Core Insights - As of April 18, 2025, Jihong Co., Ltd. (002803) closed at 13.36 yuan, marking a 5.7% increase with a turnover rate of 11.46% and a trading volume of 331,000 lots, amounting to 440 million yuan [1] - The company reported a total revenue of 1.477 billion yuan for Q1 2025, reflecting a year-on-year growth of 11.55%, while net profit attributable to shareholders reached 59.16 million yuan, up 38.21% year-on-year [1] - The company has a current ratio of 1.858, a quick ratio of 1.456, and a debt-to-asset ratio of 35.41% [1] Financial Performance - Total revenue for Q1 2025: 1.477 billion yuan, up 11.55% year-on-year [1] - Net profit for Q1 2025: 59.16 million yuan, up 38.21% year-on-year [1] - Non-recurring net profit: 57.77 million yuan, up 51.04% year-on-year [1] Capital Flow - Main capital inflow for the day was 33.86 million yuan, accounting for 7.69% of the total trading volume [1] - Large orders contributed a net inflow of 19.05 million yuan, representing 4.33% of the total trading volume [1] - Small orders experienced a net outflow of 22.06 million yuan, which is 5.01% of the total trading volume [1] Company Background - Jihong Co., Ltd. was established in 2003 and is located in Xiamen, primarily engaged in software and information technology services [2] - The company has invested in 31 enterprises and participated in 16 bidding projects [2] - It holds 161 trademark registrations and 71 patents, along with 25 administrative licenses [2]

Core Viewpoint - Jihong Co., Ltd. has demonstrated significant growth in Q1 2025, with a notable increase in net profit, showcasing its enhanced market competitiveness driven by AI and strong performance in the Asian market [1] Financial Performance - In Q1 2025, Jihong Co., Ltd. achieved operating revenue of 1.477 billion yuan, representing a year-on-year increase of 11.55% - The net profit attributable to shareholders reached 59.16 million yuan, up 38.21% year-on-year, with a 51.04% increase when excluding non-recurring gains and losses [1] Market Strategy - The company's cross-border e-commerce business primarily targets Southeast Asia, Northeast Asia, and the Middle East, with only 1.2 million yuan in sales from the U.S., accounting for just 2.17% of total revenue [2] - Jihong Co., Ltd. has no U.S. business in its packaging segment, effectively mitigating the impact of U.S. tariff policies [2] Regional Expansion - The company is deepening its business presence in the Asian market, particularly in the Middle East, with plans to establish packaging production bases and trade platforms in Ras Al Khaimah, UAE, and Salalah, Oman [3] - This strategic expansion aims to reduce future tariff uncertainties and lay a solid foundation for long-term growth in the Middle East and Africa [3] Technological Empowerment - Jihong Co., Ltd. has leveraged its years of experience in cross-border e-commerce, utilizing an AI-enabled "goods find people" model to secure a leading position in Asia [4] - The integration of the self-developed Giikin system with large models has created a complete technological loop, significantly shortening product selection cycles and improving the accuracy of hit product predictions [4] - The company plans to continue its internationalization strategy, enhance investment in technology research and market promotion, and focus on meeting global customer needs while creating greater value for shareholders [4]

证券代码：002803 证券简称：吉宏股份 公告编号：2025-024 厦门吉宏科技股份有限公司 第五届监事会第二十一次会议决议公告 本公司及全体监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"）第五届监事会第二十一次 会议于 2025 年 4 月 14 日以书面、电话、电子邮件等形式发出通知，并于 2025 年 4 月 17 日在公司会议室以现场方式召开。会议由白雪婷女士主持，会议应到 监事 3 名，实到监事 3 名，会议的召集、召开和表决程序符合《中华人民共和国 公司法》及公司章程有关规定。与会监事经过认真讨论，形成如下决议： 经审核，监事会认为董事会编制和审核厦门吉宏科技股份有限公司 2025 年第 一季度报告的程序符合法律、行政法规、中国证监会和深圳证券交易所的规定， 报告内容真实、准确、完整地反映公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 表决结果：3 票同意、0 票反对、0 票弃权。 公司《2025 年第一季度报告》全文详见《证券时报》《证券日报》《中国证券 报》《上海证券报》和巨潮资讯网（www.cnin ...

