Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co.) has made a significant market debut, becoming the first "AI cross-border social e-commerce A+H stock" in the Hong Kong market, reflecting the strong momentum of China's cross-border e-commerce industry amid globalization and digitalization [1][3] Group 1: Company Performance - In 2024, Jihong Co. achieved impressive financial results with a revenue of 552.93 million yuan and a net profit of 18.19 million yuan [4] - The company's cross-border social e-commerce business generated revenue of 336.59 million yuan, becoming the core engine of its growth [4] - Jihong Co. ranks second in the Chinese B2C export e-commerce sector with a 1.3% market share [4] Group 2: Business Model and Strategy - Jihong Co. operates under a dual-driven business model, combining cross-border social e-commerce with paper packaging solutions [3][4] - The company employs a unique "goods find people" model, leveraging consumer data to identify needs and guide purchasing decisions, contrasting with the traditional "people find goods" approach [5][6] - The cross-border social e-commerce business accounted for 60.9% of total revenue in 2024, with a high gross margin of 60.5% [6] Group 3: Packaging Solutions - Jihong Co. is a leading provider of one-stop paper packaging solutions, integrating various processes from design to logistics [8][9] - The company holds a 1.2% market share in the Chinese paper packaging sector, ranking first in revenue among domestic companies [9] - The paper packaging market in China is projected to grow from 1,456 billion yuan in 2020 to 1,703 billion yuan in 2024, with expectations to reach 2,227 billion yuan by 2029 [9] Group 4: Environmental and Market Trends - The company is positioned to benefit from increasing environmental awareness and stringent ESG policies, which are reshaping the packaging industry [10][11] - Jihong Co. has seen its paper packaging output rise from 846.7 million square meters in 2022 to 1,026.1 million square meters in 2024 [11] - The company has established partnerships with major brands like Yili and McDonald's, enhancing its market presence [12] Group 5: Future Outlook - Jihong Co. aims to transition from merely "cross-border selling" to "brand output," with a target to increase brand business contribution to 30% by 2027 [13] - The company's strategic focus includes leveraging AI technology and expanding its brand matrix to explore new valuation opportunities [14]

通过社交电商模式开拓跨境业务，成为公司重要增长动能。 5月27日，厦门吉宏科技股份有限公司（吉宏股份，02603.HK/002803.SZ）正式在港交所挂牌上市。 此外，上交所发布沪港通下港股通标的调整通知，吉宏股份被调入沪港通下港股通标的名单，成为首 家港股发行上市就纳入港股通的企业。 上市首日，吉宏股份开盘报11港元/股，较发行价上涨43.23%，市值突破50亿港元。 资料显示，吉宏股份成立于2003年，早期以快消品包装业务为核心，凭借高精度印刷技术和规模化生 产能力，与伊利、瑞幸咖啡等知名快消品牌建立密切合作，是为数不多的有能力提供涵盖完整生产过 程的一站式包装解决方案的中国纸制快消品包装解决方案公司之一。 2017年，吉宏股份捕捉到东南亚电商渗透率快速提升的机遇，依托包装业务积累的供应链资源，创新 性地采用社交电商模式开拓跨境业务。经过多年深耕，该业务已成为公司重要增长动能。 作为一家"数据为轴，技术驱动"的企业，吉宏股份专注于通过独立站模式提供多样化的商品和服务， 通过"货找人"的业务模式，大幅降低客户找货时间成本，提升客户购物体验。 同时，吉宏股份还通过AI技术赋能的全球化布局已形成差异化竞争力， ...

