Group 1 - The Hong Kong IPO market is experiencing a surge of applications from A-share companies, indicating a trend of cross-border listings [1][2] - Multiple A-share companies, including Three Squirrels, Kexing Pharmaceutical, and Junsheng Electronics, have disclosed their latest progress on H-share listings on the Hong Kong Stock Exchange, covering key sectors such as snacks, biopharmaceuticals, and automotive technology [2][3] Group 2 - Three Squirrels plans to issue up to 81.55 million shares for its H-share listing, positioning itself as the largest Chinese snack company based on projected 2024 sales, with the fastest growth rate among the top five companies in the sector from 2022 to 2024 [3] - Junsheng Electronics aims to issue up to 284 million shares, recognized as the second-largest provider of intelligent cockpit domain control systems in China and the fourth globally, according to Frost & Sullivan [3] Group 3 - Ruiming Technology has submitted its listing application to the Hong Kong Stock Exchange, focusing on AI solutions for commercial vehicles, leveraging over 20 years of industry experience [4] - Other companies like Kexing Pharmaceutical and Kote Power are also planning H-share listings to enhance their international presence and competitiveness [4] Group 4 - The Hong Kong IPO market has seen significant activity this year, with notable new listings such as Zijin Gold International, which raised approximately HKD 24.98 billion, making it the second-largest IPO in Hong Kong this year [7] - A total of 68 new stocks have been listed in Hong Kong this year, with over 70% recording gains on their first trading day, indicating strong market performance [8]

Core Viewpoint - The successful IPO of Xipuni, known as the "King of Gold Watches" in China, reflects strong market confidence in the high-end consumer sector, with its stock price soaring significantly on its debut [1][3][8]. Company Overview - Xipuni was established in 2013 and is headquartered in Shenzhen, a major hub for gold and jewelry trading in China [3]. - The company is led by Li Yongzhong, who has a background in business from Fujian Province, and it launched China's first mass-produced gold watch in 2014 [3][4]. - Xipuni holds a leading market share in the gold watch sector, with a GMV share of 27.08% and 28.96% in the embedded gold watch market as of 2024 [3]. Financial Performance - Xipuni's revenue has shown consistent growth, increasing from 324 million RMB in 2022 to 456 million RMB in 2024, with a slight dip expected in 2024 [4][5]. - The net profit rose from 24.54 million RMB in 2022 to 52.10 million RMB in 2023, before a projected decrease in 2024 [5]. - The company reported a revenue of 231 million RMB in the first five months of 2025, indicating a strong growth trajectory [5]. Business Model and Strategy - Xipuni's product range includes over 10,000 SKUs, targeting middle-income consumers in second and third-tier cities [4]. - The company is diversifying its revenue streams, with traditional watch sales decreasing from 89.4% of total revenue in 2022 to 47.9% in the first five months of 2025 [6][7]. - Xipuni plans to use 40.28% of its IPO proceeds to enhance production capacity and 33.24% to expand its sales network and brand [8]. Market Trends and Challenges - The high-end consumer market is expected to grow as disposable income rises, with a shift towards luxury and premium products [8]. - However, Xipuni faces significant challenges, including high inventory levels, with stock reaching 656 million RMB in 2024, which is 1.44 times its annual revenue [10]. - The company has a high dependency on a few major clients, with the top five customers accounting for over 87% of sales from 2022 to 2024 [10]. Product Innovation and Expansion - Xipuni has introduced a gold smart watch series in 2023, but this segment contributed only 6.1% to total revenue in 2024 [10]. - The company is also exploring international markets, having partnered with Malaysian distributors to sell its products [12]. Brand Positioning - The brand's strategy includes a "reduce weight without reducing price" approach, which has raised concerns about consumer trust in the value of gold watches [11]. - The future success of Xipuni will depend on its ability to strengthen its brand and adapt to the evolving luxury watch market [13].

