Core Viewpoint - Xipuni (02583.HK) plans to globally offer 10.6 million H-shares, with 1.06 million shares available in Hong Kong and 9.54 million shares for international sale, aiming for a price range of HKD 27.0-29.6 per share [3][10] Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [4] - The company operates under an OBM (Original Brand Manufacturer) model with two brands: the core brand "HIPINE" and the sub-brand "GOLDBEAR" [4] - Xipuni's OBM products target middle-income consumers in second and third-tier cities in China, with a product range that includes traditional watches, smartwatches, and watch components [4] Revenue and Financial Performance - Revenue increased from RMB 324 million in FY2022 to RMB 445 million in FY2023, and further to RMB 457 million in FY2024, with the first five months of FY2025 showing revenue of RMB 231 million [8] - Net profit for FY2022, FY2023, FY2024, and the first five months of FY2025 was RMB 24.54 million, RMB 52.1 million, RMB 49.35 million, and RMB 42.8 million, respectively [8] Market Position and Growth - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a CAGR of 5.19% [8] - Xipuni holds a market share of 27.08% in the gold precious metal watch segment and 28.96% in the gold-inlaid precious metal watch segment, making it the largest brand in both categories by GMV [8] ODM Business Model - Xipuni also generates income as an ODM (Original Design Manufacturer) for third-party domestic jewelry brands, establishing long-term relationships with well-known brands [5] - The company has expanded its product offerings to include precious metal jewelry and customized decorative items since 2023 [5] Technological Innovation - The company has developed proprietary technology for ultra-molecular gold hardening, addressing the softness of pure gold, and launched China's first mass-produced pure gold watch in 2014 [5] - In 2023, Xipuni introduced a series of smartwatches featuring Huawei's smart chip technology [5] Future Expansion Plans - Xipuni began overseas expansion in FY2024, partnering with a Malaysian distributor to retail its products, with plans to expand into the Middle East in the coming years [6] Use of Proceeds from Share Offering - The estimated net proceeds from the global offering, assuming a median price of HKD 28.3 per share, is approximately HKD 255 million, with allocations for capacity enhancement, R&D center establishment, sales network optimization, and working capital [10]

Group 1 - The core point of the article is that Xipuni Precision Technology Co., Ltd. is attempting to list on the Hong Kong Stock Exchange after multiple attempts to go public on other exchanges, highlighting its status as a leading designer and manufacturer of precious metal watches in China [1] - Xipuni was established in July 2013 and has undergone several changes, including a previous listing on the New Third Board in 2016 and a failed attempt to list on the Beijing Stock Exchange [1] - The company primarily generates revenue from its flagship brand "HIPINE" and has been recognized as a well-known brand in Shenzhen since 2022 [1] Group 2 - Xipuni is the largest gold watch brand and the largest foot gold watch brand in China, with market shares of 27.08% and 28.96% respectively, according to data from Zhaoshang Consulting [2] - The company has developed proprietary technology for ultra-molecular gold hardening, which addresses the inherent softness of foot gold, and launched China's first mass-produced foot gold watch in 2014 [2] - Xipuni is expanding its production capabilities with a new operational complex in Putian, which will focus on smart watches and accessories, while its Shenzhen base will concentrate on traditional precious metal watches [2] Group 3 - From 2017 to 2023, Xipuni conducted multiple targeted placements, with significant investments from various entities, including Jin Yin Gu Investment, which currently holds a 20% stake [3] - The company's revenue figures for 2022 to 2024 are 324 million yuan, 445 million yuan, and 457 million yuan, with corresponding net profits of 24.54 million yuan, 52.09 million yuan, and 49.34 million yuan [3] - Notably, the net profit for the first five months of 2025 reached 86.72% of the total net profit for 2024, indicating a strong short-term growth momentum [3]

