Core Viewpoint - The company, Jihong Co., Ltd. (02603.HK), reported significant growth in its interim results for the six months ending June 30, 2025, driven by the recovery of the consumer market and the efforts of its management and employees [1] Financial Performance - The company achieved a revenue of 3.23 billion RMB, representing a year-on-year increase of 31.79% [1] - The net profit attributable to shareholders reached 118 million RMB, marking a year-on-year growth of 63.27% [1] - Earnings per share for ordinary equity holders amounted to 0.30 RMB [1] Strategic Developments - On May 27, 2025, the company completed its initial public offering of H-shares and was listed on the main board of the Hong Kong Stock Exchange, becoming the first A+H listed company in the cross-border social e-commerce and paper fast-moving consumer goods packaging sectors in China [1] - The H-share listing is a key milestone in the company's globalization strategy, leveraging Hong Kong's position as an international financial hub to enhance its global presence in social e-commerce and packaging businesses [1] - The company aims to expand its sales regions and deepen its penetration into overseas markets to maintain its industry-leading position [1]

Core Viewpoint - The report highlights significant growth in key financial metrics for Jihong Co., following its successful listing on the Hong Kong Stock Exchange, marking it as the first domestic cross-border social e-commerce and fast-moving consumer goods packaging A+H share company [1] Financial Performance - The company achieved a revenue of 3.234 billion yuan, representing a year-on-year increase of 31.79% [1] - The net profit attributable to shareholders reached 118 million yuan, up 63.27% year-on-year [1] - The net profit excluding non-recurring items was 113 million yuan, reflecting a 79.43% increase [1] - Operating cash flow net amount was 183 million yuan, a substantial increase of 377.8% year-on-year [1] Cross-Border E-Commerce Business - The cross-border social e-commerce segment generated revenue of 2.116 billion yuan, a growth of 52.91% year-on-year [2] - The net profit attributable to shareholders from this segment was 55.4 million yuan, marking a 97.67% increase [2] - The company utilizes an AI-driven "goods find people" model for targeted advertising on major social platforms, promoting Chinese industrial products globally [2] - The proprietary "Giikin 3.0" system integrates with various AI models to automate the entire process from product selection to customer service [2] - The business has expanded to over 40 countries and regions, maintaining a leading ROI in advertising [2] Packaging Business - The packaging segment reported revenue of 1.115 billion yuan, with a year-on-year growth of 10.04% [3] - The net profit attributable to shareholders in this segment was 75.7 million yuan, an increase of 34.43% [3] - The company maintains the top market share in domestic paper-based fast-moving consumer goods packaging [3] - The growth in food-grade eco-friendly packaging orders is driven by partnerships with major brands like Luckin Coffee, KFC, and McDonald's [3] - The company operates over 10 large packaging production bases nationwide, all certified under various quality and environmental management systems [3] Future Strategy - Jihong Co. plans to increase investment in AI research and its own brand development to enhance its cross-border e-commerce business [3] - The packaging division aims to focus on sustainability through green, intelligent, and low-carbon initiatives, while expanding its overseas market presence [3] - The company intends to leverage the advantages of Hong Kong's international financial center to deepen global market penetration and enhance brand value [3]

Group 1 - The chairman of Jihong Co., Wang Yapeng, plans to reduce his shareholding by up to 3.04 million shares, representing no more than 0.79% of the company's total A-share capital of 384,769,288 shares, due to personal funding needs [2] - As of the close on August 5, Jihong Co.'s stock price was 16.72 yuan, with a daily increase of 0.12%, and the company's total market capitalization was approximately 7.569 billion yuan [2] - Wang Yapeng has nearly 20 years of experience in the internet marketing industry and has been with Jihong Co. since August 2017, focusing on cross-border e-commerce [2] Group 2 - Jihong Co. expects significant growth in both revenue and profit for the first half of the year, driven by increased packaging demand due to market recovery and strategic partnerships with leading companies in the fast-moving consumer goods sector [3] - The company's cross-border social e-commerce business benefits from technology-driven innovation and improved supply chain management, contributing to substantial revenue and profit growth [3] - Overall performance improvement is attributed to enhanced operational efficiency and resource utilization through group management [3]

Group 1 - The core viewpoint of the articles highlights the performance fluctuations of Jihong Co., with a significant profit increase in 2025 followed by a substantial decline in 2024 due to various economic factors [1][2] - In the first half of 2025, Jihong Co. expects a net profit attributable to shareholders to grow by 55% to 65%, reaching between 112 million to 119 million yuan, with a further increase in net profit growth to 68% to 79% after excluding non-recurring gains [1] - The growth in 2025 is attributed to the recovery of the consumer market, which has led to increased packaging demand from downstream clients, and the company's strategic partnerships with leading firms in the fast-moving consumer goods sector [1] Group 2 - In 2024, Jihong Co. experienced a decline in net profit by over 47% due to a challenging economic environment, inflation, and fluctuating exchange rates, which resulted in decreased consumer confidence and sales growth in the