Core Viewpoint - Jihong Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first company in Xiamen to achieve "A+H" listing, which is expected to enhance its industry competitiveness and brand influence [1][4]. Company Overview - Jihong Co., Ltd. was established in 2003 in Xiamen and specializes in color printing packaging design and production, covering various sectors including fast-moving consumer goods, food packaging, and electronics packaging [4]. - The company has transformed into a dual-driven enterprise based on technology, innovation, and digital empowerment, with cross-border social e-commerce and paper-based fast-moving consumer goods packaging solutions [4]. Financial Performance - For 2024, Jihong Co., Ltd. is projected to achieve total revenue of 5.529 billion RMB and a net profit of 184 million RMB [6]. - The revenue from the cross-border social e-commerce business is expected to be 3.366 billion RMB, accounting for 60.9% of total revenue, while the paper packaging business is projected to generate 2.099 billion RMB, making up 38.0% of total revenue [6]. - The gross margin of the cross-border social e-commerce business has improved from 40.5% in 2022 to 43.8% in 2024, contributing to the overall increase in the company's gross margin [6]. IPO Details - Jihong Co., Ltd. raised approximately 522 million HKD through its IPO, with around 40% of the funds allocated for overseas market expansion, 35% for technology development, 15% for expanding brand portfolio and developing existing self-owned brands, and the remaining 10% for working capital and general corporate purposes [6].

Group 1: Company Overview - Jihong Co., Ltd. (吉宏股份) is a leading player in the cross-border social e-commerce sector and has established itself as a key provider of paper packaging products for fast-moving consumer goods (FMCG) since its founding in 2003 [1][4] - The company went public on the Shenzhen Stock Exchange in July 2016 and expanded its business into cross-border social e-commerce in 2017, which has since become its primary revenue source [1][4] - Jihong Co., Ltd. aims to leverage its dual business model of cross-border social e-commerce and paper packaging to create synergies and mitigate risks [4] Group 2: Market Performance and Financials - Jihong Co., Ltd. reported total revenues of CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion for the years 2022, 2023, and 2024 respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million during the same period [6] - In Q1 2025, the company achieved revenue of CNY 1.477 billion, representing a year-on-year growth of 11.55%, with a net profit of CNY 59.16 million, up 38.21% [6] Group 3: IPO and Fund Utilization - The company has set the final price for its H-share IPO at HKD 7.68 per share, with trading expected to commence on May 27, 2025 [1] - Proceeds from the IPO will be allocated as follows: approximately 40% for overseas market expansion, 35% for technology development, 15% for brand expansion, and 10% for working capital [7][8] Group 4: Industry Trends and Growth Potential - The cross-border social media e-commerce sector in China is rapidly reshaping global trade, with a projected market size of USD 927.6 billion by 2029, accounting for 11.4% of the global B2C e-commerce market [3] - The Asian e-commerce market, particularly outside of China, is expected to show significant growth potential due to factors such as a large population base, increasing internet penetration, and a growing middle class [2][3]

