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刚上市就砸7000万做公关？香水第一股，“吓退”普华永道

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":544148400521984,"tweetId":"544148400521984","gmtCreate":1773843956487,"gmtModify":1773843959235,"author":{"id":4227200626931962,"idStr":"4227200626931962","authorId":4227200626931962,"authorIdStr":"4227200626931962","name":"奶奶的个熊","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>开盘等大跌</p></body></html>","htmlText":"<html><head></head><body><p>开盘等大跌</p></body></html>","text":"开盘等大跌","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/544148400521984","repostId":2620592862,"repostType":2,"repost":{"id":"2620592862","kind":"highlight","weMediaInfo":{"introduction":"为财经记者、投资者服务！","home_visible":1,"media_name":"深蓝财经","id":"10","head_image":"https://static.tigerbbs.com/7ed3098ca9794eae9907fbd1b71a744b"},"pubTimestamp":1773827280,"share":"https://www.laohu8.com/m/news/2620592862?lang=zh_CN&edition=full","pubTime":"2026-03-18 17:48","market":"us","language":"zh","title":"刚上市就砸7000万做公关？香水第一股，“吓退”普华永道","url":"https://stock-news.laohu8.com/highlight/detail?id=2620592862","media":"深蓝财经","summary":"3月17日上午，颖通控股公告称，公司股份自当日早间起短暂停牌，以待发布进一步公告。就上述预付款项，罗兵咸永道要求颖通控股管理层予以详细说明。最终，公司董事会决定更换核数师，并要求罗兵咸永道辞任。IPO前，刘巨荣夫妇持有颖通控股100%的股权。另外，招股书显示，颖通控股预计其上市开支总额约7310万元，其中支付给法律顾问及罗兵咸永道的费用约3020万元。而自上市以来，该股股价累计下跌26.78%。","content":"<html><body><div><p><span leaf=\"\"><span textstyle=\"\">百亿“彩电大王”自曝猛料</span></span></p><p><span leaf=\"\"><span textstyle=\"\">十倍股<a href=\"https://laohu8.com/S/601869\">长飞光纤</a>，有机构已浮盈14亿</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><span microsoft=\"\" visible=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源丨财通社</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在港股市场，审计机构的突然离场有时比一纸业绩预告更具冲击力。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">刚刚上市不足一年的“香水第一股”<a href=\"https://laohu8.com/S/06883\">颖通控股</a>(06883.HK)，就因一笔7000万港元(约合人民币6149万元)的预付款，将自己推到了聚光灯下。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">3月17日上午，颖通控股公告称，公司股份自当日早间起短暂停牌，以待发布进一步公告。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">而在前一日晚间，公司已经抛出更具分量的信息：原核数师罗兵咸永道(即普华永</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">道)辞任，由罗申</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">美会计师事务所接任。</span></span></p><p nodeleaf=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/55a2c46b906a49418d851cdf1dc6b155\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这一审计机构变动背后，牵出的是一笔发生在IPO之后不久的高额预付款，以及围绕其展开的审计分歧。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">1</span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">一笔7000万港元预付款，</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">引发审计分歧</span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">事情的起点并不复杂。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年6月26日，颖通控股完成在港上市。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">按常理，新股上市后企业通常会进入一段稳定期，集中精力推进募资使用计划和合规披露，做好业绩，以及维护市值和投资者关系。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但颖通控股很快与三家服务供应商签订协议，涉及多年期的公关服务、数据分析与咨询服务以及社交媒体推广服务，并已预付款项7000万港元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这笔钱，相当于其IPO募资净额约8.83亿港元的近8%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在审计机构看来，这样的资金流向需要被重点核查。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">就上述预付款项，罗兵咸永道要求颖通控股管理层予以详细说明。