“国产劳力士”上市首日大涨两倍，出身莆田，高端款定价5万

Core Viewpoint - The surge in gold prices has significantly boosted the gold business, leading to remarkable stock performances, exemplified by the listing of Xipuni Precision Technology Co., Ltd. on the Hong Kong Stock Exchange, which is referred to as "China's first gold watch stock" [2][4]. Company Overview - Xipuni Precision, founded in 2013, specializes in the design, manufacturing, and branding of gold watch cases and bands, operating under its own brands "HIPINE" and "GOLDBEAR," as well as providing ODM services for other brands [5][9]. - The company is headquartered in Shenzhen, a major hub for gold and jewelry distribution in China [5]. Financial Performance - The company issued shares at HKD 29.6, raising a total of HKD 314 million, with a net amount of HKD 269 million after expenses [4]. - On its first trading day, the stock opened at HKD 84, peaked at HKD 130, and closed at HKD 106, marking a 258.11% increase from the issue price [4]. - Revenue projections for 2022, 2023, and 2024 are CNY 324 million, CNY 445 million, and CNY 457 million respectively, with gross profits of CNY 64 million, CNY 108 million, and CNY 124 million [7][8]. Market Position - The Chinese precious metal watch market is projected to reach CNY 26.46 billion in 2024, with gold watches accounting for 93.48% of this market [7]. - Xipuni holds a market share of 27.08% in the gold watch segment and 28.96% in the gold-inlaid watch segment [7]. Competitive Advantage - The company's proprietary gold hardening technology enhances the strength and durability of gold, addressing traditional material weaknesses [9]. - Xipuni's product range includes over 10,000 SKUs, with a focus on blending traditional culture with modern design [11]. Business Strategy - The company aims to expand its production capacity and invest in smart wearable technology, leveraging partnerships with major brands like Huawei [11]. - Xipuni is also exploring international markets, including Malaysia and the Middle East, to broaden its customer base [11]. Ownership Structure - The company is a family-owned business led by founder Li Yongzhong, with significant shareholding by family members and an employee stock ownership plan [13].