以下文章来源于天下网商 ，作者天下网商 作者丨金雅 图源丨Midjourney 由一位莆田金匠创办的"国产劳力士"上市了。 9月30日，深圳西普尼精密科技股份有限公司（以下简称西普尼）在港交所敲钟上市，截至当天收 盘，西普尼报106港元/股，涨幅258.11%。 创办于2013年的西普尼，总部落在中国最大的黄金珠宝集散地——深圳水贝。据灼识咨询，按2024 年GMV计算，西普尼是国内最大的足金贵金属手表品牌，市场份额达到27.08％。 天下网商 . 记录互联网商业的人物和故事。 来源丨 天下网商（ID：txws_txws） 招股书显示，2022年至2024年，西普尼的营收分别为3.24亿元、4.45亿元和4.57亿元；同期，西普 尼的净利润分别为0.25亿元、0.52亿元和0.49亿元，去年利润表现呈现波动，但2025年前五个月， 西普尼的净利润达到4280万元，已赚回2024年全年利润的86.7%。 | | 2022財年 | | 2023財年 | | 2024財年 | | 2024年首五個月 | | 2025年首五個月 | | | --- | --- | --- | --- | --- | --- | -- ...

10月8日，港股三大指数继续走低，恒生指数跌0.48%，恒生科技指数跌0.55%，国企指数跌0.52%。。 | 恒生科技指数 | 6514.19 | -36.11 | -0.55% | | --- | --- | --- | --- | | 国正指数 | 9523.87 | -49.51 | -0.52% | | 恒生指数 | 26829.46 | -128.31 | -0.48% | 黄金及贵金属板块延续上涨，新时代集团控股、赤峰黄金涨超13%，中国白银集团涨超12%。 盘面上，科技股多数下跌，半导体板块、纺织品及布料板块、其他服务板块走低；国际金价续创新高，黄金及贵金属股大涨；珠宝钟表板块大涨。 具体来看： 大型科技股多数下跌，百度跌超3%，快手跌超2%，携程集团、美团、阿里巴巴、京东跌超1%。 | 09988 | 阿里巴巴-W | 177.600 | -2.900 | -1.61% | | --- | --- | --- | --- | --- | | 09961 | 携程集团-S | 551.000 | -11.000 | -1.96% | | 09888 | 百度集团-SW | 135.000 | ...

记者丨高江虹 编辑丨高梦阳 金珊 黄金手表龙头西普尼登陆港交所，股价一日之内翻两番，资本市场用真金白银为中国高端消 费市场投下信任票。 9月30日，被称作"中国黄金手表之王"的西普尼正式登陆港交所，股票代码02583.HK。上市 首日，该公司股价开盘即报84港元，较发行价29.6港元上涨183.78%，随后涨幅迅速扩大， 盘中一度涨超339%，最高股价达到130港元 。 根据灼识咨询数据，2024年西普尼以27.08%的GMV份额领跑中国足金贵金属手表市场，同时 在镶嵌类足金贵金属手表市场的份额也高达28.96%。 这意味着在中国珠宝卖场，每三块金表就有一块来自西普尼。 招股书显示，西普尼拥有核心品牌"HIPINE（西普尼）"及副品牌"GOLDBEAR（金熊）"。公 司的OBM业务主要专注于定价亲民的大众市场， 目标客户为中国二线及三线城市的中等收入 消费者 。截至2025年5月31日，该公司的OBM产品组合包含超过1万个SKU。西普尼还与老凤 祥、中国珠宝等国内珠宝巨头建立了长期稳定供应关系。 最终9月30日收盘时，西普尼股价涨幅达258.11%，报106港元/股，总市值超过62亿港元。 此前一天的暗盘交易 ...

西普尼的ODM客户包括多个国内知名珠宝品牌，例如老凤祥、中国珠宝及周大生，公司与他们已建立 长期稳定的供应关系。根据灼识咨询的资料，就GMV计算，于2024年，西普尼既是中国最大的足金贵 金属手表品牌，亦是最大的镶足金的镶贵金属手表品牌，就足金贵金属手表的 GMV及镶足金的镶贵金 属手表的GMV计算的市场份额分别为27.08%及28.96%。 招股书显示，西普尼是中国的黄金表壳手表及黄金表圈手表设计商、制造商和品牌拥有人。于往绩记录 期间，该公司的收入主要来自销售以旗舰自主品牌HIPINE(西普尼)设计及制造的黄金表壳手表及黄金表 圈手表。该公司将外部供应商采购而来的手表机芯组装至手表中。该公司亦透过担任第三方国内珠宝品 牌及批发商的ODM制造商而获得收入，包括为其开发及生产贴牌手表及饰品，并提供受托加工服务。 智通财经APP获悉，西普尼(02583)首挂上市，公告显示，每股定价29.6港元，共发行1060万股股份，每 手100股，所得款项净额约2.69亿港元。截至发稿，涨183.78%，报84港元，成交额8939.11万港元。 ...

