[I. Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) Jihong Co., Ltd. anticipates significant performance growth for both the first three quarters and the third quarter of 2025, with substantial year-over-year increases in profitability metrics [(1) 2025 Q1-Q3 Performance Forecast](index=1&type=section&id=(1)%202025%20%E5%B9%B4%E5%89%8D%E4%B8%89%E5%AD%A3%E5%BA%A6%E9%A2%84%E8%AE%A1%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company forecasts substantial growth in net profit, net profit attributable to shareholders, and non-recurring net profit for 2025 Q1-Q3, with net profit increasing by 95.07% to 105.31% and attributable net profit by 55.00% to 65.00% 2025 Q1-Q3 Performance Forecast | Item | Jan 1, 2025 - Sep 30, 2025 (Estimated) (million CNY) | Prior Period (million CNY) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit | Profit: 256.74 to 270.21 | Profit: 131.61 | 95.07%—105.31% | | Net Profit Attributable to Shareholders of Listed Company | Profit: 208.74 to 222.21 | Profit: 134.67 | 55.00%—65.00% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 200.24 to 213.71 | Profit: 120.83 | 65.72%—76.86% | | Basic Earnings Per Share | Profit: 0.51 to 0.55 (CNY/share) | Profit: 0.36 (CNY/share) | - | [(2) 2025 Q3 Performance Forecast](index=1&type=section&id=(2)%202025%20%E5%B9%B4%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%BA%A6%E9%A2%84%E8%AE%A1%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company forecasts significant year-over-year growth in net profit, net profit attributable to shareholders, and non-recurring net profit for 2025 Q3, with net profit increasing by 83.03% to 103.55% and attributable net profit by 45.40% to 67.01% 2025 Q3 Performance Forecast | Item | Jul 1, 2025 - Sep 30, 2025 (Estimated) (million CNY) | Prior Period (million CNY) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit | Profit: 120.11 to 133.58 | Profit: 65.62 | 83.03%—103.55% | | Net Profit Attributable to Shareholders of Listed Company | Profit: 90.60 to 104.06 | Profit: 62.31 | 45.40%—67.01% | | Net Profit Excluding Non-Recurring Gains and Losses | Profit: 86.97 to 100.44 | Profit: 57.70 | 50.72%—74.05% | | Basic Earnings Per Share | Profit: 0.21 to 0.25 (CNY/share) | Profit: 0.17 (CNY/share) | - | - The performance forecast period is from January 1, 2025, to September 30, 2025, showing an overall upward trend in performance[4](index=4&type=chunk) [II. Communication with Accounting Firm](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the performance forecast, with no discrepancies on the data, though the forecast remains unaudited - The financial data in this performance forecast has not been audited by an accounting firm[6](index=6&type=chunk) - The company has pre-communicated with the accounting firm regarding the performance forecast, and there are no discrepancies between the parties on the forecast[6](index=6&type=chunk) [III. Reasons for Performance Change](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0) Significant performance growth is primarily driven by enhanced brand building, regional expansion, and technology in cross-border social e-commerce, alongside improved profitability in packaging business through strategic partnerships and refined management - Cross-border social e-commerce business achieved substantial growth in revenue and profit through technology-driven initiatives, deepened brand building, and regional expansion, boosting the company's overall performance[7](index=7&type=chunk) - Packaging business benefited from long-term strategic collaborations with leading enterprises in fast-moving consumer goods sub-sectors, with refined group management continuously improving operational and resource utilization efficiency, leading to significant profitability enhancement[7](index=7&type=chunk) [IV. Other Related Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) This performance forecast represents preliminary financial department estimates, unaudited by certified public accountants, with final data subject to the company's 2025 Q3 report, cautioning investors about investment risks - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by a certified public accountant[8](index=8&type=chunk) - Specific financial data should refer to the company's disclosed 2025 Q3 report; investors are advised to make prudent decisions and be aware of investment risks[8](index=8&type=chunk)

Group 1: Policy Measures - The Ministry of Commerce and nine other departments released measures to promote service exports, focusing on fiscal, financial, and facilitation aspects [1] - The measures include 13 specific initiatives, such as enhancing support for key areas and projects in service exports and optimizing tax refund processes [1] - Financial policies emphasize increasing export credit insurance support and improving financial services for small and micro enterprises [1] Group 2: Cross-Border E-commerce Growth - China's cross-border e-commerce trade has shown stable growth, with exports expected to exceed 2.15 trillion yuan in 2024, marking a 16.9% increase from 2023 [2] - Over 70% of surveyed enterprises anticipate stable or growing cross-border e-commerce imports and exports in 2025 [2] - Taobao's cross-border business plans to invest 1 billion yuan in marketing subsidies for the upcoming "Double 11" event, aiming to double overseas transactions for 100,000 merchants [2] Group 3: Competitive Landscape - AliExpress launched a "Super Brand Going Global Plan," aiming to compete directly with Amazon by offering lower costs for higher sales [3] - The number of new brands on AliExpress increased by 70% in the first half of the year, with over 500 brands doubling their sales [3] - Analysts suggest that cross-border e-commerce platforms will benefit from rising demand for overseas services and increased buyer traffic in non-U.S. regions [3][4] Group 4: Company Performance - Zibuyu reported a 34.1% increase in total revenue to approximately 1.9613 billion yuan for the first half of 2025, driven by brand development and expansion beyond Amazon [5] - JD Group's revenue grew by 22.4% year-on-year in the second quarter, achieving a three-year high, with expectations for further margin improvement [6] - Pinduoduo initiated a significant support program for merchants, aiming to enhance quality development across various regions [6] Group 5: Stock Recommendations - Analysts recommend companies with strong brand potential and improving performance, including Anker Innovation and Ugreen Technology in the B2C sector, and Xiaogoods City in the B2B sector [4] - Other recommended companies for overseas expansion include Miniso and Kangnait Optical [4] - Zhongtong Express received an upgraded rating from "Outperform" to "Buy," with a target price increase based on improved industry pricing conditions [7]

