Group 1: Company Developments - Jihong Co., Ltd. (吉宏股份) has launched its IPO in Hong Kong, with subscription ending on May 22. The share price ranges from HKD 7.48 to HKD 10.68, aiming to raise approximately HKD 725 million at the upper price point [1] - Pige Biopharmaceuticals (派格生物医药) has also initiated its IPO, with a share price set at HKD 15.60 and a global offering of 19.2835 million shares. The company focuses on innovative therapies for chronic diseases, particularly in the metabolic disorder sector [4] - Jianbei Miao Miao (健倍苗苗) expects a significant increase in annual profit, projecting a rise of no less than 50% for the year ending March 31, 2025, driven by effective brand management and strong sales performance in its core brands [5] Group 2: Market Trends - The successful IPOs of Jihong Co. and Pige Biopharmaceuticals may stimulate renewed interest in the cross-border e-commerce and biotechnology sectors within the Hong Kong stock market [1][4] - The strong performance of CATL (宁德时代) in the dark market, with an increase of 8.29% to HKD 284.8, reflects high market expectations for its upcoming IPO, indicating robust interest in the renewable energy sector [3] Group 3: Market Performance - The Hang Seng Index closed at 23,332.72, with a slight decline of 0.05% on May 19, indicating a mixed sentiment in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.50% and 0.09%, respectively, suggesting a cautious market environment [6]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. is in the process of issuing H-shares and listing on the Hong Kong Stock Exchange, with significant milestones achieved in the application and approval process [1][2][3]. Group 1: Issuance and Listing Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on February 6, 2024 [1]. - The company received a notice from the China Securities Regulatory Commission regarding the overseas issuance and listing on January 24, 2025 [1]. - The listing hearing was held by the Hong Kong Stock Exchange Listing Committee on April 30, 2025 [1]. Group 2: H-share Offering Details - The total number of H-shares for global offering is set at 67,910,000 shares, with 10% allocated for public offering in Hong Kong and 90% for international offering [4]. - The price range for the H-share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [4]. - The public offering in Hong Kong commenced on May 19, 2025, and is expected to conclude on May 22, 2025, with the issuance price to be announced by May 26, 2025 [4]. Group 3: Additional Information for Investors - The H-share prospectus was published on May 19, 2025, in compliance with applicable Hong Kong laws and regulations [3]. - The prospectus aims to provide information to the public and qualified investors in Hong Kong, while A-share investors are advised to refer to the company's announcements on domestic exchanges [3]. - The H-shares are expected to be listed and commence trading on the Hong Kong Stock Exchange on May 27, 2025 [4].

证券代码：002803 证券简称：吉宏股份 公告编号：2025-033 厦门吉宏科技股份有限公司 关于刊发 H 股招股说明书、H 股发行价格区间 及 H 股香港公开发售等事宜的公告 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。 2024 年 2 月 6 日，公司首次向香港联交所递交本次发行上市申请，并于同日 在香港联交所网站刊登了申请资料；2025 年 1 月 24 日，公司收到中国证券监督 管理委员会出具的《关于厦门吉宏科技股份有限公司境外发行上市备案通知书》 （国合函〔2025〕156 号）；2025 年 4 月 30 日，香港联交所上市委员会举行上市 聆讯，审议公司本次发行上市申请；2025 年 5 月 8 日，公司在香港联交所网站刊 登了本次发行聆讯后资料集。 鉴于本次发行上市 H 股招股说明书的刊发目的仅为提供信息予香港公众人 士和合资格的投资者，公司将不会在境内证券交易所的网站和符合 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to leverage international capital for further expansion in the cross-border e-commerce sector [2][3][4]. Company Overview - Jihong Co. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016, with the stock code 002803.SZ [4]. - The company focuses on providing marketing strategies, product design, process design, technical planning, transportation, and logistics services [4]. - Jihong Co. has established deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, enhancing its competitive edge through technology [4][5]. Financial Performance - Jihong Co.'s revenue for 2022, 2023, and 2024 was reported at RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with corresponding net profits of RMB 172 million, RMB 332 million, and RMB 184 million [4]. - For the first quarter of 2025, the company achieved revenue of RMB 1.477 billion, a year-on-year increase of 11.55%, and a net profit of RMB 59 million, up 38.21% year-on-year [13][15]. Market Position - Jihong Co. ranks second among B2C export e-commerce companies in China, holding a market share of 1.3%, and is the leading provider in the paper-based FMCG sales packaging sector with a market share of 1.2% [6][11]. - The paper-based FMCG sales packaging market in China is projected to grow from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024, driven by increasing investment in packaging by the FMCG industry [8]. Strategic Initiatives - The company is focusing on AI-driven cross-border e-commerce, self-brand development, and expanding its packaging business internationally [13]. - Jihong Co. has formed a strategic partnership with VENUSTRADINGFZCO to establish a joint venture in the UAE, aiming to enhance its presence in the Middle East and Africa [14]. Industry Trends - The paper-based packaging industry is experiencing rapid growth, supported by environmental policies and technological advancements [10][11]. - The market for paper-based FMCG sales packaging is expected to continue expanding, with a projected market size of RMB 222.7 billion by 2029 [8].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

