Core Viewpoint - The article discusses the upcoming IPO of Xipuni, a leading gold watch brand in China, highlighting its unique business model that combines traditional craftsmanship, smart manufacturing, and cultural IP, which aligns with the Hong Kong market's preference for "new consumption + hard technology" [2][18]. Company Overview - Xipuni, founded in 2013, is the largest gold watch brand in China by sales and the largest brand of pure gold watches by GMV, holding market shares of 8.97% and 35.83% respectively [4]. - The company operates under two main brands: HIPINE and Jinxiong, and is often referred to as the "domestic Rolex" [4]. Founders and Background - The founders of Xipuni are a family team, with Li Yongzhong, the father-in-law, having a significant background in the gold jewelry industry [7][11]. - The company has deep roots in the gold jewelry sector, with a notable presence of people from Putian, Fujian, in the industry [8]. Business Model and Revenue - Xipuni's revenue primarily comes from OBM (Original Brand Manufacturer) sales, accounting for 80%-90% of total revenue, with a product range that includes over 10,000 SKUs [16]. - The sales of gold watches constituted 89.4%, 90.4%, and 70.7% of total revenue from 2022 to 2024 [17]. Financial Performance - Xipuni's projected revenues for 2022, 2023, and 2024 are 324 million, 445 million, and 457 million respectively, with net profits of 25 million, 52 million, and 49 million [18]. - The gross profit margins are expected to improve from 19.8% in 2022 to 27.2% in 2024 [18]. Market Challenges - The sales volume of traditional gold watches is declining, with projections showing a drop from 189,000 units in 2021 to 140,000 units in 2024 [19]. - The company's revenue is highly sensitive to fluctuations in gold prices, which constitute about 90% of material costs [20][21].