Core Insights - The online market for liquor is expanding rapidly, driven by changing consumer habits and the adoption of new sales channels such as live streaming and social media marketing [1][2][3] - Major liquor brands are focusing on building trust with consumers by addressing issues related to counterfeit products and after-sales service [1][4][6] Group 1: Online Sales Growth - The online sales revenue for major liquor companies in 2024 includes Guizhou Moutai at 22.119 billion yuan, with its "i Moutai" platform contributing 20.024 billion yuan [1] - Other brands like Wuliangye, Yanghe, Luzhou Laojiao, and Shanxi Fenjiu reported online sales of 4.404 billion yuan, 0.394 billion yuan, 1.479 billion yuan, and 2.105 billion yuan respectively [1] - Live streaming has become the largest online sales channel, accounting for 38% of sales, surpassing online malls at 35% [2] Group 2: Consumer Trust and Challenges - Consumers express concerns over product authenticity and after-sales service when purchasing liquor online, with a significant number of complaints related to these issues [4] - The number of complaints related to liquor on the Black Cat Complaints App reached 348,000, primarily concerning after-sales service [4] - The rise of "price hiking and then discounting" tactics has made consumers cautious about online purchases [4] Group 3: Strategic Shifts in Marketing - Liquor companies are shifting from merely relying on low-price promotions to creating a closed-loop system of "public domain traffic + private domain retention" [3] - The focus is on enhancing brand influence through social e-commerce and user sharing, with a notable trend towards targeting younger consumers [2][5] - Companies like Yanghe are adjusting product designs and marketing strategies to cater to a younger, more educated consumer base [10][12] Group 4: Technological Innovations - Innovations such as blockchain traceability and holographic anti-counterfeiting technologies are being implemented to enhance product authenticity verification [6] - The establishment of a transparent supply chain is essential for building consumer trust in the online liquor market [6] Group 5: Future Growth Opportunities - The next growth phase for online liquor consumption is expected to come from social e-commerce and digital experience innovations [14] - Companies are encouraged to explore strategies that integrate online and offline channels to leverage their respective market advantages [13]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. has officially launched its IPO plan on the Hong Kong Stock Exchange, aiming for listing on May 27, 2025, to further expand its capital market presence [1] Group 1: IPO Details - The IPO price range is set between HKD 7.48 and HKD 10.68, with a global offering of 67.91 million H-shares, potentially raising approximately HKD 725 million at the highest price [1] - Key cornerstone investors, including Timber Kangaroo, Yulong International, and Ms. Shen Zhenyu, have committed to subscribe for a total of HKD 155 million worth of shares [1] Group 2: Financial Performance - Revenue for the years 2022, 2023, and 2024 reached RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion respectively, with a notable decline in 2024 revenue compared to 2023 [2][3] - Despite a 20.93% year-on-year decline in the cross-border social e-commerce business revenue in 2024, it still accounted for a significant portion of the company's total revenue, amounting to RMB 3.366 billion [2] - The company's gross profit and gross margin for 2024 were RMB 2.419 billion and 43.8% respectively, indicating a strong profitability despite revenue fluctuations [2][3] Group 3: Ownership Structure - The company has a family-oriented ownership structure, with founder and general manager Ms. Zhuang Hao holding 18.09% of the shares, alongside her husband Zhang Ping, who co-controls the company [4] - Other significant shareholders include Zhuang Shu and He Jingying, who also hold substantial stakes in the company [4] Group 4: Future Outlook - The upcoming listing on the Hong Kong Stock Exchange is expected to provide Jihong Technology with broader financing channels and a more diversified investor base, supporting its ongoing business development and innovation [7] - The company aims to become a leading global provider of fast-moving consumer goods packaging and cross-border e-commerce services, maintaining a commitment to innovation, pragmatism, and efficiency [7]

今年以来，在流动性改善、上市制度改革等多重利好推动下，投资者信心得到修复，港股IPO市场亦持 续升温。截止5月18日，港股已上市22只新股，不仅募资额较往年同期有明显增长，打新收益也同步水 涨船高。 市场情绪趋于乐观之际，一家跨境社交电商龙头吉宏股份(02603)于5月19日-5月22日开启招股。公司拟 全球发售6791万股，发售价为每股发售股份7.48-10.68港元，预期将于2025年5月27日登陆港股，并将成 为首家完成A+H两地上市的跨境社交电商企业。 据了解，吉宏股份此次IPO引入了Timber Kangaroo Capital Limited、昱龙国际资本等多个基石投资者。 其中，Timber Kangaroo实控人郑世杰是新加坡人，旗下基金专攻东南亚互联网基建，昱龙国际资本为 一家专注于海内外资本市场的投资公司，由苏施锦女士全资拥有，沈臻宇则是东北老牌药企誉衡药业 (002437.SZ)的董事长，此次IPO入局也表明了专业投资机构对公司前景充满信心。 公开资料显示，吉宏股份已在跨境社交电商和纸制快消品包装两大核心业务板块确立领先的行业龙头地 位。公司2024年亚洲社交电商业务收入规模位居中国B2 ...

