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]

今年已有赤峰黄金、钧达股份、宁德时代到港交所二次上市，上市后普遍表现不错，恒瑞医药招股已经结束，等待上市，吉宏股份是今年第五只到港交所 二次上市的A股公司。 一、招股信息 | 公司名称 | 吉宏股份 (02603.HK) | | --- | --- | | 所属行业 | 跨境电商 | | 招股目期 | 5月19日～5月22日 | | 发行股数 | 总发售6791万股,其中10%为公开发售, 90%为国际配售 | | 招股价 | 7.48～10.68港元 | | 每手股数 | 500 股 | | 公司市值 | 33.86亿~48.35亿 | | 市盈率 | 21倍 | | 最小申购金额 | 5394港元 | | 公布中签 | 5月26日 | | 上市目期 | 5月27日 | | 保荐人 | 中金、招银 | | 绿鞋 | 元 | | 基石 | 3家基石一共认购25.2%二侠说财 | | | | | 截至12月31日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | | 收入 | 90 ...

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].