Xiamen Jihong Technology (SZ:002803) Zheng Quan Shi Bao Wang·2025-05-26 15:34Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co., stock code: 02603.HK) officially listed on the Hong Kong Stock Exchange on May 27, with an issue price of HKD 7.68 per share, and its stock closed at HKD 9.61 in the dark market, reflecting a 25.13% increase from the issue price, marking it as the first A+H company included in the Hong Kong Stock Connect upon listing [1][2]. Group 1: Business Overview - Founded in 2003, Jihong Co. initially focused on fast-moving consumer goods (FMCG) packaging, establishing partnerships with well-known brands like Yili and Luckin Coffee, and providing comprehensive packaging solutions [2]. - In 2017, the management identified the rapid growth of e-commerce penetration in Southeast Asia and innovatively adopted a social e-commerce model, leveraging its packaging business's supply chain resources, which has since become a significant growth driver [2]. - The company has successfully built a dual-driven model of "traditional business as ballast + emerging business as growth engine," with packaging business contributing revenue of CNY 2.099 billion and a gross margin of 17.85%, while cross-border e-commerce generated CNY 3.366 billion, accounting for over 60% of total revenue with a gross margin above 60% [2]. Group 2: Market Strategy and Innovation - Jihong Co. combines stable cash flow from its packaging business with a second growth curve from cross-border e-commerce, supported by technological innovation and regional market expansion [3]. - The company is accelerating the integration of AI into its operations, utilizing algorithms to analyze overseas markets, optimize product selection, and enhance online B2C sales through platforms like Meta and TikTok [3]. - Jihong Co. has established a strategic focus on the Asian market, with over 80% of its revenue coming from this region in 2024, positioning itself as a stable player in global trade cycles [3]. Group 3: Global Expansion and Funding - The Hong Kong listing marks a new phase in Jihong Co.'s globalization strategy, with funds raised aimed at enhancing local operations in Southeast Asia, advancing AI algorithm development, and upgrading supply chain digitalization [4]. - The H-share listing provides a broader financing platform and support for accelerating overseas market expansion, while the A+H structure helps balance domestic and international market risks, enhancing brand recognition and competitiveness [4].