现场直击 | 创始人敲锣，27岁董事致辞，厦门“A+H”第一股 吉宏股份港股上市首日股价大涨

Core Viewpoint - Two companies listed on the same day in Hong Kong experienced opposite market performances, with one company seeing a significant drop in stock price while the other enjoyed a substantial increase [1][2]. Company Overview - Jihong Co., Ltd. (吉宏股份) is the first "A+H" listed company from Xiamen and the fifth A-share company to list on the Hong Kong Stock Exchange this year, with an initial share price of HKD 7.68 and a global offering of 67.91 million shares [3][4]. - The company was founded in 2003, initially providing one-stop paper packaging products and services for fast-moving consumer goods [4]. Financial Performance - Jihong's revenue for 2022, 2023, and 2024 was CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion, respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million [6]. - In Q1 2025, the company reported revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, and a net profit of CNY 59.16 million, up 38.21% [6]. Business Segments - The cross-border e-commerce business has become Jihong's main revenue source, generating CNY 3.107 billion, CNY 4.257 billion, and CNY 3.366 billion in 2022, 2023, and 2024, respectively, accounting for 57.8%, 63.6%, and 60.9% of total revenue [7]. - The paper packaging business generated CNY 1.983 billion, CNY 2.097 billion, and CNY 2.099 billion in the same years, representing 36.9%, 31.3%, and 38% of total revenue [7]. Market Position - Jihong ranks second among B2C export e-commerce companies in China with a market share of 1.3% and holds the top position in the paper packaging sector with a market share of 1.2% [7]. Future Plans - The company plans to use approximately 40% of the funds raised from the Hong Kong listing for overseas market expansion, including untapped Asian regions and cross-border e-commerce in Europe and Latin America [8]. - About 35% of the funds will be allocated to enhancing R&D capabilities and data analysis, while 15% will focus on expanding the brand portfolio and developing existing proprietary brands [8]. - Jihong aims to improve its AI technology capabilities to analyze overseas markets and optimize product selection and customer targeting through social media platforms [8].