颖通控股赴港上市：中国最大香水品牌运营商 三年营收超52亿

颖通控股赴港上市：中国最大香水品牌运营商 三年营收超52亿

Interparfums Holdings Files for Hong Kong IPO: China's Largest Perfume Brand Operator with 3-Year Revenue Exceeding 5.2 Billion

中国香水市场领军企业颖通控股正式向港交所递交上市申请。据招股书披露，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，市场份额达9.3%。

Interparfums Holdings, a leader in China's perfume market, has officially submitted its listing application to the Hong Kong Stock Exchange. According to the prospectus, based on 2023 retail sales, Interparfums is the largest perfume brand management company in the integrated market of mainland China, Hong Kong and Macau, with a market share of 9.3%.

公司目前管理63个国际知名品牌，包括爱马仕(Hermes)、梵克雅宝(Van Cleef & Arpels)、萧邦(Chopard)等高端香水品牌。截至2024年3月31日的三个财年，公司总营收达52.38亿元，净利润5.5亿元。

The company currently manages 63 internationally renowned brands, including Hermes, Van Cleef & Arpels, and Chopard. Over the three fiscal years ending March 31, 2024, the company achieved total revenue of 5.238 billion yuan and net profit of 550 million yuan.

核心业务表现

Core Business Performance

香水业务贡献了公司超80%的营收：
2022年：14.96亿元（占比89.3%）
2023年：15.04亿元（占比88.5%）
2024年：15.24亿元（占比81.7%）

Perfume business contributes over 80% of company revenue:
2022: 1.496 billion yuan (89.3%)
2023: 1.504 billion yuan (88.5%)
2024: 1.524 billion yuan (81.7%)

销售渠道分布：
• 直销渠道：占比约65-70%
• 分销渠道：占比约30%

Sales channel distribution:
• Direct sales: ~65-70%
• Distribution: ~30%

市场机遇与挑战

Market Opportunities and Challenges

中国香水市场增长迅速：
• 2018-2023年复合增长率15%
• 预计2023-2028年人均香水支出年增长14%
• 目前市场渗透率仍低于发达国家

Rapid growth in China's perfume market:
• 15% CAGR from 2018-2023
• Per capita perfume spending expected to grow 14% annually from 2023-2028
• Current market penetration still lower than developed countries

面临的主要风险：
1. 国际品牌收回授权风险
2. 市场竞争加剧
3. 品牌合作协议期限（通常3-5年）

Main risks:
1. Risk of international brands reclaiming authorization
2. Intensifying market competition
3. Brand cooperation agreement terms (typically 3-5 years)

公司治理与募资计划

Corporate Governance and Fundraising Plans

创始人刘钜荣（78岁）自1988年将国际香水引入中国，目前仍主导公司战略。其女刘颖贤2024年出任执行董事，负责整体业务发展。

Founder Liu Jurong (78 years old) introduced international perfumes to China in 1988 and still leads corporate strategy. His daughter Liu Yingxian became executive director in 2024, overseeing overall business development.

上市前大额分红：
2023年：1.28亿元
2024年：1.89亿元
2024年7月：3.14亿元

Large dividends before IPO:
2023: 128 million yuan
2024: 189 million yuan
July 2024: 314 million yuan

募资用途包括：
• 发展自有品牌
• 渠道扩张
• 数字化转型
• 品牌收购

Fundraising purposes include:
• Developing proprietary brands
• Channel expansion
• Digital transformation
• Brand acquisitions