Core Viewpoint - On November 19, Jihong Co., Ltd. experienced a decline of 2.95% in stock price, with a trading volume of 165 million yuan, indicating market volatility and investor sentiment [1] Financing Summary - On the same day, Jihong Co. had a financing purchase amount of 19.34 million yuan and a financing repayment of 15.48 million yuan, resulting in a net financing purchase of 3.86 million yuan [1] - As of November 19, the total balance of margin trading for Jihong Co. was 319 million yuan, which accounts for 5.32% of its circulating market value, indicating a relatively high level compared to the past year [1] - The company had no short selling activity on November 19, with a short selling balance of 0 yuan, placing it in a low position compared to the past year [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its listing date on July 12, 2016 [2] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), with e-commerce contributing 65.45% and packaging 34.49% to its revenue [2] Financial Performance - As of September 30, the number of shareholders for Jihong Co. reached 40,800, an increase of 10.93%, while the average circulating shares per person decreased by 9.85% to 7,084 shares [3] - For the period from January to September 2025, Jihong Co. reported a revenue of 5.039 billion yuan, representing a year-on-year growth of 29.29%, and a net profit attributable to shareholders of 216 million yuan, up 60.11% year-on-year [3] Dividend Information - Since its A-share listing, Jihong Co. has distributed a total of 706 million yuan in dividends, with 519 million yuan distributed over the past three years [4] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder of Jihong Co., holding 39.41 million shares, a decrease of 87,900 shares from the previous period [4]

Core Viewpoint - Jihong Co., Ltd. experienced a 5.26% decline in stock price, closing at 17.10 yuan per share, with a total market capitalization of 7.702 billion yuan [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its listing date on July 12, 2016 [1] - The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - Business segments include: - Cross-border social e-commerce, which accounts for 65.45% of revenue, focusing on advertising on social media to attract customers for various products [1] - Paper packaging, contributing 34.49% of revenue, providing one-stop packaging solutions for FMCG clients [1] - Other businesses, including marketing, advertising, and trade, account for 0.06% of revenue [1] Fund Holdings - One fund, the China Europe Data Mining Mixed A (001990), holds a significant position in Jihong Co., Ltd., with 313,100 shares, representing 0.62% of the fund's net value [2] - The fund has reported a floating loss of approximately 297,400 yuan due to the stock's decline [2] Fund Manager Information - The fund manager of China Europe Data Mining Mixed A is Qu Jing, who has been in the position for 10 years and 174 days [3] - The fund's total asset size is 3.359 billion yuan, with a best return of 194.48% and a worst return of -24.21% during the manager's tenure [3]

Core Viewpoint - Jihong Co., Ltd. (002803)(02603) has seen a significant stock price increase, with a rise of nearly 9% and a current price of 18.81 HKD, driven by positive earnings expectations and strategic business developments [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately RMB 209 million to 222 million for the first three quarters of 2025, representing a year-on-year growth of 55% to 65% [1] - The growth is attributed to the deepening of brand building and regional expansion in the cross-border social e-commerce business, alongside substantial increases in revenue and profit from the paper-based fast-moving consumer goods packaging business [1] Strategic Initiatives - Jihong Co., Ltd. plans to continue increasing investments in AI research and its own brand development to enhance its intelligent and branded cross-border e-commerce operations [1] - The company is accelerating the construction of its packaging base in the Middle East and actively exploring overseas packaging markets to achieve comprehensive business expansion [1] Technological Integration - According to Everbright Securities, the integration of AI applications into the company's Giikin system allows for seamless connection across various business processes with minimal human involvement, effectively driving business development [1]

