香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） （股份代號：2603） （「本公司」） 海外監管公告 已审财务报表 2025年度 厦门吉宏科技股份有限公司 目 录 | | 页 | | | 次 | | | --- | --- | --- | --- | --- | --- | | 审计报告 | 1 | | - | 7 | | | 已审财务报表 | | | | | | | 合并资产负债表 | 8 | | - | 10 | | | 合并利润表 | 1 | 1 | - | 1 | 2 | | 合并股东权益变动表 | 1 | 3 | - | 1 | 4 | | 合并现金流量表 | 1 | 5 | - | 1 | 6 | | 公司资产负债表 | 1 | 7 | - | 1 | 8 | | 公司 ...

Investment Rating - The report does not explicitly provide an investment rating for the OPC industry Core Insights - The core findings of the report can be summarized as "one core contradiction, four core issues, and three development trends" [5] - The core contradiction is between the diversified, deep, and ecological demand for OPC development and the homogenized, superficial, and fragmented supply of urban policies [6] - The four core issues identified are: 1. Serious homogenization of urban policies with high content repetition and insufficient differentiation [10] 2. Superficial implementation of policies, focusing mainly on material support [10] 3. Misunderstanding of the essence of OPC by entrepreneurs, leading to high failure rates [10] 4. Incomplete ecological support system for OPC, lacking resource matching platforms [10] Summary by Sections Section 1: Current Status of OPC Development - OPC (One-Person Company) is defined as a limited liability company established and operated by a single individual, offering advantages such as limited liability and tax benefits [8] - The three core characteristics of OPC are independent operation, AI empowerment, and ecological connection [11] - The overall scale of OPC is growing, with significant increases in registrations, particularly in the context of mature AI technology and the implementation of the new Company Law [13] - As of September 2025, there were 202 million organizations in China, with 29.2% being profit-making entities [12][17] - OPC development shows regional concentration, with higher registration rates in economically developed areas like the Yangtze River Delta and Pearl River Delta [16] Section 2: Policy Environment Analysis - The new Company Law implemented on July 1, 2024, significantly relaxes restrictions on OPC, allowing individuals to establish multiple OPCs and providing various tax incentives [27][31] - As of March 2026, 23 cities have introduced specific policies for OPC, with a high degree of policy homogenization observed [32][35] - The report highlights a trend towards differentiated and deeper policy exploration in some cities, moving from standardized support to more tailored approaches [38] Section 3: Diagnosis of Core Issues in OPC Development - The first issue is the serious homogenization of urban policies, which often lack local characteristics and innovative thinking [39][40] - The second issue is the superficial implementation of policies, primarily focusing on material support without addressing deeper needs [51][52] - The third issue is the misunderstanding of OPC by entrepreneurs, leading to high failure rates due to underestimating the challenges involved [64][66] - The fourth issue is the lack of a comprehensive ecological support system, with many entrepreneurs reporting insufficient access to resources and professional services [75][76] Section 4: Development Trends and Recommendations - AI empowerment is identified as a core driving force, significantly enhancing operational efficiency for OPCs [89] - Policies are transitioning from generalized subsidies to more precise empowerment strategies, with cities like Shenzhen and Hangzhou leading the way [90] - The evolution from "one-person company" to "one-person ecosystem" is becoming mainstream, emphasizing the importance of ecological connections [92]

Investment Rating - The report indicates a market adjustment phase with a recommendation to focus on the $300-400 price range for growth opportunities, while also considering the $0-100 segment for value-driven demand [9][11]. Core Insights - The market is experiencing a structural adjustment characterized by a decline in overall sales and volume by approximately 5-7% year-on-year, indicating a peak in demand [9][10]. - Despite the overall contraction, the average price has shown resilience, slightly increasing by 1.71%, suggesting a shift towards mid-to-high-end products or the transmission of cost pressures [9][10]. - The competitive landscape is undergoing significant reshuffling, with market concentration increasing, as the top three brands now account for nearly 80% of the market share [9][10]. - The core growth segment is identified in the $300-400 price range, which has seen a sales increase of about 70% year-on-year, indicating clear consumer upgrade demand [10][11]. - Chinese sellers are showing strong growth potential, with a significant contribution to new brand launches, although they face challenges in transitioning from supply chain advantages to brand leadership [10][11]. Summary by Sections Market Overview - The total sales for the past year reached $239.32 million, reflecting a year-on-year decline of 5.85%, primarily driven by a decrease in volume [19][20]. - The average price in the market has increased to $173.99, marking a 1.71% rise compared to the previous year [20]. Market Structure Changes - The report highlights a significant increase in the concentration of top brands, with the top three brands gaining a larger market share despite the decline of the leading brand LEVOIT [9][10]. - New brands, particularly from China, are emerging but contribute minimally to overall sales, indicating a need for stronger brand positioning [10][11]. Price Segment Trends - The $300-400 price segment is identified as the main growth engine, while the $200-300 segment is experiencing significant share loss [10][11]. - The report emphasizes the importance of understanding price sensitivity and consumer preferences, as the market shows clear structural migration [10][11].