Group 1: Hong Kong IPO Market - The Hong Kong IPO market continues to thrive with four companies currently in the process of going public, including Pagoda Biotech and Jihong Technology [1] - The listing of CATL on May 20 is the largest IPO globally this year, contributing to a total fundraising amount exceeding HKD 60 billion, which is over six times the amount from the same period last year [1] - The Hong Kong government reports that the IPO market is robust, with the fundraising scale currently leading globally [1] Group 2: Pagoda Biotech - Pagoda Biotech plans to globally offer 19.2835 million H-shares at a price of HKD 15.6 per share, aiming to raise approximately HKD 301 million [1] - The company focuses on innovative therapies for chronic diseases, particularly in the field of metabolic disorders [2] Group 3: Jihong Technology - Jihong Technology plans to globally offer 67.91 million H-shares with a price range between HKD 7.48 and HKD 10.68, targeting a maximum fundraising of approximately HKD 725 million [2] - The company is recognized as the first A+H share in AI-driven cross-border social e-commerce, providing comprehensive packaging solutions for fast-moving consumer goods [2] Group 4: MIRXES - MIRXES is set to launch its IPO from May 15 to May 20, with plans to offer 46.62 million shares at HKD 23.30 each, aiming to raise up to HKD 1.086 billion [2] - The company specializes in RNA technology for disease screening and diagnostics, focusing on non-invasive blood-based tests for early disease detection [3] Group 5: Heng Rui Pharmaceutical - Heng Rui Pharmaceutical has initiated its global IPO, planning to issue nearly 225 million H-shares with a price range of HKD 41.45 to HKD 44.05, targeting a maximum fundraising of HKD 13 billion [3][4] - The company has attracted several top-tier institutional investors, securing a total of USD 533 million in cornerstone investments [4]

5月14日，腾讯内部发布全员邮件，宣布对微信事业群组织架构进行重大调整，成立独立的电商产品部，负责微信内交易模式的探索与生态建设，原开放平 台基础部负责人曾鸣出任电商产品部负责人，直接向微信事业群总裁张小龙汇报。 作者 | 山月 审稿 | 云马 配图 |网经社图库 【摘要】 结语 一、微信电商战略升级：从功能模块到独立业务 微信电商的发展并非一蹴而就，而是经历了长期的探索与迭代。早在2022年，微信便推出视频号小店功能，尝试在短视频场景中嵌入交易能力。之后，微信 进一步开放小程序电商接口，允许商家直接在小程序中完成交易闭环。但此时的电商业务仍分散于各个功能模块，缺乏统一规划。 2024年成为关键转折点。5月，腾讯对内部电商资源进行首次整合，将视频号交易团队并入微信开放平台，与小程序、公众号等交易模块协同运作。这次调 整后，视频号小店升级为"微信小店"，并获得与小程序、公众号平级的资源支持。 一、微信电商战略升级：从功能模块到独立业务 二、推客模式崛起：社交裂变驱动交易增长 三、微信电商的差异化竞争路径 出品 | 网经社 网经社电子商务研究中心网络零售部主任、高级分析师莫岱青表示，视频号小店此次升级，将简化商家 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, positioning itself as a unique player in the "AI-driven cross-border social e-commerce" sector, which is expected to attract significant attention from capital markets [1][2]. Group 1: Unique Positioning and Business Model - Jihong Technology fills a gap in the technology and e-commerce sectors by being the first in the "AI-driven cross-border social e-commerce" field [2]. - The company operates a dual-driven model consisting of cross-border social e-commerce and paper packaging, with projected revenues of 3.366 billion yuan (60.9% of total) from e-commerce and 2.099 billion yuan (38%) from packaging in 2024 [2]. - The synergy between the packaging and e-commerce businesses enhances overall competitiveness, as marketing experience from packaging can benefit e-commerce operations [3]. Group 2: Financial Performance - In Q1 2025, Jihong Technology reported revenues of 1.477 billion yuan, an increase of 11.55% year-on-year, with a net profit of 59.16 million yuan, up 38.21% [3]. - The cross-border social e-commerce business has shown steady growth, generating revenues of 2.834 billion yuan, 3.107 billion yuan, 4.257 billion yuan, and 3.366 billion yuan from 2021 to 2024, with a gross margin of 60.5% expected in 2024 [4]. Group 3: AI Technology and Market Strategy - The company leverages AI technology to enhance operational efficiency, utilizing a unique "product finds people" model to target customers through major social media platforms [5][6]. - Jihong Technology's Giikin system has accumulated over 611,000 SKUs and 5.8 million advertising materials, significantly reducing customer acquisition costs [6]. - The company focuses on the Asian market, with over 80% of its revenue coming from this region, allowing it to avoid the impacts of policy fluctuations in Western markets [7][8]. Group 4: Future Outlook - With the completion of its H-share listing, Jihong Technology is poised for a re-evaluation of its investment value, potentially leading to a new round of value reassessment in the capital markets [4][8].