在位于江苏南通海门区的中国叠石桥国际家纺城，一家卧室用品公司是外贸型家纺企业的典型代表。该 公司超九成业务布局海外，美国市场订单占比高达70%至80%。随着中美关税政策调整，企业迎来转 机。 江苏某卧室用品有限公司行政主管 范佳丽：这几天，我们的一些销售陆续跟客户沟通，看后续我们这 些货到底怎么发，有一些新订单正在洽谈、恢复。 （央视财经《天下财经》）家纺产业是江苏南通的传统产业，年交易额达2500亿元。近期，在中美贸易 形势变化下，南通家纺产业美国订单逐渐恢复，同时，企业也在积极拓展海外市场，探索多元化发展路 径。 为推动家纺产业与跨境电商深度融合，近年来，南通成立叠石桥跨境电商产业中心，为中小企业提供出 海支持。海外仓作为跨境电商的重要基础设施，目前南通已建成覆盖欧美、"一带一路"沿线等18个国家 和地区的31个海外仓，其中省级公共海外仓7家。 转载请注明央视财经 编辑：王昕宇 江苏南通某家纺有限公司总经理 施燕华：我们这边最直观的就是运费下调。以前比如我们5元的运费， 上涨到12元，之后又调回现在7元左右，运费的调整对我们成本控制是非常有利的。 印度客商 布莱迪：这里很好的，可以看到新的产品，还有很多供 ...

武汉流星汇聚的成功挂牌对公司的业务模式的发展带来了显著的积极影响。首先，挂牌上海股权托管交易中心是 对武汉流星汇聚品牌实力和业务能力，以及市场地位的明确肯定，从而吸引更多消费者和潜在合作伙伴的目光， 为跨境电商自营店铺的经营和一站式卖家孵化服务的完善铺设了更广阔的道路。同时，挂牌成功为武汉流星汇聚 打开了更多合作与资源共享的大门，使其能够与其他合作伙伴更紧密地协作，共同推进跨境电商市场拓展，进而 增强其核心影响力。 首先，武汉流星汇聚的成功挂牌为其自营店铺的发展注入了新的活力。作为跨境电商平台上的优质卖家，武汉流 星汇聚一直以来都致力于提供高品质的中国产品出海，以及给客户提供专业的店铺运营服务。挂牌成功后，武汉 流星汇聚将能够进一步拓宽融资渠道，增强资本实力，为自营店铺的发展提供更多的资金支持和资源保障。这将 使得武汉流星汇聚能够更加专注于产品选品、店铺运营和物流发货等方面，进一步提升自营店铺在国际舞台的影 响力。 展望未来，武汉流星汇聚将继续秉承"以客户为中心"的使命，不断加强自营店铺的建设和一站式卖家孵化模式的 优化。公司将继续加大人才的培养和公司业务体系的完善力度，不断提升自营店铺的市场占有力和影响力。 ...

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to leverage international capital for further expansion in the cross-border e-commerce sector [2][3][4]. Company Overview - Jihong Co. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016, with the stock code 002803.SZ [4]. - The company focuses on providing marketing strategies, product design, process design, technical planning, transportation, and logistics services [4]. - Jihong Co. has established deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, enhancing its competitive edge through technology [4][5]. Financial Performance - Jihong Co.'s revenue for 2022, 2023, and 2024 was reported at RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with corresponding net profits of RMB 172 million, RMB 332 million, and RMB 184 million [4]. - For the first quarter of 2025, the company achieved revenue of RMB 1.477 billion, a year-on-year increase of 11.55%, and a net profit of RMB 59 million, up 38.21% year-on-year [13][15]. Market Position - Jihong Co. ranks second among B2C export e-commerce companies in China, holding a market share of 1.3%, and is the leading provider in the paper-based FMCG sales packaging sector with a market share of 1.2% [6][11]. - The paper-based FMCG sales packaging market in China is projected to grow from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024, driven by increasing investment in packaging by the FMCG industry [8]. Strategic Initiatives - The company is focusing on AI-driven cross-border e-commerce, self-brand development, and expanding its packaging business internationally [13]. - Jihong Co. has formed a strategic partnership with VENUSTRADINGFZCO to establish a joint venture in the UAE, aiming to enhance its presence in the Middle East and Africa [14]. Industry Trends - The paper-based packaging industry is experiencing rapid growth, supported by environmental policies and technological advancements [10][11]. - The market for paper-based FMCG sales packaging is expected to continue expanding, with a projected market size of RMB 222.7 billion by 2029 [8].

