Core Insights - Xiamen Jihong Technology Co., Ltd. focuses on cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - The company's revenue composition is 65.45% from e-commerce, 34.49% from packaging, and 0.06% from other businesses [1] - The stock price of Jihong shares increased by 5.17% to 16.48 CNY per share, with a total market capitalization of 7.423 billion CNY [1] Company Overview - Xiamen Jihong Technology was established on December 24, 2003, and went public on July 12, 2016 [1] - The company operates primarily through three divisions: cross-border social e-commerce, paper packaging, and other marketing and advertising services [1] Fund Holdings - One fund, the China Europe Data Mining Mixed A (001990), holds a significant position in Jihong shares, with 313,100 shares, representing 0.62% of the fund's net value [2] - The fund has generated a floating profit of approximately 253,600 CNY from its investment in Jihong [2] Fund Manager Performance - The fund manager, Qu Jing, has been in position for over 10 years, with a total fund size of 3.359 billion CNY [3] - The best return during Qu Jing's tenure is 189.5%, while the worst return is -24.21% [3]

Core Viewpoint - Jihong Co., Ltd. has shown a significant increase in stock price this year, but recent trading data indicates a slight decline in the short term [2][4]. Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, China, and was established on December 24, 2003. It was listed on July 12, 2016. The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [3]. - The company operates through three main divisions: cross-border social e-commerce, paper packaging, and other businesses including marketing and advertising [3]. - Revenue composition: e-commerce business accounts for 65.45%, packaging business for 34.49%, and other businesses for 0.06% [3]. Financial Performance - For the period from January to September 2025, Jihong Co., Ltd. achieved a revenue of 5.039 billion yuan, representing a year-on-year growth of 29.29%. The net profit attributable to shareholders was 216 million yuan, reflecting a growth of 60.11% [4]. - The company has distributed a total of 706 million yuan in dividends since its A-share listing, with 519 million yuan distributed over the past three years [5]. Stock Performance - As of December 2, Jihong Co., Ltd.'s stock price increased by 31.17% year-to-date, but it has experienced a decline of 1.94% over the last five trading days, 4.71% over the last 20 days, and 6.82% over the last 60 days [2]. - The stock's trading data on December 2 shows a price of 16.20 yuan per share, with a market capitalization of 7.297 billion yuan [1]. Shareholder Information - As of September 30, the number of shareholders increased to 40,800, a rise of 10.93%. The average number of circulating shares per person decreased by 9.85% to 7,084 shares [4]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 39.41 million shares, which is a decrease of 87,900 shares compared to the previous period [5].

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. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the cross-border e-commerce and packaging sectors [2][4]. Stock Performance - As of October 31, Jihong's stock price increased by 2.04% to 18.47 CNY per share, with a market capitalization of 8.319 billion CNY [1]. - Year-to-date, Jihong's stock price has risen by 49.55%, with a recent 5-day increase of 1.37% and a 20-day decline of 1.57% [2]. Financial Performance - For the period from January to September 2025, Jihong achieved a revenue of 5.039 billion CNY, representing a year-on-year growth of 29.29%, and a net profit of 216 million CNY, up 60.11% year-on-year [4]. - The company has distributed a total of 706 million CNY in dividends since its A-share listing, with 519 million CNY distributed over the past three years [5]. Business Overview - Jihong Co., Ltd. is primarily engaged in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), with e-commerce contributing 65.45% to revenue and packaging 34.49% [3]. - The company operates through three main divisions: cross-border e-commerce, paper packaging, and other marketing and advertising services [3]. Shareholder Information - As of September 30, the number of shareholders increased to 40,800, with an average of 7,084 circulating shares per person, a decrease of 9.85% [4]. - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 39.41 million shares, a decrease of 87,900 shares from the previous period [5].

Core Insights - Xiamen Jihong Technology Co., Ltd. focuses on cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [1] - The company's revenue composition is 65.45% from e-commerce, 34.49% from packaging, and 0.06% from other businesses [1] Company Overview - Established on December 24, 2003, and listed on July 12, 2016, Jihong operates primarily in Xiamen, Fujian Province [1] - The company has three main business segments: cross-border social e-commerce, paper packaging, and other services including marketing and trade [1] Fund Holdings - Huatai-PB Fund holds a significant position in Jihong, with its Huatai-PB CSI 2000 Index Enhanced A fund owning 224,200 shares, representing 0.79% of the fund's net value [2] - The fund has achieved a year-to-date return of 44.25% and a one-year return of 70.17% [2] Fund Manager Performance - The fund managers have varying tenures and performance metrics, with the best return for the longest-serving manager at 125.07% [3] - The fund's total asset size is approximately 30.93 billion, with significant returns across different time frames [3]