Company Overview - Xipuni has passed the listing hearing at the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1] - The company specializes in the original design, manufacturing, and brand ownership of gold watch cases and bezels, with primary revenue coming from its own brand HIPINE [1] - Xipuni is also a well-known ODM manufacturer, serving clients such as Lao Feng Xiang, China Jewelry, and Zhou Da Sheng [1] - The company possesses a unique supermolecular gold hardening technology that addresses the softness issue of pure gold, and has launched China's first mass-producible pure gold precious metal watch [1] - The HIPINE brand has been recognized as a "Shenzhen Famous Brand" and one of the "Top 100 Brands in Shenzhen" [1] - Sales of the company's proprietary brand products are primarily conducted through a distribution network of over 3,000 offline retail points [1] Market Expansion - Xipuni has initiated overseas market expansion, collaborating with partners in Malaysia and planning future expansion in the Middle East [1] Industry Insights - According to Zhaoshang Consulting, the market size for precious metal watches in China is expected to grow from 26.46 billion yuan in 2024 to 34.08 billion yuan in 2029, with a compound annual growth rate (CAGR) of 5.19% [1] - Gold precious metal watches dominate the market, projected to achieve a GMV of 24.74 billion yuan in 2024, accounting for 93.48% of the overall market GMV [1]

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. (hereinafter referred to as Xipuni) is preparing for its listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China. The company's revenue primarily comes from sales of gold watch cases and bezels designed and manufactured under its flagship brand HIPINE [4]. - The company also generates income by acting as an ODM manufacturer for third-party domestic jewelry brands and wholesalers, developing and producing private label watches and jewelry, and providing entrusted processing services [4]. - Xipuni has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng [4]. Technological Achievements - The company has developed proprietary supramolecular gold hardening technology, addressing the inherent softness of pure gold. This technology led to the launch of China's first mass-produced pure gold watch in 2014, which is considered a significant technological achievement in the watch manufacturing industry [5]. - In 2023, Xipuni developed a series of smart watches with pure gold components using Huawei's smart chip technology [5]. Brand Recognition and Sales Strategy - The flagship brand HIPINE has been recognized as a well-known brand in Shenzhen since 2022 and is expected to be listed among the top 100 brands in Shenzhen by the Shenzhen Quality Strong City Promotion Association in 2024 [5]. - The company's sales strategy primarily relies on a distribution network, utilizing over 3,000 offline retail points across the country to penetrate the market effectively and respond quickly to consumer preferences [5]. International Expansion - In the 2024 fiscal year, Xipuni began its overseas expansion by partnering with an experienced distributor and retailer in Malaysia to distribute and retail its HIPINE watches [6]. - The company aims to expand its presence in the Middle East in the coming years based on its momentum in overseas expansion [6]. Market Outlook - According to Zhaoshang Consulting, the Chinese precious metal watch market is expected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a compound annual growth rate (CAGR) of 5.19% [8]. - The gold precious metal watch market in China is projected to reach RMB 32.11 billion by 2029, with a CAGR of 5.36% from 2024 to 2029 [8]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 324 million, RMB 445 million, RMB 456 million, and RMB 231 million, respectively [9]. - The net profit and total comprehensive income for the same periods were RMB 24.54 million, RMB 52.10 million, RMB 49.35 million, and RMB 42.80 million, respectively [9].

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China. The company's revenue primarily comes from sales of its flagship brand HIPINE, which includes assembling watch movements sourced from external suppliers [4][5]. - The company has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng, and has begun promoting its products through a major retail partner in China starting in 2023 [4]. Technological Achievements - Xipuni's proprietary technology, supermolecular gold hardening technology, addresses the inherent softness of pure gold. This technology led to the launch of China's first mass-produced pure gold watch in 2014 and has enabled the development of smart watches with Huawei's technology in 2023 [4]. Product and Sales Strategy - The company's product portfolio centers around its flagship brand HIPINE, recognized as a well-known brand in Shenzhen since 2022. The sales strategy includes a direct transaction model through a vast network of over 3,000 offline retail points, enhancing market penetration and brand awareness [5]. - Xipuni has initiated overseas expansion in 2024, partnering with an experienced distributor in Malaysia to retail its products, with plans to expand into the Middle East in the coming years [5]. Market Outlook - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a compound annual growth rate (CAGR) of 5.19%. The gold precious metal watch market is expected to reach RMB 32.11 billion by 2029, with a CAGR of 5.36% [7]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 were approximately RMB 324 million, RMB 445 million, RMB 456 million, and RMB 231 million, respectively. The net profit for the same periods was RMB 24.54 million, RMB 52.10 million, RMB 49.35 million, and RMB 42.80 million [7][8].