近日，联合利华宣布收购男士个人护理品牌Dr. Squatch，养生堂创始人钟睒睒以34亿元入股重组胶原蛋白企业锦波生物，孩子王联合巨子生物收购丝域实 业等交易将今年的美妆投融资（并购）推向高潮。 美妆行业展现出巨大的活力，据CBO不完全统计，今年上半年共有58起美妆类投融资（含收购），其中收购达14起。包括26起A轮（包含A+、A++）及以 下，5起B轮以上的融资。 年初为投融资集中期，其中1月、2月分别实现了13、12笔交易。6月成为并购集中爆发期，当月录得多起重大收购，达7起。 超大额交易频繁出现是显著特征，特别是收购和中后期融资，其中亿元级别交易达21笔，10亿以上的交易达到6笔。金额最大的一笔交易属欧莱雅集团对 英国高端皮肤科学护肤品牌Medik8的多数股权收购，金额达10亿欧元（约合人民币83亿元）。 国际资本中，联合利华、欧莱雅为参投多的企业，均涉及6起投融资，印度、韩国、中东等地成为资本抢占的热门市场。 中国本土产业资本活跃，水羊股份、贝泰妮、拉芳家化、孩子王、巨子生物、橘宜集团等积极参与产业链投资和收购。 投资领域方面，合成生物、生物技术、功效研发为核心的企业持续受到资本的追捧。 | 时间 | ...

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 ...

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 ...

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].

颖通控股(06883.HK)发布公告，公司拟全球发售3.33亿股股份，其中香港发售股份3334.00万股，国际发 售股份3.00亿股，另有5001.00万股超额配股权。招股日期为6月18日至6月23日，最高发售价3.38港元， 每手买卖单位1000股，入场费约3414.09港元。 全球发售预计募资总额为10.30亿港元，募资净额9.50亿港元，募资用途为用于发展及扩大公司的直销渠 道；用于进一步发展公司的自有品牌及收购或投资外部品牌；用于提升本集团的知名度及声誉；用于营 运资金及一般企业用途；用于加速数字化转型。 颖通控股预计于2025年6月26日在主板上市，法国巴黎证券（亚洲）有限公司、中信证券(香港)有限公 司为联席保荐人。 公司主营业务为按2023年零售额计，我们是中国(包括中国香港及中国澳门)最大的香水品牌管理公司。 我们拥有庞大且多元化的标志性品牌组合，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。我们在香水方面于中国(包括中国香港及中国澳门)取得领先地位，乃因我们悠久的经营历 史，我们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来管理及推广 无数国际香 ...

Core Viewpoint - The company, Ying Tong Holdings, is set to launch an IPO from June 18 to June 23, 2025, offering 333 million shares with a price range of HKD 2.80 to HKD 3.38 per share, aiming to raise approximately HKD 950 million for various growth initiatives [1][4] Group 1: Company Overview - Ying Tong Holdings is the largest fragrance group in China (including Hong Kong and Macau) excluding brand owners, with a significant focus on sales and distribution of third-party branded products [1] - The company has a diverse product portfolio that includes fragrances, cosmetics, skincare, personal care products, eyewear, and home fragrances, leveraging its extensive operational history and expertise in the fragrance industry [1][2] Group 2: Sales and Distribution Network - The company operates a comprehensive sales and distribution network across over 400 cities in China, with more than 100 directly operated offline points of sale (POS) and over 8,000 POS operated by retail customers [2] - The company utilizes both offline and online sales channels, including major e-commerce platforms and social media, to enhance consumer experience and meet diverse consumer needs [2] Group 3: Brand Partnerships - The company has established long-term partnerships with numerous brand licensors looking to enter or expand in the Chinese market, distributing products for 72 external brands, including high-end names like Hermès and Chopard [3] - The company holds exclusive or sub-licensing rights for 61 of these brands, which strengthens its competitive advantage and reflects brand licensors' trust in the company [3] Group 4: Use of IPO Proceeds - Assuming a mid-point offer price of HKD 3.09 per share, the estimated net proceeds from the global offering will be approximately HKD 950 million, allocated as follows: 15% for developing proprietary brands, 55% for expanding direct sales channels, 10% for digital transformation, 10% for enhancing brand reputation, and 10% for working capital [4]

