6月2 6日，颖通控股有限公司（股票代码0 6 8 8 3 .HK）正式在香港联合交易所主板挂牌上市。 2 0 2 5财年，颖通年收入已破2 0亿元。 据颖通招股书显示，近三年其业绩呈现稳步上升态势。2 0 2 3财年至2 0 2 5财年（财年截至3月3 1 日计）三年间，颖通收入依次为1 6 . 9 9 亿元、1 8 . 6 4亿元、2 0 . 8 3亿元；同期净利润依次为1 . 7 3 亿元、2 . 0 6亿元、2 . 2 7亿元。 而从产品类别划分看，香水品类始终是颖通的核心收入来源。2 0 2 3财年至2 0 2 5财年，香水收 入 占 比 依 次 为 8 8 . 5% 、 8 1 . 7% 、 8 0 . 9% ， 贡 献 营 收 依 次 为 1 5 . 0 4 亿 元 、 1 5 . 2 3 亿 元 、 1 6 . 8 8 亿 元。不过，根据这三年数据也能看出，颖通逐渐开始重视护肤彩妆品类，两大品类合计占比从 2 0 2 3财年的9 . 1%，到2 0 2 5财年的1 8 . 2%，翻了一倍之多。 | | | | 截至3月31日止年度 | | | | | --- | --- | --- | --- ...

Core Viewpoint - The company's 1HFY25 performance met expectations, with revenue of 3.156 billion yuan and a net profit of 600 million yuan, reflecting year-on-year growth of 5.0% and 4.7% respectively [1] Performance Review - The company declared an interim dividend of 0.45 HKD per share, corresponding to a payout ratio of approximately 37% [1] - Revenue breakdown by channel for 1HFY25 showed a decline in direct sales by 7.7% to 1.117 billion yuan, while distribution and e-commerce channels grew by 14.2% and 11.9% to 1.437 billion yuan and 602 million yuan respectively [1] - The number of direct stores decreased by 24 to 491, while distribution stores increased by 126 to 1,614, indicating a strategic channel optimization [1] - Comparable store sales showed a modest increase of 0.1% year-on-year, indicating stability in sales performance [1] Brand Performance - Revenue from the mature brand JNBY increased by 3.6% to 1.760 billion yuan, demonstrating strong growth resilience [2] - The emerging brands saw significant growth, with revenue increasing by 147.3% to 194 million yuan, albeit from a low base [2] - Active membership accounts slightly declined to 540,000, attributed to reduced foot traffic, while high-value members (spending over 5,000 yuan) increased by 30,000 to over 330,000 [2] Cost and Profitability - The gross profit margin remained stable at 65.1%, while the selling expense ratio increased by 1.1 percentage points to 32.3% due to marketing activities for the brand's anniversary [2] - The management expense ratio rose by 0.4 percentage points to 8.6%, but government subsidies increased and the effective tax rate decreased, keeping the net profit margin stable at 19.0% [2] Development Trends - The company has been focusing on brand strength, successfully launching multiple "JNBY+" concept stores and investing in digital retail channels [2] - The company completed acquisitions of a children's clothing brand and a 100% stake in a department store brand, expanding its multi-brand portfolio [2] Earnings Forecast and Valuation - The earnings forecasts for FY25 and FY26 are maintained at 870 million yuan and 930 million yuan respectively, with the current stock price corresponding to 10 and 9 times the FY25 and FY26 earnings [3] - The target price has been raised by 16% to 20.00 HKD, reflecting an expected upside of 13% from the current stock price [3]