Core Insights - Recent easing of China-U.S. trade relations has led to potential recovery of Temu's full-service model for the U.S. market [2][10] - U.S. tariffs on small packages from China have significantly decreased, providing a favorable environment for cross-border e-commerce platforms like Temu [6][10] Tariff Adjustments - U.S. tariffs on Chinese goods have been reduced from 145% to 30%, with small package tariffs dropping from 120% to 54%, and currently, the effective rate is around 30% [2][6][10] - This reduction is expected to alleviate operational pressures on Temu and similar platforms, allowing them to resume direct shipments from China [6][11] Business Strategy Changes - Temu has announced plans to resume its full-service model, encouraging sellers to increase inventory by 30%-40% in anticipation of order growth [3][4] - The platform is also allowing sellers to relist previously delisted products due to cost disadvantages, taking advantage of the new tariff structure [4][5] Compliance and Operational Adjustments - New compliance requirements for Temu's full-service model include providing proof of non-Chinese origin for products, with some flexibility for high-scoring brands [4][11] - The platform is expected to enhance its logistics and supply chain management to adapt to the changing tariff landscape [10][12] Market Impact - Analysts predict an increase in the volume of products shipped from China to the U.S. in the coming weeks, as Temu and competitors like Shein adjust to the new tariff environment [5][11] - Price adjustments on Temu's platform reflect the ongoing adaptation to the new trade policies, with some products seeing price increases while others stabilize [5][10]

Core Viewpoint - Guangzhou's GDP growth has significantly lagged behind both national and provincial averages, raising concerns about its economic status as it drops from being one of China's top cities to a lower ranking [2][6][18]. Economic Performance - In Q1 2025, Guangzhou's GDP reached 753.25 billion yuan, with a year-on-year growth of 3.0%, which is below the provincial growth of 4.1% and national growth of 5.4% [3][5][6]. - Guangzhou's GDP growth has been declining for three to four years, with a notable drop to 1.02% in 2022, and a recovery to 4.55% in 2023, but still not keeping pace with other cities [11][12][13][18]. Comparison with Other Cities - Among the 27 cities with GDP over one trillion yuan, Guangzhou ranks second to last in growth, only ahead of Foshan [8]. - In the group of eight cities with GDP over two trillion yuan, Guangzhou ranks last in growth, with a nominal increase of over 20 billion yuan less than Hangzhou [9]. Economic Structure - The economic structure of Guangzhou is heavily reliant on the tertiary sector, which accounted for 91.4% of GDP growth in 2024, while the primary and secondary sectors contributed only 0.5% and 8.1% respectively [21][19]. - The real estate sector, a significant part of the tertiary industry, has been underperforming, negatively impacting overall economic growth [24][26]. Industry Challenges - The automotive industry, a key pillar of Guangzhou's economy, has faced challenges, with a 20.12% decline in production in 2024, leading to a drop in the city's ranking from first to third in automotive output [27][34]. - Guangzhou's industrial output in Q1 2025 showed a slight increase of 0.6%, indicating a potential stabilization, but traditional industries are struggling while new industries are not yet fully developed [32][34]. Emerging Industries - New growth points are emerging in sectors such as electric vehicles, with XPeng Motors showing a significant increase in deliveries, indicating a shift towards new energy vehicles [35][39]. - Guangzhou has established itself as a leader in live-streaming e-commerce, with a retail volume of 517.1 billion yuan in 2024, and has also become a major hub for cross-border e-commerce [41][41]. Conclusion - Guangzhou is currently undergoing a challenging transition, with old growth drivers declining and new ones developing slowly. The city's resilience and patience in navigating this transformation will be crucial for its economic recovery [29][40].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. is set to become the first company from Xiamen to be listed on both A-share and H-share markets, having successfully passed the Hong Kong Stock Exchange IPO hearing [1][3][4]. Company Overview - Established in 2003, Jihong Technology focuses on providing integrated paper packaging products and services for fast-moving consumer goods (FMCG) companies, and it was listed on the Shenzhen Stock Exchange in 2016 [4]. - The company has two main business segments: cross-border e-commerce and paper packaging [5]. Business Operations - In the paper packaging sector, Jihong has over 20 years of industry experience and operates 10 large production bases across the country, offering a comprehensive service that includes marketing planning, design optimization, intelligent manufacturing, logistics, and sales [6]. - In 2024, Jihong plans to invest in a packaging production base and trade platform in the UAE, focusing on the Middle East and Africa for products such as tobacco packaging and environmentally friendly packaging [6]. Financial Performance - In 2024, paper packaging accounted for 38% of Jihong's total revenue, while cross-border e-commerce contributed 60.9% [10]. Market Position - Jihong ranks second in the domestic B2C export e-commerce market, holding a market share of 1.3% [13][14]. Future Plans - The funds raised from the Hong Kong IPO will be used for overseas market expansion, technology development, and brand expansion [14]. - The company aims to enter untapped Asian markets and expand its cross-border social e-commerce business in Europe and Latin America, as well as enhance its logistics and warehousing systems in mainland China [14]. - Jihong plans to improve its AI technology capabilities and recruit more R&D professionals to develop data analysis tools [16]. - For brand expansion, the company intends to acquire third-party businesses in the daily consumer goods sector within the Asian market [19].

