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]

Group 1 - The core point of the article highlights that the newly listed stock, Xipuni, experienced a significant intraday increase of nearly 300%, reaching a price of 117.10 HKD [1]

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]

Group 1 - The core point of the article highlights the strong debut performance of three new stocks in the Hong Kong market on September 30, with particular emphasis on Xipuni (02583.HK), which saw its stock price surge by nearly 340% after opening over 180% higher [2] - Xipuni received significant investor interest during its IPO phase, achieving a subscription rate of 2505.9 times for its public offering, with 1% of the applied shares being allocated to successful applicants [2] - The company is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, with its flagship brand "HIPINE" contributing the majority of its revenue [2][3] Group 2 - Xipuni also generates revenue by acting as an ODM manufacturer for third-party domestic jewelry brands, developing and producing private label watches and accessories for well-known brands such as Lao Feng Xiang, China Jewelry, and Zhou Da Sheng [3] - The company's financial performance shows revenue figures of 324 million RMB, 445 million RMB, 457 million RMB, and 231 million RMB for the years 2022 to 2024 and the first five months of 2025, with corresponding profit and total comprehensive income of 24.54 million RMB, 52.09 million RMB, 49.34 million RMB, and 42.79 million RMB [4]

Group 1 - The core viewpoint of the news is that Xipuni (2583.HK) debuted on the Hong Kong Stock Exchange with a significant opening increase of 183.78%, reaching a price of 84 HKD per share [1] - Xipuni is a designer, manufacturer, and brand owner of gold-cased and gold-bezel watches in China, focusing on the design, manufacturing, and sales of precious metal watches [1] - The company operates under two brands: "HIPINE (西普尼)" and "Golden Bear (金熊)" [1] Group 2 - Xipuni's primary revenue comes from the design and manufacturing of its own brand of precious metal watches, while also providing ODM services for third-party domestic jewelry brands and wholesalers [1] - The company has partnerships with notable brands such as Lao Feng Xiang, China Jewelry, and Zhou Da Sheng, offering private label precious metal watches and jewelry, as well as contract processing services [1] Group 3 - On its first trading day, Xipuni's stock opened at 84 HKD, with a maximum potential profit of 5,440 HKD for a single lot of 100 shares [1] - The trading volume on the first day was 1.31 million shares, with a total transaction value of approximately 89.39 million HKD [2] - The company's market capitalization reached 4.941 billion HKD, with a static P/E ratio of 92.71 and a market-to-book ratio of 6.448 [2]