证券代码：002803 证券简称：吉宏股份 公告编号：2025-023 厦门吉宏科技股份有限公司 第五届董事会第二十七次会议决议公告 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。 审议并通过《关于公司 2025 年第一季度报告的议案》 公司《2025 年第一季度报告》全文详见《证券时报》《证券日报》《中国证 券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 表决结果：11 票同意、0 票反对、0 票弃权。 特此公告。 厦门吉宏科技股份有限公司 董 事 会 2025 年 4 月 18 日 厦门吉宏科技股份有限公司（以下简称"公司"）第五届董事会第二十七次 会议于 2025 年 4 月 14 日以书面、电话、电子邮件等形式发出通知，并于 2025 年 4 月 17 日在公司会议室以现场结合通讯方式召开。本次会议由董事长王亚朋 先生主持，会议应到董事 11 名，实到董事 11 名，公司监事、高级管理人员列席 了会议。本次会议的召开符合《中华人民共和国公司法》及《公司章程》的有关 规定。 经与会董事审议表决，通过如下议案： ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,477,490,718.88, representing an increase of 11.55% compared to CNY 1,324,458,336.45 in the same period last year[5] - Net profit attributable to shareholders was CNY 59,159,932.99, up 38.21% from CNY 42,805,333.83 year-on-year[5] - Basic and diluted earnings per share rose to CNY 0.16, a 45.45% increase from CNY 0.11 in the previous year[5] - Operating profit for the current period was ¥70,985,713.38, up 43.2% from ¥49,619,361.80 in the previous period[21] - Net profit for the current period was ¥62,469,209.23, representing a 57.9% increase from ¥39,545,790.56 in the previous period[21] - The total comprehensive income for the period attributable to the parent company was CNY 59,080,771.87, compared to CNY 42,892,347.07 in the previous period, representing an increase of approximately 37.6%[22] Cash Flow - The net cash flow from operating activities increased by 143.09%, reaching CNY 67,955,719.06, compared to a negative cash flow of CNY 157,714,828.08 in the previous year[5] - Cash received from operating activities increased by 11.84%, driven by higher sales receipts from the cross-border e-commerce business[11] - The company experienced a 101.64% increase in net cash and cash equivalents, influenced by the rise in operating cash flow and changes in financing activities[12] - The net cash flow from operating activities was CNY 67,955,719.06, a significant improvement from a negative CNY 157,714,828.08 in the previous period[24] - The company’s cash outflow for financing activities was CNY 83,777,497.71, a decrease from CNY 203,413,068.88 in the previous period, showing improved cash management[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,508,818,628.11, a slight increase of 0.16% from CNY 3,503,096,124.49 at the end of the previous year[5] - Current liabilities decreased to ¥1,059,153,420.82 from ¥1,084,388,715.47, a reduction of 2.3%[19] - Total liabilities decreased to ¥1,242,327,703.37 from ¥1,294,580,717.20, a decline of 4.0%[19] - Cash and cash equivalents increased to ¥785,508,930.07 from ¥763,530,996.10, a growth of 2.0%[18] - Accounts receivable decreased to ¥521,702,486.43 from ¥550,132,776.90, a decline of 5.2%[18] - Inventory decreased to ¥426,046,813.58 from ¥447,888,576.49, a reduction of 4.7%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 33,102[14] - The largest shareholder, Zhuang Hao, holds 18.09% of shares, totaling 69,623,082 shares, with 29,950,000 shares pledged[14] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 10.04% of shares, totaling 38,628,170 shares[14] - The company reported a total of 6,559,900 shares held in a repurchase account, representing 1.70% of total shares[14] Strategic Initiatives - The company has initiated a share repurchase program, with progress updates announced on multiple dates in 2025[16] - The company is planning to establish an overseas joint venture and invest in a production base and trading platform, with announcements made in December 2024 and February 2025[16] - The company is in the process of issuing H shares, with several announcements regarding the application and approval by the China Securities Regulatory Commission[16] - The company is expected to provide guarantees for financing and performance for its controlling subsidiaries in 2025[16] ESG and Governance - The company has released its 2024 ESG report, highlighting its commitment to environmental, social, and governance practices[16] - The company has appointed an accounting firm for continued services, with the announcement made in April 2025[16] Investment Activities - The company reported a 91.26% decrease in investment income, attributed to reduced equity method investment income from joint ventures[10] - The net cash flow from investing activities was negative CNY 78,101,408.77, worsening from negative CNY 32,878,189.39 in the previous period[24] - The total cash inflow from investment activities was CNY 201,240,373.42, down from CNY 600,869,022.07, indicating a strategic shift in investment focus[24] - The company received CNY 1,462,500.00 from minority shareholders as part of investment inflow, indicating ongoing support for growth initiatives[24]

Group 1 - The company reported a revenue of 1.477 billion yuan for the first quarter of 2025, representing a year-on-year growth of 11.55% [1] - The net profit for the same period was 59.159 million yuan, showing a year-on-year increase of 38.21% [1]