其要求直指四个核心问题：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其一，三家供应商的背景，以及其是否参与颖通控股IPO；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其二，公司在决策前是否履行了充分的内部控制及审批程序；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其三，服务费支付是否符合市场水平；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其四，这笔款项究竟是属于上市开支，还是归于公司规划中的IPO募资用途。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这些问题并非技术性细节，而是关系到上市公司治理、资金使用合规性乃至信息披露完整性的核心命题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">更关键的是，罗兵咸永道并未获得足够的信息支持其判断。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股已委聘独立专业顾问就上述预付款事项展开调查，该独立调查受公司董事会审核委员会监督。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">罗兵咸永道告知颖通控股董事会，调查结果将是其为颖通控股开展2026财年(截至2026年3月31日)综合财务报表审计的依据。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">公告显示，截至3月16日，该所尚未收到所要求的解释、文件或资料，也未获悉独立调查的详细范围。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在这种情况下，分歧开始显性化。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">罗兵咸永道明确表示，相关事项将导致额外审计程序与费用，额外程序的时间表因信息缺乏无法确定，而费用需双方协商确定。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但颖通控股方面显然无法接受额外审计程序时间表的悬而未决，同时也不愿为此承担费用。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">最终，公司董事会决定更换核数师，并要求罗兵咸永道辞任。该所随后同意辞任，并于3月16日发出辞任函，即日起生效。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">从形式上看，这是一次双方协商一致的离场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但从实质上看，则是围绕同一事项在信息透明度、审计范围与成本承担上的分歧，最终演变为合作终止。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，颖通控股强调，截至3月16日罗兵咸永道尚未开展2026财年的审计工作，因此更换核数师不会影响年度业绩披露节奏。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股表示，为回应外界关切，公司已于1月成立由独立非执行董事组成的调查委员会，并聘请贝克·麦坚时作为法律顾问、凯晋作为法证会计师展开调查。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但截至目前，调查仍在进行中，尚未有明确结论披露。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">2</span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">“香水第一股”上市破发，</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">创始人已分红超6亿元</span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股创始人刘巨荣出生于上世纪40年代，并非出身消费品行业。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">1972年8月，他进入如今的<a href=\"https://laohu8.com/S/00293\">国泰航空</a>(00293.HK)工作，直至1988年3月辞任总舱务长后，才正式投身香水行业。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">事实上，早在1983年2月，他便在香港注册成立颖通(远东)有限公司(下称“颖通<a href=\"https://laohu8.com/S/600869\">远东</a>”)。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">1987年，颖通<a href=\"https://laohu8.com/S/00035\">远东</a>获授权分销一个巴黎品牌的进口香水，自此开始将国际香水引入中国内地。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">此后数十年间，公司逐步拿下多个国际品牌的分销权，还自2005年开始在中国内地管理<a href=\"https://laohu8.com/S/HESAY\">爱马仕</a>的香水产品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">根据弗若斯特沙利文数据，以2023年零售额计，颖通控股已成为中国(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。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">除香水外，颖通控股还运营包括彩妆、护肤品、个护产品、眼镜及家居香氛等在内的多种品牌。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">截至2025年6月10日，颖通控股为包括爱马仕、梵克雅宝、萧邦、奥尔滨、罗拉玛希等在内的72个外部品牌进行产品分销及市场部署。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2024年7月，颖通控股首次向<a href=\"https://laohu8.com/S/00388\">港交所</a>递交招股书，这份上市申请在2025年1月失效。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年2月，颖通控股再次提交IPO申请，核数师及申报会计师为罗兵咸永道。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">招股书显示，2023至2025财年，公司分别录得收入16.99亿元、18.64亿元及20.83亿元，同期净利润分别为1.73亿元、2.06亿元及2.27亿元。</span></span></p><p nodeleaf=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/f6c13daebac0415a9cba92887dc36697\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在这三个财年内，公司控股股东刘巨荣夫妇累计获得约6.24亿元分红，甚至略高于同期净利润总额。