Core Insights - The article highlights significant developments in the global expansion of Chinese companies, focusing on partnerships, market entries, and strategic initiatives aimed at enhancing international competitiveness. Group 1: Major Events - DHL and SHEIN signed a "GoGreen Plus" agreement to use sustainable aviation fuel in international express air transport, aiming to reduce carbon emissions in cross-border e-commerce logistics [5][6] - AliExpress and Austrian Post signed a Memorandum of Understanding (MOU) to enhance local fulfillment services in Central and Eastern Europe, focusing on local warehousing and logistics solutions [8][10] - Pinduoduo announced the launch of its "New Pinduoduo" strategy, aiming to invest 100 billion yuan over three years to build a self-operated brand model targeting global markets [12][13] - BYD officially entered the Canadian market, planning to open 20 stores within a year, benefiting from a recent trade agreement that significantly reduced tariffs on Chinese electric vehicles [15][16] - Pony.ai is set to launch Europe’s first commercial Robotaxi service in Zagreb, Croatia, in collaboration with Verne and Uber, marking a significant step towards commercializing autonomous driving [17][18] Group 2: Company Performance - Pop Mart reported a revenue of 37.12 billion yuan for 2025, a year-on-year increase of 184.7%, with a net profit of 13.01 billion yuan, reflecting a growth of 293.3% [20][21] - Geely officially launched its operations in Spain, planning to introduce at least nine models over the next three years, focusing on electric and hybrid vehicles [24][25][26] Group 3: Notable Developments in the Tech Sector - Elon Musk previously invited Mark Zuckerberg to consider bidding for OpenAI's intellectual property, indicating ongoing strategic maneuvers in the tech industry [28][29] - OpenAI announced the shutdown of its Sora video generation service due to high operational costs, as part of a strategy to streamline its product offerings ahead of a potential IPO [30][33]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights a significant performance disclosure period for listed companies, focusing on high-growth sectors such as gold and jewelry, cosmetics, and medical aesthetics, with a notable divergence in performance among consumer brands [4][25] - High-end domestic brands like Laopuhuangjin and Maogeping are showing strong growth, while brands that adapt to channel changes and possess differentiated product capabilities, such as Chaohongji and Shangmei, are also performing well [4][25] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 1.10% and 1.52% respectively during the week of March 23-27, 2026, ranking 19th and 24th among 31 primary industries [6][14] - The jewelry sector saw the highest weekly increase of 1.05%, while the hotel and restaurant sector led year-to-date performance with a 0.77% increase [18][20] Industry Dynamics - The report emphasizes the ongoing annual report disclosures from listed companies, with a focus on high-growth companies [25] - The gold and jewelry sector continues to show a trend towards high-end and fashionable products, with Laopuhuangjin and Chaohongji demonstrating exceptional performance [28][39] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product capabilities, recommending Laopuhuangjin, Chaohongji, and Zhou Dafu [7][42] - Offline retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Jihong Co [7][39] - Cosmetics brands that meet emotional value and safety innovation, recommending Maogeping, Shangmei, and Beitaini [7][40] - Medical aesthetics firms with differentiated products and expanding chains, recommending Aimeike and Meilitiantian Medical Health [7][41] Company-Specific Insights - Laopuhuangjin reported a revenue of 27.303 billion yuan (+221.0%) and a net profit of 4.868 billion yuan (+230.5%) for FY2025, with expectations for continued growth in Q1 2026 [28][41] - Chaohongji achieved a revenue of 9.318 billion yuan (+43.0%) and a net profit of 497 million yuan (+156.7%) for FY2025, with rapid growth in its franchise business [45][46] - Maogeping's revenue reached 5.050 billion yuan (+30.0%) with a net profit of 1.205 billion yuan (+36.8%) for FY2025, showcasing strong performance in high-end channels [32][41] - Shangmei reported a revenue of 9.178 billion yuan (+35.1%) and a net profit of 1.103 billion yuan (+41.1%) for FY2025, with a focus on multi-category growth [32][41]

