Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company's cross-border e-commerce business is under pressure, leading to short-term limitations on profitability. However, the packaging business is developing steadily, with revenue growth and restored profitability [4][6]. - The company has a strong gross margin, but the expansion of the e-commerce business is limiting short-term profit levels. The net profit margin decreased significantly due to a decline in net profit from the cross-border e-commerce business and increased amortization expenses [5][6]. - The company is investing in intelligent construction and has developed a cross-border social e-commerce operation management system, enhancing digitalization and automation across its business processes [5][6]. Financial Performance Summary - In Q1 2024, the company achieved revenue of 1.324 billion yuan, a year-on-year decrease of 3.75% and a quarter-on-quarter decrease of 24.92%. The net profit attributable to the parent company was 43 million yuan, down 39.22% year-on-year but up 75.54% quarter-on-quarter [3]. - The gross margin for Q1 2024 was 40.62%, a decrease of 5.01 percentage points year-on-year and a decrease of 4.27 percentage points quarter-on-quarter. The net profit margin was 3.23%, down 1.89 percentage points year-on-year but up 1.85 percentage points quarter-on-quarter [5]. - The company expects revenue growth for 2024-2026 to be 7.671 billion yuan, 8.829 billion yuan, and 10.209 billion yuan, respectively, with net profits of 424 million yuan, 506 million yuan, and 589 million yuan, reflecting year-on-year growth rates of 22.9%, 19.3%, and 16.4% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a 3.8% year-on-year decline in revenue for Q1 2024, with a significant 39.2% drop in net profit attributable to shareholders [5] - The company is a leader in cross-border social e-commerce, leveraging data and technology to create unique barriers to entry, which strengthens its core competitiveness and supports long-term growth [5][9] - The company is focusing on brand development and expanding into new markets, which has temporarily pressured short-term business growth [6] Financial Performance Summary - For Q1 2024, the company achieved revenue of 1.324 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 43 million yuan, down 39.2% [5] - The gross margin for Q1 2024 was 40.6%, down 5.0 percentage points, while the net margin was 3.0%, down 1.9 percentage points [5] - The company expects to maintain its profit forecasts, projecting net profits of 416 million yuan, 500 million yuan, and 575 million yuan for 2024, 2025, and 2026, respectively [5][8] Business Segment Insights - The packaging business saw revenue growth, while the cross-border e-commerce segment experienced a decline due to a strategic focus on brand business and new market expansion [5][6] - The company is launching multiple AI vertical models to enhance data analysis capabilities and improve advertising effectiveness [6] - The company is developing proprietary brands such as SenadaBikes and Veimia, which are expected to enhance profitability in the future [6]

Financial Performance - The company's revenue for Q1 2024 was ¥1,324,458,336.45, a decrease of 3.75% compared to ¥1,376,008,156.67 in the same period last year[5] - Net profit attributable to shareholders was ¥42,805,333.83, down 39.22% from ¥70,430,791.12 year-on-year[5] - Basic and diluted earnings per share decreased by 42.11% to ¥0.11 from ¥0.19 in the same period last year[5] - Total operating revenue for Q1 2024 was CNY 1,324,458,336.45, a decrease of 3.75% compared to CNY 1,376,008,156.67 in Q1 2023[20] - Net profit for Q1 2024 was CNY 39,545,790.56, a decline of 41.2% from CNY 67,182,582.15 in Q1 2023[20] - Earnings per share for Q1 2024 were CNY 0.11, compared to CNY 0.19 in the same period last year[21] Cash Flow and Liquidity - The net cash flow from operating activities was -¥157,714,828.08, a significant decline of 599.58% compared to ¥31,569,774.96 in the previous year[5] - Cash inflow from operating activities was CNY 1,309,047,700.82, slightly down from CNY 1,312,134,073.02 in Q1 2023[22] - Cash outflow from operating activities increased to CNY 1,466,762,528.90, compared to CNY 1,280,564,298.06 in the previous year[22] - The company's cash and cash equivalents net increase decreased by 646.11% compared to the previous year, influenced by a decline in net cash flow from operating activities[12] - The ending balance of cash and cash equivalents was 742.39 million, down from 809.22 million year-over-year[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,315,333,927.82, down 7.56% from ¥3,586,576,112.39 at the end of the previous year[5] - Current assets total ¥1,929,721,200.26, a decrease from ¥2,255,701,910.34 in the previous period[18] - The total liabilities decreased to CNY 1,039,540,759.91 from CNY 1,273,722,435.45, indicating a significant reduction in financial obligations[20] - The total equity attributable to shareholders was CNY 2,271,242,337.07, slightly down from CNY 2,280,397,905.55 in the previous year[20] Investment and Income - The company reported a 60.27% increase in other income, primarily due to an increase in government subsidies[10] - Investment income rose by 153.92% year-on-year, attributed to increased equity method investment income and gains from subsidiary disposals[10] - The company recorded an investment income of CNY 1,920,018.83, a recovery from a loss of CNY 3,560,583.86 in Q1 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 38,240[14] - The largest shareholder, Zhuang Hao, holds 18.08% of shares, totaling 69,623,082 shares, with 17,200,000 shares pledged[14] Strategic Developments - The company plans to issue H shares and has submitted an application to the Hong Kong Stock Exchange[15] - The company is revising its articles of association and related rules, indicating a strategic shift[15] Research and Development - The company reported a decrease in research and development expenses to CNY 28,798,977.61 from CNY 33,122,591.43, a reduction of 13.06%[20] Audit Information - The company did not undergo an audit for the Q1 2024 report[24]

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 2024 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《2024 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）。 证券代码：002803 证券简称：吉宏股份 公告编号：2024-036 厦门吉宏科技股份有限公司 第五届监事会第十四次会议决议公告 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"）第五届监事会第十四次会 议于 2024 年 4 月 23 日以书面、电话、电子邮件等形式发出通知，并于 2024 年 4 月 26 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 ...

