Core Viewpoint - The article discusses the significant impact of rising gold prices on the watch market, particularly highlighting the contrasting performances of companies focusing on gold watches versus those in the traditional watch segment [6][7][22]. Market Trends - In 2025, international gold prices increased by over 70%, with the Shanghai Gold Exchange's Au9999 closing price rising from 614.00 yuan per gram at the beginning of the year to 974.90 yuan per gram by year-end, marking a 58.78% increase [9]. - The demand for gold bars and coins surpassed that for gold jewelry for the first time, indicating a shift in consumer preferences towards investment and asset allocation rather than traditional decorative uses [10]. Company Performance - Xipuni (西普尼) reported a revenue of approximately 611 million yuan in 2025, a year-on-year increase of 33.8%, with a profit surge of 106.5% to about 102 million yuan, benefiting from its focus on gold watches and accessories [14][16]. - In contrast, Feiya (飞亚达) experienced a revenue decline of 10.96% to about 3.508 billion yuan and a net profit drop of 60.37% to approximately 87.3 million yuan, reflecting the broader challenges faced by the traditional watch market [18][19]. Consumer Behavior - The rising gold prices have led to a heightened interest in gold-related wearable products, with gold watches becoming more appealing due to their combination of wearability, gifting potential, and intrinsic gold value [10][12]. - The retail sales of gold and jewelry increased by 12.8% year-on-year, contrasting with the overall retail market's growth of only 3.7%, indicating a significant divergence in consumer spending patterns [10]. Industry Dynamics - The watch industry is experiencing a clear divide between the performance of gold-related products and traditional watches, with the latter facing a more challenging market environment [22]. - The overall revenue of the domestic watch industry declined by 9.70%, and Swiss watch exports to China fell by 12.1%, highlighting the pressures on the traditional watch sector [19]. Future Outlook - As of 2026, gold prices have seen a significant pullback, raising questions about the sustainability of the gold watch market's performance and whether it can maintain its previous momentum [22].

Financial Performance - The company's revenue for the year ended December 31, 2025, was RMB 610,842,000, representing a 33.8% increase from RMB 456,556,000 in 2024[5] - Gross profit increased by 55.1% to RMB 192,595,000, with a gross margin of 31.5%, up from 27.2% in the previous year[5] - Net profit for the period was RMB 101,896,000, a significant increase of 106.5% compared to RMB 49,348,000 in 2024[6] - Adjusted net profit, excluding listing expenses, was RMB 117,130,000, reflecting a 96.3% increase from RMB 59,656,000[5] - Basic earnings per share rose to RMB 2.00, compared to RMB 1.02 in the previous year[6] - The income tax expense for 2025 is RMB 22,362,000, up from RMB 10,932,000 in 2024, reflecting a 104% increase[18] - Basic earnings per share for 2025 is RMB 101,898,000, compared to RMB 49,348,000 in 2024, indicating a 106% growth[22] - The group's profit before tax for 2025 is approximately RMB 124 million, a year-on-year increase of about 111.6% from approximately RMB 59 million in 2024, primarily due to increased sales revenue from jewelry and improved gross margins from watch sales[43] - The net profit for the group in 2025 is approximately RMB 102 million, representing a year-on-year increase of about 106.5% from approximately RMB 49 million in 2024[45] Assets and Liabilities - Cash and cash equivalents surged to RMB 203,326,000, a remarkable increase of 1,354.1% from RMB 13,983,000[7] - The company's total assets reached RMB 1,064,952,000, a significant increase from RMB 688,953,000 in 2024[8] - The net asset value of the company was RMB 1,031,010,000, reflecting a 56.4% increase from RMB 659,418,000[8] - As of December 31, 2025, current assets amounted to RMB 1,144 million, an increase from RMB 758 million in 2024, while current liabilities were RMB 213 million, up from RMB 169 million in 2024[51] - The total interest-bearing borrowings increased to RMB 140 million as of December 31, 2025, compared to RMB 89 million in 2024, primarily due to new short-term borrowings[52] - The net asset liability ratio at year-end was 13.9%, slightly down from 14.2% in 2024, calculated based on total interest-bearing borrowings and lease liabilities against total equity[52] Revenue Breakdown - Revenue from watch