Core Viewpoint - Jihong Co., Ltd. experienced a 5.26% decline in stock price, closing at 17.10 yuan per share, with a total market capitalization of 7.702 billion yuan [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its listing date on July 12, 2016 [1] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - Business segments include: - Cross-border social e-commerce, which accounts for 65.45% of revenue, focusing on advertising on social media to attract customers for various products [1] - Paper packaging, contributing 34.49% of revenue, providing one-stop packaging solutions for FMCG clients [1] - Other businesses, including marketing, advertising, and trade, account for 0.06% of revenue [1] Fund Holdings - One fund, the China Europe Data Mining Mixed A (001990), holds a significant position in Jihong Co., Ltd., with 313,100 shares, representing 0.62% of the fund's net value [2] - The fund has reported a floating loss of approximately 297,400 yuan due to the stock's decline [2] Fund Manager Information - The fund manager of China Europe Data Mining Mixed A is Qu Jing, who has been in the position for 10 years and 174 days [3] - The fund's total asset size is 3.359 billion yuan, with a best return of 194.48% and a worst return of -24.21% during the manager's tenure [3]

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]

Core Viewpoint - Jihong Co., Ltd. reported significant growth in both revenue and profit for the first three quarters of 2025, indicating strong operational performance and financial health [1][2]. Financial Performance - The company's revenue for the first three quarters reached 5.04 billion yuan, a year-on-year increase of 29.29% [1] - Net profit attributable to shareholders was 216 million yuan, up 60.11% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 206 million yuan, reflecting a 70.45% increase compared to the previous year [1] - Basic earnings per share were 0.53 yuan, representing a 47.22% increase [1] - The gross margin for the first three quarters was 46.52%, an increase of 3.64 percentage points year-on-year [2] - The net profit margin improved to 5.13%, up 1.75 percentage points from the same period last year [2] Expense Analysis - Total operating expenses for the first three quarters amounted to 2.05 billion yuan, an increase of 531 million yuan year-on-year [2] - The expense ratio was 40.64%, up 1.71 percentage points compared to the previous year [2] - Sales expenses increased by 42.26%, while management expenses decreased by 1.76% [2] - Research and development expenses grew by 5.75%, and financial expenses surged by 247.87% [2] Company Background - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its IPO on July 12, 2016 [4] - The company specializes in cross-border social e-commerce and packaging for fast-moving consumer goods (FMCG) [4]

Group 1 - The core point of the article is that Jihong Co., Ltd. announced the convening of its 30th meeting of the fifth board of directors on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Jihong Co., Ltd.'s revenue composition was 65.45% from e-commerce, 34.49% from printing and packaging, and 0.06% from other business revenues [1] - As of the time of reporting, Jihong Co., Ltd. had a market capitalization of 8.3 billion yuan [1]

Core Viewpoint - Jihong Co., Ltd. (002803)(02603) announced that the fifth board of directors will expire on November 12, 2025, with several current directors not seeking re-election due to other commitments and the demands of their roles [1] Group 1 - Executive Director Wang Yapeng and Independent Non-Executive Directors Yang Chenhui, Han Jianshu, and Wu Yongqian will not be re-elected at the upcoming extraordinary general meeting [1] - Current directors recommended for re-election and newly nominated directors include Mr. Deng Yihai and Mr. Cai Qinghui for the sixth board of directors [1] - The company held an employee meeting on October 27, 2025, where Ms. Bai Xueting was elected as the employee representative director for the sixth board, starting her term on the same date [1]

Core Viewpoint - Jihong Co., Ltd. announced the election of Ms. Bai Xueting as the employee representative director of the sixth board of directors during the employee representative meeting held on October 27, 2025 [1] Group 1 - The employee representative meeting took place on October 27, 2025 [1] - Ms. Bai Xueting was elected as the employee representative director [1]

Core Viewpoint - The company, Jihong Co., Ltd. (02603), announced changes in its board of directors ahead of the expiration of the current board's term on November 12, 2025 [1] Group 1: Board Changes - Executive Director Wang Yapeng and Independent Non-Executive Directors Yang Chenhui, Han Jianshu, and Wu Yongqian will not seek re-election at the upcoming extraordinary general meeting due to other commitments and the required dedication to their roles [1] - Current directors recommended for re-election and newly nominated directors include Mr. Deng Yihai and Mr. Cai Qinghui for the sixth board of directors [1] - The company held an employee meeting on October 27, 2025, where Ms. Bai Xueting was elected as the employee representative director for the sixth board, starting her term on the same date [1]

Core Viewpoint - The company is optimizing its subsidiary's equity structure and establishing a long-term incentive mechanism through a share transfer involving its chairman [1] Group 1: Share Transfer Details - Xiamen Jikeyin, a wholly-owned subsidiary of the company, holds 60% of Xi'an Danjun Digital Technology Co., Ltd. [1] - Xiamen Jikeyin plans to transfer 5% of its shares in Xi'an Danjun to Chairman Wang Yapeng for RMB 1.8335 million [1] - Other individual shareholders of Xi'an Danjun will transfer 25% of their shares to Wang Yapeng for RMB 9.1674 million [1] Group 2: Ownership Structure Post-Transfer - After the share transfer, Xiamen Jikeyin will hold 55% of Xi'an Danjun, while Chairman Wang Yapeng will own 30% [1] - Other individual shareholders will retain 15% of Xi'an Danjun [1] - Xi'an Danjun will continue to be a controlled subsidiary within the company's consolidated financial statements [1]