Core Viewpoint - The company, Jihong Holdings (02603.HK), is planning a global offering of 67.91 million H-shares, with a price range of HKD 7.48 to HKD 10.68 per share, aiming to raise approximately HKD 505 million for various business expansions and developments [1][4]. Group 1: Company Overview - Jihong Holdings was established in 2003 and focuses on providing one-stop paper packaging products and services for fast-moving consumer goods (FMCG) companies, emphasizing marketing strategies and consumer demand [1]. - The company has successfully transformed and expanded its business since its listing on the Shenzhen Stock Exchange in 2016, achieving notable results in both business and financial aspects [2]. Group 2: Market Position - According to Zhi Shi Consulting, Jihong Holdings ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2]. - The company is also the leading paper packaging company in mainland China, holding a market share of 1.2% in the same year [2]. Group 3: Investment and Use of Proceeds - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 20 million (approximately HKD 155 million), representing about 25.2% of the global offering [3]. - The net proceeds from the global offering are expected to be approximately HKD 505 million, with allocations planned for overseas market expansion (40%), technology development (35%), brand development (15%), and working capital (10%) [4].

证券代码：002803 证券简称：吉宏股份 公告编号：2025-032 厦门吉宏科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证本公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、截至本公告披露日，公司总股本为384,769,288股，其中，回购专用证券 账户持有公司股份数量为6,769,900股，根据《上市公司股份回购规则》规定，该 部分已回购的股份不享有参与本次利润分配的权利。 2、本次权益分派实施后，按公司总股本（含回购股份）折算的每10股分配 的现金分红（含税）比例及除权除息参考价如下： 本次利润分配实际现金分红总额=实际参与现金分红的股本×分配比例，即 377,999,388股×0.158元/股=59,723,903.30元； 按公司总股本（含回购股份）折算的每10股分配的现金分红（含税）比例= 本次利润分配实际现金分红总额÷总股本（含回购股份）×10=59,723,903.30元 ÷384,769,288股×10股=1.552200元； 本次权益分派实施后除权除息参考价=股权登记日收盘价-按公司总股本折 算的每股现金分红=股权登记日收盘 ...

