跨境社交电商龙头吉宏股份“叩响”港股大门：借力国际资本加码跨境社交电商，剑指新兴市场增长极

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to leverage international capital for further expansion in the cross-border e-commerce sector [2][3][4]. Company Overview - Jihong Co. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016, with the stock code 002803.SZ [4]. - The company focuses on providing marketing strategies, product design, process design, technical planning, transportation, and logistics services [4]. - Jihong Co. has established deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, enhancing its competitive edge through technology [4][5]. Financial Performance - Jihong Co.'s revenue for 2022, 2023, and 2024 was reported at RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with corresponding net profits of RMB 172 million, RMB 332 million, and RMB 184 million [4]. - For the first quarter of 2025, the company achieved revenue of RMB 1.477 billion, a year-on-year increase of 11.55%, and a net profit of RMB 59 million, up 38.21% year-on-year [13][15]. Market Position - Jihong Co. ranks second among B2C export e-commerce companies in China, holding a market share of 1.3%, and is the leading provider in the paper-based FMCG sales packaging sector with a market share of 1.2% [6][11]. - The paper-based FMCG sales packaging market in China is projected to grow from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024, driven by increasing investment in packaging by the FMCG industry [8]. Strategic Initiatives - The company is focusing on AI-driven cross-border e-commerce, self-brand development, and expanding its packaging business internationally [13]. - Jihong Co. has formed a strategic partnership with VENUSTRADINGFZCO to establish a joint venture in the UAE, aiming to enhance its presence in the Middle East and Africa [14]. Industry Trends - The paper-based packaging industry is experiencing rapid growth, supported by environmental policies and technological advancements [10][11]. - The market for paper-based FMCG sales packaging is expected to continue expanding, with a projected market size of RMB 222.7 billion by 2029 [8].