6月26日，被誉为"中国香水第一股"的颖通控股（06883.HK）在港交所挂牌上市，然而首日股价表现却令市场失望。截至收盘，颖通控股股价下跌16.67%，报收2.40港元，总市值缩水至32亿港元。
分析人士指出，颖通控股上市首日破发主要源于市场对其业务模式的担忧。公司近乎所有收入均来自外部品牌代理，对品牌授权的高度依赖成为隐患。数据显示，公司近三个财年向前五大供应商的采购额占总采购额的比例高达77.8%至84.0%。此外，公司自有品牌Santa Monica贡献的收入占比不足1%，难以在竞争日益激烈的市场中形成有力支撑。
面对上市首日破发，颖通控股CEO林荆回应称，股市波动属正常现象，公司践行"长期主义"，相信长远发展会反映在股价上。她表示，公司将继续深耕中国市场，把握年轻人对"悦己经济"的需求增长机遇。然而，业内人士提醒，颖通控股未来仍需加快自有品牌发展，降低对外部品牌的依赖，以应对国际奢侈品集团可能收回代理权的风险，重建投资者信心。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.