香水巨头颖通IPO：代理模式能否持续增长？

香水巨头颖通IPO：代理模式能否持续增长？

Perfume Giant Yingtong's IPO: Can the Agency Model Sustain Growth?

中国香水市场潜力巨大但竞争激烈

China's perfume market shows great potential but faces fierce competition

近日，颖通控股有限公司向港交所主板提交上市申请。据其招股书显示，近三个财年（2022财年～2024财年），颖通控股营收分别为16.75亿元、16.99亿元、18.64亿元；对应净利润分别为1.71亿元、1.73亿元、2.06亿元。

Recently, Yingtong Holdings Limited submitted a listing application to the main board of the Hong Kong Stock Exchange. According to its prospectus, in the past three fiscal years (2022-2024), Yingtong Holdings' revenues were 1.675 billion yuan, 1.699 billion yuan, and 1.864 billion yuan respectively; corresponding net profits were 171 million yuan, 173 million yuan, and 206 million yuan.

香水市场增长潜力

Growth potential of perfume market

据弗若斯特沙利文的资料，2023年中国人均香水支出为人民币16元，远低于日本、韩国、美国及英国等地。颖通控股在招股书中称，"我们的定位使我们受益于中国香水市场的预期增长潜力。"

According to Frost & Sullivan's data, China's per capita perfume expenditure in 2023 was 16 yuan, far lower than Japan, South Korea, the United States and the UK. Yingtong Holdings stated in its prospectus, "Our positioning allows us to benefit from the expected growth potential of China's perfume market."

渠道布局与挑战

Channel layout and challenges

颖通集团已布局了超过7500个销售点，但自营渠道占比不到30%。公司计划未来4年在中国开设100家线下自营门店，同时升级数字化CRM系统。

Yingtong Group has established over 7,500 sales outlets, but self-operated channels account for less than 30%. The company plans to open 100 offline self-operated stores in China in the next four years while upgrading its digital CRM system.

品牌代理风险

Brand agency risks

2022年，一家主要品牌授权商协议到期，当期分销该品牌为颖通控股带来的收入高达4.25亿元，占当年公司总收入的25.5%。颖通控股在招股书中提示了品牌流失的风险。

In 2022, a major brand licensor's agreement expired, bringing Yingtong Holdings revenue of 425 million yuan from distributing this brand, accounting for 25.5% of the company's total revenue that year. Yingtong Holdings warned of brand loss risks in its prospectus.

自有品牌发展缓慢

Slow development of self-owned brands

颖通的自有品牌Santa Monica经过20余年发展，收入占比尚不足1%。本次IPO募资金额拟用于进一步发展公司的自有品牌。

After more than 20 years of development, Yingtong's self-owned brand Santa Monica accounts for less than 1% of revenue. The IPO proceeds are intended to further develop the company's self-owned brands.

行业专家观点

Industry expert perspectives

香遇沙龙香水总经理汉斯大叔表示："香水赛道还是一个增长的细分赛道，甚至于它的增长应该比化妆品整个大盘更高一点。香水或香氛可以更好地提供情绪价值。"

Hans, general manager of Xiangyu Salon Perfume, said: "The perfume track is still a growing segment, and its growth should even be higher than the overall cosmetics market. Perfume or fragrance can better provide emotional value."

科蒂集团高端美妆首席商务官Caroline Andreotti指出："Z世代对香水非常感兴趣，也是推动市场增长的群体。"

Caroline Andreotti, Chief Commercial Officer of Coty Group's Premium Beauty, pointed out: "Generation Z is very interested in perfume and is also a group driving market growth."