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].

Core Viewpoint - The United States has imposed a 39% tariff on Swiss goods after months of negotiations, shocking Switzerland, which relies heavily on exports to the U.S. market [2] Group 1: Tariff Impact - The U.S. is Switzerland's largest single export market, with Swiss exports including watches, chocolate, pharmaceuticals, and machine tools [2] - The high tariffs are justified by the U.S. due to a trade deficit with Switzerland, which has been deemed "absurd" and "dangerous" by various Swiss sectors [2] Group 2: Economic Consequences - The costs of these tariffs will not solely be borne by Swiss companies but will be passed on to American consumers, leading to increased prices for Swiss products [2] - The rising prices of Swiss watches due to tariffs symbolize the growing economic pressure on American consumers, as the U.S. trade deficit triggers higher living costs [2]

Group 1 - The impact of the Trump administration's policies is causing top investors from Asia and the Middle East, including sovereign funds, to seek to avoid U.S. assets [2] - Partners Group, managing over $170 billion in assets, reports that many Asian investors are increasingly looking towards non-U.S. assets due to uncertainties related to tariffs and potential trade restrictions [2] - Discussions regarding the avoidance of U.S. exposure have emerged this year, driven by the U.S. government's policies, with some investors requesting to open euro accounts instead of dollar accounts [2] Group 2 - The global financial system is expected to become more fragmented and less integrated as a result of these investment shifts [2] - The CEO of Partners Group emphasizes the importance of stability in U.S. policies for maintaining investor confidence, noting that the current period is critical for demonstrating such stability [2][3] - Despite the challenges posed by U.S. tariffs, the U.S. remains an attractive destination for capital investment in key sectors such as technology and healthcare, according to the private equity business head at Partners Group [3]

根据中国海关数据显示：2025年6月中国手表进口数量为71万只，同比下降13%，进口金额为2.35亿美 元，同比下降11.6%，2025年6月中国手表出口数量为5204万只，同比下降8.2%，出口金额为2.01亿美 元，同比增长6%。 近一年中国手表进口情况统计图 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国手表行业市场现状调查及投资方向研究报告》 数据来源：中国海关，智研咨询整理 近一年中国手表出口情况统计图 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - Swatch Group will showcase its renowned watch brands including Glashütte Original, Longines, Rado, Tissot, Mido, and Swatch at the first China International Consumer Products Expo from May 7 to 10 [2] - The Glashütte Original exhibition area will feature a unique German classic decorative style, emphasizing the brand's commitment to exceptional craftsmanship and German aesthetics [2] - Longines will present a pioneering themed exhibition titled "Time with Us," highlighting its watchmaking expertise and innovative spirit, with the Master Collection incorporating silicon balance springs and COSC certification [2][3] Group 2 - Rado will maintain its signature minimalist style in its exhibition, showcasing the new Captain Cook high-tech ceramic watch and other award-winning designs [2][3] - Tissot will bring notable collections including the Le Locle, Durul, and the T-Touch Connect Solar series to the expo [3] - Mido's exhibition will feature a black and orange theme, presenting new timepieces such as the Commander series and the Flower series automatic watches [3] Group 3 - Swatch will set up in the Swiss National Pavilion, offering personalized watch customization through the Swatch x You canvas series, aiming to create a unique wrist art gallery [3] - Swatch Group has established a strong presence in China with well-known brands such as Breguet, Blancpain, Omega, Longines, Rado, Tissot, and Swatch, totaling 15 brands including children's watch brand Flik Flak and the acquired American diamond brand Harry Winston [3]

Core Viewpoint - The article discusses the recent controversy surrounding Swatch's marketing campaign, which has led to significant backlash from Chinese consumers and a subsequent apology from the company. The situation is compounded by declining sales and potential impacts from U.S. tariffs on Swiss imports. Group 1: Company Response and Controversy - Swatch issued an apology on August 16, acknowledging the backlash regarding the model's portrayal in their ESSENTIALS series and has removed all related materials globally [3] - The controversy has sparked strong protests from Chinese consumers, highlighting issues of racial sensitivity in marketing [1] Group 2: Financial Performance - Swatch Group reported a sales decline of 11.2% year-on-year for the first half of 2025, with net sales at 3.059 billion Swiss francs [7][8] - The company's net profit plummeted 88% to 17 million Swiss francs, with a net profit margin of 0.6%, down from 4.3% in the previous year [7][8] - The Chinese market, which is Swatch's largest regional market, generated 2.63 billion Swiss francs in 2023, accounting for 33.3% of total sales, but saw a 30% decline in 2024 [8] Group 3: Market Conditions and Tariffs - The U.S. is Switzerland's largest export market, with 19% of Swiss exports going to the U.S. The Swiss watch industry exported 26 billion Swiss francs worth of watches in 2024, with the U.S. accounting for 16.8% of this total [12] - The recent increase in tariffs to 39% on Swiss imports by the U.S. could severely impact Swiss brands, including Swatch, which derives 18% of its sales from the U.S. market [11][14] - Analysts warn that sustained high tariffs could be devastating for many Swiss brands, as the company has already raised prices by 5% in response to earlier tariff announcements [14]

