来源|贝多财经 湖北又增加一家上市公司。 6月25日，湖北香江电器股份有限公司（下称"香江电器"，HK:02619）在港交所上市。本次上市，香江 电器的发行价为2.86港元/股，全球发售约6822万H股，募资总额约为1.95亿港元，募资净额约1.56亿港 元。 上市首日，香江电器的开盘价为2.65港元/股，市值约7.2亿港元。而按发行价计算，香江电器的市值约 为7.8亿港元。本次上市，香江电器引入了3名基石投资者，合共认购该公司人民币8000万元的股份。 天眼查App信息显示，香江电器成立于2012年7月，位于湖北省黄冈市。目前，该公司的注册资本约为 2.05亿元，法定代表人为潘允，主要股东包括潘允、蕲春华钰科技管理中心（有限合伙）等。 据招股书介绍，香江电器是一家生活家居用品制造商。目前，香江电器主要以ODM/OEM模式运营，客 户群包括沃尔玛、Telebrands、SEB Asia Ltd （「SEB」）、Sensio、Hamilton Beach及飞利浦等。 具体而言，香江电器专注电器类家居用品及非电器类家居用品的研发、设计、生产与销售，尤其是厨房 小家电。根据弗若斯特沙利文报告，以2024年出口额计算 ...

港股晨报 2025 年 6 月 19 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：美联储维持目标利率不变 港股市场昨天走弱，恒生指数下跌 1.12%，国企指数跌 1.16%，恒生科技指数 跌 1.46%，反映市场情绪偏向谨慎。大市成交 1,819.28 亿元。主板总卖空金 额 238.33 亿元，占可卖空股票总成交金额 15.182%。 今日重点 中国宏观方面，为期两天的 2025 陆家嘴论坛于 18 日在上海举行，中国人民 银行行长潘功胜强调人民币国际地位显著提升，已成为全球第二大贸易融资货 币、第三大支付货币，在 IMF 特别提款权(SDR)货币篮子中权重位列全球第三。 潘行长预测，国际货币体系正加速演变为少数主权货币并存、相互竞争与制衡 的格局，反映全球金融秩序多极化趋势。经过十余年发展，中国已建成覆盖三 十多国的人民币跨境支付清算网络，为国际贸易与投资提供多元化结算选择。 在全球经济博弈加剧背景下，潘行长呼吁构建更加多元包容的跨境支付体系， 以适应国际经贸合作新需求。论坛期间，人行宣布八项金融政策，分别是设立 银行间市场交易报告库、设立数位人民币国际运营中心、设立个人征信机构、 在上 ...

Group 1: IPO Information - Five companies are currently seeking IPOs on the Hong Kong Stock Exchange, with a rush to complete before June 30 to avoid additional reporting requirements [1] - Xiangjiang Electric (02619.HK) is offering 6,822 shares, with a price range of HKD 2.86 to 3.35, aiming for a market capitalization of HKD 780 million to 914 million [1] - The company has a price-to-earnings ratio of 6 times and plans to list on June 25, with cornerstone investors subscribing to 40.46% of the offering [1] Group 2: Company Overview - Xiangjiang Electric, established in 2012, operates primarily in the ODM/OEM model, producing kitchen appliances and non-electrical products [2] - The company ranks as the tenth largest in China's kitchen small appliance industry, holding a market share of 0.8% [2] - Notably, it has significant market shares in specific product categories, such as 24.6% in electric kettles in the U.S. and 59.6% in Canada [2] Group 3: Financial Performance - Revenue projections for Xiangjiang Electric show growth from RMB 1.1 billion in 2022 to RMB 1.5 billion in 2024, with net profits increasing from RMB 0.82 billion to RMB 1.40 billion [3][4] - The majority of revenue comes from electrical home appliances, which accounted for 79.2% of total revenue in 2024 [4] Group 4: Revenue Sources and Risks - 97.3% of the company's revenue is derived from the ODM/OEM model, with major clients including Walmart and Philips [5] - The company faces challenges with pricing power, as evidenced by a 3.2% drop in average prices for electric products amid rising material costs [5] - Xiangjiang Electric is expanding its production capacity overseas to mitigate tariff risks, with factories planned in Indonesia and Thailand [6][7] Group 5: Market Context and Valuation - The global small appliance market is projected to reach USD 183.5 billion in 2024, with kitchen appliances being the largest segment [8] - Xiangjiang Electric's IPO valuation is estimated at HKD 780 million to 914 million, which is lower than the average PE ratio of 8 times for Hong Kong manufacturing firms [8] - The company’s reliance on the ODM model poses sustainability challenges, necessitating a shift towards developing proprietary brands or acquiring smaller brands [8] Group 6: Subscription and Market Sentiment - The IPO is expected to be oversubscribed, with a potential subscription ratio of 34 times, indicating strong market interest [9] - However, the overall sentiment towards the stock is cautious, with some analysts suggesting a lack of compelling investment highlights [9]

