"感觉港交所的锣不够用了" 作者 I 杨继云 报道 I 投资界PEdaily 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10 1亿港元，开盘涨超1 8%；颖 通控股发行价市值约3 7亿港元；圣贝拉发行市值近40亿港元，开盘后一度涨超4 4%。 "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 2 0 02 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。 2 0 0 4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2 0 24 年1 2月 3 1日 门店 总数 41 29 家 ， 其 中 自营 店9 1 家。过去三年，周六福 ...

公开资料显示，按2023年零售额计，颖通控股是中国（包括香港及澳门）除品牌所有者香水集团外最大 的香水集团。公品牌所有者香水集团不同，公司主要从事销售及分销从第三方品牌授权商采购的产品， 公司从中产生收入，及为该等品牌授权商进行市场部署，例如品牌管理，以及为其品牌设计及实施定制 的市场进入及扩张计划，公司并无从中产生收入。公司拥有庞大且多元化的品牌组合，不仅包括香水， 还包括彩妆、护肤品、个人护理产品、眼镜及家居香氛。公司在香水方面于中国(包括香港及澳门)取得 领先地位，乃因公司悠久的经营历史，公司在这些市场的香水行业中获得了广泛知识，并积累了相关专 业知识及丰富的资源为无数国际香水品牌进行分销及市场部署。 智通财经APP获悉，颖通控股(06883)首挂上市，公告显示，每股定价2.88港元，共发行3.334亿股股份， 每手1000股，所得款项净额约8.83亿港元。截至发稿，跌10.42%，报2.58港元，成交额1.14亿港元。 公司提供全面的销售及分销网络，涵盖中国(包括香港及澳门)大量的香水、护肤品、彩妆、个人护理产 品、眼镜及家居香氛的渠道。截至2025年3月31日，公司的产品于中国(包括香港及澳门)40 ...

Market Overview - In Q1 2025, the global perfume market showed steady growth, with Tmall's perfume GMV reaching 658 million yuan, a year-on-year increase of 4.23%, and the average transaction value (ATV) growing by 10.39%, indicating a consumer shift towards high-end perfumes [1][20]. - International brands like Chanel, Dior, and Hermes continue to dominate the market, with Chanel holding a 13% market share, driven by the strong sales of its classic fragrances [1][24]. Brand Performance - Domestic brands such as Guansha and Diptyque have achieved rapid growth through differentiated positioning, becoming new highlights in the market [3][24]. - The concentration of top brands is high, with Tmall International's self-operated sales accounting for over 16% of the market, leveraging supply chain advantages [3][24]. - Diptyque's sales increased by 41% year-on-year, attributed to successful marketing strategies around Valentine's Day and International Women's Day, with its rose and berry fragrances becoming bestsellers [3][24]. - Eurolon flagship store saw a staggering 312.5% year-on-year sales growth, with strong performance in categories like perfumes and car fragrances [25][29]. Consumer Trends - Consumers' perception of perfumes is fundamentally changing, with 57% of users on Xiaohongshu viewing perfumes as tools for emotional relief, and 44% seeking spiritual empowerment, indicating a shift from perfumes as mere social symbols to emotional healing carriers [3][4]. - Scenario-based consumption is becoming a core driver, with dating, commuting, and travel being the top three demands, while emerging scenarios like camping and music festivals are showing significant growth [4]. Sustainability and Innovation - Technological breakthroughs are reshaping product forms, such as Coty Group's molecular fragrance technology extending scent duration by 30%, and carbon capture technology achieving carbon neutrality across the supply chain [4]. - Sustainability is an irreversible trend, with consumer attention to eco-friendly packaging increasing by 36%, prompting brands to adopt biodegradable materials and streamlined designs [4].

洞见 （DJ00123987） ——不一样的观点，不一样的故事，3000万人订阅的微信大号。点击标 题下蓝字"洞见"关注，我们将为您提供有价值、有意思的延伸阅读。 溯源归一牧场，带你现场看牛牛 小孩喝了长高，大人喝了强身健体 预约直播，喝优质好奶 都说人是视觉动物，我倒觉得，人更像是嗅觉动物。 毕竟，谁不喜欢香香的味道呢？ 要是在街上闻到一股好闻的香气，即便未见其人，单凭这股香气，就天然的让人生出几分好感。 有时我在大街上、餐厅里，闻到好闻的味道，也都忍不住侧目回头，寻找香气主人的倩影。 香水就如同女人的 隐形战衣 。 不仅能瞬间提升个人魅力，也能成就别人对你的第一印象。 难怪德国作家帕特里克·聚斯金德也在《香水》里写道： "谁掌握了气味，谁就掌握了别人的心。" 尤其是近两年大火的伪体香—— 一种喷起来不像香水，更像是身体里隐约散发出的、类似少女体香的香气，更为撩人。 香感隐约不扰人，尤其符合我们内敛的中国式气味审美。 同时这种若有似无、自然到需要再靠近一些才能被捕捉到的少女体香，就像是无声的诱惑般，暗 戳戳地撩拨你的心弦，叫人欲罢不能。 约会前喷两下，近距离接触时分分钟让对方乱了阵脚。 也因它闻起来像自身体 ...

