Core Viewpoint - The company, Jihong Technology Co., Ltd., is preparing for an IPO in Hong Kong, driven by its dual business model of cross-border social e-commerce and paper packaging for fast-moving consumer goods, which presents both opportunities and challenges [1][2]. Business Overview - The company's main businesses include cross-border social e-commerce and paper packaging for fast-moving consumer goods. The e-commerce segment utilizes dynamic data analysis and a "goods find people" model to promote mainland Chinese products to global consumers through social media advertising [3][4]. - The paper packaging business offers a one-stop service for fast-moving consumer goods companies, covering the entire process from design to logistics, with a focus on environmentally friendly packaging [4]. Market Position - In terms of market positioning, the cross-border social e-commerce business focuses on the Asian market, while the paper packaging business targets the mainland Chinese fast-moving consumer goods market. By 2024, Jihong is projected to rank second among Chinese B2C export e-commerce companies in terms of revenue generated from social media e-commerce in Asia, and first in the mainland paper packaging market for fast-moving consumer goods [4]. Financial Performance - The company's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with profits of RMB 172 million, RMB 332 million, and RMB 185 million [5]. - The cross-border social e-commerce business accounts for a significant portion of total revenue, with contributions of 57.8%, 63.6%, and 60.9% from 2022 to 2024, and a gross margin of 59.1%, 63.1%, and 60.5% during the same period. The paper packaging business shows stable growth with gross margins of 15.2%, 18.8%, and 17.9% [6]. Investment Value - Jihong possesses certain advantages in its industry, particularly in the application of AI technology and supply chain management within its cross-border social e-commerce business, which includes the self-developed Giikin system that enhances operational efficiency [7]. - The paper packaging business has established long-term partnerships with leading fast-moving consumer goods companies, holds a significant market share, and possesses numerous patents and software copyrights, indicating strong technical capabilities [8].