西普尼二次赴港IPO：国产足金手表龙头，销量下滑，账期放宽，现金流吃紧

Group 1 - The article highlights the emergence of new consumer brands in the Hong Kong stock market, specifically mentioning Pop Mart, Mixue Group, and Laopu Gold as the "new consumption trio" [3] - Xipuni, the largest gold watch retailer in China, has submitted its IPO application to the Hong Kong Stock Exchange, raising curiosity about its potential performance in the market [8][12] - Xipuni's market share in gold watches is reported at 24.98% and 35.83% for gold watches made of pure gold, indicating a strong position among domestic brands [12][19] Group 2 - The company has faced declining sales, with a significant drop of 19.9% in 2024 attributed to weak consumer sentiment and economic conditions [27] - The traditional gold watch segment has seen a compound annual growth rate (CAGR) of -6.4% from 2021 to 2024, contrasting with the industry growth rate of 13.3% [30] - Xipuni's inventory turnover days reached 708 days in 2024, significantly higher than its competitors, indicating potential inefficiencies in inventory management [29][30] Group 3 - The company is attempting to diversify by entering the smart watch market and expanding into Southeast Asia and the Middle East, aiming to capture younger consumers [48][53] - Xipuni's revenue from traditional gold watches has decreased from 289.4 million RMB in 2022 to 322.8 million RMB in 2024, while smart watch revenue is still minimal [53] - The company is facing challenges in establishing a competitive edge in international markets, particularly against established local and international brands [54][56]