Core Viewpoint - The company, Jihong Holdings (02603.HK), is planning a global offering of 67.91 million H-shares, with a price range of HKD 7.48 to HKD 10.68 per share, aiming to raise approximately HKD 505 million for various business expansions and developments [1][4]. Group 1: Company Overview - Jihong Holdings was established in 2003 and focuses on providing one-stop paper packaging products and services for fast-moving consumer goods (FMCG) companies, emphasizing marketing strategies and consumer demand [1]. - The company has successfully transformed and expanded its business since its listing on the Shenzhen Stock Exchange in 2016, achieving notable results in both business and financial aspects [2]. Group 2: Market Position - According to Zhi Shi Consulting, Jihong Holdings ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2]. - The company is also the leading paper packaging company in mainland China, holding a market share of 1.2% in the same year [2]. Group 3: Investment and Use of Proceeds - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 20 million (approximately HKD 155 million), representing about 25.2% of the global offering [3]. - The net proceeds from the global offering are expected to be approximately HKD 505 million, with allocations planned for overseas market expansion (40%), technology development (35%), brand development (15%), and working capital (10%) [4].

Core Insights - Yangling Demonstration Zone is leveraging the Shanghai Cooperation Organization (SCO) agricultural technology exchange platform to enhance international agricultural trade cooperation, resulting in a busy export schedule for various fruits [1][2] - The establishment of an integrated supply chain system in Yangling, combining direct sourcing, quality inspection, sorting, and cross-border logistics, has facilitated the export of nearly 3,000 tons of fresh fruits to over 10 countries [2] Group 1: Export Activities - In early February, 260 tons of kiwifruit were exported to Russia and Central Asian countries; by the end of February, 14 tons of "Sunshine Rose" grapes were sent to Kazakhstan; and in early May, 760 kilograms of fresh blueberries arrived in Moscow [1] - Yangling Modern Agricultural International Cooperation Group has established partnerships with fruit companies in Xinjiang, Yunnan, and Shanxi to export various Chinese fruits to SCO countries [1] Group 2: Supply Chain and Infrastructure - Yangling has developed a one-stop supply chain system that includes direct sourcing, quality inspection, sorting, and cross-border logistics, enhancing the efficiency of fruit exports [2] - The company is focused on reducing fruit loss during long-distance transportation by engaging with local customers to understand their preferences and packaging needs [1] Group 3: E-commerce Initiatives - The upcoming launch of the Agricultural Cloud Bridge SCO Agricultural Base Cross-Border E-commerce Industrial Park aims to provide an integrated platform for cross-border e-commerce businesses, enhancing operational efficiency and competitiveness [4] - The industrial park will also support the incubation and development of start-up companies, contributing to the growth of the cross-border e-commerce sector [5]

XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 股份代號: 2603 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 廈門吉宏科技股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xiamen Jihong Co., Ltd 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 : 67,910,000股H股 | | | --- | --- | | : 香港發售股份數目 6,791,000股H股（可予重新分配） | | | 國際發售股份數目 : 61,119,000股H股（可予重新分配） | | | 最高發售價 : | 每股H股10.68港元（另加1%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費，須於 | | | 申請時以 ...