日经济新闻》记者在内的媒体记者采访。 林荆：一年代理合约期很普遍 上市首日（6月26日），颖通控股破发；截至9月5日收盘，公司股价仍低于发行价2.88港元/股。 图片来源：通达信截图 市场在担忧什么？ 关键点在于颖通控股是高奢品牌香化头部代理商，极度依赖品牌方 ...