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 | | | | | --- | --- | --- | --- ...

Group 1: Market Overview - Three consumer companies, Chow Tai Fook, Saint Bella, and Ying Tong Holdings, went public on June 26, showcasing the diverse development trends in China's consumer market [2][4] - The Hong Kong IPO market has seen a significant increase in fundraising, with a total of HKD 98.9 billion raised this year, a 7.9 times increase compared to the previous year [5][6] - The retail consumption sector has become the most active segment for IPOs in Hong Kong, with an average oversubscription rate of 2228 times, surpassing previous internet giants [4][5] Group 2: Company Performance - Chow Tai Fook has maintained a strong market position, ranking among the top five jewelry brands in China for eight consecutive years, with a projected revenue growth from HKD 3.102 billion in 2022 to HKD 5.718 billion in 2024, reflecting a compound annual growth rate of 35.8% [2][3] - Saint Bella, positioned as a high-end maternity center, offers premium packages priced between HKD 68,000 and HKD 168,800, attracting significant attention and investment from major firms [2][3] - Ying Tong Holdings, a fragrance distributor, manages over 63 external brands and has more than 7,500 offline sales points across Greater China, but faces challenges with rising customer acquisition costs, which accounted for 22% of online revenue in 2024 [3][4] Group 3: IPO Performance - The first-day performance of the three companies varied significantly, with Chow Tai Fook and Saint Bella rising by 25% and 33.74% respectively, while Ying Tong Holdings experienced a decline of 16.67% [7][8] - The oversubscription rates for the IPOs were notably different, with Chow Tai Fook receiving 711 times oversubscription, Saint Bella at 193 times, and Ying Tong Holdings at only 35.8 times [4][7] Group 4: Market Sentiment and Future Outlook - Despite the positive trends, concerns about high first-day loss rates persist, with a 41.6% first-day loss rate for new listings in June, indicating potential investor caution [5][7] - The Hong Kong IPO market is expected to continue its recovery, with projections of raising up to HKD 160 billion by the end of the year, although it has not yet returned to peak levels seen in previous years [6][9]

Core Viewpoint - The Hong Kong IPO market is experiencing a significant surge, with a notable increase in fundraising and a growing number of companies going public, particularly in the consumer sector [3][15]. Group 1: Recent IPOs - Three consumer companies, Chow Tai Fook (周六福), Saint Bella (圣贝拉), and Yingtong Holdings (颖通控股), recently listed on the Hong Kong Stock Exchange, with Chow Tai Fook rising by 25% and Saint Bella by 33.74% on their debut [2][4]. - Chow Tai Fook raised a total of 1.29 billion HKD, with projected revenues of 3.102 billion, 5.150 billion, and 5.718 billion HKD for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 35.8% [5]. - Saint Bella's revenue is expected to grow from 472 million HKD in 2022 to 799 million HKD in 2024, with a CAGR of 30.15% [7]. - Yingtong Holdings reported revenues of 1.699 billion, 1.864 billion, and 2.083 billion HKD for the first quarters of 2023, 2024, and 2025 respectively [9]. Group 2: Market Trends - As of June 26, 2025, the total amount raised through Hong Kong IPOs reached 104.72 billion HKD, surpassing the total for the entire year of 2024 [3][14]. - The influx of southbound capital has significantly influenced the Hong Kong market, with net purchases reaching 710 billion HKD, exceeding 85% of the total net inflow for 2024 [14]. - The Hong Kong IPO market is expected to see around 40 companies debut in the first half of 2025, indicating a robust recovery and increased activity [15]. Group 3: Market Dynamics - The current IPO wave is attributed to companies rushing to list before the mid-year financial reporting deadline, which can incur additional costs if missed [11]. - The shift in investor structure from being predominantly foreign to a more balanced mix of domestic and foreign capital is reshaping the market dynamics [15].

