Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand financing channels and enhance international influence [2] Company Overview - Xipuni is a designer, manufacturer, and brand company specializing in precious metal watches [2] Core Technologies - The company's core technologies focus on precious metal material modification, precision manufacturing processes, and smart wearable integration, establishing significant innovation barriers [3] Supermolecular Hard Gold Technology - Xipuni's proprietary supermolecular hard gold technology enhances the Vickers hardness of traditional pure gold (999‰) from approximately 34-40 to over 90 without affecting purity, setting new standards for durability and precision in high-end watchmaking [4] Gold Weight Control Technology - The company has developed a gold weight control technology that maintains a weight variance of within 0.015 grams during manufacturing, ensuring consistency in gold weight and purity, thereby enhancing consumer trust [5] Precision Manufacturing Process - The use of supercritical carbon dioxide injection technology in smart ring production improves optical sensor accuracy and comfort, while a dual-structure design addresses waterproof challenges [6] Production Control and Integration - Xipuni employs a robust production control system and a vertically integrated business model, utilizing an advanced ERP system to monitor every production step, ensuring efficiency and quality [7] Smart Wearable Integration - The company launched the world's first gold watch equipped with Huawei's smart movement, integrating traditional craftsmanship with health monitoring and fitness tracking features [9] Industry Outlook High-End Wearable Market Expansion - The demand for high-end watches is growing, with China being the largest consumer of gold jewelry globally. Xipuni, holding a 35.83% market share in gold watches, benefits from increasing penetration rates [10] New Opportunities in Smart Wearables - Xipuni is pursuing a "gold + smart" strategy, planning to launch smart gold watches with health monitoring features in collaboration with Huawei, targeting a market expected to exceed 230 million units globally by 2024 [11] Policy and Industry Standards - The company participates in setting national standards for gold watches, benefiting from supportive policies for the gold jewelry industry, which provide opportunities for international market expansion [12] Technological Innovation - Continuous R&D investment allows Xipuni to introduce innovative products, positioning the company favorably in future market competition [13] Export and Globalization Opportunities - The company is testing the Southeast Asian market through a Malaysian distributor and plans to expand into the Middle East, leveraging the "Belt and Road" initiative [14] Competitive Advantages Technological Leadership - Xipuni leads the industry in hard gold technology and gold weight control, establishing high technical barriers with over 200 core technology patents [15] Brand Influence - As the first brand in China to design and manufacture gold watches, Xipuni enjoys high recognition and reputation among consumers, reinforced by award-winning designs [16] Strong R&D Capability - The company has a dedicated R&D team of over 40 members, enabling rapid commercialization of innovative technologies to meet market demands [17] Extensive Sales Network - Xipuni has built a stable sales network covering multiple domestic and international markets, enhancing market share and brand influence [19] Production Efficiency and Quality Control - The vertically integrated business model and strong production control systems ensure consistency and precision in gold processing, improving efficiency and reducing costs [20]

Core Viewpoint - The rising gold prices have prompted several gold jewelry companies, including Xipuni, to pursue listings in Hong Kong, with Xipuni aiming to capitalize on the niche market of gold watches [1] Group 1: Company Overview - Xipuni Precision Technology Co., Ltd. is based in Shenzhen, the largest gold jewelry trading market in China, and has introduced China's first mass-produced gold watch and a series of gold smartwatches [1] - The company is a family business, with the controlling shareholder, Li Yongzhong, and his family holding 61.60% of the shares prior to the IPO [2] - Xipuni is recognized as the largest gold watch brand in China by sales volume and the largest 24K gold watch brand by GMV, holding market shares of 8.97% and 35.83% respectively [2] Group 2: Financial Performance - Xipuni's revenue for 2022, 2023, and 2024 was reported at 324 million, 445 million, and 457 million yuan respectively, with net profits of 25 million, 52 million, and 49 million yuan [2] - The gross profit margins for the same periods were 19.8%, 24.3%, and 27.2% [2] Group 3: Inventory and Supply Chain - The company has a high level of inventory, with balances of 513 million, 634 million, and 656 million yuan at the end of each reporting period, which is approximately 1.4 times its annual revenue [5] - Inventory turnover days have increased significantly, reaching 708 days by the end of 2024 [5] Group 4: Market Challenges - Xipuni heavily relies on primary distributors, which limits its control over sales channels and may pose operational risks if these distributors face issues [4] - The cost of raw materials, primarily gold, constitutes about 70% of total revenue, making the company vulnerable to fluctuations in gold prices [5] Group 5: Strategic Initiatives - To mitigate risks associated with gold price volatility, Xipuni has engaged in gold leasing arrangements with banks [6] - The company plans to focus on smart gold watches in its IPO strategy, with funds raised aimed at enhancing production capacity and expanding its sales network [7]