Core Viewpoint - Jihong Co., Ltd. has seen a stock price increase of 5.03% on September 18, reaching 18.59 CNY per share, with a total market capitalization of 8.415 billion CNY, indicating a cumulative increase of 6.24% over three consecutive days [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 (65.45% of revenue), packaging (34.49%), and other services (0.06%) [1] Fund Holdings - Huatai-PB Fund holds a significant position in Jihong Co., Ltd., with its Huatai-PB CSI 2000 Index Enhanced A Fund (019923) owning 224,200 shares, representing 0.79% of the fund's net value [2] - The fund has generated a floating profit of approximately 199,500 CNY today and 233,200 CNY during the three-day price increase [2] Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with varying tenures and performance metrics [3] - Sheng Hao has a tenure of nearly 10 years with a best return of 121.58% [3] - Lei Wenyuan and Kong Lingye have tenures of about 3 years, with best returns of 73.6% [3]

Market Overview - The Shanghai Composite Index rose by 0.37% on September 17, with 20 industries experiencing gains, led by the power equipment and automotive sectors, which increased by 2.55% and 2.05% respectively [1] - The retail trade sector ranked second in terms of decline, falling by 0.98% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.306 billion yuan, with five industries seeing net inflows [1] - The power equipment industry had the highest net inflow of 1.835 billion yuan, while the automotive sector followed with a net inflow of 1.142 billion yuan [1] Retail Sector Performance - The retail trade industry saw a net capital outflow of 3.338 billion yuan, with 97 stocks in the sector; 19 stocks rose while 76 fell [2] - Among the stocks with net inflows, Huazhi Wine Holdings led with a net inflow of 105 million yuan, followed by Cuiwei Co. and Jihong Co. with inflows of 42.27 million yuan and 25.15 million yuan respectively [2] - The stocks with the highest net outflows included Gongxiao Daji with 1.333 billion yuan, followed by Yiyaton with 391 million yuan and Bubugao with 284 million yuan [2] Notable Stock Movements - The top gainers in the retail sector included Huazhi Wine Holdings with a 12.97% increase and Jihong Co. with a 4.06% increase [5] - Conversely, stocks like Yiyaton and Bubugao experienced declines of 4.80% and 5.50% respectively [2][5]

Group 1 - The liquor concept sector experienced a decline of 1.19% as of the market close on September 17, ranking among the top declines in concept sectors [1] - Within the liquor sector, stocks such as Yiatong, Kweichow Moutai, and Wuliangye saw significant net outflows of main funds, with Yiatong leading at a net outflow of 3.91 billion yuan [2][3] - Conversely, stocks like Kouzi Jiao and Jihong Co. saw net inflows of main funds, with Kouzi Jiao receiving 98.33 million yuan [2][4] Group 2 - The top gainers in the liquor sector included Jihong Co. with an increase of 4.06%, Kouzi Jiao with 2.98%, and Huachuang Yunxin with 0.92% [1][4] - The main funds saw a net outflow from 39 stocks in the liquor sector, with six stocks experiencing outflows exceeding 100 million yuan [2] - The overall market sentiment in the liquor sector appears negative, as indicated by the significant outflows and the majority of stocks declining in value [2][3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]

Group 1 - The company, Jihong Co., Ltd. (002803)(02603), announced a proposed interim dividend of 0.18 yuan per share for the six months ending June 30, 2025 [1]

Group 1 - The company, Jihong Co., Ltd. (02603), announced a proposed interim dividend of HKD 0.18 per share for the six months ending June 30, 2025 [1]

Group 1 - The company announced that its second extraordinary general meeting for 2025 was held on September 8, 2025 [2] - The meeting approved several proposals, including the profit distribution plan for the first half of 2025 [2]

证券代码：002803 证券简称：吉宏股份 公告编号：2025-063 厦门吉宏科技股份有限公司 一、会议召开和出席情况 1、会议召开时间 （1）现场会议时间：2025年9月8日（星期一）下午14:30，会期半天。 2025 年第二次临时股东会决议公告 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、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 5、会议主持人：董事长王亚朋先生。 （2）网络投票时间：2025年9月8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：2025年9月8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：2025年9月8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 本次股东会采取现场投票与网络投票相结合的方式，并通过深圳证券交易所 交易系统和互联网投票系统为A股股东提供网络投票平台。 4、会议召集人：公司第五届董事会。 6、本次 ...