Group 1 - The company, 香江电器, plans to conduct an IPO from June 17 to June 20, 2025, offering 68.22 million shares, with 10% allocated for Hong Kong and 90% for international sales. The expected share price ranges from HKD 2.86 to HKD 3.35, with trading commencing on June 25, 2025 [1] - The company operates primarily in the ODM/OEM model and has established a customer base comprising globally recognized brands such as Walmart, Telebrands, SEB Asia Ltd, Sensio, Hamilton Beach, and Philips. The majority of its revenue comes from kitchen small appliances [1] - According to a report by Frost & Sullivan, the company ranks as the tenth largest player in China's kitchen small appliance industry with a market share of 0.8% based on export value in 2024 [1] Group 2 - The company focuses on the research, design, production, and sales of both electrical and non-electrical home products. Electrical home products are categorized into three main types: (i) heating appliances like electric ovens, air fryers, and electric kettles; (ii) electric appliances like mixers, egg beaters, and electric can openers; and (iii) electronic appliances like electronic scales, humidifiers, and laser lights. Non-electrical home products include garden hoses and cookware [2] - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for approximately 27.6 million shares, representing about 40.46% of the total shares offered, assuming a median offer price of HKD 3.11 per share [2] Group 3 - The company estimates that the net proceeds from the global offering will be approximately HKD 172 million (around RMB 159 million), assuming the median offer price of HKD 3.11 per share and that the over-allotment option is not exercised. The proceeds will be allocated as follows: approximately RMB 66.4 million (about HKD 71.9 million) for establishing a factory in Thailand, RMB 25.1 million (about HKD 27.2 million) for automation and digital upgrades, RMB 59.1 million (about HKD 64.1 million) for setting up a new R&D center, and RMB 7.9 million (about HKD 8.6 million) for general working capital [3]

于往绩期间，公司的产品交付至六大洲超过70个国家及地区，公司于往绩期间大部分销售额来自北美 洲。 业绩表现来看，2022年至2024年，公司收入10.97亿元（单位：人民币，下同）、11.88亿元及15.02亿 元，2024年同比增长率为26.36%；毛利分别为2.24亿元、2.86亿元、3.29亿元，2024年同比增长率为 14.86%；净利分别约为0.80亿元、1.21亿元、1.40亿元，2024年同比增长率为15.61%。 由A转港之后，香江电器的上市梦终于圆了。 根据智通财经App了解，6月10日，香江电器通过港交所聆讯，拟在香港主板上市，独家保荐人为国金 证券。 美国贡献收入近七成 业绩成长性尚存疑？ 招股书显示，公司是生活家居用品制造商，主要以ODM/OEM模式营运。目前，公司已建立起由全球知 名的品牌组成的客户群，如沃尔玛、Telebrands、SEB Asia Ltd 、Sensio、Hamilton Beach及飞利浦等。 公司大部分收入来自厨房小家电的销售。 公司亦从2016年开展OBM业务，以自有品牌威麦丝、Accuteck、艾格丽设计、研发、生产及销售家用 电器，主要在电商平台销售，包 ...

"没有成功的企业，只有时代的企业。"站在全球电器制造的尖端，海尔创始人张瑞敏很早之前就曾分享了这么一个观点。 时至今日，美的、海尔、格力等家电头部企业早已凭借规模、创新、品牌力等多方位优势成为全球电器赛道不可或缺的力量；同时，苏泊尔、石头科技 等细分创意型玩家也在时代的变迁中找到属于自己的位置。 而当国产品牌重构全球家电产业格局的背景下，其实还有很多中尾部玩家仍在奋力转型谋得新生机。 日前湖北香江电器股份有限公司（以下简称"香江电器"）再度向港交所递交主板上市申请，试图通过资本市场实现从代工企业向自主品牌的转型跨越。 香江电器最早可以溯源到90年代初成立的一家塑料制品公司，此次公司同样是以代工生产模式，经营气泡袋、化妆盒、镜子等包装类和塑胶类小型产 品，主要聚焦家居用品行业。 海尔、美的等电器类企业崛起后，香江塑料开始慢慢转型到电器类家居赛道，并在2012年正式成立了香江电器。 据眼查APP资料，香江电器是一家专注于品质生活家居用品的研发、设计、生产与销售的企业，以ODM/OEM模式运营，主营产品涵盖电器类家居用品 和非电器类家居用品两大类。 其中，贡献始终贡献了七成以上收入的电器类家居用品主要分为三大类，即 ...