Company Overview - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") officially listed on the Hong Kong Stock Exchange on May 27, 2025, under the stock code 02603.HK [1] - Established in 2003, Jihong Co. operates in cross-border e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3] - The company aims to provide one-stop paper packaging products and services for FMCG clients, focusing on marketing strategies, product design, process design, technical planning, and logistics [3] Industry Insights - The B2C cross-border social media e-commerce business in Asia (excluding mainland China) is expected to experience strong growth due to factors such as a large population base, increasing internet penetration, and a growing middle class [5] - The market size for China's B2C export social media e-commerce in Asia is projected to reach USD 29.1 billion in 2024, with an expected growth to USD 69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.0% from 2024 [5][8] Market Drivers for Social Media E-commerce - Continuous growth in social media platform traffic due to an expanding user base and increased time spent on these platforms [8] - Advancements in data analytics and advertising technology enhance platforms' ability to understand consumer needs and identify potential buyers, increasing purchase motivation and conversion rates [8] - Growing consumer trust in social media platforms, leading to a higher likelihood of purchasing through these channels [8] Market Dynamics for Paper Packaging - The market size for paper packaging in China's FMCG sector has grown from RMB 145.6 billion in 2020 to RMB 170.3 billion in 2024, with expectations to reach RMB 222.7 billion by 2029 [8][10] - Key drivers include the accelerated launch of new products in response to rising consumer expectations and the increasing frequency of product category updates [10] - Environmental policies promoting the use of paper packaging over plastic are expanding market opportunities, as paper is biodegradable and offers superior packaging performance [10][11] - The need for enhanced packaging value due to intense competition in the FMCG sector is driving investment in paper packaging solutions [11]

Core Viewpoint - Jihong Co., Ltd. successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 11 per share and intra-day gains exceeding 60% [1] Group 1: Company Overview - Jihong Co., Ltd. started with packaging business and later expanded into cross-border social e-commerce, forming a dual-driven development model [1] - The company was listed on the Shenzhen Stock Exchange in July 2016 and has faced multiple inquiries from the Shenzhen Stock Exchange regarding its market activities [1][6] - The company plans to use the funds raised from the Hong Kong listing for overseas market expansion, brand portfolio enhancement, and development of self-owned brands [2][4] Group 2: Financial Performance - In 2024, Jihong Co., Ltd. reported total revenue of approximately CNY 5.53 billion, a year-on-year decline of 17.41% [4] - The net profit attributable to shareholders was approximately CNY 182 million, down 47.28% year-on-year, while the net profit excluding non-recurring gains and losses was about CNY 160 million, down 50.83% [4] - The cross-border social e-commerce business generated revenue of CNY 336.59 million, a decrease of 20.93%, while the packaging business saw a slight increase of 0.14% to CNY 209.95 million [5] Group 3: Market Strategy and Future Plans - Jihong Co., Ltd. aims to advance its global strategy by expanding overseas operations and establishing partnerships with international companies [5] - The company intends to create a "China standard + localized service" model to provide innovative and sustainable products and services [5] - The company has been recognized for its ability to capture market trends, having engaged in various hot topics such as blockchain and the metaverse [6][7]

Core Viewpoint - Jihong Co., Ltd. experienced a strong debut on the Hong Kong Stock Exchange, opening over 43% higher at HKD 11 [1] Company Summary - Jihong Co., Ltd. listed on the Hong Kong Stock Exchange and saw its stock price rise significantly on the first trading day, indicating strong investor interest and market confidence [1]