Core Viewpoint - Xiamen Jihong Co., Ltd is set to become the first "AI-driven cross-border social e-commerce A+H stock" after successfully passing the Hong Kong Stock Exchange hearing, highlighting its unique business model and strong market position in the cross-border e-commerce sector [1] Group 1: Business Model and Market Position - The company has established a dual-driven business model combining cross-border social e-commerce and paper fast-moving consumer goods (FMCG) packaging, leveraging AI technology to create significant barriers to entry [1][3] - In 2024, the revenue from cross-border social e-commerce is projected to be 33.66 billion RMB, accounting for over 60% of total revenue, with a gross margin of 60.5% [3] - The company ranks second among Chinese B2C export e-commerce companies and first in paper FMCG packaging in mainland China, solidifying its market leadership [5] Group 2: Financial Performance - Despite industry challenges, the company achieved a revenue of 55.29 billion RMB in 2024, with a first-quarter revenue of 14.77 billion RMB in 2025, reflecting an 11.55% year-on-year growth [2] - The net profit for the first quarter of 2025 reached 59.16 million RMB, a 38.21% increase year-on-year, with a non-recurring net profit growth of 51.04% [2] Group 3: AI Integration and Technological Advancements - The company has integrated AI and big data into its operations, enhancing its cross-border e-commerce capabilities through the self-developed management system "Giikin," which addresses challenges like information asymmetry and cultural differences [7][8] - The Giikin system has accumulated over 611,000 SKUs and 5.8 million advertising materials, optimizing supply chain efficiency and reducing inventory levels [8] Group 4: International Expansion and Strategic Partnerships - The company has established stable partnerships with leading FMCG brands like Yili and Luckin Coffee, and has become a supplier for major global chains such as Woolworths and McDonald's [4] - The Asian market contributed 80.9% of revenue in 2024, with ongoing efforts to penetrate the Middle East and Africa, enhancing the company's localized supply chain [4] Group 5: Future Growth Potential - The company is expected to further develop its SaaS platform "Jimiaoyun," which provides tailored services for cross-border e-commerce suppliers, potentially creating new growth avenues [9] - As an A+H listed company successfully integrating AI with cross-border e-commerce, the company is positioned for significant growth in both performance and valuation [9]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, positioning itself as a unique player in the "AI-driven cross-border social e-commerce" sector, which is expected to attract significant attention from capital markets [1][2]. Group 1: Unique Positioning and Business Model - Jihong Technology fills a gap in the technology and e-commerce sectors by being the first in the "AI-driven cross-border social e-commerce" field [2]. - The company operates a dual-driven model consisting of cross-border social e-commerce and paper packaging, with projected revenues of 3.366 billion yuan (60.9% of total) from e-commerce and 2.099 billion yuan (38%) from packaging in 2024 [2]. - The synergy between the packaging and e-commerce businesses enhances overall competitiveness, as marketing experience from packaging can benefit e-commerce operations [3]. Group 2: Financial Performance - In Q1 2025, Jihong Technology reported revenues of 1.477 billion yuan, an increase of 11.55% year-on-year, with a net profit of 59.16 million yuan, up 38.21% [3]. - The cross-border social e-commerce business has shown steady growth, generating revenues of 2.834 billion yuan, 3.107 billion yuan, 4.257 billion yuan, and 3.366 billion yuan from 2021 to 2024, with a gross margin of 60.5% expected in 2024 [4]. Group 3: AI Technology and Market Strategy - The company leverages AI technology to enhance operational efficiency, utilizing a unique "product finds people" model to target customers through major social media platforms [5][6]. - Jihong Technology's Giikin system has accumulated over 611,000 SKUs and 5.8 million advertising materials, significantly reducing customer acquisition costs [6]. - The company focuses on the Asian market, with over 80% of its revenue coming from this region, allowing it to avoid the impacts of policy fluctuations in Western markets [7][8]. Group 4: Future Outlook - With the completion of its H-share listing, Jihong Technology is poised for a re-evaluation of its investment value, potentially leading to a new round of value reassessment in the capital markets [4][8].

Summary of Ji Hong Co., Ltd. Conference Call Company Overview - Ji Hong Co., Ltd. reported a significant recovery in Q1 2025, with revenue reaching 1.477 billion yuan, a year-on-year increase of 11.55% [2][4] - Profit for the quarter was 60 million yuan, up 38% year-on-year, while net profit excluding non-recurring items was 57 million yuan, reflecting a 51% increase [2][4] Industry Insights - The company's cross-border e-commerce business focuses primarily on the Asian market (80% of revenue), followed by Europe (10%), with the U.S. market contributing only 2% due to tariff impacts [2][4] - There is a noticeable trend of export supply chains shifting to neighboring countries, providing opportunities for the company to integrate upstream supply chains, although this process is gradual [2][5] Financial Performance - The company observed a significant impact from exchange rate fluctuations on net profit margins, which are approximately 5-6% [2][7] - In April 2025, market demand showed a recovery with a month-on-month growth of about 10% compared to March [2][9] - The European market experienced rapid growth, with year-on-year increases exceeding 100%, primarily driven by sales volume [2][10] Product and Market Strategy - The company utilizes big data for product placement, with a wide range of SKUs primarily in categories such as clothing, home goods, 3C digital products, and beauty items [2][13] - The average order value in Q1 2025 was approximately 240 yuan, showing slight growth compared to the previous year [2][12] Cost Structure and Efficiency - E-commerce gross margin is around 60%, with logistics and procurement costs each accounting for 10-20% of revenue [2][20] - The company maintains a high turnover rate due to a model that emphasizes ordering before procurement, which constitutes 50-60% of orders [2][21] Competitive Landscape - The company has a competitive edge in cross-border social e-commerce due to its data mining capabilities and the application of artificial intelligence, which enhances efficiency in data tagging and video generation [2][15] - The impact of U.S. tariffs on sellers is minimal in the short term, as the company has established a first-mover advantage in the U.S. market [2][14] Future Outlook - The company has passed the hearing for its Hong Kong IPO, with funds primarily allocated for international expansion, particularly in the e-commerce sector [2][3][19] - The company plans to continue focusing on stable policy environments in Asia and Europe to mitigate uncertainties related to exchange rates, tariffs, and logistics [2][4] Additional Considerations - The overall signing rate remains stable at around 88%, with slight variations across regions [2][24] - The company is exploring new partnerships in the Middle East to expand market capacity without relocating existing production [2][27]