Summary of JiHong Co., Ltd. Conference Call Company Overview - **Company**: JiHong Co., Ltd. - **Industry**: E-commerce and Packaging Key Points Financial Performance - In Q3 2025, JiHong's e-commerce revenue reached 3.26 billion RMB, a year-on-year increase of over 40%, accounting for more than 65% of total revenue [2][11] - Overall revenue for Q3 2025 was 5.03 billion RMB, with a profit of 210 million RMB, reflecting a year-on-year profit growth of over 70% [3][11] - Packaging business revenue was 1.77 billion RMB, showing a year-on-year growth of over 14% [2][11] Regional Growth - Northeast Asia saw revenue growth exceeding 35%, while revenue from Europe and the U.S. doubled, contributing over 25% to total revenue [3][11] - Southeast Asia accounted for approximately 18% to 20% of e-commerce revenue, and the Middle East contributed 8% to 10% [3][11] Self-Brand Strategy - The self-brand strategy, initiated in 2022, focuses on the Japanese market with three main brands showing over 100% revenue growth in Q3 2025 [5][6] - The company aims for total self-brand revenue to reach 1.5 billion RMB in three years, leveraging premium pricing and repeat purchases to offset social e-commerce shortcomings [5][6] AI Technology Utilization - AI significantly enhances cross-border e-commerce efficiency through product selection, data analysis, and advertising optimization, leading to a doubling of order volume without increasing staff [2][9][10] - The AI advertising assistant, GKing, automates ad placement, achieving over 85% adoption of its recommendations [10] Inventory Management - JiHong employs a combination of order-based procurement and rolling inventory management, achieving a sell-out rate of 98% and keeping overall inventory below 4% of sales [2][12] Packaging Business Expansion - The packaging segment benefits from increased demand for ready-to-eat retail and food-grade packaging, with new factories in Suzhou and the UAE expected to boost capacity significantly by 2026 [4][19][20] - Projected packaging revenue for 2025 is 2.4 billion RMB, with a target of 2.8 to 3.0 billion RMB for 2026 [20] Risk Management - The company actively diversifies risks by expanding into Belt and Road countries to mitigate the impact of currency fluctuations and international relations [4][13] - Different regions exhibit significant variations in average order value, with Southeast Asia around 150 RMB, Japan and Korea at 220-250 RMB, and higher in the Middle East and Europe [14] Shareholder Actions - The recent share reduction by the major shareholder is a normal arrangement for debt repayment and is not expected to impact stock prices significantly [4][16] Organizational Structure - JiHong's operations are divided into independent teams for packaging and e-commerce, with a partner plan to incentivize team members [17][22] Advertising Cost Management - Advertising costs are monitored across major platforms, with a focus on maintaining profitability despite the potential decline in advertising returns [23] Future Outlook - The company anticipates improved profit margins as self-brands grow and marketing investments stabilize, focusing on revenue growth and market share expansion [15][22]

廈門吉宏科技股份有限公司 章程 二零二 五 年 十 一 月 – 1 – | 第一章 | 總 | 則 | 3 | | --- | --- | --- | --- | | 第二章 | | 經營宗旨和範圍 | 5 | | 第三章 | 股 | 份 | 6 | | | 第一節 | 股份發行 | 6 | | | 第二節 | 股份增減和回購 | 7 | | | 第三節 | 股份轉讓 | 9 | | 第四章 | | 股東和股東會 | 10 | | | 第一節 | 股 東 | 10 | | | 第二節 | 控股股東和實際控制人 | 15 | | | 第三節 | 股東會的一般規定 | 16 | | | 第四節 | 股東會的召集 | 20 | | | 第五節 | 股東會的提案與通知 | 23 | | | 第六節 | 股東會的召開 | 25 | | | 第七節 | 股東會的表決和決議 | 30 | | 第五章 | | 董事和董事會 | 37 | | | 第一節 | 董事的一般規定 | 37 | | | 第二節 | 董事會 | 43 | | | 第三節 | 獨立董事 | 51 | | | 第四節 | 董事會專門委員會 | 55 | | ...

公司名稱: 廈門吉宏科技股份有限公司 FF301 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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 450,405,288 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 本公司乃於中華人民共和國註冊成立的股份有限公司，因此，「法定/註冊股本」之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「已發行股本」。 | 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) | 02603 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 67,910,000 | ...