港股打新市场尤为火爆，在香江电器和曹操出行结束招股后，目前还有圣贝拉、周六福、颖通控股、泰 德医药、IFBH、云知声等六家新股处于招股期。 尽管港股打新的中签率远高于A股，但港股新股并不像大A新股一样上市首日都收涨，所以港股打新更 考验投资者的眼光。截至6月20日，今年港股IPO上市的31家新股中，上市首日有19家收涨、3家收平、 9家破发，首日上涨概率约61%、破发率约29%。 近年来，在A股放缓IPO节奏之后，许多消费公司都选择赴港IPO，所以消费企业也成为香港新股市场中 较活跃的存在。今天，发哥就详细分析一下周六福（06168.HK）、颖通控股（06883.HK）这两家消费 股的情况。 1 周六福 基石投资者：罗湖投资、永诚贰号香港、Jump Trading、凯因家族办公室等，认购总占比约51% 基本面情况： 周六福总部位于深圳罗湖区，通过线下门店和线上渠道提供各种珠宝产品，主要为黄金珠宝产品、钻石 镶嵌饰品，其中黄金珠宝产品占比较大。 产品生产方面，周六福自2022年4月停止自身工厂的生产后，就转向全面委外加工模式。委外加工虽然 能在一定程度上帮助企业降本增效，但也存在质量控制风险，如果委外加工的产品 ...

01 本周上市企业： 调味品龙头海天味业正式登陆港交所主板 完成"A+H"股上市 北京时间6月19日，来自广东佛山的调味品企业——海天味业，正式在港交所主板挂牌上市。该公司致力于向用户提供品质、美味、健康的消费体验，服 务全球用户厨房及餐桌的调味需求。此次IPO，海天味业共发行2.79亿股股份，总募集资金约101.29亿港元。截至定稿，该公司市值为2123亿港元。中金 公司、高盛、摩根士丹利为其联席保荐人。 02 本周递表企业： 香港手游开发商黑瞳科技赴美IPO 拟纳斯达克挂牌上市 美国东部时间6月13日，来自香港的手游开发商——黑瞳科技递表美国证券交易委员会（SEC），拟纳斯达克挂牌上市。该公司成立于2018年，通过各种 第三方数字商店开发、发行和运营移动数字游戏。其业务范围涵盖游戏设计、编程和图形制作，以及在各种平台上发行和运营移动游戏。此次IPO，黑瞳 科技计划发行150万股股份，拟募集资金约600万美元。 尼龙制品制造商佳美新材递表SEC 拟纳斯达克挂牌上市 美国东部时间6月17日，来自福建福州的尼龙制品制造商——佳美新材，向美国证券交易委员会（SEC）递交IPO招股书，拟纳斯达克挂牌上市。该公司通 ...

Core Viewpoint - Ying Tong Holdings is launching an IPO, offering 333 million shares globally, with a listing date set for June 26 on the Hong Kong Stock Exchange, marking its position as the first publicly listed perfume company in China [1] Company Overview - Ying Tong Holdings has established a unique business model focused on localizing international brands in China, which has allowed it to maintain a competitive edge for over 42 years [3][5] - The company collaborates with 72 external brands, with 52 being perfume brands, and has long-standing partnerships with key players like InterParfums and Hermès [3][5] Market Position - The Chinese perfume market is experiencing rapid growth, with a projected market size of 229 billion RMB in 2023 and a compound annual growth rate (CAGR) of approximately 15% [13] - Despite the growth, the penetration rate of perfumes in China is only 5%, significantly lower than in Europe and the US, indicating substantial market potential [13] Business Strategy - Ying Tong Holdings emphasizes a long-term approach, focusing on brand value and avoiding excessive price competition to maintain brand integrity [11][14] - The company plans to invest IPO proceeds into four main areas, including deepening its agency business, enhancing perfume product development, acquiring validated brands, and launching innovative retail projects like "Scent Box" [15][18] Financial Performance - The "Scent Box" project is expected to have a gross margin increase from 66.1% in the fiscal year ending March 31, 2023, to 75.7% by March 31, 2025, with plans to open 100 self-operated stores within three years [18] Consumer Insights - Ying Tong Holdings has accumulated over 2 million user data through its CRM system, enabling personalized services that cater to the diverse needs of consumers in the high-turnover perfume market [18]

