Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co.) has made a significant market debut, becoming the first "AI cross-border social e-commerce A+H stock" in the Hong Kong market, reflecting the strong momentum of China's cross-border e-commerce industry amid globalization and digitalization [1][3] Group 1: Company Performance - In 2024, Jihong Co. achieved impressive financial results with a revenue of 552.93 million yuan and a net profit of 18.19 million yuan [4] - The company's cross-border social e-commerce business generated revenue of 336.59 million yuan, becoming the core engine of its growth [4] - Jihong Co. ranks second in the Chinese B2C export e-commerce sector with a 1.3% market share [4] Group 2: Business Model and Strategy - Jihong Co. operates under a dual-driven business model, combining cross-border social e-commerce with paper packaging solutions [3][4] - The company employs a unique "goods find people" model, leveraging consumer data to identify needs and guide purchasing decisions, contrasting with the traditional "people find goods" approach [5][6] - The cross-border social e-commerce business accounted for 60.9% of total revenue in 2024, with a high gross margin of 60.5% [6] Group 3: Packaging Solutions - Jihong Co. is a leading provider of one-stop paper packaging solutions, integrating various processes from design to logistics [8][9] - The company holds a 1.2% market share in the Chinese paper packaging sector, ranking first in revenue among domestic companies [9] - The paper packaging market in China is projected to grow from 1,456 billion yuan in 2020 to 1,703 billion yuan in 2024, with expectations to reach 2,227 billion yuan by 2029 [9] Group 4: Environmental and Market Trends - The company is positioned to benefit from increasing environmental awareness and stringent ESG policies, which are reshaping the packaging industry [10][11] - Jihong Co. has seen its paper packaging output rise from 846.7 million square meters in 2022 to 1,026.1 million square meters in 2024 [11] - The company has established partnerships with major brands like Yili and McDonald's, enhancing its market presence [12] Group 5: Future Outlook - Jihong Co. aims to transition from merely "cross-border selling" to "brand output," with a target to increase brand business contribution to 30% by 2027 [13] - The company's strategic focus includes leveraging AI technology and expanding its brand matrix to explore new valuation opportunities [14]

吉宏股份（02603.HK）今日登陆港交所率先成为"A+H"跨境 社交电商股，开盘涨43%至11港元，上市即入港股通刷新资 本市场效率。其自主研发的Giikin系统实现AI全链路赋能，募 资5.05亿港元将投入东南亚仓储及AI技术升级，锚定跨境电商 万亿新蓝海。 公开资料显示，目前吉宏股份主营业务覆盖 ToC端精准营销跨境社交电商业务和ToB端全案营销设计包装服务，并已在上述两大核心业务板块确立领先 的行业龙头地位。 作者： 王海言 封图：图片资料室 2025年5月27日，吉宏股份（002803.SZ、02603.HK）正式登陆港交所，成为率先 完 成 A+H两地上市的跨境社交电商企业。此外，5月26日，上交 所发布通知将吉宏股份调入沪港通下港股通标的名单，成为率先港股发行上市就入通的企业。 此次 IPO，吉宏股份全球发售6791万股H股，发行价格为7.68港元/股，募资净额约5.05亿港元，拟用于海外市场拓展、技术研发及品牌建设。 上市首日，吉宏股份开盘报 11港元/股，较发行价上涨43.23%，市值突破50亿港元，彰显市场对"双赛道龙头"的认可。 当前，社交电商行业正经历由 AI、大数据等前沿技术驱动的深 ...

Core Viewpoint - Two companies listed on the same day in Hong Kong experienced opposite market performances, with one company seeing a significant drop in stock price while the other enjoyed a substantial increase [1][2]. Company Overview - Jihong Co., Ltd. (吉宏股份) is the first "A+H" listed company from Xiamen and the fifth A-share company to list on the Hong Kong Stock Exchange this year, with an initial share price of HKD 7.68 and a global offering of 67.91 million shares [3][4]. - The company was founded in 2003, initially providing one-stop paper packaging products and services for fast-moving consumer goods [4]. Financial Performance - Jihong's revenue for 2022, 2023, and 2024 was CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion, respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million [6]. - In Q1 2025, the company reported revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, and a net profit of CNY 59.16 million, up 38.21% [6]. Business Segments - The cross-border e-commerce business has become Jihong's main revenue source, generating CNY 3.107 billion, CNY 4.257 billion, and CNY 3.366 billion in 2022, 2023, and 2024, respectively, accounting for 57.8%, 63.6%, and 60.9% of total revenue [7]. - The paper packaging business generated CNY 1.983 billion, CNY 2.097 billion, and CNY 2.099 billion in the same years, representing 36.9%, 31.3%, and 38% of total revenue [7]. Market Position - Jihong ranks second among B2C export e-commerce companies in China with a market share of 1.3% and holds the top position in the paper packaging sector with a market share of 1.2% [7]. Future Plans - The company plans to use approximately 40% of the funds raised from the Hong Kong listing for overseas market expansion, including untapped Asian regions and cross-border e-commerce in Europe and Latin America [8]. - About 35% of the funds will be allocated to enhancing R&D capabilities and data analysis, while 15% will focus on expanding the brand portfolio and developing existing proprietary brands [8]. - Jihong aims to improve its AI technology capabilities to analyze overseas markets and optimize product selection and customer targeting through social media platforms [8].