Core Viewpoint - The successful IPO of Xipuni, known as the "King of Gold Watches" in China, reflects strong market confidence in the high-end consumer market, with its stock price soaring significantly on its debut on the Hong Kong Stock Exchange [1][2][6]. Company Overview - Xipuni officially listed on the Hong Kong Stock Exchange on September 30, with the stock code 02583.HK, opening at 84 HKD, a 183.78% increase from the issue price of 29.6 HKD, and reaching a peak of 130 HKD during trading [1][2]. - By the end of the first trading day, Xipuni's stock closed at 106 HKD, marking a 258.11% increase and a total market capitalization exceeding 6.2 billion HKD [2]. - Xipuni holds a leading market share in China's gold watch sector, with a GMV share of 27.08% in the gold watch market and 28.96% in the embedded gold watch market [3]. Financial Performance - Xipuni's revenue has shown a consistent growth trend, increasing from 324 million CNY in 2022 to 445 million CNY in 2023, with a slight increase to 457 million CNY projected for 2024 [4]. - Net profit rose from 24.54 million CNY in 2022 to 52.09 million CNY in 2023, with a forecasted decrease to 49.35 million CNY in 2024 [4]. - In the first five months of 2025, the company recorded revenue of 231 million CNY and a net profit of 42.79 million CNY, indicating a clear scale effect and market demand [4]. Business Strategy - Xipuni's business model is evolving, with traditional watch sales decreasing from 89.4% of revenue in 2022 to 47.9% in the first five months of 2025 [4]. - The company plans to use 40.28% of the funds raised from its IPO to enhance production capacity, 33.24% for expanding and optimizing its sales network, and 17.11% for establishing a research and development center [5]. Market Trends - The capital market's enthusiasm for Xipuni indicates a long-term optimism towards the high-end consumer market, driven by rising consumer demand for luxury goods as income levels increase [6]. - The global watch market, particularly in China, has faced challenges, with a reported 36% decline in Swiss watch exports to China in August 2023 [9]. Challenges - Xipuni faces significant inventory issues, with stock levels reaching 656 million CNY, equivalent to 1.44 times its annual revenue, and a concerning inventory turnover period of 708 days [7]. - The company's high dependency on gold procurement, which constitutes over 80% of total procurement, poses risks related to fluctuating gold prices affecting profit margins [7]. - Customer concentration is a risk, with sales to the top five customers accounting for over 87% of revenue from 2022 to 2024 [7]. Future Outlook - Xipuni is exploring new avenues for growth, including the introduction of smart watches and international expansion, although the contribution from smart watches remains limited [8]. - The company's strategy of reducing gold content in watches while maintaining prices may undermine consumer trust in the value of its products [8]. - The success of Xipuni's brand development will be crucial for its future opportunities in the high-end market [10].

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 0.87% to close at 26,855.56 points, and a total trading volume of HKD 314.93 billion [1] - The Hang Seng Index increased by 7.09% for the month, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 6.79% and 13.95%, respectively [1] Investment Insights - According to China Merchants Securities International, the short-term volatility in the Hong Kong market is expected, but the long-term upward trend remains intact, with a focus on AI technology and non-ferrous metals as key investment themes [1] - Everbright Securities noted that despite the continuous rise in the Hong Kong market over recent months, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [1] Blue-Chip Performance - Kuaishou Technology (01024) reached a three-year high, closing up 7.22% at HKD 84.6, contributing 26.93 points to the Hang Seng Index [2] - WuXi AppTec (02359) rose by 8.11% to HKD 118.7, contributing 6.26 points, while Sunny Optical Technology (02382) increased by 5.6% to HKD 90.45, contributing 5.37 points [2] Sector Performance - Technology stocks saw a collective rise, with Kuaishou up over 7%, Bilibili up over 6%, and Alibaba and NetEase both up over 2% [3] - Semiconductor stocks performed strongly, with Hua Hong Semiconductor rising nearly 11% to HKD 80 [3] - The pharmaceutical sector continued its upward trend, with WuXi AppTec up over 8% [3] AI and Technology Developments - DeepSeek announced the release of its new language model, DeepSeek-V3.2-Exp, which significantly reduces service costs by over 50% for developers [4][5] - The AI application sector is gaining traction, with companies like Huya Technology (01860) rising by 10.25% [4] Pharmaceutical Sector Insights - The pharmaceutical sector remains strong, with WuXi AppTec and other companies like HAPO (02142) and Zai Lab (09688) showing significant gains [5] - The impact of potential tariffs on patented drugs by the U.S. is considered limited for China's innovative drug industry [6] Non-Ferrous Metals Sector - The non-ferrous metals sector is active, with Jiangxi Copper (00358) rising by 8.85% to HKD 30.5, and Ganfeng Lithium (01772) up by 8.66% to HKD 43.14 [5] - The Ministry of Industry and Information Technology's plan for the non-ferrous metals industry aims for an average annual growth of around 5% from 2025 to 2026 [7] Airline Sector Performance - Major airlines saw collective gains, with China Eastern Airlines (00670) up 6.73% to HKD 3.33 [7] - The domestic flight ticket bookings for the upcoming National Day and Mid-Autumn Festival have surpassed 10.19 million, indicating strong demand [8] Notable Stock Movements - MicroPort Medical (00853) rose by 5.27% following the announcement of a restructuring in its cardiac management business [9] - Sanhua Intelligent Controls (02050) increased by 6.62% as Tesla plans to expand its humanoid robot production [10] - UBTECH Robotics (09880) saw an 8.98% rise, attributed to significant new orders and a positive outlook from Morgan Stanley [11] New IPO Highlights - Xipuni (02583) surged by 258.11% on its debut, closing at HKD 106, focusing on gold watch design and manufacturing [12] - Zijin Gold International (02259) rose by 68.46% to HKD 120.6, marking the second-largest IPO in Hong Kong this year [14]