雷递网 雷建平 6月18日 颖通控股有限公司（简称："颖通控股"，股票代码为："6883"）今日开启招股，准备2025年6月26日在港交所上市。 颖通控股此次发行3.334亿股，每股发售价为3.38港元，一共募资总额为11.27亿港元。 刘巨荣夫妇持有颖通控股100%股权，是一个典型的家族企业，此次上市无基石投资者。 年营收近21亿 截至最后实际可行日期，颖通控股的外部品牌组合包括72个品牌。截至2023年、2024年及2025年3月31日，品牌组合中的外部品牌数目分别为52个、65个 及73个，授权或分授权截至相关日期仍然有效。 截至2023年、2024年及2025年3月31日止年度，与颖通控股交易的外部品牌数目分别为47个、57个及65个。 颖通控股是一家香水品牌管理公司，拥有的品牌组合包括香水、彩妆、护肤品、个人护理产品、眼镜及家居香氛。 于往绩记录期间，颖通控股几乎所有收入均来自销售香水、护肤品、彩妆、个人护理产品、眼镜及家居香氛的外部品牌。 颖通控股销售的产品主要来自于欧洲、日本及美国的品牌授权商。 截至2025年3月31日的全年，颖通控股营收20.83亿元，上两个年度营收分别为17亿元、18.64 ...

Core Viewpoint - Ying Tong Holdings Limited is facing significant challenges as it aims to become the "first listed perfume company in China" while navigating a competitive market and declining profit margins in its core perfume business [1][9]. Group 1: Company Overview - Ying Tong Holdings is the largest perfume group in China, excluding brand owners, and the third-largest overall by retail sales as of 2023 [2]. - The company has a history dating back to 1987, initially introducing a Parisian perfume brand to the Chinese market and later managing Hermès perfume products [2][3]. - The company launched its own perfume brand "Santa Monica" in 2022, marking a significant step in its brand development [2]. Group 2: Financial Performance - Ying Tong Holdings reported revenues of CNY 1.699 billion, CNY 1.864 billion, and CNY 2.083 billion for the fiscal years ending March 31, 2023, 2024, and 2025, respectively, totaling approximately CNY 5.646 billion over three years [3][4]. - The company's net profits for the same periods were CNY 173 million, CNY 206 million, and CNY 227 million [3]. - Perfume sales accounted for a significant portion of revenue, contributing CNY 1.504 billion, CNY 1.524 billion, and CNY 1.688 billion, representing 88.5%, 81.7%, and 80.9% of total revenue, respectively [4][5]. Group 3: Profit Margins and Challenges - The average selling price of perfumes has remained relatively stable, with CNY 215.6, CNY 216, and CNY 220.3 for the respective years, but the gross profit margin has declined from 49.1% to 48.4% [5]. - The company relies heavily on external brand partnerships, with over 70 external brands, including luxury names like Hermès and Van Cleef & Arpels [3][6]. - The company has faced challenges in maintaining its brand partnerships, with some agreements not renewed, impacting revenue significantly [8]. Group 4: Future Plans and Market Position - Ying Tong Holdings plans to use the proceeds from its IPO to develop its own brands, expand direct sales channels, accelerate digital transformation, and enhance brand recognition [1]. - The company operates a retail brand "拾氛气盒" with limited success, having only five offline and four online stores, indicating a need for improvement in market acceptance [6][8]. - The competitive landscape in the perfume market poses a significant challenge for Ying Tong Holdings as it seeks to reduce reliance on external brands and establish a stronger market presence [9].

Group 1: Company Overview - Estee Lauder's recent Q3 2025 financial results show a 10% year-over-year revenue decline, marking a larger drop compared to the first two quarters of the fiscal year [2] - The new CEO, Stéphane de La Faverie, is the first to lead the company without direct involvement from the founding family, following the departure of third-generation family members [2] - The importance of the fragrance segment is emphasized, with predictions of a global fragrance market size reaching $59.87 billion in 2024, maintaining a compound annual growth rate of 3.01% from 2024 to 2028 [2] Group 2: Industry Trends - The "fragrance effect" is emerging as a new trend, similar to the previously recognized "lipstick effect," indicating a potential growth phase for the fragrance market [2] - The Chinese fragrance market is rapidly expanding, with projections suggesting it could reach 51.5 billion yuan by 2029, driven by the Z generation's preference for self-indulgent consumption [6][7] - The rise of traditional Chinese incense products is notable, with a 280% increase in orders for related items on platforms like Taobao since February, indicating a shift in consumer preferences [7] Group 3: Competitive Landscape - Unilever is investing £80 million (approximately 7.73 billion yuan) to build a fragrance research facility in the UK, expected to be fully operational by 2027, highlighting the competitive push in fragrance innovation [3] - Estee Lauder has partnered with Dresden University of Technology and scent expert Thomas Hummel to explore the neurological connections between fragrance and emotions, aiming to support product innovation [5] - Ying Tong Holdings, a brand management company, is preparing for an IPO, with over 80% of its revenue derived from fragrances, showcasing the growing importance of this segment in the market [6]