Group 1 - The core viewpoint of the article highlights the recent developments regarding Jihong Co., Ltd., including a significant shareholder transfer and progress on its overseas production facility in the UAE [1] Group 2 - On December 2, Jihong Co., Ltd. saw a shareholder transfer of stocks from Shanhigh International Securities to Fuzhong Securities, with a market value of HKD 125 million, accounting for 15.62% of the company [1] - The company has invested approximately USD 45 million in the construction of its packaging production base in the Ras Al Khaimah Economic Zone, which is its first overseas factory [1] - The main structure and external works of the factory have been completed, and internal decoration is currently underway, with an expected completion and production start date in March 2026 [1] - Once fully operational, the facility will produce 24 million standard boxes of tobacco packaging and an annual output of 35,000 to 50,000 tons of corrugated packaging [1]

Core Viewpoint - Jihong Co., Ltd. has made significant progress in the construction of its packaging production base in Ras Al Khaimah Economic Zone, UAE, with a total investment of approximately $45 million, marking its first overseas factory [1][1]. Group 1: Company Developments - The construction of the factory's main structure and external works has been completed, and internal decoration is currently underway [1][1]. - The factory is expected to be completed and put into operation by March 2026 [1][1]. - Once fully operational, the facility will produce 24 million standard boxes of tobacco paper packaging and an annual output of 35,000 to 50,000 tons of supporting cardboard packaging [1][1]. Group 2: Strategic Goals - The company aims to transition from merely exporting products to establishing its brand overseas, leveraging local partners' resources to build a sales network [1][1]. - This initiative is part of a broader strategy to advance the "China Intelligent Manufacturing" overseas layout and development plan [1][1].

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列廈門吉宏科技股份有限公司於巨潮資訊網(www.cninfo.com.cn)刊登的公告 如下，僅供參閱。 承董事會命 廈門吉宏科技股份有限公司 執行董事兼總經理 莊浩女士 香港，2025年11月28日 於本公告日期，董事會由董事長兼執行董事莊浩女士；執行董事張和平先生、莊 澍先生及陸它山先生；職工代表董事白雪婷女士；及獨立非執行董事張國清博士、 薛永恒教授、鄧以海先生及蔡慶輝先生組成。 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之內容概不負 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 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2603） （「本公司」） 证券代码：002803 证券简称：吉宏股份 公告编号：2025-086 厦门吉宏科技股份有限公司 关于控股股东及其一致行动 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 27, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between A-shares and H-shares [1] AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Hongye Futures (03678): 269.82% - Sinopec Oilfield Service (01033): 264.86% [1] - The bottom three stocks with the lowest AH premium rates are: - Ningde Times (03750): -5.40% - China Merchants Bank (03968): -1.65% - Heng Rui Medicine (01276): -0.38% [1] Deviation Value Rankings - The stocks with the highest deviation values are: - Vanke Enterprises (02202): 30.48% - Dazhong Public Utilities (01635): 24.57% - Shandong Xinhua Pharmaceutical (00719): 22.88% [1] - The stocks with the lowest deviation values are: - Sairis (09927): -17.06% - China National Airlines (00753): -13.21% - China Life (02628): -13.18% [1] Additional Insights - The article provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating market trends and potential investment opportunities [2]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2603） （「本公司」） 董事名單與其角色和職能 本 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 莊浩女士 （董事長兼總經理） 張和平先生 （董事兼副董事長） 莊澍先生 （董事兼副總經理） 陸它山先生 （董事、副總經理兼聯席公司秘書） 職工代表董事 白雪婷女士 獨立非執行董事 張國清博士 薛永恒教授 鄧以海先生 蔡慶輝先生 – 1 – C =相關董事委員會的主席 M =相關董事委員會的成員 2025年11月21日 – 2 – 董事會設有四個委員會。下表載列該等委員會的成員詳情。 董事委員會 董 事 戰略委員會 審計委員會 薪酬與考核 委員會 提名委員會 莊浩女士 C 張和平先生 M M 莊澍先生 M 陸它山先生 白雪婷女士 張國清博士 C M 薛永恒教授 M M 鄧以海先生 M C 蔡慶輝先生 M C 附註： ...

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之內容概不負 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 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2603） 於2025年11月21日舉行之2025年第三次臨時股東會投票結果 廈 門 吉 宏 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 宣 佈 本 公 司2025年 第 三 次 臨 時 股 東 會（「2025年第三次臨時股東會」）已 於2025年11月21日（星 期 五）下 午 二 時 三 十 分 假 座 中 國 廈 門 市 思 明 區 湖 濱 南 路55號禹洲廣場38樓舉行。 本公司執行董事兼董事長王亞朋先生擔任2025年第三次臨時股東會主席。 茲提述本公司日期為2025年10月28日 的2025年 第 三 次 臨 時 股 東 會 通 函（「通 函」） 及 通 告（「2025 ...