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]

最新消息 5月27日 厦门A股上市公司吉宏股份 在港交所挂牌上市 成为厦门第一家 实现"A+H"上市的企业 吉宏股份称 公司H股股票已调入沪港通 及深港通下的港股通标的证券名单 并自2025年5月27日起生效 | 吉宏股份 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | HK2603 L2 HK AH B | | | | | | | | 高 11.480 | | 12.460 | 市值 51.97亿 | | 量比 | 39.12 | | 化 | | 10.200 | 流通 7.80亿 | | 换 | 61.37% | | 3.800 49.48% 开 | | 11.000 | 市盈 24.73 | | 额 | 4.58亿 | | 同社服 异动解读:港股新股+实现AH两地上市+跨 ... | | | | | | | | 速诺 | | | | | | | | 分时 | 日K | 園K | 月K | 五日 | 更多, | | | 均价:10.988 最新:11.480 3.800 49.479% | | | | | | | | 460 | | ...

5月26日，吉宏股份（2603.HK）暗盘交易表现抢眼。公司在辉立暗盘交易场中开报7.9港元/股，较招股 价高2.86%，截至发稿最新报9.46港元/股，较招股价高23.2%，以现价计，不计手续费，每手500股，账 面约赚890港元。另外，公司在耀才暗盘交易场中最新报9.5港元/股，较招股价高23.7%；于富途暗盘交 易场中最新报9.47港元/股，较招股价高23.4%。 此前5月23日晚间，吉宏股份确定了本次H股发行的最终价格为每股7.68港元，公司H股股票将于2025年 5月27日在香港联交所挂牌并开始上市交易。 在纸制快消品包装领域，公司业务沉淀超20年，在全国经营10个大型包装生产基地，为客户提供包 括"营销策划+研发设计/方案优化+智能制造+运输配送+销售"集成化的一站式服务。目前公司已与包括 伊利、瑞幸咖啡等在内的国内外多个快消品细分领域行业龙头企业建立长期稳定的合作关系。 在全球化与数字化的双重浪潮下，中国跨境社交媒体电商正以前所未有的速度重塑全球贸易格局。从东 南亚的雨林到中东的沙漠，从欧美都市到拉美小镇，中国商品的"数字足迹"正以社交电商为媒介，穿透 文化壁垒与地理边界，编织出一张覆盖全球的消 ...

厦门吉宏科技股份有限公司（以下简称"吉宏股份"）近日正式启动了其在香港联交所的上市计划，预计将于2025年5月27日挂牌交易。这家已在深圳证券 交易所上市多年的企业，正通过发行H股的方式，寻求在资本市场的进一步拓展。 吉宏股份此次IPO的发行价格区间设定在7.48港元至10.68港元之间，计划全球发售6791万股H股，若以最高发行价计算，预计可募集资金约7.25亿港元。 Timber Kangaroo、昱龙国际及沈臻宇女士作为基石投资者，已承诺认购总计1.55亿港元的股份。 吉宏股份自2003年成立以来，一直专注于为快消品企业提供一站式的纸制包装产品及服务，涵盖营销策略、产品设计、工艺设计、技术策划以及运输与物 流等多个环节。然而，随着移动互联网的蓬勃发展，吉宏股份于2017年成功转型，涉足跨境社交电商业务，并迅速成长为公司的主营业务之一。 根据招股书披露的数据，吉宏股份在2022年至2024年期间，营收分别达到了53.76亿元、66.95亿元和55.29亿元。尽管2024年的营收较上一年度有所下降， 但公司的毛利和毛利率仍保持在较高水平，分别为24.19亿元和43.8%。其中，跨境社交电商业务在2024年实 ...