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">IPO前，刘巨荣夫妇持有颖通控股100%的股权。公司通过IPO全球发售约3.33亿股后，夫妻俩持股75%，其他公众股东持股25%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">另外，招股书显示，颖通控股预计其上市开支总额(包括包销佣金)约7310万元，其中支付给法律顾问及罗兵咸永道的费用约3020万元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">对比来看，颖通控股的上市开支，比其上市后支付给三家服务供应商的7000万港元预付款高不了多少。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这或许也是此次分歧的一个微妙背景，一笔足以媲美上市开支的对外付款，却未能在审计环节获得清晰解释。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年6月26日，颖通控股正式登陆港交所，发行价2.88港元，但上市首日即跌破发行价，收盘报2.40港元，跌幅达16.67%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">截至3月17日收盘，颖通控股仍未复牌，股价仍报2.03港元/股，总市值27.57亿港元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/874c7452cc484c2987f07fbae32cb22a\"/></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">而自上市</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">以来，该股股价累计下跌26.78%。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">3</span></p></span></p><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">结语</span></span><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在监管趋严的背景下，审计机构不止于做财务把关人，而是更加积极地发挥“前哨”作用。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">一旦在关键事项上无法获取充分证据，会计师事务所更倾向于选择退出，而非承担潜在风险。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">普华永道辞任后，对于颖通控股而言，问题的关键是如何向市场解释那笔7000万港元预付款的商业合理性，以及其背后的决策流程是否经得起审视。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在一个高度依赖品牌与渠道信任的行业里，资本市场的信任，同样是一种需要长期经营的无形资产。</span></span></p><hr arial=\"\" blinkmacsystemfont=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" scale=\"\" solid=\"\" system-ui=\"\" ui=\"\" yahei=\"\"/><p><span leaf=\"\"><span textstyle=\"\">深蓝财经新媒体集群发源于深蓝财经记者社区，已有15年历史，是国内知名财经新媒体，旗下账号关注中国最具价值公司、前沿行业发展、新兴区域经济，为投资者、上市公司高管、中产阶级提供价值内容，欢迎关注。</span></span></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>刚上市就砸7000万做公关？香水第一股，“吓退”普华永道</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n刚上市就砸7000万做公关？香水第一股，“吓退”普华永道\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/10\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7ed3098ca9794eae9907fbd1b71a744b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">深蓝财经 </p>\n<p class=\"h-time\">2026-03-18 17:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><span leaf=\"\"><span textstyle=\"\">百亿“彩电大王”自曝猛料</span></span></p><p><span leaf=\"\"><span textstyle=\"\">十倍股<a href=\"https://laohu8.com/S/601869\">长飞光纤</a>，有机构已浮盈14亿</span></span></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><span microsoft=\"\" visible=\"\" yahei=\"\"><span leaf=\"\"><span textstyle=\"\">来源丨财通社</span></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在港股市场，审计机构的突然离场有时比一纸业绩预告更具冲击力。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">刚刚上市不足一年的“香水第一股”<a href=\"https://laohu8.com/S/06883\">颖通控股</a>(06883.HK)，就因一笔7000万港元(约合人民币6149万元)的预付款，将自己推到了聚光灯下。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">3月17日上午，颖通控股公告称，公司股份自当日早间起短暂停牌，以待发布进一步公告。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">而在前一日晚间，公司已经抛出更具分量的信息：原核数师罗兵咸永道(即普华永</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">道)辞任，由罗申</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">美会计师事务所接任。</span></span></p><p nodeleaf=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/55a2c46b906a49418d851cdf1dc6b155\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这一审计机构变动背后，牵出的是一笔发生在IPO之后不久的高额预付款，以及围绕其展开的审计分歧。