Group 1 - Guangdian Electric's wholly-owned subsidiary plans to sell 5.91% stake in Shanghai Winshun Electric Technology Co., Ltd. to Yapp Automotive Parts Co., Ltd. for 62.63 million yuan, aiming to optimize asset structure [1] - Anhui Natural Gas received approval for the registration of 500 million yuan short-term financing bonds and 600 million yuan medium-term notes, valid for two years [1] - Kirin Security received government subsidies totaling 6.48 million yuan, which are related to revenue [2] Group 2 - Junshi Biosciences received approval for two new indications for its self-developed drug, Oncorhynchus monoclonal antibody injection, targeting adult patients with heterozygous familial hypercholesterolemia and non-familial hypercholesterolemia [3] - China Resources Double Crane's subsidiary passed GMP compliance inspection for small and large volume injection production lines [4] - Nanjing Public Utilities' board approved the absorption and merger of its wholly-owned subsidiary, Nanjing Jinguang Industry Co., Ltd. [7] Group 3 - Boya Bio received drug registration certificate for human immunoglobulin (pH4) in the Dominican Republic, valid until August 12, 2029 [8] - Jizhi Co. announced that its controlling shareholder and actual controller committed not to reduce their shareholdings until December 31, 2025 [9] - Yuhua Tian won a bid for the integrated urban management project in Lanzhou City, with a total service subsidy of 353 million yuan [10] Group 4 - Anke Rui obtained five invention patent certificates related to various energy management and control technologies [11] - Kebo Da's wholly-owned subsidiary plans to acquire 100% of Czech IMI Company for approximately 9.43 million euros to enhance global production layout [13] - Yantian Port announced a cash dividend of 1.30 yuan per 10 shares, totaling 676 million yuan [14] Group 5 - Huawang Technology plans to distribute a cash dividend of 0.45 yuan per share and a capital reserve increase of 0.20 shares per share [15] - Kabe Yi established a wholly-owned subsidiary in Japan to enhance its business layout [16] - Dongcheng Pharmaceutical's subsidiary received approval for the marketing of sodium fluoride injection, a PET radiopharmaceutical [18] Group 6 - Huaxin New Materials' subsidiary received two utility model patent certificates for innovative devices [19] - Lingang Steel's new 2290 cubic meter blast furnace has been successfully put into operation [21] - Xinlitai received drug registration certificate for Sacubitril/Valsartan tablets, the first of its kind in China [23] Group 7 - Aike Co.'s subsidiary received project designation notices from multiple clients for electric drive platform components [25] - Tonghe Pharmaceutical received drug registration certificate for Apixaban in South Korea [26] - Junting Hotel signed a cooperation agreement with Choice Hotels for exclusive brand usage in mainland China [28] Group 8 - Guangdong Hongtu plans to establish a wholly-owned subsidiary in Zhengzhou to enhance market layout [30] - Yuheng Pharmaceutical signed a joint promotion agreement for Pemafibrate tablets with Xinghe Pharmaceutical [31] - Chongqing Steel terminated the absorption and merger of its wholly-owned subsidiary, citing strategic advantages of independent operation [33] Group 9 - Jihong Co. announced the listing of its H-shares on the Hong Kong Stock Exchange [34] - Deshi Co. announced plans for shareholders to reduce their holdings by up to 0.3% [36] - Xinhai Medical's subsidiary received medical device registration for a dialysis fluid filter [42]