SHENZHEN HIPINE PRECISION TECHNOLOGY CO., LTD. 深圳西普尼精密科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock Code 股份代號 : 2583 中 期 報 告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Financial Highlights | 財務摘要 | 4 | | Management Discussion and Analysis | 管理層討論及分析 | 5 | | Directors' and Chief Executives' Interests in | 董事及最高行政人員 | 12 | | Securities | 於債券之權益 | | | Substantial Shareholders' Interests in | 主要股東於股份 ...

Shenzhen Hipine Precision Technology Co., Ltd. 深圳西普尼精密科技股份有限公司 By Order of the Board Shenzhen Hipine Precision Technology Co., Ltd. Li Yongzhong （ A joint stock company incorporated in the People's Republic of China with limited liability ） ( 於中華人民共和國註冊成立的股份有限公司 ) （Stock Code 股份代號：2583） 30 September 2025 Dear Non-Registered Shareholder, Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kon ...

登記股東之名稱及地址 Shenzhen Hipine Precision Technology Co., Ltd. 深圳西普尼精密科技股份有限公司 （ A joint stock company incorporated in the People's Republic of China with limited liability ） ( 於中華人民共和國註冊成立的股份有限公司 ) （Stock Code 股份代號：2583） 尊敬的股東 發佈公司通訊之安排 簡介 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 2.07A 條 1 以及深圳西普尼精密 科技股份有限公司（「本公司」）的公司章程細則，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司 通訊（「公司通訊」2），並僅應股東要求向其寄發印刷本形式的公司通訊。 就上述相關事項，以下安排將於 2025 年 9 月 30 日生效： 安排 1. 公司通訊 本公司將在本公司網站（www.hipine.com）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東發出公司通訊網站版本 4 的登載通知。本公司 ...

Core Points - Xipuni Precision Technology Co., Ltd. (西普尼) was listed on the Hong Kong Stock Exchange today, closing at HKD 106, representing a 258.11% increase from its final offering price [1] Summary by Sections Share Issuance and Capital Structure - The total number of shares issued under the global offering was 10,600,000 H-shares, with 1,060,000 shares available for public sale in Hong Kong and 9,540,000 shares for international placement [2] - After the listing, the total number of issued shares is 58,825,000 [2] Pricing and Proceeds - The final offering price was HKD 29.6, resulting in total proceeds of HKD 313.76 million. After deducting estimated listing expenses of HKD 45.19 million, the net proceeds amount to HKD 268.57 million [3][4] Use of Proceeds - Approximately 40.28% of the proceeds will be used to enhance production capacity, 33.24% for expanding and optimizing the sales network and brand building, 17.11% for strengthening R&D capabilities through the establishment of a research center, and 9.37% for working capital or general corporate purposes [4] Financial Performance - Xipuni's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 were HKD 323.70 million, HKD 445.48 million, HKD 456.56 million, and HKD 231.03 million respectively. The net profits for the same periods were HKD 24.54 million, HKD 52.10 million, HKD 49.35 million, and HKD 42.80 million [5][6] Cash Flow Analysis - The net cash generated from operating activities for the fiscal years 2022, 2023, 2024, and the first five months of 2025 were HKD 7.66 million, -HKD 35.75 million, HKD 34.96 million, and -HKD 10.56 million respectively [7]

港股新股西普尼盘中涨近300%，报117.10元。 （来源：科创100ETF基金） 来源：市场资讯 ...

Group 1 - The core viewpoint of the article highlights the successful debut of the Chinese watch brand Xipuni (2583.HK) on the Hong Kong stock market, with a significant initial price surge of 183.7% [1] - The company issued 10.6 million shares at a price of 29.6 HKD each, achieving an oversubscription rate of 2,504.9 times for local offerings and 2.9 times for international offerings, raising a net amount of 268 million HKD (34 million USD) [1] - Xipuni primarily sells its own brand "HIPINE" gold watch cases and provides ODM and processing services for well-known domestic jewelry brands [1] Group 2 - For the fiscal year 2024, the company reported a revenue of 460 million HKD, reflecting a year-on-year increase of 2.5%, while the net profit was 49.348 million HKD, showing a decline of 5.3% [1] - The company plans to use the raised funds to enhance production capacity, expand and optimize its sales network, strengthen brand building, and establish a research and development center in Putian to improve its R&D capabilities [1]