Do you mean giant pandas or small ones? They eat bamboo and don't smell anything, it's koalas eating eucalyptus and smelling like it. They do not emit a special smell. Only when the female comes to hunt, and then only males feel this smell, because if they smelled strongly, they would have many enemies. Big pandas can stand up for themselves, for them it would not be so scary, but small pandas are not at all.
I'm a huge fan of pandas! I worked at a panda breeding center in Chengdu, China. Pandas are not as soft as they seem, they have a rather tough coat (fur!), Which allows them to fall, breaking branches in their path :) Little pandas (I hugged a 10-month-old cub) have almost no pronounced smell, it is rather what surrounds them: the greenery in which they roll, the earth, the wood shavings from the aviary and the typical smell of wet wool. Older individuals smell the same, but stronger, and they also have a stronger smell of "waste products" and wet wool.
Does this change with age? Guys, I ask you without banal vulgarities, you know what about.