Group 1: Market Overview - The Hong Kong stock market has seen a significant recovery in IPO sentiment, with total fundraising exceeding 130 billion HKD by the end of August 2025, marking a nearly sixfold year-on-year increase and ranking first globally [1] - Gold-related stocks have become particularly favored among investors, driven by soaring gold prices [1] Group 2: Company Profile - Xipuni - Xipuni, a prominent player in the gold watch sector, is based in Putian and was founded in Shenzhen, focusing on the design and manufacturing of precious metal watches [3] - The company holds a 27.08% market share in China's gold watch market, making it the largest brand by GMV in 2024 [3] Group 3: Financial Performance - Xipuni's revenue has shown a recovery, with a 21.6% year-on-year increase to 231 million CNY in the first five months of 2025, reversing a slowdown in growth observed in 2024 [4] - The company's net profit has also rebounded, reaching 42.8 million CNY in the first five months of 2025, which is 86.7% of the total net profit for 2024 [5] - Gross margin has improved from 19.8% in 2022 to 31.01% in the first five months of 2025, indicating better product mix and cost management [5] Group 4: Revenue Structure and Growth Drivers - Xipuni's revenue is primarily driven by its own brand (OBM), which accounts for 80%-90% of sales, while ODM business contributes supplementary income [6] - The company has diversified its product offerings, reducing reliance on traditional gold watches, with the share of gold jewelry and products rising from less than 10% in 2023 to 46.6% in 2025 [6] Group 5: Market Trends and Opportunities - The precious metal watch market in China is projected to grow at a compound annual growth rate (CAGR) of 5.19% from 2024 to 2029, reaching 340.8 billion CNY by 2029 [8] - The dual nature of gold as both a consumer and investment product is driving demand, particularly in uncertain economic conditions [8] Group 6: Challenges and Risks - Xipuni faces challenges such as high inventory levels of 656 million CNY and a turnover period of 708 days, which are significantly above industry norms [9] - The company has a high dependency on a few major clients, with sales to the top five clients accounting for over 87% of total revenue, which poses risks to revenue stability [9] - Brand recognition remains a challenge compared to larger competitors in the jewelry and watch sectors, necessitating a shift from being a "channel brand" to a "consumer brand" [9]

Core Viewpoint - Chow Sang Sang (00116.HK) reported a revenue of HKD 11.036 billion for the first half of 2025, reflecting a 2% year-on-year decrease in its continuing operations [1] Revenue Performance - Revenue from jewelry and watches in mainland China decreased by 2% compared to the same period in 2024 [1] - Revenue in Hong Kong and Macau experienced a decline of 6% [1] Profitability Metrics - The group's gross profit margin increased by 5.2 percentage points to 33.5% [1] - Higher gross margins were attributed to rising gold prices, which positively impacted the sales of gold products [1] Cost Management - The company implemented store network restructuring and other cost control measures, contributing to reduced costs and profit growth [1] - Another factor for the improved gross margin was the adjustment of the product mix towards higher-margin items [1] Net Profit Growth - Profit attributable to shareholders rose by 71% to HKD 902 million [1] - Profit from continuing operations attributable to shareholders increased by 81% to HKD 910 million [1]

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

Group 1 - The company, Emperor Watch and Jewellery (00887), announced a mid-term dividend of HKD 0.0055 per share to be distributed on September 17, 2025 [1]

Core Viewpoint - The company reported a positive growth in its mid-year performance for 2025, indicating a stable financial trajectory in the luxury watch and jewelry sector [1] Financial Performance - Total revenue reached HKD 2.794 billion, representing a year-on-year increase of 7.6% [1] - Gross profit amounted to HKD 840 million, with a year-on-year growth of 7.7% [1] - Adjusted EBITDA was HKD 297 million, reflecting a year-on-year increase of 5.3% [1] - Profit attributable to shareholders was approximately HKD 196 million, showing a year-on-year growth of 6.37% [1] - Basic earnings per share were HKD 0.0273, with an interim dividend of HKD 0.0055 per share [1]

Core Viewpoint - Guangdong Province's High People's Court has released a series of typical cases regarding punitive damages for intellectual property infringement, emphasizing the importance of protecting intellectual property rights and maintaining fair market competition [1] Group 1: Punitive Damages Cases - The court applied the maximum punitive damages of 5 times in the "Maple Leaf" trademark case, highlighting the severe nature of the infringement [1][4] - In the case of Rong Company vs. Di Company regarding patent infringement, the court considered sales revenue, profit margins, and patent contribution to determine the basis for punitive damages, ensuring equal protection for both domestic and foreign entities [1][11] - The court's support rate for punitive damages in 32 intellectual property civil infringement cases reached nearly 60%, with total compensation amounting to nearly 200 million yuan in 2024 [1] Group 2: Specific Case Summaries - In the case of Tai Company vs. Zhen Company, the court found that Zhen Company knowingly used a similar trademark on the same products, constituting malicious infringement, and awarded punitive damages based on significant profits from the infringement [2][3][4] - In the case of Jin Company vs. He Company, despite the defendants having paid compensation in a criminal case, they were still liable for punitive damages in the civil case, demonstrating the separation of criminal and civil liabilities [7][9][10] - The court ruled in favor of Rong Company against Di Company, determining that the infringement was severe and warranted punitive damages based on the profits from the infringing products [11][14][15] Group 3: Legal Principles and Implications - The cases illustrate the court's commitment to strictly enforcing intellectual property rights and applying punitive damages to deter malicious infringement [5][10][29] - The rulings provide a framework for determining the basis for punitive damages, including considerations of sales revenue, profit margins, and the nature of the infringement [11][25] - The decisions reinforce the message that even after criminal penalties, civil liabilities for intellectual property infringement remain intact, ensuring comprehensive protection for rights holders [10][29]