Group 1: Company Developments - Zhou Li Fu Jewelry Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, aiming to expand market share and enhance brand influence through its listing [1][2] - Shenzhen Xipuni Precision Technology Co., Ltd. has re-submitted its application for listing on the Hong Kong Stock Exchange after a previous application lapsed, with a focus on securing funds for R&D and market expansion [3][4] Group 2: Financial Performance - Tai Hing Property is expected to report a significant pre-tax loss of approximately HKD 49.2 million for the fiscal year ending March 31, 2025, primarily due to a fair value loss on investment properties [4][5] - Huabao International has invested a total of HKD 525 million in financial products, indicating active participation in the financial market [6] Group 3: Market Overview - The Hong Kong stock market showed positive movement on June 4, with the Hang Seng Index rising by 0.60%, the Hang Seng Tech Index increasing by 0.57%, and the YQ Index up by 0.67% [7]

Group 1 - The core viewpoint of the article is that Shenzhen Xipuni Precision Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China Ping An Capital (Hong Kong) Limited as the exclusive sponsor [1] - Xipuni is a leading designer, manufacturer, and brand owner of precious metal watches in China, primarily generating revenue through its flagship brand "HIPINE" and providing ODM manufacturing services for third-party jewelry brands [1] - According to data from Zhaoshang Consulting, HIPINE is the largest gold watch brand and the largest foot gold watch brand in China by GMV in 2023, holding market shares of 24.98% and 35.83% respectively [1] Group 2 - The company's revenue increased from RMB 323.70 million in the fiscal year 2022 to RMB 445.48 million in 2023, and is projected to further increase to RMB 456.6 million in 2024 [1] - The net profit for the company for the fiscal years 2022 to 2024 was RMB 24.54 million, RMB 52.10 million, and RMB 49.3 million respectively [1] - The company has developed a series of foot gold watches equipped with Huawei's smart core technology based on its ultra-fine hard gold technology, which was first introduced in 2014 [1]

Core Viewpoint - The article discusses the IPO plans of Xipuni Precision Technology Co., Ltd., which aims to list on the Hong Kong Stock Exchange, highlighting its position as a leading manufacturer of gold watches in China and its recent innovations in smart gold watches [2][3]. Group 1: Company Overview - Xipuni was established in 2013 and operates as a designer, manufacturer, and brand owner of precious metal watches, primarily generating revenue through its flagship brand "HIPINE" [2]. - The company has two main watch brands under its OBM business model: the core brand "HIPINE" and the sub-brand "Jinxiong," with over 10,000 SKUs in its product portfolio as of December 31, 2024 [2]. - According to Zhaosheng Consulting, Xipuni is the largest gold watch brand and the largest foot gold watch brand in China, holding market shares of 24.98% and 35.83% respectively [2]. Group 2: Revenue Streams - In addition to its OBM business, Xipuni also generates income as an ODM manufacturer for third-party domestic jewelry brands, developing and producing private label precious metal watches and accessories [3]. - Notable ODM clients include well-known brands such as Laofengxiang and China Jewelry, with a stable supply relationship established [3]. - A limited edition smart watch gift set designed for a leading Chinese liquor brand contributed approximately 6.2 million yuan in revenue in 2024 [3]. Group 3: Product Innovation - Xipuni is recognized as the first company in China to design and manufacture foot gold watches and to apply supermolecular hard gold technology in their production [4]. - The company launched China's first mass-produced foot gold watch in 2014 and introduced a new series of smart gold watches equipped with Huawei's smart chip in 2023, reflecting a growing trend in the market [4]. Group 4: Financial Performance - Xipuni's revenue for the years 2022 to 2024 was 324 million yuan, 445 million yuan, and 457 million yuan respectively, while net profits for the same period were 25 million yuan, 52 million yuan, and 49 million yuan [4]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used to enhance production capacity, strengthen research and development capabilities, expand and optimize the sales network, and improve brand influence and recognition [5].