Core Viewpoint - Jihong Co., Ltd. (02603.HK) has officially launched its IPO, showcasing its potential as a "packaging and printing cross-border internet" stock, with significant backing from notable investors [1][3]. Group 1: Investment Highlights - The cornerstone investment of $20 million accounts for 25.2% of the total offering, indicating strong institutional interest [3]. - Notable investor Shen Zhenyu, chairman of Yuheng Pharmaceutical, has a successful track record, having increased her company's stock price from 4 to 11 last year, suggesting a strategic move into the packaging sector [3]. - Jihong's e-commerce platform has achieved annual sales of 5 billion RMB, with over 30% of sales coming from medical supplies, indicating a potential synergy between medical consumables and e-commerce [3][4]. Group 2: Business Transformation - Jihong transitioned from a traditional printing factory to a cross-border e-commerce player, increasing its gross margin from 18% to 32% [4]. - The company reported a gross merchandise volume (GMV) of over 5 billion RMB in cross-border e-commerce, with 67% of sales coming from Southeast Asia [4]. - Jihong's AI product selection system demonstrates advanced capabilities, allowing for rapid generation of product lists tailored to specific demographics [5]. Group 3: Financial Metrics - For the fiscal year ending December 31, 2022, Jihong reported total revenue of 5.38 billion RMB, with projections of 6.69 billion RMB for 2023 and 5.53 billion RMB for 2024 [5]. - The pricing of the IPO is set at a median of 9.08 HKD, giving the company a market capitalization of approximately 12.2 billion HKD, with a dynamic PE ratio of 28 for 2024 [6]. Group 4: Strategic Initiatives - 35% of the IPO proceeds will be allocated to expanding warehousing in Southeast Asia, while 20% will be invested in a blockchain traceability system, addressing compliance challenges in cross-border e-commerce [6]. - The company aims to create a robust supply chain network in Southeast Asia, similar to Alibaba's Cainiao Network, by integrating blockchain technology with its existing supplier base [6]. Group 5: Market Position and Risks - Jihong's cross-border e-commerce repurchase rate is 23%, lower than competitors like SHEIN, indicating a need for improved customer retention strategies [8]. - The company has over 200 design patents and has successfully launched collaborative products, such as a Mid-Autumn Festival gift box with the Palace Museum, showcasing its brand potential [8]. - There are concerns regarding regulatory risks in Southeast Asia, particularly with Indonesia's recent tax policies on imported e-commerce goods, which could impact Jihong's operations [8].

本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 证券代码：002803 证券简称：吉宏股份 公告编号：2025-036 厦门吉宏科技股份有限公司关于 公司境外上市外资股（H 股）挂牌并上市交易的公告 厦门吉宏科技股份有限公司 厦门吉宏科技股份有限公司（以下简称"公司"）正在进行发行 H 股股票并 在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上市（以下简 称"本次发行上市"）相关工作。 董 事 会 公司本次全球发售 H 股基础发行股数为 67,910,000 股，其中，香港公开发售 20,373,000 股，约占全球发售总数的 30%；国际发售 47,537,000 股，约占全球发 售总数的 70%。公司本次发行不行使超额配售权，根据每股 H 股发售价格 7.68 港 元计算，经扣除全球发售相关承销佣金及其他估计费用后，公司将收取的全球发 售所得款项净额估计约为 4.2 亿港元。 2025 年 5 月 27 日 本次发行上市完成后，公司持股 5%以上的股东及其一致行动人（香港中央 结算有限公司除外）持股变动情况如下： | 股东姓名/名称 | 本次发行上市前 ...

根据《上海证券交易所沪港通业务实施办法》和《深圳证券交易所深港通业 务实施办法》有关规定，厦门吉宏科技股份有限公司（以下简称"公司"）境外 上市外资股（以下简称"H 股"）股票已调入沪港通及深港通下的港股通标的证 券名单，并自 2025 年 5 月 27 日起生效。 证券代码：002803 证券简称：吉宏股份 公告编号：2025-037 厦门吉宏科技股份有限公司 关于公司境外上市外资股（H 股） 调入港股通标的证券名单的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 董 事 会 2025 年 5 月 27 日 本次公司 H 股调入港股通标的证券名单后，符合条件的中国内地投资者将 可分别通过上海证券交易所及深圳证券交易所直接投资公司在香港联合交易所 有限公司上市的 H 股，有利于进一步扩大公司的投资者基础，并将潜在提高公司 H 股的交易流动性。 特此公告。 厦门吉宏科技股份有限公司 ...