manufacturing and sales for 2025 is RMB 312,385,000, while accessory revenue is RMB 298,457,000, totaling RMB 610,842,000, a significant increase from RMB 456,556,000 in 2024[12] - The revenue breakdown shows that watch sales contributed RMB 312.4 million (51.1% of total revenue) while jewelry sales accounted for RMB 298.5 million (48.9%) in 2025[32] Operational Highlights - The company has a single operating segment for strategic decision-making, with all business operations conducted in mainland China[16] - Major customer A contributed RMB 105,144,000 to total revenue in 2025, while customer D contributed RMB 264,312,000, showing significant reliance on key clients[17] - The average credit period for trade customers ranges from 0 to 90 days, with trade payables for 2025 at RMB 21,698,000, up from RMB 17,794,000 in 2024[24] - The company has over 3,000 offline retail points and operates online sales through platforms like JD.com and Tmall, enhancing its distribution network[27] - The partnership with Huawei has led to the launch of a dual-wear smart watch, creating a new business model and competitive barrier in the precious metal smart wearables sector[28] - ODM business revenue increased significantly due to mature relationships with clients, particularly in jewelry sales, contributing to overall revenue growth[34] - The group plans to deepen channel layout with over 3,000 offline retail points and enhance e-commerce resources, targeting rapid growth on platforms like JD.com and Tmall[47] - The group aims to expand its overseas presence, establishing a distribution and retail network in Malaysia and planning to enhance its brand influence in Hong Kong and Southeast Asia[48] Research and Development - The company aims to enhance production capacity and strengthen R&D capabilities to drive sustainable business growth in the smart watch and accessories market[31] - The group will increase investment in technology R&D, focusing on smart wearable technology and new material development, with new business growth points in smart jewelry[50] - The company has established a comprehensive intellectual property system with 30 invention patents, 63 utility model patents, and 124 design patents, supporting long-term high-quality development[30] Financial Management - The company has adopted a prudent financial management policy to ensure liquidity needs are consistently met[54] - The total remuneration paid to employees for the reporting year was RMB 41 million, compared to RMB 36 million in 2024, with a workforce of 321 employees[63] - Capital expenditures for the reporting year were approximately RMB 28 million, a significant increase from RMB 4 million in 2024, used for purchasing properties, plants, and equipment[62] Future Plans - The company plans to utilize net proceeds from its successful listing on the Hong Kong Stock Exchange to expand and optimize its operational network, enhancing brand influence and market visibility[30] - A framework agreement was signed with a subsidiary of a pharmaceutical company to develop and sell customized smart watches integrated with Huawei's smart chip, targeting a minimum purchase of 10,000 units by September 2026[29] Miscellaneous - The company did not hold any significant investments or make any major acquisitions or disposals during the reporting period[55][57] - The board does not recommend the payment of any final dividend for the reporting year[72] - No significant events have occurred after the reporting period that would materially impact the group's operations and financial performance[74] - The annual performance announcement will be published on the company's website and the stock exchange website, with the annual report to be released in due course[75]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN HIPINE PRECISION TECHNOLOGYCO.,LTD. 深 圳 西 普 尼 精 密 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2583） 建議更換聯席公司秘書、法律程序文件代理人及授權代表 ; 及 豁免嚴格遵守上市規則第 3.28 及 8.17 條 更換聯席公司秘書、法律程序文件代理人及授權代表 深圳西普尼精密科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，施雪玲女士（「施女士」）因個人發展理由已辭任 本公司聯席公司秘書（「聯席公司秘書」）、本公司法律程序文件代理人（根據香港法例第 622章公司條例第16部在香港代本公司接收法律程序文件和根據香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）第19A.13(2)條在香港代本公司接收法律程序文 件或通知之法 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN HIPINE PRECISION TECHNOLOGYCO.,LTD. 深 圳 西 普 尼 精 密 科 技 股 份 有 限 公 司 深圳西普尼精密科技股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，於 2026 年 3 月 17 日，董事會議決及批准（其中包 括）：鑒於《國務院關於股份有限公司境外募集股份及上市的特別規定》及《到境外上市公司 章程必備條款》已廢止，並為遵守《中華人民共和國公司法》（「公司法」）、中國證券監督 管理委員會修訂之《上市公司章程指引》以及監管機構之相關要求，同時考慮到本集團之現況， 建議撤銷本公司監事會（「監事會」）及建議修訂本公司章程（「公司章程」）（「建議修 訂」）。 