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">1</span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">一笔7000万港元预付款，</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">引发审计分歧</span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">事情的起点并不复杂。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年6月26日，颖通控股完成在港上市。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">按常理，新股上市后企业通常会进入一段稳定期，集中精力推进募资使用计划和合规披露，做好业绩，以及维护市值和投资者关系。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但颖通控股很快与三家服务供应商签订协议，涉及多年期的公关服务、数据分析与咨询服务以及社交媒体推广服务，并已预付款项7000万港元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这笔钱，相当于其IPO募资净额约8.83亿港元的近8%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在审计机构看来，这样的资金流向需要被重点核查。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">就上述预付款项，罗兵咸永道要求颖通控股管理层予以详细说明。其要求直指四个核心问题：</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其一，三家供应商的背景，以及其是否参与颖通控股IPO；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其二，公司在决策前是否履行了充分的内部控制及审批程序；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其三，服务费支付是否符合市场水平；</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">其四，这笔款项究竟是属于上市开支，还是归于公司规划中的IPO募资用途。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这些问题并非技术性细节，而是关系到上市公司治理、资金使用合规性乃至信息披露完整性的核心命题。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">更关键的是，罗兵咸永道并未获得足够的信息支持其判断。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股已委聘独立专业顾问就上述预付款事项展开调查，该独立调查受公司董事会审核委员会监督。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">罗兵咸永道告知颖通控股董事会，调查结果将是其为颖通控股开展2026财年(截至2026年3月31日)综合财务报表审计的依据。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">公告显示，截至3月16日，该所尚未收到所要求的解释、文件或资料，也未获悉独立调查的详细范围。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在这种情况下，分歧开始显性化。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">罗兵咸永道明确表示，相关事项将导致额外审计程序与费用，额外程序的时间表因信息缺乏无法确定，而费用需双方协商确定。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但颖通控股方面显然无法接受额外审计程序时间表的悬而未决，同时也不愿为此承担费用。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">最终，公司董事会决定更换核数师，并要求罗兵咸永道辞任。该所随后同意辞任，并于3月16日发出辞任函，即日起生效。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">从形式上看，这是一次双方协商一致的离场。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但从实质上看，则是围绕同一事项在信息透明度、审计范围与成本承担上的分歧，最终演变为合作终止。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">值得注意的是，颖通控股强调，截至3月16日罗兵咸永道尚未开展2026财年的审计工作，因此更换核数师不会影响年度业绩披露节奏。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股表示，为回应外界关切，公司已于1月成立由独立非执行董事组成的调查委员会，并聘请贝克·麦坚时作为法律顾问、凯晋作为法证会计师展开调查。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">但截至目前，调查仍在进行中，尚未有明确结论披露。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">2</span></p></span></p><p arial=\"\" blinkmacsystemfont=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">“香水第一股”上市破发，</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" center=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">创始人已分红超6亿元</span></span></strong></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">颖通控股创始人刘巨荣出生于上世纪40年代，并非出身消费品行业。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">1972年8月，他进入如今的<a href=\"https://laohu8.com/S/00293\">国泰航空</a>(00293.HK)工作，直至1988年3月辞任总舱务长后，才正式投身香水行业。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">事实上，早在1983年2月，他便在香港注册成立颖通(远东)有限公司(下称“颖通<a href=\"https://laohu8.com/S/600869\">远东</a>”)。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">1987年，颖通<a href=\"https://laohu8.com/S/00035\">远东</a>获授权分销一个巴黎品牌的进口香水，自此开始将国际香水引入中国内地。