香港新股市场继续呈现繁荣景象。 吉宏股份有"AI驱动跨境社交电商A+H第一股"之称。公司致力于为快消品企业客户提供一站式纸制包装 产品及服务，专注于提供营销策略、产品设计、工艺设计、技术策划、运输与物流，公司于2016年在深 交所上市。 5月19日派格生物与吉宏科技启动招股，加上先行一步的觅瑞MIRXES和恒瑞医药（600276），目前总 共有4家公司正在招股。而宁德时代（300750）5月20日在港交所上市，为今年以来全球最大型的新股集 资活动，这也将进一步巩固香港在全球新股市场的领先地位。 香港特区政府财政司司长陈茂波表示，今年以来港股持续向好，新股市场也非常畅旺，随着宁德时代上 市，香港今年的新股集资额累计超过600亿港元，较去年同期多逾6倍，融资规模暂居全球首位。 5月19日启动招股的派格生物计划全球发售1928.35万股H股，每股发售价15.6港元，最多募资约3.01亿港 元。派格生物医药是次IPO招股引入1名基石投资者，为杭州市拱墅区国有投资旗下的益泽康医药（香 港），认购约1.98亿港元的发售股份。 派格生物是一家专注于自主研究及开发慢性病创新疗法（主要为肽和小分子药物）的生物技术公司，重 点关 ...

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].

Core Viewpoint - The ongoing trend of A-share companies listing in Hong Kong continues, with Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") recently passing the hearing process for its IPO, highlighting its significant achievements in the cross-border social e-commerce sector [1][2]. Group 1: Company Overview - Jihong Co. operates as a cross-border social e-commerce enterprise, focusing on a "data-driven, technology-driven" model that enhances customer shopping experiences by significantly reducing the time needed to find products [1]. - The company utilizes a "goods find people" business model, primarily targeting overseas consumers with a diverse range of Chinese consumer goods, leveraging major social media platforms for advertising [1][2]. Group 2: Business Performance - In the first quarter of 2025, Jihong Co. reported a revenue of 1.477 billion yuan, representing a year-on-year growth of 11.55%, while net profit reached 59.16 million yuan, up 38.21% year-on-year [3]. - The company has established six brands, including SENADA BIKES and Veimia, and has fulfilled over 48 million orders for approximately 17 million consumers, with a signing rate between 84.9% and 88.4% [2]. Group 3: Market Position and Strategy - According to a report, Jihong Co. ranks second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, holding a market share of 1.3% [2]. - The company is expanding its business in the Middle East, with plans to establish packaging production bases and trade platforms in Ras Al Khaimah, UAE, and Salalah, Oman, which will help mitigate tariff uncertainties and support long-term growth in the region [3].

导 语 ：吉宏股份在海外社交平台投放广告，将中国内地商品推广至全球海外消费者。 据厦门吉宏科技股份有限公司在港交所递交的招股书内容，公司拟在香港联合交易所上市。此次 IPO 备受关注，其背后是公司跨境社交电商与纸制快消品包装双轮驱动业务的发展现状与未来规 划，其中既蕴含着机遇，也存在不少挑战。 吉宏股份此次 IPO 发售相关细节尚未完全确定，股票发行数目、价格等均有待进一步明确。在承销 商方面，中国国际金融香港证券有限公司及招银国际融资有限公司担任联席保荐人。 公司主营业务包括跨境社交电商业务及纸制快消品包装业务。 跨境社交电商业务借助动态数据分析能力，采用 "货找人" 模式，在社交平台投放广告，将中国内 地商品推广至全球海外消费者，产品种类丰富，涵盖家居用品、电子产品等多品类，并在自有品牌 网站及电商平台销售自有品牌产品。 纸制快消品包装业务则为快消品企业提供一站式纸制包装产品及服务，具备从工艺设计到运输物流 的全流程能力，且积极布局环保型包装。 在市场定位上，跨境社交电商业务以亚洲市场为战略重点，纸制包装业务则聚焦中国内地快消品市 场。行业地位方面，按 2024 年在亚洲从事社交媒体电商业务产生的收入计， ...