通过社交电商模式开拓跨境业务，成为公司重要增长动能。 5月27日，厦门吉宏科技股份有限公司（吉宏股份，02603.HK/002803.SZ）正式在港交所挂牌上市。 此外，上交所发布沪港通下港股通标的调整通知，吉宏股份被调入沪港通下港股通标的名单，成为首 家港股发行上市就纳入港股通的企业。 上市首日，吉宏股份开盘报11港元/股，较发行价上涨43.23%，市值突破50亿港元。 资料显示，吉宏股份成立于2003年，早期以快消品包装业务为核心，凭借高精度印刷技术和规模化生 产能力，与伊利、瑞幸咖啡等知名快消品牌建立密切合作，是为数不多的有能力提供涵盖完整生产过 程的一站式包装解决方案的中国纸制快消品包装解决方案公司之一。 2017年，吉宏股份捕捉到东南亚电商渗透率快速提升的机遇，依托包装业务积累的供应链资源，创新 性地采用社交电商模式开拓跨境业务。经过多年深耕，该业务已成为公司重要增长动能。 作为一家"数据为轴，技术驱动"的企业，吉宏股份专注于通过独立站模式提供多样化的商品和服务， 通过"货找人"的业务模式，大幅降低客户找货时间成本，提升客户购物体验。 同时，吉宏股份还通过AI技术赋能的全球化布局已形成差异化竞争力， ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co., 002803) has successfully listed on the Hong Kong Stock Exchange, with its share price closing at HKD 10.68, reflecting a 39.06% increase from the final offering price of HKD 7.68 [1][2]. Group 1: IPO Details - The total number of shares offered globally was 67,910,000 H-shares, with 20,373,000 shares allocated for public offering in Hong Kong and 47,537,000 shares for international offering [1][2]. - The total proceeds from the offering amounted to HKD 521.5 million, with a net amount of HKD 415.2 million after deducting estimated listing expenses of HKD 106.4 million [2][3]. Group 2: Fund Utilization - Approximately 40% of the net proceeds will be used for overseas market expansion, 35% for technology development, 15% for expanding the brand portfolio and developing existing proprietary brands, and 10% for working capital and other general corporate purposes [4]. Group 3: Financial Performance - In 2024, Jihong Co. reported revenue of CNY 5.53 billion, a decrease of 17.41% year-on-year, and a net profit attributable to shareholders of CNY 181.93 million, down 47.28% year-on-year [4][5]. - The net profit excluding non-recurring items was CNY 159.95 million, reflecting a 50.83% decrease year-on-year, while the net cash flow from operating activities was CNY 386.68 million, down 46.71% year-on-year [4][5].

Market Overview - The Hong Kong stock market showed volatility in early trading, with the Hang Seng Technology Index dropping over 1% at one point, but later indices rebounded to close higher. The Hang Seng Index rose by 0.43% to 23,381.99 points, with a total turnover of HKD 203.27 billion [1] - Guotai Junan International noted that market sentiment and valuation levels have recovered, indicating that new upward momentum for Hong Kong stocks is developing. Investors are advised to adopt a dividend style as a base and wait for clearer market conditions before increasing allocations in sectors supported by domestic policies [1] Blue Chip Performance - Meituan-W (03690) saw a moderate increase of 2.09%, closing at HKD 132.1, contributing 24.28 points to the Hang Seng Index. The company reported Q1 revenue of RMB 86.557 billion, up 18.1% year-on-year, and a profit attributable to equity holders of RMB 10.057 billion, up 87.33% [2] - Other notable blue chips included CSPC Pharmaceutical Group (01093) which rose by 5.83%, and China Biologic Products (01177) which increased by 4.68% [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector showed strength, with notable gains from companies like Viva Biotech (01873) up 12.73% and Junshi Biosciences (01877) up 12.61%. The upcoming ASCO conference is expected to highlight over 70 research achievements from Chinese pharmaceutical companies, enhancing the outlook for domestic innovation [3][4] New Consumption Sector - The new consumption sector performed well, with companies like Mixue Group (02097) rising by 9.97% and Pop Mart (09992) increasing by 5.42%. Analysts suggest that trends in emotional consumption and health-oriented products are driving growth in this sector [4][5] Aviation Sector - The aviation sector continued its upward trend, with China Eastern Airlines (00670) rising by 4.63%. Analysts attribute this to favorable oil prices and a strengthening RMB, suggesting a potential recovery in airline performance [5] Automotive Sector - The automotive sector faced pressure, with companies like Brilliance China (01114) and GAC Group (02238) declining. The market is observing a new round of price wars among car manufacturers, which could impact profitability [6] Notable Stock Movements - Zhongan Online (06060) surged by 12.16% following the passage of a stablecoin regulation in Hong Kong, which is expected to benefit its virtual asset business [8] - Horizon Robotics (09660) rose by 11.39% after being included in the Hong Kong Stock Connect, which is anticipated to increase liquidity for the stock [9] - Ji Hong Co. (02603) debuted strongly, closing up 39.06% on its first trading day, indicating strong market interest [11] New IPOs - Paig BioPharma-B (02565) experienced a significant drop of 25.9% after its IPO, reflecting market skepticism about its business model and product pipeline [12]