Core Viewpoint - Jihong Co., Ltd. (002803)(02603) experienced a significant stock price increase of over 13%, reaching HKD 20.4, with a trading volume of HKD 20.0736 million, following the announcement of its profit forecast for the first three quarters of 2025 [1] Group 1 - The company expects net profit attributable to shareholders to be approximately RMB 209 million to RMB 222 million, representing a year-on-year growth of 55% to 65% [1] - Both operating revenue and profit are anticipated to show substantial growth during the period, driven by the deepening of brand building and regional expansion in the cross-border social e-commerce business [1] - The paper-based fast-moving consumer goods packaging business benefits from long-term strategic cooperation with industry-leading companies, leading to improved operational efficiency and significant enhancement in profitability [1]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (Jihong Co.) has made a significant market debut, becoming the first "AI cross-border social e-commerce A+H stock" in the Hong Kong market, reflecting the strong momentum of China's cross-border e-commerce industry amid globalization and digitalization [1][3] Group 1: Company Performance - In 2024, Jihong Co. achieved impressive financial results with a revenue of 552.93 million yuan and a net profit of 18.19 million yuan [4] - The company's cross-border social e-commerce business generated revenue of 336.59 million yuan, becoming the core engine of its growth [4] - Jihong Co. ranks second in the Chinese B2C export e-commerce sector with a 1.3% market share [4] Group 2: Business Model and Strategy - Jihong Co. operates under a dual-driven business model, combining cross-border social e-commerce with paper packaging solutions [3][4] - The company employs a unique "goods find people" model, leveraging consumer data to identify needs and guide purchasing decisions, contrasting with the traditional "people find goods" approach [5][6] - The cross-border social e-commerce business accounted for 60.9% of total revenue in 2024, with a high gross margin of 60.5% [6] Group 3: Packaging Solutions - Jihong Co. is a leading provider of one-stop paper packaging solutions, integrating various processes from design to logistics [8][9] - The company holds a 1.2% market share in the Chinese paper packaging sector, ranking first in revenue among domestic companies [9] - The paper packaging market in China is projected to grow from 1,456 billion yuan in 2020 to 1,703 billion yuan in 2024, with expectations to reach 2,227 billion yuan by 2029 [9] Group 4: Environmental and Market Trends - The company is positioned to benefit from increasing environmental awareness and stringent ESG policies, which are reshaping the packaging industry [10][11] - Jihong Co. has seen its paper packaging output rise from 846.7 million square meters in 2022 to 1,026.1 million square meters in 2024 [11] - The company has established partnerships with major brands like Yili and McDonald's, enhancing its market presence [12] Group 5: Future Outlook - Jihong Co. aims to transition from merely "cross-border selling" to "brand output," with a target to increase brand business contribution to 30% by 2027 [13] - The company's strategic focus includes leveraging AI technology and expanding its brand matrix to explore new valuation opportunities [14]

Group 1: IPO Information - Jihong Co., Ltd. (02603.HK) is conducting an IPO with a subscription period from May 19 to May 22, offering a total of 67.91 million shares, with 10% for public offering and 90% for international placement [1] - The IPO price range is set between 7.48 and 10.68 HKD, with a market capitalization estimated between 3.386 billion and 4.835 billion HKD and a price-to-earnings ratio of 21 times [1] - The minimum subscription amount is 5,394 HKD, with the listing date scheduled for May 27 [1] Group 2: Company Overview - Jihong Co., Ltd. was established in 2003 and is headquartered in Xiamen, Fujian, initially focusing on fast-moving consumer goods packaging before transitioning to cross-border e-commerce in 2017 [2] - The company ranks second in China's B2C export e-commerce sector with a market share of 1.3% and first in the paper packaging sector with a market share of 1.2% as of 2024 [2] - Jihong's cross-border social e-commerce business utilizes a "goods find people" model, leveraging platforms like Meta and TikTok for targeted advertising [2] Group 3: Financial Performance - Jihong's revenue for 2022, 2023, and 2024 was 5.376 billion, 6.695 billion, and 5.529 billion RMB, respectively, with net profits of 172 million, 332 million, and 184 million RMB [3] - In Q1 2025, the company reported revenue of 1.477 billion RMB, reflecting a year-on-year growth of 11.55%, with a net profit of 59.16 million RMB [3] - By 2024, the cross-border e-commerce segment contributed 60.9% of total revenue, while the packaging business accounted for 38% [4] Group 4: Operational Insights - Jihong's packaging business offers a comprehensive solution from design to logistics, serving well-known clients like Yili and Luckin Coffee, with a low industry concentration (top five players hold only 4.5% market share) [3] - The company has a cash balance of 786 million RMB but faces pressure with accounts receivable reaching 522 million RMB, which is over 286% of its profit [5] - The dual business model helps mitigate risks, while AI technology enhances operational efficiency [5] Group 5: Market Sentiment and Pricing Strategy - The IPO price range of 7.48-10.68 HKD represents a discount of 33%-53% compared to the A-share price of 14.63 RMB, indicating a significant pricing strategy aimed at attracting investors [6] - The expected oversubscription rate is high, with estimates suggesting a potential oversubscription of 15 to 50 times, which could lead to a significant price adjustment [6]

Core Viewpoint - The company, Jihong Holdings (02603.HK), is planning a global offering of 67.91 million H-shares, with a price range of HKD 7.48 to HKD 10.68 per share, aiming to raise approximately HKD 505 million for various business expansions and developments [1][4]. Group 1: Company Overview - Jihong Holdings was established in 2003 and focuses on providing one-stop paper packaging products and services for fast-moving consumer goods (FMCG) companies, emphasizing marketing strategies and consumer demand [1]. - The company has successfully transformed and expanded its business since its listing on the Shenzhen Stock Exchange in 2016, achieving notable results in both business and financial aspects [2]. Group 2: Market Position - According to Zhi Shi Consulting, Jihong Holdings 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 in mainland China, holding a market share of 1.2% in the same year [2]. Group 3: Investment and Use of Proceeds - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 20 million (approximately HKD 155 million), representing about 25.2% of the global offering [3]. - The net proceeds from the global offering are expected to be approximately HKD 505 million, with allocations planned for overseas market expansion (40%), technology development (35%), brand development (15%), and working capital (10%) [4].