吉宏股份：双轮驱动全球化战略落地 H股上市开启国际资本新航道

Core Viewpoint - Jihong Co., Ltd. is launching a global offering of H shares, marking a significant step in its dual-platform strategy of "A+H" and aiming to inject global momentum into its cross-border e-commerce and green packaging businesses [1] Group 1: Global Offering Details - The global offering consists of 67,910,000 H shares, with 6,791,000 shares allocated for public offering in Hong Kong and 61,119,000 shares for international offering [1] - The price range for the H share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [1] Group 2: Cross-Border E-Commerce Performance - Jihong Co., Ltd. ranks second among Chinese B2C export e-commerce companies with a market share of 1.3%, generating revenue of CNY 336,590.31 million from its cross-border social e-commerce business in 2024 [2] - The company's unique "goods find people" model has contributed to its success, allowing for proactive identification of target customers based on consumer data [2][3] - Revenue from the cross-border social e-commerce business accounted for 57.8%, 63.6%, and 60.9% of total revenue from 2022 to 2024, with corresponding gross profit margins of 59.1%, 63.1%, and 60.5% [3] Group 3: Packaging Business Growth - Jihong Co., Ltd. is a leading provider of paper packaging solutions in mainland China, with a market share of 1.2% in the fast-moving consumer goods (FMCG) packaging sector [4] - The market size for paper FMCG packaging in mainland China is projected to grow from CNY 145.6 billion in 2020 to CNY 170.3 billion in 2024, with expectations to reach CNY 222.7 billion by 2029 [5] - The company has established strong partnerships with major FMCG brands, enhancing its competitive position in the packaging industry [6] Group 4: Environmental Trends and Innovations - The shift towards environmentally friendly packaging solutions is reshaping the industry, with increasing emphasis on sustainability and compliance with ESG policies [5] - Jihong Co., Ltd. has been proactive in developing eco-friendly packaging materials and technologies, positioning itself to benefit from the growing demand for sustainable packaging [6]