packaging sector [2] - The company is actively expanding its client base and diversifying its business to enhance revenue, shifting from traditional packaging to higher-margin products such as tobacco and personal care packaging [2] - Jihong Co. is also focusing on international expansion through cross-border e-commerce, utilizing AI algorithms for market analysis and advertising on platforms like Meta and TikTok to sell Chinese products abroad [3] Group 3 - The company has established a strategic partnership with BMJ Industries to accelerate its overseas expansion, planning to invest in packaging production bases and trade platforms in the Middle East [3] - The collaboration aims to produce and sell various packaging products, including tobacco packaging and environmentally friendly materials, targeting markets in the Middle East and Africa [3]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co., Ltd." 002803.SZ) has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first A+H listed company in Xiamen and the fifth A-share company to list on the Hong Kong Stock Exchange this year [1][4]. Company Overview - Jihong Co., Ltd. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016. The company specializes in providing integrated services including marketing strategy, product design, process design, technical planning, transportation, and logistics [5]. - The company operates 10 large packaging production bases across China and has established close partnerships with clients such as Yili and Luckin Coffee. In 2022, it was ranked 5th among the "Top 100 Printing and Packaging Enterprises in China" by Printing Manager magazine [5]. IPO Details - The IPO involved a global offering of H-shares with a base issuance of 67.91 million shares, raising approximately HKD 519 million (around RMB 478 million). The funds will be used for overseas market expansion, technology development, and brand portfolio enhancement [4]. - Upon opening, Jihong Co., Ltd.'s shares surged to HKD 11 per share, a 43.23% increase from the issue price of HKD 7.68, and reached a peak increase of 52.34% at HKD 11.70 [1]. Business Performance - For the years 2022 to 2024, Jihong Co., Ltd. projected revenues of RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively. The cross-border e-commerce business is expected to contribute RMB 3.107 billion, RMB 4.257 billion, and RMB 3.366 billion, accounting for 57.8%, 63.6%, and 60.9% of total revenue [10]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3% and holds the first position in the domestic paper packaging market for fast-moving consumer goods with a market share of 1.2% [10]. Future Plans - Jihong Co., Ltd. aims to expand its business footprint in Asia, particularly in Indonesia and Vietnam, while also planning to steadily enter the European market and explore high-growth potential regions in Latin America [11].

Core Viewpoint - Jihong Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first "A+H" cross-border social e-commerce stock, with a significant opening increase of 43% to HKD 11, reflecting market recognition of its dual-track leadership and AI-driven capabilities [1][4][2]. Group 1: Company Overview - Jihong Co., Ltd. was established in 2003 and initially focused on providing packaging solutions for fast-moving consumer goods. It has since expanded into cross-border social e-commerce, leveraging its experience in packaging to connect suppliers with consumers in Asia, Europe, and North America [6][11]. - The company operates two main business segments: ToC precision marketing cross-border social e-commerce and ToB comprehensive marketing design and packaging services, establishing a leading position in both sectors [6][11]. Group 2: Financial Performance - Jihong's cross-border social e-commerce business generated revenues of CNY 3.107 billion, CNY 4.257 billion, and CNY 3.366 billion from 2022 to 2024, accounting for approximately 60% of total revenue [11]. - The gross margin for the cross-border social e-commerce business exceeded 60% in 2023 and 2024, significantly higher than the industry average, indicating a successful "technology premium" model [11]. - In Q1 2025, Jihong achieved a revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, with net profit rising by 57.97% to CNY 62.47 million [12]. Group 3: Technological Advancements - Jihong has developed the Giikin system, which integrates AI applications to optimize the entire business process from product selection to logistics, reducing the product selection cycle by 60% and increasing the accuracy of hit product predictions to 82% [7][8]. - The company has filed for 4 patents and 140 software copyrights related to its cross-border social e-commerce algorithms and software systems, showcasing its commitment to technological innovation [8]. Group 4: Market Position and Strategy - Jihong's cross-border e-commerce business is positioned in a rapidly growing market, with the Asian segment contributing over 80% of its revenue, allowing it to mitigate risks from trade policy fluctuations in Europe and the U.S. [17][18]. - The company plans to use the proceeds from its IPO to expand into Southeast Asia, Europe, and Latin America, capitalizing on the growth potential in these emerging markets [24][27]. Group 5: Packaging Business Growth - Jihong's paper packaging business has shown steady growth, with production increasing from 846.7 million square meters in 2022 to 1.026 billion square meters in 2024 [19]. - The company is actively developing biodegradable materials and lightweight structures to meet the growing demand for sustainable packaging solutions [19][20]. Group 6: Shareholder Returns - Jihong has a strong commitment to returning value to shareholders, with a cash dividend distribution plan announced for 2024, amounting to CNY 68.17 million [13]. - The company has also implemented a share buyback plan, reflecting its confidence in future business growth [13].

