资本市场从来不缺故事，但"香水第一股"颖通控股有限公司（下称"颖通控股"，股票代码：06883）的剧情，却让投资者嗅到了一丝不妙的气息。上市仅两 天，股价便暴跌23.96%（第一天大跌16.67%，第二天又跌8.75%），这样的表现，与其说是"破发"，不如说是一场小型股灾。投资者不禁要问：这家顶 着"香水第一股"光环的企业，到底怎么了？ 从表面看，颖通控股的暴跌似乎有些"无厘头"。 招股书显示，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，也是内地及港澳市场第三大香水集团。拥 有庞大而多样化的标志性品牌组合，不仅包括香水，还包括彩妆、护肤品、眼镜及家居香氛。 业绩方面，2022财年至2025财年，颖通控股的收入分别16.99亿元、18.64亿元和20.83亿元，年内溢利分别为1.73亿元、2.06亿元和2.27亿元。 截至2023年、2024年及2025年3月31日，颖通控股的品牌组合分别包括52个、65个及73个外部品牌，公司的授权或分授权截至相关日期仍然有效。 按理说，这样的基本面不该遭遇如此惨烈的抛售。但资本市场从来不相信"按理说"，股价的暴跌往往有其内在逻 ...

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].