Group 1 - The core viewpoint of the article highlights the contrasting performance of three companies that went public on the same day, with Ying Tong Holdings experiencing a significant drop in stock price on its debut, while the other two companies saw substantial gains [1][2]. - Ying Tong Holdings, known as the "first Chinese fragrance stock," faced a 16.67% decline on its first trading day, closing at HKD 2.4 per share, resulting in a total market capitalization of HKD 3.2 billion [1][2]. - The CEO of Ying Tong Holdings attributed the stock market fluctuations to normalcy and emphasized the company's commitment to "long-termism," suggesting that future growth will be reflected in the stock price [2][5]. Group 2 - Ying Tong Holdings has a significant reliance on brand licensing, with self-operated revenue accounting for less than 1%, which poses risks such as the expiration of distribution agreements and customer returns [2][10]. - The company has seen revenue and net profit growth in recent years, with projected revenues of CNY 1.699 billion, CNY 1.864 billion, and CNY 2.083 billion for the fiscal years 2023 to 2025, respectively [3][10]. - The Chinese fragrance market has substantial growth potential, with a low penetration rate and an expected compound annual growth rate of 14.0% in per capita spending from 2023 to 2028, potentially reaching a total market size of CNY 47.7 billion by 2028 [6][10]. Group 3 - Ying Tong Holdings has established partnerships with luxury brands such as Hermès and Van Cleef & Arpels, but its heavy reliance on these brands raises concerns about its long-term sustainability [10][13]. - The company has attempted to shift towards a "distribution + self-operated" model to reduce dependency on external brand licenses, but its own brand, Santa Monica, has not significantly contributed to revenue, accounting for less than 1% of total revenue over the years [10][14]. - The competitive landscape is intensifying with the rise of domestic fragrance brands, prompting Ying Tong Holdings to enhance its self-owned brand promotion and market investment to maintain its market position [14].

Group 1 - The core viewpoint of the article highlights the ongoing boom in the Hong Kong IPO market, with significant fundraising and multiple companies going public simultaneously [3][6]. - Three consumer companies, Chow Tai Fook, Saint Bella, and Yingtong Holdings, had their IPOs on the same day, with Chow Tai Fook and Saint Bella experiencing substantial stock price increases, while Yingtong Holdings faced a decline [2][4]. - As of June 26, 2023, the total amount raised through Hong Kong IPOs reached HKD 1,047.2 billion, surpassing the total for the entire year of 2024 and representing an eightfold increase compared to the same period in 2022 [3][6]. Group 2 - Chow Tai Fook reported a compound annual growth rate (CAGR) of 35.8% in revenue from 2022 to 2024, with revenues projected at HKD 31.02 billion, HKD 51.50 billion, and HKD 57.18 billion for those years [4]. - Saint Bella's revenue is expected to grow from HKD 4.72 billion in 2022 to HKD 7.99 billion in 2024, reflecting a CAGR of 30.15% [4]. - Yingtong Holdings is noted as the largest perfume group in mainland China, Hong Kong, and Macau, with projected revenues of HKD 16.99 billion, HKD 18.64 billion, and HKD 20.83 billion for 2023, 2024, and 2025 respectively [5]. Group 3 - The influx of southbound capital into the Hong Kong stock market has reached HKD 710 billion, exceeding 85% of the total net inflow for the entire year of 2024 [7]. - The Hong Kong IPO market is expected to see around 40 companies debut in the first half of 2025, with many A-share listed companies or their subsidiaries planning to issue IPOs in Hong Kong [7].

| 30.000 | | | 27.376(CNY) | | | | | 周六福 立即 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | +6.000 +25.00% | | | | | 6168 交易 | | HKEX HKD 16:08:09 | | | | | | | | 1 . . + | | 载 | 95.99% 357 | | | 8764 | 交生 | 0.00% 120日 | | 0.00% | | 菜五 买入 | | 30.250 | - | - ) | 5日 | 0.00% 250日 | | 0.00% | | 空内 | | 30.200 | 4500 | 6) | 20日 | | 0.00% 52周高 | 0.00 | | 一 | | 30.150 | 3500 | 5) | 60日 | | 0.00% 52周低 | 0.00 | | 三 | | 30.100 | 700 | 3) | | 2022 | 2023 | 2024 | | 或 | | 30.050 | 800 | 1) | EPS | 1.57 ...

年内已有40只港股上市。 在港股市场持续的打新赚钱效应下，投资者对新股的认购热情极为高涨，不少个股在公开发售中都获得了数百倍的认购，国际发售也都是 10倍以上，这也表明不论是散户还是机构投资者，都对打新充满热情和期待。 本次上市的周六福和圣贝拉也获得了不少投资者的青睐和"抢筹"。 招股书显示，周六福是一家中国珠宝公司，通过线下门店和在线销售渠道提供各种珠宝产品，主要为黄金珠宝产品及钻石镶嵌珠宝。根据 弗若斯特沙利文的资料，以中国门店数目计，周六福于2017年至2024年连续八年维持于中国珠宝市场前五大品牌之列。截至2024年12月 31日止年度，以商品交易总额及来自黄金珠宝产品的收入计，周六福在中国所有黄金珠宝公司中分别排名第六及第十，市场占有率分别为 6.2%及1.0%。 周六福公布的配发结果显示，公司全球发售5382.92万股H股股份，香港公开发售占43.48%，国际发售占56.52%。每股发售价24港元， 全球发售净筹约11.93亿港元。预期股份于2025年6月26日开始在联交所买卖。 6月26日，港股市场再次迎来3只新股上市，打新的赚钱效应仍在持续。 | | 30.000 +6.000 +25.00% ...

