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港股通“零时差”准入!吉宏股份(02603.HK)上市首日刷新资本市场效率,AI驱动锚定跨境新蓝海
经济观察报· 2025-05-27 13:15
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].
首家港股发行上市即入港股通,吉宏股份上市首日开盘涨超40%
市值风云· 2025-05-27 10:10
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].
暗盘大涨,吉宏股份明日即将登陆港交所,双轮驱动打造跨境社交电商领军者
Cai Jing Wang· 2025-05-26 10:34
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]
吉宏股份:双轮驱动全球化战略落地 H股上市开启国际资本新航道
Chang Jiang Shang Bao· 2025-05-21 08:32
Core Viewpoint - Jihong Co., Ltd. is launching a global offering of H shares, marking a significant step in its dual-platform strategy of "A+H" and aiming to inject global momentum into its cross-border e-commerce and green packaging businesses [1] Group 1: Global Offering Details - The global offering consists of 67,910,000 H shares, with 6,791,000 shares allocated for public offering in Hong Kong and 61,119,000 shares for international offering [1] - The price range for the H share issuance is preliminarily set between HKD 7.48 and HKD 10.68 [1] Group 2: Cross-Border E-Commerce Performance - Jihong Co., Ltd. ranks second among Chinese B2C export e-commerce companies with a market share of 1.3%, generating revenue of CNY 336,590.31 million from its cross-border social e-commerce business in 2024 [2] - The company's unique "goods find people" model has contributed to its success, allowing for proactive identification of target customers based on consumer data [2][3] - Revenue from the cross-border social e-commerce business accounted for 57.8%, 63.6%, and 60.9% of total revenue from 2022 to 2024, with corresponding gross profit margins of 59.1%, 63.1%, and 60.5% [3] Group 3: Packaging Business Growth - Jihong Co., Ltd. is a leading provider of paper packaging solutions in mainland China, with a market share of 1.2% in the fast-moving consumer goods (FMCG) packaging sector [4] - The market size for paper FMCG packaging in mainland China is projected to grow from CNY 145.6 billion in 2020 to CNY 170.3 billion in 2024, with expectations to reach CNY 222.7 billion by 2029 [5] - The company has established strong partnerships with major FMCG brands, enhancing its competitive position in the packaging industry [6] Group 4: Environmental Trends and Innovations - The shift towards environmentally friendly packaging solutions is reshaping the industry, with increasing emphasis on sustainability and compliance with ESG policies [5] - Jihong Co., Ltd. has been proactive in developing eco-friendly packaging materials and technologies, positioning itself to benefit from the growing demand for sustainable packaging [6]
吉宏股份(02603)招股进行时:掘金社交电商蓝海,AI打开估值上行空间
智通财经网· 2025-05-21 08:02
Core Viewpoint - The Hong Kong IPO market is experiencing a resurgence, with increased investor confidence and a notable rise in fundraising and returns from new listings, exemplified by the upcoming IPO of Jihong Co., a leading cross-border social e-commerce company [1][2]. Company Overview - Jihong Co. has established itself as a leader in two core business segments: cross-border social e-commerce and paper-based fast-moving consumer goods (FMCG) packaging, ranking second among Chinese B2C export e-commerce companies in 2024 [2]. - The company has been recognized in the "Top 100 Chinese Printing and Packaging Enterprises" and has received the TikTok Global Leadership Award, showcasing its competitive strength [2]. Market Dynamics - The social e-commerce market is expanding, with China's cross-border e-commerce imports and exports reaching 2.63 trillion yuan in 2024, a 10.8% increase from 2020 [3]. - Policies promoting foreign trade and cross-border e-commerce, such as zero tariffs in Hainan Free Trade Port and tax refunds for outbound purchases, are expected to further benefit the industry [3]. Business Model and Performance - Jihong Co. has demonstrated strong growth, with 2024 revenues of 5.529 billion yuan and a 11.55% year-on-year increase in Q1 2025 revenues [4]. - The company operates a dual-driven strategy combining cross-border social e-commerce and paper FMCG packaging, enhancing its business matrix [4]. Financial Metrics - The gross margin for Jihong Co.'s cross-border social e-commerce business has consistently remained between 59.1% and 63.1%, significantly outperforming industry averages [5]. - The company has achieved a high order fulfillment rate of 84.9%, with over 41 million orders delivered to 17 million consumers [5]. Global Expansion - Jihong Co. is actively pursuing a global strategy, with 80.9% of its revenue in 2024 coming from the Asian market, and has established production bases in the UAE and Oman [5]. - The company aims to leverage regional synergies to drive growth and expand its market presence in emerging markets [5]. Technological Innovation - The integration of AI and big data technologies is transforming the social e-commerce landscape, with Jihong Co. developing proprietary systems like Giikin for operational efficiency [6][9]. - The company has implemented AI applications to enhance various operational aspects, resulting in improved efficiency and reduced costs [9]. Future Outlook - The social e-commerce sector is poised for significant transformation driven by AI and big data, with Jihong Co. positioned as a leader with substantial technological barriers [9]. - The potential for growth in overseas markets and the application of AI technologies are expected to catalyze the company's value appreciation post-IPO [9].
吉宏股份(02603)拟全球发售6791万股 引入昱龙国际资本等基石投资者
智通财经网· 2025-05-18 23:47
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]
吉宏股份(02603) - 全球发售
2025-05-18 22:25
XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 股份代號: 2603 (於中華人民共和國註冊成立的股份有限公司) 全球發售 聯席保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 (按英文字母順序排列) 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 (按英文字母順序排列) 廈門吉宏科技股份有限公司 重要提示 重要提示: 閣下如對本招股章程的任何內容有任何疑問,應徵詢獨立專業意見。 Xiamen Jihong Co., Ltd 廈門吉宏科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 全球發售 | 全球發售的發售股份數目 : 67,910,000股H股 | | | --- | --- | | : 香港發售股份數目 6,791,000股H股(可予重新分配) | | | 國際發售股份數目 : 61,119,000股H股(可予重新分配) | | | 最高發售價 : | 每股H股10.68港元(另加1%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費,須於 | | | 申請時以 ...
利润下滑44%,跨境社交电商龙头欲冲击港股
阿尔法工场研究院· 2025-04-13 07:33
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].