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 ...

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 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co., stock code: 02603.HK) officially listed on the Hong Kong Stock Exchange on May 27, with an issue price of HKD 7.68 per share, and its stock closed at HKD 9.61 in the dark market, reflecting a 25.13% increase from the issue price, marking it as the first A+H company included in the Hong Kong Stock Connect upon listing [1][2]. Group 1: Business Overview - Founded in 2003, Jihong Co. initially focused on fast-moving consumer goods (FMCG) packaging, establishing partnerships with well-known brands like Yili and Luckin Coffee, and providing comprehensive packaging solutions [2]. - In 2017, the management identified the rapid growth of e-commerce penetration in Southeast Asia and innovatively adopted a social e-commerce model, leveraging its packaging business's supply chain resources, which has since become a significant growth driver [2]. - The company has successfully built a dual-driven model of "traditional business as ballast + emerging business as growth engine," with packaging business contributing revenue of CNY 2.099 billion and a gross margin of 17.85%, while cross-border e-commerce generated CNY 3.366 billion, accounting for over 60% of total revenue with a gross margin above 60% [2]. Group 2: Market Strategy and Innovation - Jihong Co. combines stable cash flow from its packaging business with a second growth curve from cross-border e-commerce, supported by technological innovation and regional market expansion [3]. - The company is accelerating the integration of AI into its operations, utilizing algorithms to analyze overseas markets, optimize product selection, and enhance online B2C sales through platforms like Meta and TikTok [3]. - Jihong Co. has established a strategic focus on the Asian market, with over 80% of its revenue coming from this region in 2024, positioning itself as a stable player in global trade cycles [3]. Group 3: Global Expansion and Funding - The Hong Kong listing marks a new phase in Jihong Co.'s globalization strategy, with funds raised aimed at enhancing local operations in Southeast Asia, advancing AI algorithm development, and upgrading supply chain digitalization [4]. - The H-share listing provides a broader financing platform and support for accelerating overseas market expansion, while the A+H structure helps balance domestic and international market risks, enhancing brand recognition and competitiveness [4].

Group 1: Company Overview - Jihong Co., Ltd. (吉宏股份) is a leading player in the cross-border social e-commerce sector and has established itself as a key provider of paper packaging products for fast-moving consumer goods (FMCG) since its founding in 2003 [1][4] - The company went public on the Shenzhen Stock Exchange in July 2016 and expanded its business into cross-border social e-commerce in 2017, which has since become its primary revenue source [1][4] - Jihong Co., Ltd. aims to leverage its dual business model of cross-border social e-commerce and paper packaging to create synergies and mitigate risks [4] Group 2: Market Performance and Financials - Jihong Co., Ltd. reported total revenues of CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion for the years 2022, 2023, and 2024 respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million during the same period [6] - In Q1 2025, the company achieved revenue of CNY 1.477 billion, representing a year-on-year growth of 11.55%, with a net profit of CNY 59.16 million, up 38.21% [6] Group 3: IPO and Fund Utilization - The company has set the final price for its H-share IPO at HKD 7.68 per share, with trading expected to commence on May 27, 2025 [1] - Proceeds from the IPO will be allocated as follows: approximately 40% for overseas market expansion, 35% for technology development, 15% for brand expansion, and 10% for working capital [7][8] Group 4: Industry Trends and Growth Potential - The cross-border social media e-commerce sector in China is rapidly reshaping global trade, with a projected market size of USD 927.6 billion by 2029, accounting for 11.4% of the global B2C e-commerce market [3] - The Asian e-commerce market, particularly outside of China, is expected to show significant growth potential due to factors such as a large population base, increasing internet penetration, and a growing middle class [2][3]

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 ...

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 ...

Group 1 - The company Ji Hong Co., Ltd. (002803) announced that its major shareholder Zhuang Zhu has pledged and released 1.6 million shares, which accounts for 4.61% of his holdings and 0.42% of the company's total share capital [1] - The pledge started on May 21, 2025, and is set to expire on May 21, 2028, with Huaxia Bank Co., Ltd. Xiamen Branch as the pledgee [1] - The purpose of the pledge is to provide guarantees for financing related to the production and operation of the entity [1]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co.) is set to become the first "AI cross-border social e-commerce A+H stock" in China, attracting significant market attention as it prepares for its IPO on the Hong Kong Stock Exchange [1] Business Layout: Dual-Drive, Multi-Coordination - Jihong Co. employs a dual-drive business model focusing on both ToC (consumer) and ToB (business) sectors, enhancing its risk resilience through diversified operations [2] - The company leverages AI technology to create a "goods find people" model in cross-border e-commerce, significantly improving customer shopping experiences and reducing time costs [2] - Jihong Co. has established a leading position in emerging markets such as Southeast Asia and the Middle East, showcasing strong adaptability and growth potential [2] Technical Strength: AI Empowerment, Driving Growth - The core competitiveness of Jihong Co. lies in its deep application of AI technology, optimizing the entire supply chain and enhancing operational efficiency [5] - The company has successfully launched several proprietary brands, expanding its product matrix and strengthening its market competitiveness [5] Market Position: Advantages and Limitations - Jihong Co. ranks second in China's B2C export e-commerce with a market share of 1.3% and first in the paper packaging sector with a market share of 1.2% [8] - The company has built strong partnerships with leading fast-moving consumer goods brands, ensuring stable revenue streams and reinforcing its market leadership [8] Financial Performance: Stable Yet Fluctuating - Jihong Co.'s revenue for 2022, 2023, and 2024 was 5.376 billion, 6.695 billion, and 5.529 billion respectively, with net profits of 172 million, 332 million, and 184 million [10] - The company faced a revenue decline of 17.41% and a net profit drop of 47.28% in 2024, attributed to market pressures [10][11] Challenges Faced: Localization and Technological Pressure - Jihong Co. encounters challenges in localizing operations across diverse markets, requiring significant resource investment to adapt to varying regulations and consumer preferences [15] - The rapid pace of technological advancement necessitates continuous R&D investment to maintain a competitive edge in AI and data analytics [16] Conclusion - Jihong Co.'s upcoming listing on the Hong Kong capital market represents a significant milestone, providing access to international capital and opportunities for global expansion [20] - Despite its strong competitive position, the company must navigate challenges related to localization, technology, global economic conditions, and intensified market competition [20][21]

