颖通控股赴港上市：中国最大香水品牌管理商的机遇与挑战
颖通控股赴港上市：中国最大香水品牌管理商的机遇与挑战
Eternal Asia Submits HK Listing: Opportunities and Challenges for China's Largest Fragrance Brand Manager
中国香水市场领导者颖通控股（Eternal Asia）近日向港交所主板提交上市申请，联席保荐人为法国巴黎证券和中信证券（香港）。
As China's fragrance market leader, Eternal Asia recently submitted a listing application to the HKEx Main Board, with joint sponsors being BNP Paribas Securities and CITIC Securities (Hong Kong).
根据招股书显示，按2023年零售额计算，颖通控股是中国内地、香港及澳门综合市场最大的香水品牌管理公司，市场占有率约9.3%。公司目前管理63个国际品牌，包括爱马仕(Hermes)、梵克雅宝(Van Cleef & Arpels)等顶级奢侈品牌。
According to the prospectus, based on 2023 retail sales, Eternal Asia is the largest fragrance brand management company in the integrated market of mainland China, Hong Kong and Macau, with a market share of approximately 9.3%. The company currently manages 63 international brands, including top luxury brands such as Hermes and Van Cleef & Arpels.
财务表现与业务构成
Financial Performance and Business Composition
2022-2024财年，颖通控股收入分别为16.75亿、16.99亿和18.64亿元人民币，净利润分别为1.71亿、1.73亿和2.06亿元。其中香水业务贡献超80%营收，是绝对的收入支柱。
In fiscal years 2022-2024, Eternal Asia reported revenues of 1.675 billion, 1.699 billion and 1.864 billion yuan respectively, with net profits of 171 million, 173 million and 206 million yuan. Fragrance business contributed over 80% of revenue, serving as the absolute income pillar.
公司拥有超过7500个实体销售点，覆盖400多个城市。直销渠道贡献约70%收入，分销渠道占30%。值得注意的是，公司前五大供应商采购额占比超80%，存在一定集中风险。
The company operates over 7,500 physical sales points across more than 400 cities. Direct sales channels contribute about 70% of revenue, while distribution channels account for 30%. Notably, purchases from the top five suppliers exceed 80%, indicating certain concentration risks.
市场机遇与竞争挑战
Market Opportunities and Competitive Challenges
中国香水市场正处于高速增长期，2018-2023年复合增长率达15%。预计2023-2028年人均香水支出将以14%的速度增长，远超日本、韩国等成熟市场。
China's fragrance market is in a period of rapid growth, with a compound annual growth rate of 15% from 2018-2023. Per capita fragrance spending is expected to grow at 14% from 2023-2028, far exceeding mature markets like Japan and South Korea.
然而，随着开云(Kering)、历峰(Richemont)等奢侈品集团纷纷成立美妆部门，颖通控股面临品牌授权可持续性的挑战。公司大部分品牌授权协议期限为3-5年，续约存在不确定性。
However, as luxury groups like Kering and Richemont establish their own beauty divisions, Eternal Asia faces challenges regarding the sustainability of brand licensing. Most of its brand licensing agreements have 3-5 year terms, creating renewal uncertainties.
家族企业传承与上市规划
Family Business Succession and Listing Plans
78岁的创始人刘钜荣1988年将国际香水引入中国，现由其女刘颖贤(执行董事)负责公司整体业务发展。上市前公司进行了大额分红，2022-2024年累计分红超6亿元。
78-year-old founder Liu Jurong introduced international fragrances to China in 1988. His daughter Liu Yingxian (Executive Director) now oversees overall business development. Before listing, the company distributed substantial dividends totaling over 600 million yuan from 2022-2024.
募集资金将用于发展自有品牌、扩大零售渠道、数字化转型等。在中国"嗅觉经济"崛起的背景下，颖通控股能否续写传奇，值得市场期待。
Proceeds will be used for developing proprietary brands, expanding retail channels, and digital transformation. Against the backdrop of China's emerging "olfactory economy", whether Eternal Asia can continue its legend remains a market focus.