Core Viewpoint - Jihong Co., Ltd. has seen a stock price increase of 5.03% on September 18, reaching 18.59 CNY per share, with a total market capitalization of 8.415 billion CNY, indicating a cumulative increase of 6.24% over three consecutive days [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 (65.45% of revenue), packaging (34.49%), and other services (0.06%) [1] Fund Holdings - Huatai-PB Fund holds a significant position in Jihong Co., Ltd., with its Huatai-PB CSI 2000 Index Enhanced A Fund (019923) owning 224,200 shares, representing 0.79% of the fund's net value [2] - The fund has generated a floating profit of approximately 199,500 CNY today and 233,200 CNY during the three-day price increase [2] Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with varying tenures and performance metrics [3] - Sheng Hao has a tenure of nearly 10 years with a best return of 121.58% [3] - Lei Wenyuan and Kong Lingye have tenures of about 3 years, with best returns of 73.6% [3]

Group 1: Financial Performance - The improvement in Q2 2025 profit margin is primarily due to the narrowing losses in non-apparel business and an increase in apparel business profit margin [2] - Non-apparel business has been undergoing inventory clearance since last year, leading to a gradual reduction in losses [2] - Apparel profit margin increased due to price hikes on certain products and reduced promotional expenses [2] Group 2: Pricing Strategy - Product price adjustments will be flexibly determined based on the competitive environment of each category [3] - The core logic of the pricing strategy remains to balance market competition, considering competitor pricing, market position, and inventory levels [3] Group 3: Brand Performance - Men's apparel brand growth has slowed due to last year's significant segmentation and marketing efforts, requiring time for deep cultivation [4] - Other brands have met the company's growth expectations, maintaining a stable operational rhythm [4] Group 4: Inventory Management - The company plans to adopt a cautious inventory strategy this year, controlling stock within reasonable limits due to uncertainties in tariff policies [7] - Last year's high inventory levels were a result of aggressive new product launches and marketing campaigns [7] Group 5: Non-Apparel Business - The company is reducing investment in non-apparel categories that do not show significant growth potential, focusing on core objectives [8][9] - Some non-apparel categories have maintained good profit margins but lack the scale for competitive advantage [9] Group 6: Ebike Category - The ebike category is currently experiencing significant losses, and the company plans to limit new resource investments while optimizing internal operations [10] Group 7: Supply Chain Strategy - The company has established a robust supply chain in Southeast Asia, allowing for quick order transfers to ensure stability [11] - Current focus is on optimizing local production processes and maintaining communication with external suppliers for potential extreme situations [11]

Core Viewpoint - The stock of Jihong Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% on September 1, 2023, despite a year-to-date increase of 40.28% [1] Company Overview - Jihong Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2003, with its IPO on July 12, 2016. The company primarily engages in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG) [2] - The company's revenue composition includes 65.45% from e-commerce, 34.49% from packaging, and 0.06% from other businesses [2] - Jihong Co., Ltd. operates in the trade retail sector, specifically in the internet e-commerce and cross-border e-commerce segments, and is associated with various concepts such as IP economy, AI Agent, AIGC, metaverse, and NFT [2] Financial Performance - As of June 30, 2023, Jihong Co., Ltd. reported a revenue of 3.234 billion yuan, reflecting a year-on-year growth of 31.79%, and a net profit attributable to shareholders of 118 million yuan, marking a 63.27% increase [3] - The company has distributed a total of 627 million yuan in dividends since its A-share listing, with 440 million yuan distributed over the past three years [4] Shareholder Information - As of June 30, 2023, the number of shareholders increased by 11.01% to 36,700, while the average circulating shares per person decreased by 9.91% to 7,859 shares [3] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 39.4987 million shares, an increase of 870,600 shares from the previous period [4]

Core Insights - The 2025 "618" shopping festival has seen significant growth in home appliance categories, supported by national subsidies, with domestic brands rising prominently [1][2] - E-commerce platforms have shifted focus from absolute GMV values to high-quality growth, emphasizing user experience and satisfaction through direct discounts and improved service [1][4] Group 1: E-commerce Performance - JD.com reported a 200% year-on-year increase in the number of new 3C digital products with transaction amounts exceeding 10 million yuan [1] - Tmall's 618 event saw 453 brands achieving over 100 million yuan in sales, a 24% increase from last year, with major brands like Apple and Xiaomi joining the "10 billion club" [2] - Pinduoduo experienced record sales across various categories, with significant growth in fresh produce and electronics, supported by its "billion subsidy" initiative [3] Group 2: Market Trends - The 2025 "618" festival is characterized by simplified promotional rules and a shift towards rational consumption, with platforms moving away from complex discount strategies [4] - Instant retail has expanded across all categories, with significant growth in high-priced items like electronics and home appliances, reflecting changing consumer preferences [3][4] - The competition among platforms has transitioned from price wars to ecosystem collaboration, focusing on product innovation and user engagement [4]

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 ...