Core Viewpoint - Xipuni is exploring more possibilities in the capital market as it updates its listing application to the Hong Kong Stock Exchange after previously attempting to list on the New Third Board in 2016 and 2022 [1] Financial Performance - Xipuni's sales revenue from 2022 to 2024 was 324 million, 445 million, and 457 million yuan respectively, with net profits of 24.54 million, 52.1 million, and 49.35 million yuan [1] - In 2024, revenue from watch products was 351 million yuan, while jewelry revenue was 106 million yuan [1] - The average selling price of Xipuni's gold watches over the past three years was 2,533, 2,859, and 2,853 yuan, with sales volumes of 114,000, 141,000, and 113,000 units, indicating a noticeable decline in sales [3] Business Model and Market Position - Xipuni primarily operates in the gold watch manufacturing and sales sector, with a self-positioning as a designer, manufacturer, and brand owner of precious metal watches [1] - The company generates approximately 93.32% of its sales from distributors, with over 3,000 offline sales points across various city tiers [7] - The concentration of sales resources is high, with only four primary distributors, making the company vulnerable to changes in distributor relationships [9] Industry Context and Challenges - The gold watch market in China was valued at 28.1 billion yuan in 2023, with Xipuni being the largest gold watch brand by GMV [10] - However, competitors like Lao Feng Xiang and Chow Tai Fook have significantly higher revenues, with Lao Feng Xiang exceeding 70 billion yuan in 2023 [10] - Xipuni faces challenges in differentiating itself in a highly competitive market, particularly against established brands in both lower and higher price segments [10][11]