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">此后数十年间，公司逐步拿下多个国际品牌的分销权，还自2005年开始在中国内地管理<a href=\"https://laohu8.com/S/HESAY\">爱马仕</a>的香水产品。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">根据弗若斯特沙利文数据，以2023年零售额计，颖通控股已成为中国(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。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">除香水外，颖通控股还运营包括彩妆、护肤品、个护产品、眼镜及家居香氛等在内的多种品牌。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">截至2025年6月10日，颖通控股为包括爱马仕、梵克雅宝、萧邦、奥尔滨、罗拉玛希等在内的72个外部品牌进行产品分销及市场部署。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2024年7月，颖通控股首次向<a href=\"https://laohu8.com/S/00388\">港交所</a>递交招股书，这份上市申请在2025年1月失效。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年2月，颖通控股再次提交IPO申请，核数师及申报会计师为罗兵咸永道。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">招股书显示，2023至2025财年，公司分别录得收入16.99亿元、18.64亿元及20.83亿元，同期净利润分别为1.73亿元、2.06亿元及2.27亿元。</span></span></p><p nodeleaf=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/f6c13daebac0415a9cba92887dc36697\"/></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在这三个财年内，公司控股股东刘巨荣夫妇累计获得约6.24亿元分红，甚至略高于同期净利润总额。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">IPO前，刘巨荣夫妇持有颖通控股100%的股权。公司通过IPO全球发售约3.33亿股后，夫妻俩持股75%，其他公众股东持股25%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">另外，招股书显示，颖通控股预计其上市开支总额(包括包销佣金)约7310万元，其中支付给法律顾问及罗兵咸永道的费用约3020万元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">对比来看，颖通控股的上市开支，比其上市后支付给三家服务供应商的7000万港元预付款高不了多少。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">这或许也是此次分歧的一个微妙背景，一笔足以媲美上市开支的对外付款，却未能在审计环节获得清晰解释。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">2025年6月26日，颖通控股正式登陆港交所，发行价2.88港元，但上市首日即跌破发行价，收盘报2.40港元，跌幅达16.67%。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">截至3月17日收盘，颖通控股仍未复牌，股价仍报2.03港元/股，总市值27.57亿港元。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\"><img src=\"https://static.tigerbbs.com/874c7452cc484c2987f07fbae32cb22a\"/></span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">而自上市</span></span><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">以来，该股股价累计下跌26.78%。</span></span></p><p arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" para=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><p aria-describedby=\"tooltip458514\" hm_fix=\"300:607\" title=\"\"><span leaf=\"\">3</span></p></span></p><span arial=\"\" blinkmacsystemfont=\"\" bold=\"\" border-box=\"\" break-word=\"\" gb=\"\" initial=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">结语</span></span><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">在监管趋严的背景下，审计机构不止于做财务把关人，而是更加积极地发挥“前哨”作用。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">一旦在关键事项上无法获取充分证据，会计师事务所更倾向于选择退出，而非承担潜在风险。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">普华永道辞任后，对于颖通控股而言，问题的关键是如何向市场解释那笔7000万港元预付款的商业合理性，以及其背后的决策流程是否经得起审视。</span></span></p><p><span arial=\"\" blinkmacsystemfont=\"\" border-box=\"\" both=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" leaf=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" red=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" system-ui=\"\" ui=\"\" visible=\"\" yahei=\"\"><span textstyle=\"\">毕竟，在一个高度依赖品牌与渠道信任的行业里，资本市场的信任，同样是一种需要长期经营的无形资产。