Core Viewpoint - The article discusses the IPO application of Qian'an Technology Co., Ltd., highlighting its financial performance, risks associated with its business model, and the implications of its reliance on specific sales platforms and tax compliance issues [1][6][21]. Financial Performance - From 2023 to 2025, the company expects revenue to grow from 1.4 billion yuan to 1.981 billion yuan, with a net profit increase from 96.426 million yuan to 220.506 million yuan, indicating continuous profit growth over three years [4][6]. - The company's gross profit margins for its main business are projected to improve from 39.88% in 2023 to 43.54% in 2025 [5]. Business Model and Market Dependency - Qian'an Technology operates as a cross-border e-commerce company, primarily selling its own branded products in the art creation, digital electronics, outdoor sports, and home garden sectors, with a significant focus on the U.S. and European markets [6][7]. - The company heavily relies on Amazon, with over 85% of its sales coming from this platform, which poses a concentration risk [11][16]. Tax Compliance Issues - The company has faced multiple tax compliance issues across several countries, resulting in 16 penalties related to tax payments and compliance failures, indicating systemic flaws in its global tax compliance management [18][21]. - A notable penalty from Germany involved a late payment of 158,200 euros due to discrepancies in tax deductions, which the company attributes to its former tax agency's shortcomings [20][21]. IPO Fund Utilization - The IPO aims to raise 480 million yuan, with funds allocated for product development, supply chain systems, brand building, and working capital, including 86 million yuan specifically for liquidity [23][24]. Future Performance Outlook - The company anticipates a revenue growth of 4.31% to 10% in Q1 2026, but expects a decline in net profit by 10.13% to 17.41%, indicating potential challenges in maintaining profitability despite revenue growth [26][27]. - The company's ability to address internal control and compliance issues will be crucial for its IPO approval and future sustainability [28].

Group 1: Industry Overview - Taiwan's major high-end copper-clad laminate manufacturer, Taisol, has raised prices for copper foil substrates (CCL) and films (PP) by approximately 15%, with some materials increasing by up to 25% due to rising LME copper prices and escalating costs of fiberglass cloth, resin, and various chemicals and energy [4] - Despite geopolitical tensions affecting oil prices and market risk preferences, the demand for AI is expected to grow rapidly, leading to a positive outlook for profitability in the PCB industry chain [4] Group 2: Automotive Industry - The China Passenger Car Association forecasts that the total market for narrow passenger vehicles in March will be around 1.7 million units, a year-on-year decline of 12.4%, with retail sales of new energy vehicles expected to reach approximately 900,000 units, down 10.2%, resulting in a penetration rate of 52.9% [4] - The decline in vehicle sales is attributed to reduced government subsidies and increased purchase taxes, but the growth of pure electric vehicles is anticipated due to advancements in BYD's charging technology and rising gasoline prices [4] Group 3: Consumer Sector - Orange Sky Golden Harvest (1132.HK) projects a net profit of at least HKD 50 million for the fiscal year 2025, a significant turnaround from a loss of HKD 243 million in 2024, driven by non-recurring income and improved cost control [7] - The company has terminated loss-making cinema leases and sold non-core properties in Singapore, leading to a substantial one-time gain, while the reduction in non-financial asset impairment by over 70% indicates that asset quality is likely at a low point, alleviating large-scale impairment risks [7] Group 4: E-commerce Sector - TikTok Shop's U.S. cross-border POP annual conference reported nearly 80% year-on-year growth in GMV, with the number of stores generating over ten million dollars in sales increasing by more than 70%, indicating a robust expansion in content e-commerce [8] - The platform's management aims to further penetrate the interest e-commerce market in the U.S. in 2026, suggesting that the cross-border e-commerce sector is likely to maintain an upward trend [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the launch of JD's cross-border e-commerce platform Joybuy in six European countries, marking a shift to comprehensive retail operations and emphasizing a self-operated model to enhance competitive differentiation [25][27] - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption themes, including gold jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Industry Overview - The retail and social service indices reported a decline of 4.55% and 4.00% respectively during the week of March 16-20, 2026, with the retail index down 12.57% year-to-date [6][15] - The hotel and restaurant sector showed the smallest decline this week, while it has the highest growth year-to-date at 3.19% [18][20] Company-Specific Insights - Joybuy's self-operated model is expected to create a competitive edge through quality control and service reliability, with over 60 logistics warehouses established in Europe [27][28] - The report recommends several companies based on their growth potential: - **Old Puhuang**: Expected net profit growth of 226%-233% in 2025, driven by channel expansion and brand enhancement [32][41] - **Chao Hong Ji**: Anticipated net profit growth of 125%-175% in 2025, supported by differentiated product strength and multi-channel marketing [35] - **Mao Ge Ping**: Expected revenue growth of 31.3% in H1 2025, benefiting from its position as a high-end domestic cosmetics brand [35] - **Meili Tianyuan Medical Health**: Projected net profit growth of 34% in 2025, leveraging strong market positioning in high-end beauty [35] Market Dynamics - The report emphasizes the importance of adapting to consumer trends, with a focus on emotional value and innovative product safety in cosmetics and personal care [30][31] - Companies are encouraged to explore opportunities in the evolving landscape of cross-border e-commerce, particularly those with strong brand and supply chain capabilities [27][30]