就业务层面来看，2023-2025年（截至3月31日）颖通控股的收入分别为16.99亿元、18.64亿元和20.83亿元，同期净利 润分别为1.73亿元、2.06亿元和2.27亿元。 （文/霍东阳 编辑/张广凯） 6月26日，"香水第一股"颖通控股有限公司（下称"颖通控股"，股票代码6883.HK）在港交所上市。 现场，颖通控股表示，当前消费市场呈现显著上升态势，情绪经济和悦己消费浪潮蓬勃兴起，这为公司所处的业务赛 道创造了极为有利的外部环境。管理层同时强调，对中国内地市场未来发展持高度乐观态度，认为该市场潜力巨大， 蕴含广阔的发展空间和机遇。 上市首日颖通控股的股价表现不佳，出现明显下跌，开盘价2.58港元/股，较招股价2.88港元低10.42%。颖通控股发行 价为2.88港元/股，发行3.334亿股，募资总额为9.6亿港元。昨日暗盘，颖通控股收跌4.86%，报2.74港元/股。但6月18 日招股时，颖通控股每股发售价为3.38港元，拟募集资金11.27亿港元。 wind 尽管业务层面表现尚可，但二级市场的投资者似乎并不买账。有媒体分析称，颖通控股破发的核心原因是其品牌授权 的商业模式。尽管手握爱马仕、梵克 ...

中国经济网北京6月26日讯 颖通控股有限公司（以下简称"颖通控股"，06883.HK）今日在港交所上市， 开盘即破发，报2.58港元。截至今日收盘，颖通控股报2.40港元，跌幅16.67%。 颖通控股拟将所得款项净额用于"进一步发展自有品牌（包括SantaMonica），以及收购或投资外部品 牌""发展及扩大直销渠道，包括扩展在线及线下拾氛气盒门店以及其他自营在线及线下门店�u专柜""加 速数字化转型，主要方式是升级数字化CRM系统、中台系统以及财务及运营系统""提升集团的知名度 及声誉""拨付营运资金及一般企业用途，以支持业务营运及增长"。 颖通控股本次发行的联席保荐人为法国巴黎证券（亚洲）有限公司、中信证券（香港）有限公司，保荐 人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为法国巴黎证券 （亚洲）有限公司、中信里昂证券有限公司，整体协调人、联席全球协调人、联席账簿管理人及联席牵 头经办人为招银国际融资有限公司、星展亚洲融资有限公司，联席账簿管理人及联席牵头经办人为中湾 国际证券有限公司、第一上海证券有限公司、富途证券国际（香港）有限公司、软库中华金融服务有限 公司。 截至20 ...

以下文章来源于投资界 ，作者杨继云 投资界 . 清科创业旗下创业与投资资讯平台 这是许久未见的一幕。 今天（6月26日）， 港交所迎来3家公司集体鸣锣 —— 周六福、圣贝拉、以及颖通控股 ，缔造了港股近年来最热闹的一幕。 其中，周六福此次香港IPO获 超700倍认购，发行市值超101亿港元，开盘涨超18%，收盘涨25%，收盘市值为 113.61亿 港元 ；颖通控股发行市值约 37亿港元，收盘市值为 32亿港元 ；圣贝拉发行市值近40亿港元，开盘后一度涨超44%，收盘涨 4.14 %，收盘市值为 53.66 亿港元。 "港交所的锣不够用了 。"如此一幕，堪称今年港股IPO市场火爆的最佳写照。 一天三个IPO，港交所人气回来了 周六福率先成功赴港上市。 始于2002年，深圳罗湖区水贝村，广东汕头人李伟柱从银行辞职开了一家珠宝镶嵌工厂，赚到第一桶金。随后，"深圳市周天福珠宝首饰有限公司"创办， 后来周天福改名周六福。 2004年，第一家周六福珠宝直营店开在深圳。此后凭借"轻资产加盟"模式，周六福开始在全国范围内大量开设门店——截至2024年12月31日门店总数 4129家，其中自营店91家。过去三年，周六福营业收入 ...