公司介绍，与品牌授权商保持长期稳定的关系，品牌组合中大部分首次引入中国（包括香港及澳门）市 场，并在该地区从零开始立足。例如，公司与全球知名香水及化妆品的设计、制造及分销公司 InterParfums合作超过30年，InterParfums亦是公司于往绩记录期内各财政年度的前五大供应商之一。自 2014年起，公司一直是日本高端护肤品牌Albion在香港的唯一本地运营商。公司与领先的国际品牌授权 商的长期业务关系使得公司能够策划标志性品牌及具有吸引力的产品。 公司的产品通过多个渠道接触消费者，包括社交媒体平台及电商平台等线上销售渠道，以及商场、百货 店、旅游零售商及连锁化妆品专卖店等线下销售渠道。截至2025年3月31日，公司经营逾40家精品店。 截至同日，公司的产品于中国（包括香港及澳门）400多个城市拥有超过8000个线下销售点。除了线下 渠道外，集团还在多个电商平台及社交媒体平台经营网店，包括天猫、天猫国际、京东、京东国际、小 红书、抖音及微信。截至2024年5月31日，集团经营着30多家网店。目前，集团的消费者管理计划有着 超过200万名消费者会员。 业绩方面，2022财年（截至2023年3月31日止1 ...

（ 点击图片下载完整版报告 ） Wo r ldpane l消费者指数（在中国隶属于CTR）与贝恩公司今日联合发布了 《2 0 2 5年中国 购物者报告，系列一》 ，这是双方追踪中国快速消费品市场以来的第2 9份报告。 报告指出，近四年来，受"消费平替"趋势持续影响，中国快速消费品市场整体销售额增长 放缓。 回望2 0 2 4年，国内外宏观经济环境复杂多变，中国快速消费品市场的整体销售额实 现0 . 8%的增长，其中销量增长4 . 4%，但平均售价下降3.4% 。分季度来看，2024年一季 度和二季度的销售额分别增长1.5%和1.8%，三季度下降0.6%，四季度增长0.4%，实现轻 微反弹。 最新数据显示，202 5年一季度，中国快速消费品市场的整体销售额同比增长2.7%，延续 了去年的增长态势。 增长的动力主要来自于部分宏观经济指标的改善，政府多项提振消费 政策激发的消费活力，以及春节期间消费的强劲增长。 贝恩公司资深全球合伙人、大中华区消费品业务主席邓旻 表示：" 2 0 2 4年中国快速消费品 市场呈现出明显的'消费平替'趋势，我们看到平均售价的降幅为过去四年之最。此外，受 人口老龄化和人口迁移等因素的影 ...

Core Viewpoint - The company, Ying Tong Holdings, is set to become the first publicly listed perfume company in Hong Kong, with its IPO process underway and backed by BNP Paribas and CITIC Securities as joint sponsors [1][2]. Company Overview - Ying Tong Holdings, established in 1987, is the fourth largest perfume group in mainland China, with a market share of approximately 8.1% as of 2023 [2][3]. - The company's product portfolio includes perfumes, cosmetics, skincare products, personal care items, eyewear, and home fragrances, with perfume sales projected to generate revenue of 1.687 billion yuan in the fiscal year 2025, accounting for 80.9% of total revenue [2][3]. Business Strategy - The company employs a dual strategy focusing on brand product distribution and market deployment services, facilitating global brands' entry and expansion in the Chinese market [6][9]. - Ying Tong Holdings has established a comprehensive sales network covering over 400 cities in China, with more than 100 self-operated offline sales points and over 8,000 retail points [6][9]. Financial Performance - Revenue is expected to grow from 1.699 billion yuan in 2023 to 2.083 billion yuan in 2025, representing a compound annual growth rate (CAGR) of 10.7% [7][8]. - Net profit is projected to increase from 173 million yuan in 2023 to 227 million yuan in 2025, with a CAGR of 14.5% [7][8]. - The gross profit margin has remained stable at around 50.3% during the same period [7][8]. Market Trends - The Chinese perfume market is experiencing significant growth, with retail sales expected to rise from 26.1 billion yuan in 2023 to 47.7 billion yuan by 2028, reflecting a CAGR of approximately 12.8% [16][17]. - Consumer perception of perfumes is shifting from luxury items to everyday products, driven by rising disposable incomes and increased brand investments in the Chinese market [9][16]. Challenges and Risks - The company faces challenges related to rising costs, as the cost of goods sold is projected to grow at a CAGR of 12.05%, outpacing revenue growth [11][12]. - There is a risk of "disintermediation" as international brands increasingly establish direct sales channels, which could impact the company's market position and bargaining power with suppliers [13][15]. - The company plans to use funds raised from its IPO to expand its own brand offerings and enhance digital capabilities to mitigate these risks [15].