吉宏股份：“A+H”上市在即，“AI+”跨境电商龙头将迎价值重估

Core Viewpoint - Xiamen Jihong Co., Ltd is set to become the first "AI-driven cross-border social e-commerce A+H stock" after successfully passing the Hong Kong Stock Exchange hearing, highlighting its unique business model and strong market position in the cross-border e-commerce sector [1] Group 1: Business Model and Market Position - The company has established a dual-driven business model combining cross-border social e-commerce and paper fast-moving consumer goods (FMCG) packaging, leveraging AI technology to create significant barriers to entry [1][3] - In 2024, the revenue from cross-border social e-commerce is projected to be 33.66 billion RMB, accounting for over 60% of total revenue, with a gross margin of 60.5% [3] - The company ranks second among Chinese B2C export e-commerce companies and first in paper FMCG packaging in mainland China, solidifying its market leadership [5] Group 2: Financial Performance - Despite industry challenges, the company achieved a revenue of 55.29 billion RMB in 2024, with a first-quarter revenue of 14.77 billion RMB in 2025, reflecting an 11.55% year-on-year growth [2] - The net profit for the first quarter of 2025 reached 59.16 million RMB, a 38.21% increase year-on-year, with a non-recurring net profit growth of 51.04% [2] Group 3: AI Integration and Technological Advancements - The company has integrated AI and big data into its operations, enhancing its cross-border e-commerce capabilities through the self-developed management system "Giikin," which addresses challenges like information asymmetry and cultural differences [7][8] - The Giikin system has accumulated over 611,000 SKUs and 5.8 million advertising materials, optimizing supply chain efficiency and reducing inventory levels [8] Group 4: International Expansion and Strategic Partnerships - The company has established stable partnerships with leading FMCG brands like Yili and Luckin Coffee, and has become a supplier for major global chains such as Woolworths and McDonald's [4] - The Asian market contributed 80.9% of revenue in 2024, with ongoing efforts to penetrate the Middle East and Africa, enhancing the company's localized supply chain [4] Group 5: Future Growth Potential - The company is expected to further develop its SaaS platform "Jimiaoyun," which provides tailored services for cross-border e-commerce suppliers, potentially creating new growth avenues [9] - As an A+H listed company successfully integrating AI with cross-border e-commerce, the company is positioned for significant growth in both performance and valuation [9]