Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes the long-term nature of overseas expansion, highlighting the increasing penetration rate of cross-border e-commerce in foreign trade and maintaining a positive outlook on leading companies with strong performance resilience and those with marginal performance improvements [3] - The report notes that the recent easing of tariffs and the ongoing strong growth trend in cross-border e-commerce are expected to enhance the ability of Chinese foreign trade enterprises to respond to external shocks and improve their global layout [7] Summary by Sections Cross-Border E-Commerce Performance - In the first three quarters of 2025, the cross-border e-commerce sector achieved revenue of 56.09 billion yuan, a year-on-year increase of 22.6%, with a three-year CAGR of 24.5%. The net profit attributable to shareholders was 3.59 billion yuan, up 20.2% year-on-year, with a three-year CAGR of 20.2% [7] - The revenue growth rate slightly slowed due to trade friction and increased competition, but the net profit growth rate showed significant improvement [7] - In Q3 2025, the sector's revenue grew by 14.3% year-on-year, and net profit increased by 29.6%, indicating operational resilience and improved cost management despite rising tariff costs [7] Market Outlook - The report anticipates strong performance during the upcoming Black Friday and Cyber Monday shopping events, with consumers showing early planning, trust, and value-seeking behaviors [7] - Online sales during the 2025 holiday shopping season in the U.S. are expected to reach $253.4 billion, a year-on-year increase of 5.3% [7] - The report highlights that cross-border e-commerce companies leverage China's efficient industrial clusters to export competitively priced products, with some transitioning from Amazon brands to multi-channel brands [7] Investment Recommendations - The report recommends focusing on resilient leading companies and those with improving performance in the cross-border e-commerce sector, with specific stock suggestions for both B2B and B2C segments [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 5.039 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 29.29%, while the net profit attributable to the parent company reached 216 million yuan, up 60.11% [1] - The growth in revenue is attributed to the rapid development of the cross-border e-commerce industry and the company's proactive expansion into new markets within the packaging sector [1][2] - The company's proprietary Giikin AI system has significantly enhanced operational efficiency, with an 82% accuracy rate in predicting popular products, leading to a return on investment (ROI) that exceeds the industry average [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.650 billion yuan, 7.681 billion yuan, and 8.906 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 294 million yuan, 379 million yuan, and 519 million yuan [3][4] Business Segments - The cross-border e-commerce segment is expected to be a core contributor to future revenue growth, with over 80% of income concentrated in the Asian market, effectively mitigating risks from tariff fluctuations in Europe and the U.S. [2] - The packaging business, as a leader in the domestic market, has established strong ties with major clients and is expected to contribute over 2 billion yuan in stable revenue from 2021 to 2024 [3] Financial Summary - The company reported a revenue of 6.695 billion yuan for 2023, with a projected decline of 17.41% in 2024, followed by a recovery with a growth rate of 20.27% in 2025 [4][13] - The net profit for 2023 was 345 million yuan, with a significant projected decrease of 47.28% in 2024, followed by a rebound of 61.87% in 2025 [4][13]

Core Insights - The internet e-commerce sector experienced a slight decline of 0.15% on November 5, with New Xunda leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Yumu Technology (301110) with a closing price of 75.00, up 2.88% [1] - Liren Lizhuang (605136) at 66.6, up 1.73% [1] - Ruoyuchen (003010) at 37.71, up 1.37% [1] - Major decliners included: - New Xunda (300518) at 15.98, down 3.68% [2] - Jihong Co. (002803) at 16.66, down 2.00% [2] - Focus Technology (002315) at 47.37, down 1.74% [2] Capital Flow - The internet e-commerce sector saw a net outflow of 65.06 million yuan from institutional investors, while retail investors contributed a net inflow of 50.17 million yuan [2] - The detailed capital flow for selected stocks showed: - Yumu Technology had a net outflow of 20.05 million yuan from institutional investors [3] - Star徽股份 (300464) saw a net inflow of 14.16 million yuan from institutional investors [3] - ST Yigou (002024) had a net inflow of 1.38 million yuan from retail investors [3]

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]

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]