从增长驱动因素来看，跨境电商业务的技术突破与市场聚焦是核心引擎。公司自主研发的 Giikin AI 系 统实现了全链路智能化运营，通过ChatGiiKin-6B 垂类模型将爆款预测准确率提升至 82%，多语言内容 生成、精准广告投放等功能显著优化转化效率，2024 年业务 ROI 远超行业平均水平，存销比也表现出 色，运营效率领跑赛道。同时，业务超 80%收入集中于亚洲市场（东南亚、日韩、中东），有效规避 欧美关税波动风险，叠加品牌化转型成效初显 —— 如收购的 Konciwa 雨伞登顶亚马逊日本站伞类销量 榜首，自有品牌矩阵（覆盖内衣、宠物、个护等六大品类）进一步提升用户复购与溢价能力，推动跨境 电商在 2025 年实现收入的高速增长，也是未来业绩增长的核心贡献者。 包装业务的龙头优势与出海布局则提供了稳健支撑。作为国内纸制快消品销售包装龙头，公司深度绑定 伊利、瑞幸、麦当劳等头部客户，提供"营销策划 + 设计 + 生产 + 配送" 一站式服务，2021-2024 年持续 贡献超 20 亿元稳定收入，毛利率维持 15%-20% 区间。同时，公司以环保技术构建差异化壁垒，研发的 PLA/PBAT 淋膜纸可 1 ...

证券之星消息，11月7日互联网电商板块较上一交易日下跌0.8%，青木科技领跌。当日上证指数报收于 3997.56，下跌0.25%。深证成指报收于13404.06，下跌0.36%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300518 | 新迅达 | 16.77 | 6.68% | 14.37万 | | 2.36亿 | | 603613 | 国联股份 | 28.49 | 0.99% | 12.83万 | | 3.64亿 | | 600365 | ST通葡 | 3.31 | 0.61% | 6.52万 | 2145.74万 | | | 300592 | 华凯易佰 | 10.81 | 0.09% | 5.07万 | 5474.42万 | | | 002024 | ST易购 | 1.69 | 0.00% | 9.93万 | 1682.32万 | | | 002127 | 南极电商 | 3.54 | -0.28% | 19.46万 | 6899.06万 ...

商业贸易行业 行业研究 | 动态跟踪 关税缓和，看好跨境电商 核心观点 投资建议与投资标的 投资建议：出海是一门长期主义的征程，跨境电商在外贸中的渗透率正持续提升，继续 看好板块中业绩韧性强的头部企业以及业绩边际改善的品种。 跨境 B2B：相关标的：小商品城(600415，未评级)、焦点科技(002315，未评级)。 跨境 B2C：相关标的：安克创新(300866，未评级)、绿联科技(301606，未评级)、致欧 科技(301376，未评级)、吉宏股份(002803，未评级)、华凯易佰(300592，未评级)。 其他出海链：苏美达(600710，未评级)。 风险提示 关税政策变动、行业竞争加剧等。 国家/地区 中国 行业 商业贸易行业 报告发布日期 2025 年 11 月 06 日 看好（维持） 陈笑 执业证书编号：S0860525100005 chenxiao2@orientsec.com.cn 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 021-63326320 ⚫ 中美经贸团队通过吉隆坡磋商，达成成果共识。 ...

[Table_Title] 证券研究报告 / 公司点评报告 营收净利双高增，行业分化中突围 --- 吉宏股份 2025Q3 点评 [Table_Summary] 营收稳步增长，利润短期承压。公司 2025 年前三季度实现营业收入 50.39 亿元，同比增长 29.29 %，归母净利润 2.16 亿元，同比增长 60.11 %; 单 2025 年第三季度公司实现营业收入 18.05 亿元，同比增长 25.04 %， 归母净利润 0.97 亿元，同比增长 56.44 %。公司收入增长一是在于 2024 年前三季度我国跨境电商行业快速发展，中央到地方密集出台跨境电商 扶持政策，叠加海运费回落、汇率波动趋于平缓，为优质企业盈利修复 创造条件。二是公司积极开拓包装行业新市场，包装业务在行业承压背 景下仍贡献稳定增量，双轮驱动模式凸显韧性。 从增长驱动因素来看，跨境电商业务的技术突破与市场聚焦是核心引 擎。公司自主研发的 Giikin AI 系统实现了全链路智能化运营，通过 ChatGiiKin-6B 垂类模型将爆款预测准确率提升至 82%，多语言内容生 成、精准广告投放等功能显著优化转化效率，2024 年业务 ROI ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300518 | 新迅达 | 15.98 | -3.68% | 13.23万 | 2.11亿 | | 002803 | 吉宏股份 | 16.66 | -2.00% | 12.72万 | 2.13亿 | | 002315 | 焦点科技 | 47.37 | -1.74% | 6.32万 | 2.986Z | | 600365 | ST通葡 | 3.34 | -1.18% | 7.01万 | 2340.93万 | | 603613 | 国联股份 | 28.09 | -0.74% | 8.06万 | 2.26 Z | | 300792 | 壹网壹创 | 29.62 | -0.74% | 5.77万 | 1.70亿 | | 301381 | 赛维时代 | 23.57 | -0.55% | 2.82万 | 6652.23万 | | 600539 | 狮头股份 | 10.84 | -0.28% | 4.05万 | 4386.15万 | | 002640 | 跨境 ...