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Insights - The company's revenue for 2024 was 5.529 billion yuan, a year-on-year decrease of 17.41%, with a net profit of 182 million yuan, down 47.28%. However, in Q1 2025, revenue increased to 1.477 billion yuan, a year-on-year growth of 11.55%, and net profit rose to 59 million yuan, up 38.21% [2][3] - The cross-border e-commerce business generated 3.366 billion yuan in revenue in 2024, a decline of 20.93%, while the packaging business saw a slight increase of 0.14% to 2.099 billion yuan. The overall gross margin decreased from 46.66% to 43.93% [3] - The company is investing in AI technology to enhance its e-commerce capabilities, developing models such as ChatGiiKin-6B and GiiAI, which improve product selection and market responsiveness [4] - The company is expanding into the Middle East market and has initiated the process for listing on the Hong Kong Stock Exchange, with plans to issue 67.91 million shares [5] - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 6.265 billion yuan, 6.936 billion yuan, and 7.467 billion yuan, and net profits of 275 million yuan, 328 million yuan, and 386 million yuan respectively [6][8] Financial Summary - In 2024, the company reported total revenue of 5.529 billion yuan, with a year-on-year decline of 17.4%. The net profit was 182 million yuan, down 47.3% [8][10] - The gross margin for 2024 was 43.9%, with projections for 2025 at 45.6% and 2026 at 46.1% [8] - The earnings per share (EPS) for 2024 was 0.47 yuan, with forecasts of 0.71 yuan for 2025 and 0.85 yuan for 2026 [8][10]

Core Viewpoint - The company is leveraging AI to enhance the entire cross-border e-commerce chain, improve efficiency, and strengthen brand building, having successfully passed the Hong Kong Stock Exchange hearing, indicating a positive outlook for future growth [1]. Investment Highlights - Maintain "Buy" rating; adjusted 2025-26 EPS forecast to 0.71/0.98 CNY (previously 0.8/1.05 CNY), with growth rates of 51%/38%; 2027 EPS forecast at 1.28 CNY with a growth rate of 30%; target price adjusted to 17.04 CNY based on a 24x PE for 2025 [2]. - 2024 financial summary: Revenue of 5.53 billion CNY (-17.4%), net profit of 182 million CNY (-47.3%), and non-recurring profit of 160 million CNY (-50.8%); significant increase in cross-border e-commerce orders in H2, driving gradual revenue and profit recovery [2]. - Segment breakdown: Cross-border e-commerce revenue of 3.37 billion CNY (-20.9%), accounting for 60.9%; packaging revenue of 2.1 billion CNY (+0.14%), accounting for 38% [2]. - Gross margin at 43.9% (-2.73 percentage points), with cross-border e-commerce at 60.8% (-2.51 percentage points) and packaging at 17.9% (-1.35 percentage points); net margin at 3.34% (-1.63 percentage points) [2]. - Operating cash flow of 387 million CNY (-46.7%) [2]. AI-Driven Optimization and Brand Building - The company integrates mainstream domestic and international models such as ChatGPT and LlamaAI, continuously upgrading its e-commerce text models and intelligent design tools, creating a unique competitive barrier based on "data + intelligent algorithms" [3]. - Continued investment in AI to integrate supply chain, content production, advertising, payment, and logistics systems, aiming for a fully digital and intelligent management model [3]. - Established brands including SENADA BIKES, Veimia, Konciwa, and PETTENA, covering electric bicycles, underwear, sunshades, and pet products [3]. - Strategic cooperation with BMJ Industries in the UAE to invest in a packaging production base and trade platform [3]. Q1 2025 Summary - Revenue of 1.48 billion CNY (+11.6%), net profit of 59 million CNY (+38.2%), and non-recurring profit of 58 million CNY (+51%) [4]. - Gross margin at 45.6% (+5 percentage points), net margin at 4.23% (+1.24 percentage points) [4]. - Operating cash flow of 68 million CNY (+143%) [4]. - Successfully passed the Hong Kong Stock Exchange hearing on May 8, preparing for A+H listing [4].