Company Overview - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") officially listed on the Hong Kong Stock Exchange on May 27, 2025, under the stock code 02603.HK [1] - Established in 2003, Jihong Co. operates in cross-border e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3] - The company aims to provide one-stop paper packaging products and services for FMCG clients, focusing on marketing strategies, product design, process design, technical planning, and logistics [3] Industry Insights - The B2C cross-border social media e-commerce business in Asia (excluding mainland China) is expected to experience strong growth due to factors such as a large population base, increasing internet penetration, and a growing middle class [5] - The market size for China's B2C export social media e-commerce in Asia is projected to reach USD 29.1 billion in 2024, with an expected growth to USD 69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.0% from 2024 [5][8] Market Drivers for Social Media E-commerce - Continuous growth in social media platform traffic due to an expanding user base and increased time spent on these platforms [8] - Advancements in data analytics and advertising technology enhance platforms' ability to understand consumer needs and identify potential buyers, increasing purchase motivation and conversion rates [8] - Growing consumer trust in social media platforms, leading to a higher likelihood of purchasing through these channels [8] Market Dynamics for Paper Packaging - The market size for paper packaging in China's FMCG sector has grown from RMB 145.6 billion in 2020 to RMB 170.3 billion in 2024, with expectations to reach RMB 222.7 billion by 2029 [8][10] - Key drivers include the accelerated launch of new products in response to rising consumer expectations and the increasing frequency of product category updates [10] - Environmental policies promoting the use of paper packaging over plastic are expanding market opportunities, as paper is biodegradable and offers superior packaging performance [10][11] - The need for enhanced packaging value due to intense competition in the FMCG sector is driving investment in paper packaging solutions [11]

Core Viewpoint - The recent debut of Ji Hong Co., Ltd. (吉宏股份) on the Hong Kong Stock Exchange has seen a significant stock price surge, reflecting a strong market interest in A+H shares following the successful listings of other companies like CATL and Hengrui Medicine [1][5]. Group 1: Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. officially listed on the Hong Kong Stock Exchange on May 27, with its stock price increasing by over 60% at one point, closing with a gain of 48.70% [1][5]. - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods, ranking second in China's B2C export e-commerce market with a 1.3% market share [5]. - Ji Hong's total market capitalization is approximately 6.2 billion CNY, significantly lower than larger companies like CATL and Hengrui Medicine [5]. - The company reported a decline in revenue and net profit for 2024, with revenue expected to drop by 17.41% and net profit by 47.28% compared to the previous year [6]. - Ji Hong's H-shares were issued at a price of 7.68 HKD, which is nearly 50% lower than its A-share price of 14.09 CNY, indicating a substantial discount [11]. Group 2: Market Performance and Investor Sentiment - The recent trend of A+H shares has been positive, with Ji Hong's strong debut following the impressive performances of CATL and Hengrui Medicine, leading to heightened investor expectations for future A+H listings [1][5]. - Ji Hong's IPO attracted three cornerstone investors, raising approximately 20 million USD, which accounted for about 29.8% of the total shares issued [7]. - The IPO saw a subscription rate of 1.6 times for international placements and 49.4 times for public offerings in Hong Kong, triggering a reallocation of shares [8][9]. - Despite the strong debut, the overall subscription enthusiasm for Ji Hong was not particularly high, as indicated by the lower-than-expected demand compared to other popular Hong Kong stocks [11]. Group 3: Pei Ge Biomedical (派格生物医药) - In contrast to Ji Hong, Pei Ge Biomedical, which also debuted on May 27, experienced a disappointing performance, with its stock price dropping over 17% on the first day [3][13]. - Pei Ge's public offering saw a high subscription rate of 743.78 times, but the international offering was only 1.13 times, indicating a disparity in interest between retail and institutional investors [13][15]. - The company has faced challenges in its listing journey, having previously withdrawn its application for A-share listing in 2022 before successfully listing on the Hong Kong Stock Exchange in 2024 [16][17].

在近期宁德时代、恒瑞医药赴港上市首日大涨之后，又一只A+H新股首日暴涨！ 5月27日，A股公司吉宏股份正式在港交所上市，股票代码为02603.HK，开盘即暴涨，股价涨幅一度超过60%，截至证券时报 记者发稿，其股价涨幅仍有48.70%。 | 11.420 | 10.475(CNY) | | | | | | | | 吉宏股份 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | +3.740 +48.70% | | | | | | | | 2603 | | HKEX HKD 11:03:41 | | | | | | | | | 通 乙 四 | | A股 (002803) | 14.27 | | (-1.59%) 资金流回 | | | | | | | | 委比 | -48.79% 委差 | | -263 | | 主力净流入 | | 主力流入 | | 主力流出 | | 卖五 | 11.540 | 1500 | (3) | | 248 | | 990 | | -742 | | 卖四 | 11.520 | 4.35万 | (8) | | ...