Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

Core Viewpoint - The stock of Jihong Co., Ltd. has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 17.97% as of January 15, 2023 [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its IPO on July 12, 2016 [2] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), with revenue contributions of 65.45% from e-commerce and 34.49% from packaging [2] - The business operates through three segments: cross-border social e-commerce, paper packaging services, and other marketing and advertising services [2] Financial Performance - As of September 30, 2025, Jihong Co., Ltd. reported a revenue of 5.039 billion yuan, reflecting a year-on-year growth of 29.29%, and a net profit of 216 million yuan, up 60.11% [3] - The company has distributed a total of 706 million yuan in dividends since its A-share listing, with 519 million yuan in the last three years [4] Shareholder Information - The number of shareholders increased to 40,800, a rise of 10.93%, while the average circulating shares per person decreased by 9.85% to 7,084 shares [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest shareholder, holding 39.41 million shares, a decrease of 87,900 shares from the previous period [4]

Core Viewpoint - Jihong Co., Ltd. (02603) has seen its stock price increase by over 8% during trading, currently up 6.88% at HKD 14.44, with a trading volume of HKD 20.45 million [1] Group 1: Company Announcement - On January 12, Jihong Co., Ltd. announced that its wholly-owned subsidiary, Hong Kong Zhuque International Co., Ltd., plans to establish a wholly-owned subsidiary in Shenzhen named Shenzhen Jihong Packaging Co., Ltd. with a registered capital of HKD 60 million to 80 million [1] - The establishment of the Shenzhen subsidiary is aimed at enhancing the company's packaging business layout, aligning with the overall development strategy and operational needs of the company [1] - In addition to production and sales, the Shenzhen subsidiary will be responsible for the main tasks of the company's domestic and international packaging production base's research and design center, including research and development of packaging materials, design of packaging solutions, process innovation, and technical support [1] - This initiative is expected to facilitate centralized management and efficient allocation of R&D resources, shorten decision-making processes, and improve the efficiency of R&D results conversion, positively impacting the expansion of the company's packaging business [1]

Core Viewpoint - Jihong Co., Ltd. (002803) announced the establishment of a wholly-owned subsidiary in Shenzhen, which is expected to enhance its packaging business layout and align with its overall strategic development [1] Group 1: Company Announcement - On January 12, Jihong Co., Ltd. announced plans to set up a wholly-owned subsidiary, Shenzhen Jihong Packaging Co., Ltd., with a registered capital of HKD 60 million to 80 million [1] - The new subsidiary will focus on research and development, design, and innovation in packaging materials and solutions, in addition to production and sales [1] Group 2: Strategic Implications - The establishment of the Shenzhen subsidiary is aimed at centralizing R&D resources and improving decision-making processes, which is expected to enhance the efficiency of converting R&D outcomes into practical applications [1] - This move is seen as a positive step towards expanding the company's packaging business and fulfilling its operational needs [1]

Market Overview - The internet e-commerce sector experienced a decline of 1.46% on January 13, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Notable stock performances included: - Saiwei Times (301381) closed at 22.94, up 0.88% with a trading volume of 114,200 shares and a transaction value of 265 million [1] - ST Yigou (002024) closed at 1.66, up 0.61% with a trading volume of 350,700 shares and a transaction value of 57.89 million [1] - Qingmu Technology (301110) closed at 93.10, down 5.97% with a trading volume of 126,800 shares and a transaction value of 1.239 billion [2] Capital Flow - The internet e-commerce sector saw a net outflow of 506 million from main funds, while retail investors contributed a net inflow of 508 million [2] - Detailed capital flow for selected stocks showed: - Liren Lizhuang (605136) had a main fund net inflow of 14.37 million, while retail investors had a net inflow of 1.06 million [3] - ST Yigou (002024) had a main fund net inflow of 7.48 million, but a significant retail outflow of 1.40 million [3]