Core Insights - The internet e-commerce sector experienced a decline of 2.06% on November 4, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Market Performance - Jihong Co., Ltd. saw a significant drop of 5.82%, closing at 17.00, with a trading volume of 239,000 shares and a transaction value of 409 million [2] - Other notable declines included Ruoyuchen at -5.01% and Qingmu Technology at -4.08% [2] - The overall net outflow of main funds in the internet e-commerce sector was 233 million, while retail investors saw a net inflow of 239 million [2][3] Individual Stock Analysis - Star徽股份 had a net inflow of 17.84 million from main funds, but a net outflow of 27.57 million from retail investors [3] - Focus Technology experienced a net inflow of 15.55 million from main funds, with a net outflow of 1.25 million from retail investors [3] - Liren Liyang saw a net inflow of 7.21 million from main funds, while retail investors contributed a net inflow of 194.66 million [3]

11月4日，吉宏股份跌5.26%，截至发稿，报17.10元/股，成交9615.17万元，换手率1.90%，总市值77.02 亿元。 资料显示，厦门吉宏科技股份有限公司位于福建省厦门市海沧区东孚工业区二期浦头路9号,香港特别行 政区告士打道56号东亚银行港湾中心15楼5号办公室，成立日期2003年12月24日，上市日期2016年7月12 日，公司主营业务涉及厦门吉宏科技股份有限公司是一家主要从事跨境社交电商业务及纸制快消品 （FMCG）包装业务的中国公司。该公司主要通过三个分部开展业务。跨境社交电商业务分部主要在社 交媒体平台上投放广告以吸引客户，提供家居用品、服饰产品、电子产品、鞋类产品、箱包制品、美妆 个护用品、保健品、母婴用品、钟表配饰等产品。纸制包装业务分部致力于为快消品企业客户提供一站 式纸制包装产品及服务，专注于提供营销策略、产品设计、工艺设计、技术策划、运输与物流。其他业 务分部主要包括营销及广告业务以及附带贸易业务。主营业务收入构成为：电商业务65.45%，包装业 务34.49%，其他业务0.06%。 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓吉宏股份。中欧数据挖掘混合A（0019 ...

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Core Viewpoint - Jihong Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the cross-border e-commerce and packaging sectors [2][4]. Stock Performance - As of October 31, Jihong's stock price increased by 2.04% to 18.47 CNY per share, with a market capitalization of 8.319 billion CNY [1]. - Year-to-date, Jihong's stock price has risen by 49.55%, with a recent 5-day increase of 1.37% and a 20-day decline of 1.57% [2]. Financial Performance - For the period from January to September 2025, Jihong achieved a revenue of 5.039 billion CNY, representing a year-on-year growth of 29.29%, and a net profit of 216 million CNY, up 60.11% year-on-year [4]. - The company has distributed a total of 706 million CNY in dividends since its A-share listing, with 519 million CNY distributed over the past three years [5]. Business Overview - Jihong Co., Ltd. is primarily engaged in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), with e-commerce contributing 65.45% to revenue and packaging 34.49% [3]. - The company operates through three main divisions: cross-border e-commerce, paper packaging, and other marketing and advertising services [3]. Shareholder Information - As of September 30, the number of shareholders increased to 40,800, with an average of 7,084 circulating shares per person, a decrease of 9.85% [4]. - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 39.41 million shares, a decrease of 87,900 shares from the previous period [5].

Core Viewpoint - Jihong Co., Ltd. is a leading enterprise in cross-border social e-commerce and paper fast-moving consumer goods (FMCG) packaging, leveraging AI technology and a global layout [1] Business Performance - In Q3 2025, Jihong Co., Ltd. reported revenue of 5.039 billion yuan, ranking 3rd in the industry, surpassing the industry average of 3.964 billion yuan and median of 4.018 billion yuan, but below the top two competitors [2] - The e-commerce segment generated 2.116 billion yuan, accounting for 65.45% of total revenue, while the packaging segment contributed 1.115 billion yuan, making up 34.49% [2] - The net profit for the same period was 259 million yuan, ranking 2nd in the industry, significantly higher than the industry average of 135 million yuan [2] Financial Health - As of Q3 2025, the company's debt-to-asset ratio was 34.56%, an increase from 31.41% year-on-year, but still below the industry average of 47.80%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 46.52%, up from 42.88% year-on-year, exceeding the industry average of 38.17%, reflecting strong profitability [3] Executive Compensation - The chairman, Wang Yapeng, received a salary of 6.5875 million yuan in 2024, a decrease of 729,400 yuan from 2023 [4] - The general manager, Zhuang Hao, saw an increase in salary to 2.3154 million yuan in 2024, up from 1.4357 million yuan in 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.93% to 40,800, with an average holding of 7,084.82 shares, a decrease of 9.85% [5] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 39.4108 million shares, down by 87,900 shares from the previous period [5] Growth Outlook - In H1 2025, Jihong Co., Ltd. experienced a revenue growth of 31.8% year-on-year, with net profit increasing by 63.3% [5] - The cross-border e-commerce segment achieved revenue of 2.116 billion yuan, a growth of 52.9%, with a gross margin of 61.4% [5] - The packaging segment reported revenue of 1.115 billion yuan, a growth of 10.0%, benefiting from the development of the instant retail industry [5][6]