Core Viewpoint - The company, Xiamen Jihong Technology Co., Ltd. (吉宏股份), has successfully leveraged a social e-commerce model to expand its cross-border business, becoming a significant growth driver for the company [1][4]. Group 1: Company Overview - Xiamen Jihong Technology Co., Ltd. was officially listed on the Hong Kong Stock Exchange on May 27, with an opening price of HKD 11 per share, representing a 43.23% increase from the issue price, and a market capitalization exceeding HKD 5 billion [3][4]. - Established in 2003, the company initially focused on fast-moving consumer goods (FMCG) packaging, collaborating closely with well-known brands such as Yili and Luckin Coffee [4]. - The company has developed a one-stop packaging solution capability, providing comprehensive production processes in the paper-based FMCG packaging sector [4]. Group 2: Business Model and Growth Strategy - In 2017, the company identified the rapid increase in e-commerce penetration in Southeast Asia and innovatively adopted a social e-commerce model to expand its cross-border business [4]. - The company operates with a "data-driven, technology-enabled" approach, focusing on independent site models to offer diverse products and services, significantly reducing customer sourcing time and enhancing shopping experiences [4]. - The company has developed the Giikin system, powered by AI algorithms, to optimize the entire supply chain from product selection to logistics, successfully innovating its "goods find people" business model [4]. Group 3: Market Position and Industry Growth - As of now, the company has six brands, including SENADA BIKES, Veimia, Konciwa, and PETTENA, with products sold on e-commerce platforms and brand websites covering electric bicycles, underwear, sunshades, and pet supplies [5]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3%, and first in the paper-based FMCG sales packaging sector with a market share of 1.2% [6]. - The paper-based FMCG sales packaging market in China is experiencing rapid growth, with the market size projected to increase from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024 [6]. - The Southeast Asian e-commerce market is recognized as the fastest-growing and most promising segment globally, positioning the company to benefit from ongoing market growth [6].

