12月24日，西普尼发布预喜公告，1-11月其净利已超9000万元，大幅增长83.67%，相比上年约4900万元 净利，全年盈利有望显著跨越。 董事会主席李永忠在公告中披露，增长来自两大动力：饰品销售收入的稳步提升，手表业务毛利率明显 改善。所谓饰品，有表带、耳环、戒指、项链、金条等配饰及贵金属产品。 （原标题：50亿莆田金表大王 迎来业绩爆发） 卖金表的莆田老板，迎来业绩爆发。 西普尼的强劲势头，早有征兆。 1-6月，其营收达到2.88亿元，增长约27%，饰品增量约9000万元；毛利率上涨约6个百分点，净利 5652.1万元，增幅达到108.8%。 按照现有态势，其全年营收有望达到6亿，利润可能上亿。 此外，李氏也珠宝品牌提供ODM（原始设计制造）服务，如老凤祥、周大生等。 在国内足金贵金属手表领域，西普尼是名副其实的领头羊。据披露，2024年，其在足金手表及镶足金手 表市场的GMV份额，超过27%。 《21CBR》注意到，在天猫旗舰店，西普尼的主力产品，为2000-8000元的足金表圈手表，以及定价在 5000-15000元区间的足金表壳手表。 其中，设计简约、5000元左右的足金表壳款式，尤为畅销，它精 ...

来源：@21世纪商业评论微博 作者：雷 子桐 编辑：陈晓平 图源：视觉中国 卖金表的莆田老板，迎来业绩爆发。 12月24日，西普尼发布预喜公告，1-11月其净利已超9000万元，大幅增长83.67%，相比上年约4900万元 净利，全年盈利有望显著跨越。 西普尼的强劲势头，早有征兆。 | | | Six months ended 30 June | | | | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | | | | Change % | | | | 2025 | 2024 | (Approximate) | | | | 二零二五年 | 二零二四年 | %變動(概約) | | | | RMB'000 | RMB'000 | | | | | 人民幣千元 | 人民幣十元 | | | | | (unaudited) | (unaudited) | | | | | (未經審核) | 未經審核 | | | Statement of profit or loss and other | 攝益及其他全面收入表 | | | | | comprehensive ...

Core Viewpoint - The article discusses the IPO of Xipuni, a precious metal watch company, and addresses concerns about potential delays in fundraising due to external factors like typhoons, emphasizing that such events would likely affect all companies involved in the market [1]. Group 1: IPO Information - Company Name: Xipuni (02583.HK) [2] - Industry: Precious Metal Watches [2] - Offering Period: September 19 to September 24 [2] - Total Shares Issued: 1,060 shares, with 10% for public offering and 90% for international placement [2] - Offering Price: HKD 27 to 29.6 [2] - Market Capitalization: HKD 1.588 billion to 1.741 billion [2] - Price-to-Earnings Ratio: 32 times [2] - Minimum Subscription Amount: HKD 2,990 [2] - Listing Date: September 29 [2] - Sponsor: China Ping An Capital [2] Group 2: Company Overview - Xipuni was established in 2013 in Shenzhen and operates in the design, manufacturing, and branding of precious metal watches [3]. - The business consists of two main segments: Own Brand Manufacturing (OBM) and Original Design Manufacturing (ODM) [3]. - Xipuni holds two proprietary watch brands: core brand "HIPINE" and sub-brand "GOLDBEAR" [3]. - The company is the largest gold watch brand in China by GMV, with a market share of 27.08% in 2024 [3]. Group 3: Financial Performance - Revenue for fiscal years 2022, 2023, and 2024 was RMB 324 million, RMB 445 million, and RMB 457 million, respectively [4]. - Net profit for the same years was RMB 24.54 million, RMB 52.10 million, and RMB 49.35 million [4]. - In the first five months of 2025, revenue reached RMB 231 million, a year-on-year increase of 21.6% [5]. - Gross margin improved from 19.8% in 2022 to 27.2% in 2024, further rising to 31.01% in the first five months of 2025 [5]. Group 4: Market Position and Risks - Xipuni's revenue is primarily derived from watches and jewelry, with a notable shift in product structure observed in 2025 [6]. - The company is reducing reliance on traditional watches, with precious metal jewelry and products accounting for 46.6% of revenue in early 2025 [6]. - A significant risk is the high dependency on major clients, with sales to the top five clients exceeding 85% of total revenue for three consecutive years [7]. - The competitive landscape includes international high-end brands and domestic competitors, posing threats to Xipuni's market position [8]. Group 5: Industry Outlook - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion in 2029, with a CAGR of 5.19% [8]. - Xipuni's business model is increasingly aligned with that of a gold jewelry company, as gold jewelry revenue has become a significant portion of total revenue [8]. - Comparatively, Xipuni's valuation appears reasonable against peers in the jewelry sector, with a forward valuation of 19 times [9].