Core Viewpoint - Swatch's recent marketing campaign featuring a "squinty-eyed" model has sparked significant backlash from Chinese consumers, highlighting issues of racial insensitivity and cultural appropriation [1] Group 1: Marketing Controversy - The promotional image, which depicts a model making a "squinty-eyed" gesture, has gone viral on social media and led to strong protests from Chinese consumers [1] - The term "squinty-eyed" is associated with racial discrimination against East Asians, originating from 19th-century Western stereotypes [1] - Following the backlash, Swatch has removed or hidden the controversial image from its websites in China, Japan, and South Korea, while it remains visible in Hong Kong, Macau, and Western regions [1] Group 2: Financial Performance - Swatch reported a sales revenue of 3.06 billion Swiss francs for the first half of the year, a decline of 11.2% year-on-year [2] - The company's operating profit fell from 204 million Swiss francs in the previous year to 68 million Swiss francs, resulting in an operating profit margin of 2.2%, down from 5.9% [2] - Net profit plummeted by 88% from 147 million Swiss francs to 17 million Swiss francs, with a net profit margin of 0.6%, compared to 4.3% in the same period last year [1][2] - The decline in sales is attributed entirely to the Chinese market, while other regions have achieved record sales levels in local currencies for 2023 and 2024 [2]

Core Points - The new tariff measures signed by President Trump have come into effect, imposing tariffs ranging from 10% to 50% on numerous trade partners, leading to widespread discontent and calls for collective responses from affected nations [1] - The average tariff on imported goods is projected to exceed 18%, marking the highest level since 1934 [1] - Brazil and India are among the countries facing the highest tariffs, with both nations expressing strong resistance to the measures [1] - Switzerland has been particularly affected, facing a 39% tariff, the highest among European countries, which has raised significant concerns for its export-driven economy [3] - Japan, despite having reached an agreement with the U.S., found that the promised tax reductions were not implemented, leading to demands for immediate corrective actions [4] Summary by Category Tariff Implementation - The U.S. Customs and Border Protection began collecting higher tariffs on imports starting at 12:01 AM Eastern Time on July 7 [1] - The tariffs are set between 10% and 50%, significantly impacting trade relationships [1] Affected Countries - Brazil and India are subjected to a 50% tariff, with both countries indicating they will not easily concede to U.S. demands [1] - Switzerland is facing a 39% tariff, which is significantly higher than previously threatened, causing alarm among its export sectors [3] - Japan is facing a 15% tariff, with ongoing negotiations to address discrepancies in previously agreed terms [4] Economic Impact - The tariffs are expected to create substantial pressure on Switzerland's economy, particularly affecting industries such as watchmaking, industrial machinery, chocolate, and cheese [3] - Indian officials have indicated that the tariffs could impact defense procurement plans, although the government later denied any changes to ongoing negotiations [1][3] - The U.S. government's announcement regarding tariffs on transshipped goods is anticipated to target Southeast Asian countries, with potential implications for trade practices [4]

Group 1 - The supply and demand imbalance for Rolex has made it difficult to purchase through official channels [2] - The secondary market is experiencing prices that exceed the original pricing by more than double [2] - There is a trend among young people to purchase luxury brands, including Rolex, before price increases [2]

Group 1 - Tianjin is characterized by its unique geographical situation, being the lowest city in China with a rapid subsidence rate of 5 centimeters per year, which poses potential future challenges [3] - The city has a rich historical background, having been a significant trading hub since ancient times, which has contributed to its diverse cultural landscape [7][8] - Local enterprises like Yumeijing and Seagull Watch exemplify the blend of traditional craftsmanship and modern branding, with Yumeijing selling 4.9 billion bags of children's cream over 46 years, showcasing its market strength [29][31] Group 2 - The Tianjin High-tech Innovation Park focuses on accelerating the transformation of scientific research achievements, with projects including the industrial production of new health sugars and advanced technologies like artificial hearts [36][39] - Tianjin Port ranks among the top ten ports globally and is a pioneer in achieving zero-carbon operations, utilizing AI robots for efficient cargo handling [45] - The local economy reflects a balance of tradition and innovation, with a strong emphasis on community and cultural identity, which contributes to the overall resilience and optimism of its residents [47][49]