Company Developments - TikTok Shop is accelerating its expansion into the European market, planning to enter the Netherlands, Belgium, Sweden, and Poland, which would bring its operations to ten countries in Europe. Currently, European sales account for only 5.4% of its global revenue, facing challenges from conservative consumer habits and strong competitors like Temu [2] - AliExpress has partnered with YouTube in South Korea, becoming the first Chinese e-commerce platform to join YouTube's shopping alliance program, aiming to enhance its distribution channels and introduce a wider range of global products [2] Automotive Industry - Geely Auto reported a total revenue of 345.2 billion yuan for 2025, a 25% year-on-year increase, with a core net profit of 14.41 billion yuan, up 36%. The company aims for overseas sales of 420,000 units, including 124,000 in new energy vehicles, which is a 240% increase [3] - Chery Auto announced a total revenue of 300.29 billion yuan for 2025, an 11.3% increase, with a net profit of 19.51 billion yuan, up 36.1%. The company sold 2.6314 million self-owned passenger vehicles, a 14.6% increase, with new energy vehicle sales growing by 72.5% [3] - Leap Motor achieved an export volume of 67,052 units in 2025, leading among new Chinese automotive brands. The company has established nearly 900 sales service outlets across about 40 countries [4] Investment and Financing - BYD plans to invest 300 million reais (approximately 390 million yuan) in Brazil to build its first electric vehicle R&D testing center, expected to be operational by 2028 [4] - Huawei's underwater robotics company, Submarine Innovation, completed nearly 100 million yuan in Series C financing, which will be used for core technology development and market expansion [8] - NUBON Bio completed over 100 million yuan in Series C financing, focusing on expanding its global commercial footprint, with 400 overseas clients [8] Market Trends - The global storage chip market is experiencing an unexpected price increase in Q1 2026, with NAND prices rising over 70% due to strong AI demand and supply constraints in consumer electronics [9] - The global electric vehicle traction inverter installation reached 9.65 million units in Q4 2025, marking a two-year high, driven by increased sales of battery electric vehicles [10] - Omdia forecasts that global micro-short drama revenue will grow to 14 billion USD by the end of 2026, with significant contributions from markets outside China, particularly the US [10]

Market Overview - On March 19, the three major indices fell over 1%, with the Shanghai Composite Index dropping 1.39% and briefly falling below the 4000-point mark[3] - The total trading volume reached 2.13 trillion yuan, an increase of approximately 70 billion yuan compared to the previous trading day[1] Sector Performance - All sectors except for oil, coal, banking, and utilities experienced declines, with non-ferrous metals, chemicals, and steel leading the losses[1] - The leading stocks in the communication and new energy sectors showed high volatility, while the leading stocks in the non-ferrous and chemical sectors exhibited weaker performance[2] Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery[4] - The central bank aims to maintain liquidity and ensure that the growth of social financing aligns with economic growth and price expectations[4] Industry Dynamics - In February 2026, 75.49% of the green certificates issued were related to renewable energy projects, with a total of 1.98 billion certificates issued[7] - Over 30 production companies have increased the specifications and prices of rebar by 20-50 yuan per ton, with some regions seeing increases of up to 80 yuan per ton[9] Fundraising Trends - On March 18, 11 new funds exceeded 1 billion yuan in size, with active equity funds and FOFs making up 7 of these funds[12] - The total scale of FOFs has surpassed 300 billion yuan for the first time, driven by high demand and rapid sales[12]