Core Viewpoint - The article discusses the IPO of Xipuni, a precious metal watch company, and addresses concerns about potential delays in fundraising due to external factors like typhoons, emphasizing that such events would likely affect all companies involved in the market [1]. Group 1: IPO Information - Company Name: Xipuni (02583.HK) [2] - Industry: Precious Metal Watches [2] - Offering Period: September 19 to September 24 [2] - Total Shares Issued: 1,060 shares, with 10% for public offering and 90% for international placement [2] - Offering Price: HKD 27 to 29.6 [2] - Market Capitalization: HKD 1.588 billion to 1.741 billion [2] - Price-to-Earnings Ratio: 32 times [2] - Minimum Subscription Amount: HKD 2,990 [2] - Listing Date: September 29 [2] - Sponsor: China Ping An Capital [2] Group 2: Company Overview - Xipuni was established in 2013 in Shenzhen and operates in the design, manufacturing, and branding of precious metal watches [3]. - The business consists of two main segments: Own Brand Manufacturing (OBM) and Original Design Manufacturing (ODM) [3]. - Xipuni holds two proprietary watch brands: core brand "HIPINE" and sub-brand "GOLDBEAR" [3]. - The company is the largest gold watch brand in China by GMV, with a market share of 27.08% in 2024 [3]. Group 3: Financial Performance - Revenue for fiscal years 2022, 2023, and 2024 was RMB 324 million, RMB 445 million, and RMB 457 million, respectively [4]. - Net profit for the same years was RMB 24.54 million, RMB 52.10 million, and RMB 49.35 million [4]. - In the first five months of 2025, revenue reached RMB 231 million, a year-on-year increase of 21.6% [5]. - Gross margin improved from 19.8% in 2022 to 27.2% in 2024, further rising to 31.01% in the first five months of 2025 [5]. Group 4: Market Position and Risks - Xipuni's revenue is primarily derived from watches and jewelry, with a notable shift in product structure observed in 2025 [6]. - The company is reducing reliance on traditional watches, with precious metal jewelry and products accounting for 46.6% of revenue in early 2025 [6]. - A significant risk is the high dependency on major clients, with sales to the top five clients exceeding 85% of total revenue for three consecutive years [7]. - The competitive landscape includes international high-end brands and domestic competitors, posing threats to Xipuni's market position [8]. Group 5: Industry Outlook - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion in 2029, with a CAGR of 5.19% [8]. - Xipuni's business model is increasingly aligned with that of a gold jewelry company, as gold jewelry revenue has become a significant portion of total revenue [8]. - Comparatively, Xipuni's valuation appears reasonable against peers in the jewelry sector, with a forward valuation of 19 times [9].
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