Core Viewpoint - The company, Jihong Technology Co., Ltd., is preparing for an IPO in Hong Kong, driven by its dual business model of cross-border social e-commerce and paper packaging for fast-moving consumer goods, which presents both opportunities and challenges [1][2]. Business Overview - The company's main businesses include cross-border social e-commerce and paper packaging for fast-moving consumer goods. The e-commerce segment utilizes dynamic data analysis and a "goods find people" model to promote mainland Chinese products to global consumers through social media advertising [3][4]. - The paper packaging business offers a one-stop service for fast-moving consumer goods companies, covering the entire process from design to logistics, with a focus on environmentally friendly packaging [4]. Market Position - In terms of market positioning, the cross-border social e-commerce business focuses on the Asian market, while the paper packaging business targets the mainland Chinese fast-moving consumer goods market. By 2024, Jihong is projected to rank second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, and first in the mainland paper packaging market for fast-moving consumer goods [4]. Financial Performance - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with profits of RMB 172 million, RMB 332 million, and RMB 185 million [5]. - The cross-border social e-commerce business accounts for a significant portion of total revenue, with contributions of 57.8%, 63.6%, and 60.9% from 2022 to 2024, and a gross margin of 59.1%, 63.1%, and 60.5% during the same period. The paper packaging business shows stable growth with gross margins of 15.2%, 18.8%, and 17.9% [6]. Investment Value - Jihong possesses certain advantages in its industry, particularly in the application of AI technology and supply chain management within its cross-border social e-commerce business, which includes the self-developed Giikin system that enhances operational efficiency [7]. - The paper packaging business has established long-term partnerships with leading fast-moving consumer goods companies, holds a significant market share, and possesses numerous patents and software copyrights, indicating strong technical capabilities [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced pressure in its main business, but the integration of AI and overseas expansion opens up growth opportunities. The company is expected to benefit from being a leader in cross-border social e-commerce, with a reasonable valuation [4][5] Financial Performance - In 2024, the company reported a revenue of 5.529 billion yuan, a year-on-year decline of 17.4%, and a net profit attributable to shareholders of 182 million yuan, down 47.3%. The fourth quarter of 2024 saw a revenue of 1.632 billion yuan, a decrease of 7.5%, but a significant increase in net profit by 93.8% [4][5] - The revenue forecast for 2025-2027 is set at 6.503 billion yuan, 7.550 billion yuan, and 8.693 billion yuan respectively, with corresponding net profits of 241 million yuan, 310 million yuan, and 384 million yuan [4][8] Business Segments - Cross-border social e-commerce segment achieved a revenue of 3.366 billion yuan in 2024, down 20.9%, with a gross margin of 60.8%. The decline was attributed to the company's proactive control over marketing investments in volatile currency regions [5][6] - The packaging segment reported a revenue of 2.099 billion yuan, a slight increase of 0.1%, with a gross margin of 17.9%. The growth slowdown was due to weakened downstream demand and raw material price adjustments [5][6] Growth Drivers - The company is focusing on AI integration, connecting with mainstream models like ChatGPT and LlamaAI for digital and intelligent management. It is also enhancing brand building with proprietary brands such as SenadaBikes and Veimia [6] - The company is actively pursuing international expansion, particularly in the Middle East and Africa, to enhance market influence and competitiveness [6] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.81 yuan, and 1.00 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17.9, 14.0, and 11.3 [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has faced pressure in its main business but is expected to benefit from AI empowerment and overseas expansion, which opens up growth opportunities [4][5] - In 2024, the company reported a revenue decline of 17.4% year-on-year, with a net profit drop of 47.3% [4] - The company is positioned as a leader in cross-border social e-commerce and is anticipated to leverage AI and global market expansion for future growth [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 55.29 billion yuan, down 17.4% year-on-year, and a net profit of 1.82 billion yuan, down 47.3% [4] - The fourth quarter of 2024 saw a revenue of 16.32 billion yuan, a decrease of 7.5%, but a significant net profit increase of 93.8% [4] - The projected net profits for 2025-2027 are 2.41 billion yuan, 3.10 billion yuan, and 3.84 billion yuan respectively, with corresponding EPS of 0.63 yuan, 0.81 yuan, and 1.00 yuan [4][8] Business Segment Analysis - Cross-border social e-commerce generated 33.66 billion yuan in revenue in 2024, down 20.9%, with a gross margin of 60.8% [5] - The packaging segment reported a revenue of 20.99 billion yuan, a slight increase of 0.1%, with a gross margin of 17.9% [5] - The overall gross margin for the company in 2024 was 43.9%, down 2.7 percentage points, and the net margin was 3.3%, down 1.6 percentage points [5] Growth Strategy - The company is focusing on AI investments and has integrated mainstream models like ChatGPT and LlamaAI for digital and intelligent management [6] - Brand building efforts are ongoing, with the establishment of proprietary brands such as SenadaBikes and Veimia [6] - The company is actively pursuing international expansion, particularly in the Middle East and Africa, to enhance market influence and competitiveness [6]

证券代码：002803 证券简称：吉宏股份 公告编号：2025-022 厦门吉宏科技股份有限公司 关于回购公司股份的进展公告 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"）于 2024 年 11 月 4 日召开 第五届董事会第二十三次会议，审议通过《关于回购公司股份的议案》，同意公 司使用不低于人民币 6,000 万元、不超过人民币 10,000 万元的专项贷款资金、公 司自有资金或自筹资金，通过二级市场以集中竞价交易方式回购部分公司发行的 人民币普通股（A 股）股票，用于后期实施员工持股计划、股权激励计划或可转 换公司债券转股，回购价格不超过 18.20 元/股，回购期限自董事会审议通过回购 方案之日起不超过 12 个月。具体内容详见公司于 2024 年 11 月 6 日、2024 年 11 月 13 日刊登在《证券时报》《证券日报》《中国证券报》《上海证券报》和巨 潮资讯网（www.cninfo.com.cn）的《关于回购公司股份方案暨取得金融机构股票 回购专项贷款的公告》（公告编号：2024-086）。 公司于 20 ...