Core Viewpoint - Xipuni (02583.HK) plans to globally offer 10.6 million H-shares, with 1.06 million shares available in Hong Kong and 9.54 million shares for international sale, aiming for a price range of HKD 27.0-29.6 per share [3][10] Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [4] - The company operates under an OBM (Original Brand Manufacturer) model with two brands: the core brand "HIPINE" and the sub-brand "GOLDBEAR" [4] - Xipuni's OBM products target middle-income consumers in second and third-tier cities in China, with a product range that includes traditional watches, smartwatches, and watch components [4] Revenue and Financial Performance - Revenue increased from RMB 324 million in FY2022 to RMB 445 million in FY2023, and further to RMB 457 million in FY2024, with the first five months of FY2025 showing revenue of RMB 231 million [8] - Net profit for FY2022, FY2023, FY2024, and the first five months of FY2025 was RMB 24.54 million, RMB 52.1 million, RMB 49.35 million, and RMB 42.8 million, respectively [8] Market Position and Growth - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a CAGR of 5.19% [8] - Xipuni holds a market share of 27.08% in the gold precious metal watch segment and 28.96% in the gold-inlaid precious metal watch segment, making it the largest brand in both categories by GMV [8] ODM Business Model - Xipuni also generates income as an ODM (Original Design Manufacturer) for third-party domestic jewelry brands, establishing long-term relationships with well-known brands [5] - The company has expanded its product offerings to include precious metal jewelry and customized decorative items since 2023 [5] Technological Innovation - The company has developed proprietary technology for ultra-molecular gold hardening, addressing the softness of pure gold, and launched China's first mass-produced pure gold watch in 2014 [5] - In 2023, Xipuni introduced a series of smartwatches featuring Huawei's smart chip technology [5] Future Expansion Plans - Xipuni began overseas expansion in FY2024, partnering with a Malaysian distributor to retail its products, with plans to expand into the Middle East in the coming years [6] Use of Proceeds from Share Offering - The estimated net proceeds from the global offering, assuming a median price of HKD 28.3 per share, is approximately HKD 255 million, with allocations for capacity enhancement, R&D center establishment, sales network optimization, and working capital [10]

Core Viewpoint - The company, Xipuni (02583), is set to launch an initial public offering (IPO) from September 19 to September 24, 2025, aiming to issue 10.6 million shares at a price range of HKD 27.0 to 29.6 per share, with a significant portion allocated for international sales [1] Group 1: Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [1] - The company also acts as an ODM manufacturer for various domestic jewelry brands, developing and producing private label watches and jewelry [1] - Xipuni has established long-term relationships with notable ODM clients, including brands like Laofengxiang, China Jewelry, and Zhou Dashi [1] Group 2: Product and Sales Strategy - The product portfolio centers around the flagship brand HIPINE, recognized as a "Shenzhen Famous Brand" since 2022 and listed among the top 100 brands in Shenzhen in 2024 [2] - Sales are primarily conducted through a direct dealer network, leveraging over 3,000 offline retail points to penetrate the market effectively [2] - The company has begun overseas expansion, partnering with a Malaysian distributor to retail HIPINE watches, with plans to extend its reach into the Middle East [2] Group 3: Use of IPO Proceeds - The estimated net proceeds from the global offering are approximately HKD 255 million, assuming a median offer price of HKD 28.3 per share [3] - The allocation of proceeds includes approximately 40.28% for enhancing production capacity, 17.11% for establishing a research and development center in Putian, and 33.24% for expanding the sales network and brand building [3] - About 9.37% of the proceeds will be used for working capital or general corporate purposes [3]

Group 1 - The company, Xipuni (02583.HK), plans to globally offer 10.6 million H-shares, with 1.06 million shares available in Hong Kong and 9.54 million shares for international sale, with the offering period from September 19 to September 24, 2025, and expected pricing on September 25, 2025 [1] - The company is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, primarily generating revenue from sales of its flagship brand "HIPINE" [1][2] - The company has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Daxing, and has begun promoting and selling products through a major retail partner in China since 2023 [1][2] Group 2 - The product portfolio centers around the flagship brand HIPINE, which has been recognized as a "Shenzhen Famous Brand" since 2022 and ranked among the top 100 brands in Shenzhen in 2024 [2] - The company employs a direct trading distribution strategy through a network of over 3,000 offline retail points, allowing effective market penetration and rapid response to consumer preferences [2] - The company is expanding internationally, having started distribution and retail of HIPINE watches in Malaysia and plans to seek expansion in the Middle East in the coming years [2] Group 3 - The estimated net proceeds from the global offering, assuming a share price of HKD 28.3, is approximately HKD 255 million [3] - The company plans to allocate approximately 40.28% of the proceeds to enhance production capacity, 17.11% to establish a research and development center in Putian, 33.24% to expand and optimize the sales network and brand influence, and 9.37% for working capital or general corporate purposes [3]

Group 1 - The company, Xipuni (02583), plans to conduct a global offering of 10.6 million shares from September 19 to September 24, 2025, with a price range of HKD 27.0 to HKD 29.6 per share [1] - The company specializes in the design, manufacturing, and branding of gold-cased and gold-bezel watches, primarily under its flagship brand "HIPINE" [1][2] - The company has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng, through its ODM manufacturing services [1][2] Group 2 - The product portfolio centers around the flagship brand HIPINE, which has been recognized as a "Shenzhen Famous Brand" since 2022 and ranked among the top 100 brands in Shenzhen in 2024 [2] - The company employs a direct transaction distribution strategy through a network of over 3,000 offline retail points, enhancing market penetration and brand awareness [2] - The company has begun overseas expansion in collaboration with a Malaysian partner and aims to extend its presence in the Middle East in the coming years [2] Group 3 - The estimated net proceeds from the global offering, assuming a median price of HKD 28.3 per share, is approximately HKD 255 million [3] - The company plans to allocate approximately 40.28% of the proceeds to enhance production capacity, 17.11% to establish a research and development center in Putian, and 33.24% to expand and optimize the sales network and brand influence [3] - About 9.37% of the proceeds will be used for working capital or general corporate purposes [3]