吉宏股份（02603.HK）今日登陆港交所率先成为"A+H"跨境 社交电商股，开盘涨43%至11港元，上市即入港股通刷新资 本市场效率。其自主研发的Giikin系统实现AI全链路赋能，募 资5.05亿港元将投入东南亚仓储及AI技术升级，锚定跨境电商 万亿新蓝海。 公开资料显示，目前吉宏股份主营业务覆盖 ToC端精准营销跨境社交电商业务和ToB端全案营销设计包装服务，并已在上述两大核心业务板块确立领先 的行业龙头地位。 作者： 王海言 封图：图片资料室 2025年5月27日，吉宏股份（002803.SZ、02603.HK）正式登陆港交所，成为率先 完 成 A+H两地上市的跨境社交电商企业。此外，5月26日，上交 所发布通知将吉宏股份调入沪港通下港股通标的名单，成为率先港股发行上市就入通的企业。 此次 IPO，吉宏股份全球发售6791万股H股，发行价格为7.68港元/股，募资净额约5.05亿港元，拟用于海外市场拓展、技术研发及品牌建设。 上市首日，吉宏股份开盘报 11港元/股，较发行价上涨43.23%，市值突破50亿港元，彰显市场对"双赛道龙头"的认可。 当前，社交电商行业正经历由 AI、大数据等前沿技术驱动的深 ...

通过社交电商模式开拓跨境业务，成为公司重要增长动能。 5月27日，厦门吉宏科技股份有限公司（吉宏股份，02603.HK/002803.SZ）正式在港交所挂牌上市。 此外，上交所发布沪港通下港股通标的调整通知，吉宏股份被调入沪港通下港股通标的名单，成为首 家港股发行上市就纳入港股通的企业。 上市首日，吉宏股份开盘报11港元/股，较发行价上涨43.23%，市值突破50亿港元。 资料显示，吉宏股份成立于2003年，早期以快消品包装业务为核心，凭借高精度印刷技术和规模化生 产能力，与伊利、瑞幸咖啡等知名快消品牌建立密切合作，是为数不多的有能力提供涵盖完整生产过 程的一站式包装解决方案的中国纸制快消品包装解决方案公司之一。 2017年，吉宏股份捕捉到东南亚电商渗透率快速提升的机遇，依托包装业务积累的供应链资源，创新 性地采用社交电商模式开拓跨境业务。经过多年深耕，该业务已成为公司重要增长动能。 作为一家"数据为轴，技术驱动"的企业，吉宏股份专注于通过独立站模式提供多样化的商品和服务， 通过"货找人"的业务模式，大幅降低客户找货时间成本，提升客户购物体验。 同时，吉宏股份还通过AI技术赋能的全球化布局已形成差异化竞争力， ...

Company Overview - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") officially listed on the Hong Kong Stock Exchange on May 27, 2025, under the stock code 02603.HK [1] - Established in 2003, Jihong Co. operates in cross-border e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3] - The company aims to provide one-stop paper packaging products and services for FMCG clients, focusing on marketing strategies, product design, process design, technical planning, and logistics [3] Industry Insights - The B2C cross-border social media e-commerce business in Asia (excluding mainland China) is expected to experience strong growth due to factors such as a large population base, increasing internet penetration, and a growing middle class [5] - The market size for China's B2C export social media e-commerce in Asia is projected to reach USD 29.1 billion in 2024, with an expected growth to USD 69.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.0% from 2024 [5][8] Market Drivers for Social Media E-commerce - Continuous growth in social media platform traffic due to an expanding user base and increased time spent on these platforms [8] - Advancements in data analytics and advertising technology enhance platforms' ability to understand consumer needs and identify potential buyers, increasing purchase motivation and conversion rates [8] - Growing consumer trust in social media platforms, leading to a higher likelihood of purchasing through these channels [8] Market Dynamics for Paper Packaging - The market size for paper packaging in China's FMCG sector has grown from RMB 145.6 billion in 2020 to RMB 170.3 billion in 2024, with expectations to reach RMB 222.7 billion by 2029 [8][10] - Key drivers include the accelerated launch of new products in response to rising consumer expectations and the increasing frequency of product category updates [10] - Environmental policies promoting the use of paper packaging over plastic are expanding market opportunities, as paper is biodegradable and offers superior packaging performance [10][11] - The need for enhanced packaging value due to intense competition in the FMCG sector is driving investment in paper packaging solutions [11]

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 ...

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]

5月19日，吉宏股份宣布启动全球发售，本次全球发售 H 股基础发行股数为 67,910,000 股（视乎发售量 调整权行使与否而定），其中，初步安排香港公开发售 6,791,000 股（可予重新分配），约占全球发售 总数的 10％；国际发售 61,119,000 股（可予重新分配），约占全球发售总数的 90％。本次 H 股发行的 价格区间初步确定为 7.48 港元至 10.68 港元。此次发行不仅是公司布局"A+H"双平台的重要一步，更将 为其跨境电商与绿色包装双主业注入全球化动能。 作为今年第五家上市港交所的A股公司，吉宏股份是一家以技术、创新及数智化赋能为基础，拥有跨境 社交电商业务及纸制快消品包装解决方案业务的领先双轮驱动企业，2024年度实现了营业收入实现营业 收入 552,925.86 万元，实现归属于上市公司股东的净利润 18,193.11 万元。 "货找人"模式打造跨境电商高增长曲线 根据灼识咨询的资料，按2024年在亚洲从事社交媒体电商业务产生的收入计，吉宏股份作为一家以亚洲 市场为战略重点的领先跨境社交电商公司，在中国B2C出口电商公司中排名第二，市场份额为1.3% 。 而根据其2024年年 ...

今年以来，在流动性改善、上市制度改革等多重利好推动下，投资者信心得到修复，港股IPO市场亦持 续升温。截止5月18日，港股已上市22只新股，不仅募资额较往年同期有明显增长，打新收益也同步水 涨船高。 市场情绪趋于乐观之际，一家跨境社交电商龙头吉宏股份(02603)于5月19日-5月22日开启招股。公司拟 全球发售6791万股，发售价为每股发售股份7.48-10.68港元，预期将于2025年5月27日登陆港股，并将成 为首家完成A+H两地上市的跨境社交电商企业。 据了解，吉宏股份此次IPO引入了Timber Kangaroo Capital Limited、昱龙国际资本等多个基石投资者。 其中，Timber Kangaroo实控人郑世杰是新加坡人，旗下基金专攻东南亚互联网基建，昱龙国际资本为 一家专注于海内外资本市场的投资公司，由苏施锦女士全资拥有，沈臻宇则是东北老牌药企誉衡药业 (002437.SZ)的董事长，此次IPO入局也表明了专业投资机构对公司前景充满信心。 公开资料显示，吉宏股份已在跨境社交电商和纸制快消品包装两大核心业务板块确立领先的行业龙头地 位。公司2024年亚洲社交电商业务收入规模位居中国B2 ...

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [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， ...