5月27日，厦门吉宏科技股份有限公司(简称：吉宏股份（002803）股票代码：02603.HK)将正式登陆香 港联合交易所主板，发行价为每股7.68港元。5月26日，吉宏股份(02603.HK)暗盘交易表现抢眼。于老 虎国际暗盘交易场中收盘报9.61港元/股，较招股价高25.13%。值得注意的是，根据《上海证券交易所 沪港通业务实施办法》的有关规定，吉宏股份是首家上市即纳入港股通的A+H公司。 从包装巨头到跨境社交电商黑马 成立于2003年的吉宏股份，早期以快消品包装业务为核心，凭借高精度印刷技术和规模化生产能力，与 伊利、瑞幸咖啡等知名快消品牌建立密切合作，是为数不多的有能力提供涵盖完整生产过程的一站式包 装解决方案的中国纸制快消品包装解决方案公司之一。 吉宏股份此次港股上市标志着其全球化战略进入新阶段。根据招股书披露，本次募集资金将重点用于深 化东南亚等新兴市场的本地化运营体系建设，加强AI算法研发及供应链数字化升级，同时完善吉喵云 SaaS平台功能模块并培育自有品牌矩阵。 H股上市也为吉宏股份提供了更广阔的融资平台和资金支持，为加速海外市场扩张提供了充足的动力。 此外，A+H架构有助于公司更好地平衡境内 ...

5月26日，吉宏股份（2603.HK）暗盘交易表现抢眼。公司在辉立暗盘交易场中开报7.9港元/股，较招股 价高2.86%，截至发稿最新报9.46港元/股，较招股价高23.2%，以现价计，不计手续费，每手500股，账 面约赚890港元。另外，公司在耀才暗盘交易场中最新报9.5港元/股，较招股价高23.7%；于富途暗盘交 易场中最新报9.47港元/股，较招股价高23.4%。 此前5月23日晚间，吉宏股份确定了本次H股发行的最终价格为每股7.68港元，公司H股股票将于2025年 5月27日在香港联交所挂牌并开始上市交易。 在纸制快消品包装领域，公司业务沉淀超20年，在全国经营10个大型包装生产基地，为客户提供包 括"营销策划+研发设计/方案优化+智能制造+运输配送+销售"集成化的一站式服务。目前公司已与包括 伊利、瑞幸咖啡等在内的国内外多个快消品细分领域行业龙头企业建立长期稳定的合作关系。 在全球化与数字化的双重浪潮下，中国跨境社交媒体电商正以前所未有的速度重塑全球贸易格局。从东 南亚的雨林到中东的沙漠，从欧美都市到拉美小镇，中国商品的"数字足迹"正以社交电商为媒介，穿透 文化壁垒与地理边界，编织出一张覆盖全球的消 ...

关于持股 5%以上股东部分股份质押与解除质押的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 厦门吉宏科技股份有限公司（以下简称"公司"）近日接到公司持股 5%以上 股东庄澍先生的通知，获悉庄澍先生所持有公司部分股份办理质押与解除质押相 关手续。具体情况如下： 一、本次解除质押基本情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所持 | 占公司总 | | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份比例 | 股本比例 | 起始日 | 解除日期 | | | | 其一致行动人 | （万股） | | | | | | | 庄澍 | 是 | 160 | 4.61% | 0.42% | 2022-06-24 | 2025-05-23 | 华夏银行股份有 | | | | | | | | | 限公司厦门分行 | 二、本次股份质押基本情况 证券代码：002803 证券简称：吉宏股份 公告编号：2025-034 厦门吉宏科技股份有限公司 截至本公告 ...

证券代码：002803 证券简称：吉宏股份 公告编号：2025-035 厦门吉宏科技股份有限公司 因本次拟发行的股份为 H 股，本次发行股份的认购对象仅限于符合相应条件 的境外投资者及依据中国相关法律法规有权进行境外证券投资管理的境内证券 经营机构和合格境内机构投资者等。因此，本公告仅为境内投资者及时了解公司 本次发行上市的相关信息而作出，并不构成也不得视作对任何个人或实体或任何 境内投资者收购、购买或认购公司本次发行 H 股的要约或要约邀请。 公司已确定本次H股发行的最终价格为每股7.68港元（不包括1%经纪佣金、 0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所交易费 及 0.00015%香港会计及财务汇报局交易征费）。公司本次发行的 H 股预计于 2025 年 5 月 27 日在香港联交所挂牌并开始上市交易。 特此公告。 厦门吉宏科技股份有限公司 董 事 会 关于境外上市股份（H 股）公开发行价格的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 厦门吉宏科技股份有限公司（以下简称"公司"）正在进行发行 H 股股票并 在香港联合 ...