建議修訂之目的為：(i) 依照《公司法》撤銷監事會，並將其職能轉由董事會轄下審計委員會行 使；(ii) 就上述修訂對內部管理制度作出相應修 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公司董事（「董事」）會（「董事會」）欣然宣佈，根據 (i)上海證券交易所發佈的《關於滬 港通下港股通標的調整的通知》及 (ii)深圳證券交易所發佈的《關於深港通下的港股通標的證 券名單調整的公告》，本公司 H 股（「H 股」）獲調入滬港通及深港通（統稱「港股通」）標 的證券名單，自 2026 年 3 月 9 日起生效。 董事會認為，本公司 H 股獲調入港股通標的證券名單，將有助於進一步擴大本公司投資者基礎 及提高本公司 H 股的交易流通量，並進一步提高本公司在資本市場上的聲譽及品牌知名度。 關於滬港通及深港通 滬港通及深港通為中國內地與香港特別行政區的股票市場交易互聯互通機制，據此上海證券交 易所、深圳證券交易所分別和香港聯合交易所有限公司建立技術連接，使中國內地及香港特別 行政區的投資者可以通過當地證券公司或經紀商買賣在對方交易所上市的合資格股份。 本公司股東及有意投資者於買賣本公司股份時務請審慎行 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：2583） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.43 條作出。 深圳西普尼精密科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，董事會會議將於二零二六年三月十七日（星期二）舉行，藉以（其中包括）： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深 圳 西 普 尼 精 密 科 技 股 份 有 限 公 司 承董事會命 深圳西普尼精密科技股份有限公司 董事會主席兼執行董事 李永忠 中國，深圳，2026年3月5日 截至本公告日期，董事會包括（ i ）執行董事李永忠先生（董事會主席）、胡少 華先生及李陽金先生；（ ii ）非執行董事黃良地先生；（ iii ）獨立非執行董事 郭曉紅女士、黃善榕先生及佘丁順先生。 1. 批准本公司及其附屬公 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 公司名稱: 深圳西普尼精密科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 本月底法定/註冊股本總額： RMB 58,825,000 FF301 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02583 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 58,825,000 | RMB | | 1 RMB | | 58,825,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 58,825,000 | RMB | | ...

Core Viewpoint - The company is expected to see significant growth in its performance in 2026, driven by rising gold prices and domestic demand policies [1] Business Performance - The company reported a net profit exceeding 90 million yuan in the first 11 months of 2025, surpassing the total profit of 49 million yuan for the entire year of 2024, indicating a potential doubling of annual profits [1] - The anticipated increase in international gold prices, with Morgan Stanley predicting prices could reach 4,800 USD per ounce within the year, is expected to support strong performance growth in 2026 [1] Business Development - The company is deepening its collaboration with Huawei in the smart wearable sector, leveraging the HarmonyOS ecosystem to launch smart gold watches with health monitoring and sports modes [2] - The smart gold watch series is projected to become a core profit growth driver in 2026, alongside plans to expand cultural IP collaborations to enhance gross margins [2] Future Development - The company is accelerating its expansion into overseas markets, focusing on Southeast Asia, having successfully entered the Malaysian market and planning to expand into Singapore and Vietnam in 2026 [3] - The high recognition of gold products in these regions is expected to create new revenue streams, while the ODM business for brands like Lao Feng Xiang and Zhou Da Sheng is anticipated to provide stable cash flow support [3]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, with Xipni (02583) being included in the Hang Seng Composite Index, effective after market close on March 6, 2026, and effective from March 9, 2026 [1] - The inclusion of Xipni in the index may lead to its eligibility for the Hong Kong Stock Connect, as it meets various criteria including market capitalization, liquidity, and listing duration [1] - Xipni reported a preliminary review of its unaudited consolidated management accounts for the 11 months ending November 30, 2025, indicating a net profit exceeding RMB 90 million, which is an increase compared to the net profit of approximately RMB 49 million for the year ending December 31, 2024 [1] Group 2 - The expected growth in net profit for Xipni for the year ending December 31, 2025, is primarily driven by an increase in sales revenue from jewelry and an improvement in the gross margin from watch sales [1]

Core Viewpoint - The Hang Seng Index Company announced the inclusion of Xipuni (02583) in the Hang Seng Composite Index, effective March 9, 2026, following a quarterly review, which may also lead to its inclusion in the Stock Connect program due to meeting various criteria [1] Group 1: Company Performance - Xipuni reported a preliminary net profit exceeding RMB 90 million for the 11 months ending November 30, 2025, indicating a significant increase compared to a net profit of approximately RMB 49 million for the year ending December 31, 2024 [1] - The expected growth in net profit for Xipuni is attributed to an increase in sales revenue from jewelry and an improvement in the gross margin from watch sales [1]