Group 1: Company Overview - Jihong Co., Ltd. (吉宏股份) is a leading player in the cross-border social e-commerce sector and has established itself as a key provider of paper packaging products for fast-moving consumer goods (FMCG) since its founding in 2003 [1][4] - The company went public on the Shenzhen Stock Exchange in July 2016 and expanded its business into cross-border social e-commerce in 2017, which has since become its primary revenue source [1][4] - Jihong Co., Ltd. aims to leverage its dual business model of cross-border social e-commerce and paper packaging to create synergies and mitigate risks [4] Group 2: Market Performance and Financials - Jihong Co., Ltd. reported total revenues of CNY 5.376 billion, CNY 6.695 billion, and CNY 5.529 billion for the years 2022, 2023, and 2024 respectively, with net profits of CNY 172 million, CNY 332 million, and CNY 184 million during the same period [6] - In Q1 2025, the company achieved revenue of CNY 1.477 billion, representing a year-on-year growth of 11.55%, with a net profit of CNY 59.16 million, up 38.21% [6] Group 3: IPO and Fund Utilization - The company has set the final price for its H-share IPO at HKD 7.68 per share, with trading expected to commence on May 27, 2025 [1] - Proceeds from the IPO will be allocated as follows: approximately 40% for overseas market expansion, 35% for technology development, 15% for brand expansion, and 10% for working capital [7][8] Group 4: Industry Trends and Growth Potential - The cross-border social media e-commerce sector in China is rapidly reshaping global trade, with a projected market size of USD 927.6 billion by 2029, accounting for 11.4% of the global B2C e-commerce market [3] - The Asian e-commerce market, particularly outside of China, is expected to show significant growth potential due to factors such as a large population base, increasing internet penetration, and a growing middle class [2][3]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. has officially launched its IPO plan on the Hong Kong Stock Exchange, aiming for listing on May 27, 2025, to further expand its capital market presence [1] Group 1: IPO Details - The IPO price range is set between HKD 7.48 and HKD 10.68, with a global offering of 67.91 million H-shares, potentially raising approximately HKD 725 million at the highest price [1] - Key cornerstone investors, including Timber Kangaroo, Yulong International, and Ms. Shen Zhenyu, have committed to subscribe for a total of HKD 155 million worth of shares [1] Group 2: Financial Performance - Revenue for the years 2022, 2023, and 2024 reached RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion respectively, with a notable decline in 2024 revenue compared to 2023 [2][3] - Despite a 20.93% year-on-year decline in the cross-border social e-commerce business revenue in 2024, it still accounted for a significant portion of the company's total revenue, amounting to RMB 3.366 billion [2] - The company's gross profit and gross margin for 2024 were RMB 2.419 billion and 43.8% respectively, indicating a strong profitability despite revenue fluctuations [2][3] Group 3: Ownership Structure - The company has a family-oriented ownership structure, with founder and general manager Ms. Zhuang Hao holding 18.09% of the shares, alongside her husband Zhang Ping, who co-controls the company [4] - Other significant shareholders include Zhuang Shu and He Jingying, who also hold substantial stakes in the company [4] Group 4: Future Outlook - The upcoming listing on the Hong Kong Stock Exchange is expected to provide Jihong Technology with broader financing channels and a more diversified investor base, supporting its ongoing business development and innovation [7] - The company aims to become a leading global provider of fast-moving consumer goods packaging and cross-border e-commerce services, maintaining a commitment to innovation, pragmatism, and efficiency [7]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant milestone in its development and aiming to leverage international capital for further expansion in the cross-border e-commerce sector [2][3][4]. Company Overview - Jihong Co. was established on December 24, 2003, and was listed on the Shenzhen Stock Exchange on July 12, 2016, with the stock code 002803.SZ [4]. - The company focuses on providing marketing strategies, product design, process design, technical planning, transportation, and logistics services [4]. - Jihong Co. has established deep partnerships with leading fast-moving consumer goods (FMCG) brands such as Yili and Luckin Coffee, enhancing its competitive edge through technology [4][5]. Financial Performance - Jihong Co.'s revenue for 2022, 2023, and 2024 was reported at RMB 5.376 billion, RMB 6.695 billion, and RMB 5.529 billion, respectively, with corresponding net profits of RMB 172 million, RMB 332 million, and RMB 184 million [4]. - For the first quarter of 2025, the company achieved revenue of RMB 1.477 billion, a year-on-year increase of 11.55%, and a net profit of RMB 59 million, up 38.21% year-on-year [13][15]. Market Position - Jihong Co. ranks second among B2C export e-commerce companies in China, holding a market share of 1.3%, and is the leading provider in the paper-based FMCG sales packaging sector with a market share of 1.2% [6][11]. - The paper-based FMCG sales packaging market in China is projected to grow from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024, driven by increasing investment in packaging by the FMCG industry [8]. Strategic Initiatives - The company is focusing on AI-driven cross-border e-commerce, self-brand development, and expanding its packaging business internationally [13]. - Jihong Co. has formed a strategic partnership with VENUSTRADINGFZCO to establish a joint venture in the UAE, aiming to enhance its presence in the Middle East and Africa [14]. Industry Trends - The paper-based packaging industry is experiencing rapid growth, supported by environmental policies and technological advancements [10][11]. - The market for paper-based FMCG sales packaging is expected to continue expanding, with a projected market size of RMB 222.7 billion by 2029 [8].