</span></span></p><hr arial=\"\" blinkmacsystemfont=\"\" break-word=\"\" gb=\"\" initial=\"\" justify=\"\" neue=\"\" none=\"\" normal=\"\" pingfang=\"\" rgb=\"\" rgba=\"\" sans=\"\" sans-serif=\"\" sc=\"\" scale=\"\" solid=\"\" system-ui=\"\" ui=\"\" yahei=\"\"/><p><span leaf=\"\"><span textstyle=\"\">深蓝财经新媒体集群发源于深蓝财经记者社区，已有15年历史，是国内知名财经新媒体，旗下账号关注中国最具价值公司、前沿行业发展、新兴区域经济，为投资者、上市公司高管、中产阶级提供价值内容，欢迎关注。</span></span></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1123":"航空公司","BK1561":"航空股","00293":"国泰航空","06883":"颖通控股"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzU1Njc1NjA2NA==&mid=2247595044&idx=2&sn=ed24358c468ed170bc9b36dab0f9ff97&chksm=fabd782ef14b3ab144abb50cb6487613996c7ae62ce3e38bc9a703a9dc1326c38834cd2b4f6a&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2620592862","content_text":"百亿“彩电大王”自曝猛料十倍股长飞光纤，有机构已浮盈14亿来源丨财通社在港股市场，审计机构的突然离场有时比一纸业绩预告更具冲击力。刚刚上市不足一年的“香水第一股”颖通控股(06883.HK)，就因一笔7000万港元(约合人民币6149万元)的预付款，将自己推到了聚光灯下。3月17日上午，颖通控股公告称，公司股份自当日早间起短暂停牌，以待发布进一步公告。而在前一日晚间，公司已经抛出更具分量的信息：原核数师罗兵咸永道(即普华永道)辞任，由罗申美会计师事务所接任。这一审计机构变动背后，牵出的是一笔发生在IPO之后不久的高额预付款，以及围绕其展开的审计分歧。1一笔7000万港元预付款，引发审计分歧事情的起点并不复杂。2025年6月26日，颖通控股完成在港上市。按常理，新股上市后企业通常会进入一段稳定期，集中精力推进募资使用计划和合规披露，做好业绩，以及维护市值和投资者关系。但颖通控股很快与三家服务供应商签订协议，涉及多年期的公关服务、数据分析与咨询服务以及社交媒体推广服务，并已预付款项7000万港元。这笔钱，相当于其IPO募资净额约8.83亿港元的近8%。在审计机构看来，这样的资金流向需要被重点核查。就上述预付款项，罗兵咸永道要求颖通控股管理层予以详细说明。其要求直指四个核心问题：其一，三家供应商的背景，以及其是否参与颖通控股IPO；其二，公司在决策前是否履行了充分的内部控制及审批程序；其三，服务费支付是否符合市场水平；其四，这笔款项究竟是属于上市开支，还是归于公司规划中的IPO募资用途。这些问题并非技术性细节，而是关系到上市公司治理、资金使用合规性乃至信息披露完整性的核心命题。更关键的是，罗兵咸永道并未获得足够的信息支持其判断。颖通控股已委聘独立专业顾问就上述预付款事项展开调查，该独立调查受公司董事会审核委员会监督。罗兵咸永道告知颖通控股董事会，调查结果将是其为颖通控股开展2026财年(截至2026年3月31日)综合财务报表审计的依据。公告显示，截至3月16日，该所尚未收到所要求的解释、文件或资料，也未获悉独立调查的详细范围。在这种情况下，分歧开始显性化。罗兵咸永道明确表示，相关事项将导致额外审计程序与费用，额外程序的时间表因信息缺乏无法确定，而费用需双方协商确定。但颖通控股方面显然无法接受额外审计程序时间表的悬而未决，同时也不愿为此承担费用。最终，公司董事会决定更换核数师，并要求罗兵咸永道辞任。该所随后同意辞任，并于3月16日发出辞任函，即日起生效。从形式上看，这是一次双方协商一致的离场。但从实质上看，则是围绕同一事项在信息透明度、审计范围与成本承担上的分歧，最终演变为合作终止。值得注意的是，颖通控股强调，截至3月16日罗兵咸永道尚未开展2026财年的审计工作，因此更换核数师不会影响年度业绩披露节奏。颖通控股表示，为回应外界关切，公司已于1月成立由独立非执行董事组成的调查委员会，并聘请贝克·麦坚时作为法律顾问、凯晋作为法证会计师展开调查。但截至目前，调查仍在进行中，尚未有明确结论披露。2“香水第一股”上市破发，创始人已分红超6亿元颖通控股创始人刘巨荣出生于上世纪40年代，并非出身消费品行业。1972年8月，他进入如今的国泰航空(00293.HK)工作，直至1988年3月辞任总舱务长后，才正式投身香水行业。事实上，早在1983年2月，他便在香港注册成立颖通(远东)有限公司(下称“颖通远东”)。1987年，颖通远东获授权分销一个巴黎品牌的进口香水，自此开始将国际香水引入中国内地。此后数十年间，公司逐步拿下多个国际品牌的分销权，还自2005年开始在中国内地管理爱马仕的香水产品。根据弗若斯特沙利文数据，以2023年零售额计，颖通控股已成为中国(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。除香水外，颖通控股还运营包括彩妆、护肤品、个护产品、眼镜及家居香氛等在内的多种品牌。截至2025年6月10日，颖通控股为包括爱马仕、梵克雅宝、萧邦、奥尔滨、罗拉玛希等在内的72个外部品牌进行产品分销及市场部署。2024年7月，颖通控股首次向港交所递交招股书，这份上市申请在2025年1月失效。2025年2月，颖通控股再次提交IPO申请，核数师及申报会计师为罗兵咸永道。招股书显示，2023至2025财年，公司分别录得收入16.99亿元、18.64亿元及20.83亿元，同期净利润分别为1.73亿元、2.06亿元及2.27亿元。在这三个财年内，公司控股股东刘巨荣夫妇累计获得约6.24亿元分红，甚至略高于同期净利润总额。IPO前，刘巨荣夫妇持有颖通控股100%的股权。公司通过IPO全球发售约3.33亿股后，夫妻俩持股75%，其他公众股东持股25%。另外，招股书显示，颖通控股预计其上市开支总额(包括包销佣金)约7310万元，其中支付给法律顾问及罗兵咸永道的费用约3020万元。对比来看，颖通控股的上市开支，比其上市后支付给三家服务供应商的7000万港元预付款高不了多少。这或许也是此次分歧的一个微妙背景，一笔足以媲美上市开支的对外付款，却未能在审计环节获得清晰解释。2025年6月26日，颖通控股正式登陆港交所，发行价2.88港元，但上市首日即跌破发行价，收盘报2.40港元，跌幅达16.67%。截至3月17日收盘，颖通控股仍未复牌，股价仍报2.03港元/股，总市值27.57亿港元。而自上市以来，该股股价累计下跌26.78%。3结语在监管趋严的背景下，审计机构不止于做财务把关人，而是更加积极地发挥“前哨”作用。一旦在关键事项上无法获取充分证据，会计师事务所更倾向于选择退出，而非承担潜在风险。普华永道辞任后，对于颖通控股而言，问题的关键是如何向市场解释那笔7000万港元预付款的商业合理性，以及其背后的决策流程是否经得起审视。毕竟，在一个高度依赖品牌与渠道信任的行业里，资本市场的信任，同样是一种需要长期经营的无形资产。深蓝财经新媒体集群发源于深蓝财经记者社区，已有15年历史，是国内知名财经新媒体，旗下账号关注中国最具价值公司、前沿行业发展、新兴区域经济，为投资者、上市公司高管、中产阶级提供价值内容，欢迎关注。","news_type":1,"symbols_score_info":{"06883":1,"00293":1}},"isVote":1,"tweetType":1,"viewCount":210,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/544148400521984"}