王亚朋先生未来的工作重心将聚焦带领公司跨境社交电商业务的深度改革与创新，结合受让跨境社交电 商子公司股权，全力推动业务规模扩张与业绩提升，为公司创造更大的经济利益和投资价值。 其中，将所持深圳吉客拓40%的股权以约259.89万元的价格转让给控股子公司西安丹骏数字科技有限公 司(公司持股比例55%)，将所持深圳吉客拓20%的股权以约129.94万元的价格转让给王亚朋先生，将所 持深圳吉客拓15%的股权以约97.46万元的价格转让给窦剑先生，将所持深圳吉客拓10%的股权以约 64.97万元的价格转让给李柯莹女士。 本次转让深圳吉客拓部分股权给王亚朋先生等人，符合公司未来战略规划与业务发展需求，王亚朋先生 在卸任公司第五届董事会董事长后，将专注全面负责公司核心业务板块之一的跨境社交电商业务，并担 任多家子公司董事、总经理及法定代表人职务。 吉宏股份（002803）(02603)公布，深圳吉客拓系公司持股85%的子公司，为进一步建立健全子公司的长 效激励机制，优化子公司股权结构，以期引进更多管理人才、整合积累更多资源，促进子公司经营业务 的长足发展，公司拟转让所持深圳吉客拓股权。 ...

Core Viewpoint - The company plans to transfer part of its equity in Shenzhen Jiketuo to optimize its subsidiary's equity structure and attract more management talent, aiming to promote long-term business development [1] Group 1: Equity Transfer Details - The company will transfer 40% of its stake in Shenzhen Jiketuo for approximately 2.599 million yuan to its controlling subsidiary, Xi'an Danjun Digital Technology Co., Ltd. [1] - A 20% stake will be transferred to Mr. Wang Yapeng for about 1.2994 million yuan [1] - A 15% stake will be transferred to Mr. Dou Jian for approximately 974,600 yuan [1] - A 10% stake will be transferred to Ms. Li Keying for about 649,700 yuan [1] Group 2: Strategic Implications - The equity transfer aligns with the company's future strategic planning and business development needs [1] - Mr. Wang Yapeng, after stepping down as chairman, will focus on leading the company's cross-border social e-commerce business and will hold multiple managerial roles in subsidiaries [1] - The company aims to drive deep reform and innovation in its cross-border social e-commerce business, leveraging the equity transfer to enhance business scale and performance [1]

Core Viewpoint - The establishment of a wholly-owned subsidiary in Shenzhen by the company is aimed at enhancing its packaging business layout and aligns with its overall development strategy and operational needs [1][2] Group 1: Company Strategy - The subsidiary, Shenzhen Jihong Packaging Co., Ltd., will have a registered capital of HKD 60 million to 80 million [1] - The main business scope includes printing of packaging and decorative printing products, production of food paper packaging and container products, and manufacturing of paper and cardboard containers [1] - The subsidiary will also engage in research and design for packaging production bases, focusing on material research, packaging design, process innovation, and technical support [2] Group 2: Operational Efficiency - The establishment of the Shenzhen subsidiary is expected to centralize management of R&D resources and improve efficiency in resource allocation [2] - It aims to shorten decision-making processes and enhance the conversion efficiency of R&D outcomes, positively impacting the expansion of the company's packaging business [2]

Core Viewpoint - The establishment of a wholly-owned subsidiary in Shenzhen by the company is aimed at enhancing its packaging business layout and aligns with its overall development strategy and operational needs [1][2] Group 1: Company Investment and Structure - The company plans to use its own funds to set up Shenzhen Jihong Packaging Co., Ltd. with a registered capital of HKD 60 million to 80 million [1] - The subsidiary will engage in various activities including printing of packaging and decorative printing, production of food paper packaging and container products, and manufacturing of paper and cardboard containers [1] Group 2: Strategic Benefits - The new subsidiary will not only focus on production and sales but will also serve as a research and design center for domestic and international packaging production bases [2] - Key functions will include research and development of packaging materials, design of packaging solutions, process innovation, and technical support, which will facilitate centralized management and efficient allocation of R&D resources [2] - This initiative is expected to shorten decision-making processes and improve the efficiency of converting R&D results into practical applications, positively impacting the expansion of the company's packaging business [2]

（记者 王晓波） 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 每经AI快讯，吉宏股份1月12日晚间发布公告称，公司第六届第二次董事会会议于2026年1月9日在公司 会议室以现场结合通讯方式召开。会议审议了《关于对外投资设立全资子公司的议案》等文件。 ...