证券代码：002803 证券简称：吉宏股份 公告编号：2024-035 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"）第五届董事会第十七次会 议于 2024 年 4 月 23 日以书面、电话、电子邮件等形式发出通知，并于 2024 年 4 月 26 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： 审议并通过《关于公司 2024 年第一季度报告的议案》 公司《2024 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 2024 年 4 月 27 日 第五届董事会第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。 ...

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。 厦门吉宏科技股份有限公司（以下简称"公司"）2023年年度权益分派方案 已获2024年4月22日召开的2023年年度股东大会审议通过，现将权益分派事宜公 告如下： 一、股东大会审议通过利润分配方案等情况 证券代码：002803 证券简称：吉宏股份 公告编号：2024-034 厦门吉宏科技股份有限公司 2023 年年度权益分派实施公告 3、本次实施的分配方案与股东大会审议通过的分配方案一致，实施分配方 案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 公司2023年年度利润分配方案：以公司总股本385,009,288股扣除公司回购专 户持有的股份数量4,941,500股后的380,067,788股为基数，向全体股东每10股派发 现金红利3.60元（含税），共计分配现金股利136,824,403.68元（含税；扣税后， 通过深股通持有股份的香港市场投资者、QFII、RQFII以及持有首发前限售股的 个人和证券投资基金每10股派3.24元；持有首发后限售股、股权激励限售股及无 限售流通股的个人股息红利 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京市康达律师事务所 关于厦门吉宏科技股份有限公司 2023 年年度股东大会的法律意见书 康达股会字【2024】第 0168 号 致：厦门吉宏科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受厦门吉宏科技股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2023 年年度股东大会（以下简称 "本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人 民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规则》（以下简 称"《股东大会规则》"）《深圳证券交易所上市公司股东大会网络投票实施细则》 《厦门吉宏科技股份有限公司章程》（以下简称"《公司 ...

证券代码：002803 证券简称：吉宏股份 公告编号：2024-033 厦门吉宏科技股份有限公司 2023 年年度股东大会决议公告 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。 特别提示 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开时间 （1）现场会议时间：2024年4月22日（星期一）下午14:30，会期半天。 （2）网络投票时间：2024年4月22日。其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为：2024年4月22日9:15-9:25，9:30-11:30和13:00 -15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2024年4月22日上午9:15 至下午15:00。 2、现场会议召开地点 福建省厦门市思明区湖滨南路55号禹洲广场38楼。 3、会议召开方式 本次股东大会采取现场投票与网络投票相结合的方式。 4、会议召集人：公司第五届董事会。 5、会议主持人：董事长王亚朋先生。 6、本次会议通知及相关文件分别于 2024 年 3 月 30 日刊登在 ...

]yrtsudnI_elbaT[ 跨境社交电商龙头，业绩增长强劲 2024 年 04 月 02 日 东南亚消费复苏，跨境社交电商业务乘势而上。2023 年跨境社交电商 业务实现营业收入 42.57 亿元，同比增长 37.02%；占营业收入比重为 63.58%。据灼识咨询数据，社交媒体流量是国内 B2C 出口电商市场增 长最快的流量来源，公司在 Meta、TikTok、Google 等国外社交网络 平台上精准推送独立站广告进行线上 B2C 销售，以 2.2%的市场份额位 居行业第二。未来通过在已打造自有品牌 SENADA BIKES（自行车）、 Veimia（内衣）、Konciwa（遮阳伞）及 PETTENA（宠物用品）的基础 上，持续建立多品牌产品矩阵长期驱动业绩增长。 盈利能力提升。2023 年公司毛利率达 46.66%，同比提升 5.97pct。销 售 / 管 理 / 研发费用率分别为 34.99%/3.35%/2.12% ，同比变动 +5.69/+0.48/-0.64pct。2023 年公司第三期员工持股计划和 2023 年 限制性股票激励计划合计产生股份支付摊销金额 2637.88 万元，导致 管理费 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [32]. Core Insights - The company achieved a revenue of approximately 6.695 billion yuan in 2023, representing a year-on-year growth of 24.53%. The net profit attributable to shareholders was 345 million yuan, with a significant year-on-year increase of 87.57% [21][9]. - The cross-border social e-commerce business showed strong performance, with revenue reaching 4.257 billion yuan in 2023, a year-on-year increase of 37.02%, and a gross margin of 63.31% [6][9]. - The company has developed several AI-driven e-commerce models, including ChatGiiKin-6B for product selection and G-king for intelligent advertising, enhancing operational efficiency and advertising precision [10][2][3]. Financial Summary - Revenue is projected to grow from 6.695 billion yuan in 2023 to 11.434 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 18.5% [6]. - The net profit attributable to shareholders is expected to increase from 345 million yuan in 2023 to 648 million yuan in 2026, reflecting a robust growth trajectory [6]. - The company's return on equity (ROE) is forecasted to rise from 14.4% in 2023 to 16.6% in 2026, indicating improving profitability [6][14]. Industry Context - The Southeast Asian e-commerce market is identified as one of the fastest-growing segments globally, and the company is positioned as a leading player in cross-border social e-commerce in this region [6]. - The report highlights the company's long-term partnerships with major fast-moving consumer goods (FMCG) brands, contributing to stable revenue growth in its packaging solutions business [5][11].