Core Viewpoint - The company Xipuni has been recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology, indicating its strong position in specialized, innovative, and high-quality sectors of the market [1][4]. Market Performance - Xipuni's stock debuted on the Hong Kong market in September, achieving a remarkable 258% increase on its first day, setting a record for the highest first-day gain of any new stock in Hong Kong this year. The stock price has since risen to 163.8 HKD per share, reflecting a cumulative increase of over 453% [1]. Technological Innovation - Xipuni has made significant technological advancements, including the launch of China's first mass-produced 24K gold watch, which differentiates it from foreign brands and allows it to capture market growth in the gold watch sector. This innovation addresses industry challenges related to the softness of traditional gold materials [6][10]. - The company has transitioned from a traditional gold watch manufacturer to a technology-driven precious metal wearable brand, launching a new smart gold watch series in 2023 that integrates Huawei's smart technology, thus creating a new market segment [7][10]. Financial Performance - Xipuni's revenue is projected to grow from 324 million CNY in 2022 to 457 million CNY in 2024, with net profits increasing from 24.5 million CNY to 49.3 million CNY during the same period. In the first five months of 2025, the company achieved 231 million CNY in revenue, a 21.6% year-on-year increase [10][11]. Global Expansion - The company is actively expanding into overseas markets, particularly in Southeast Asia and the Middle East, to reduce reliance on the domestic market. Xipuni has already partnered with Malaysian distributors and aims to enter the Middle Eastern market, which presents significant growth potential [10][11]. Cultural Integration - Xipuni combines traditional Chinese culture with modern watchmaking, enhancing its competitive edge and meeting diverse consumer demands through collaborations with cultural institutions like the Palace Museum [9]. Market Outlook - The market for gold and precious metal watches in the Middle East and Southeast Asia is expected to reach 7.46 billion CNY and 6.66 billion CNY, respectively, by 2029, indicating a larger market potential than that of China [11].

Core Viewpoint - The company Xipuni, a gold watch manufacturer, successfully listed on the Hong Kong Stock Exchange, with its stock price surging significantly on the first day of trading, reflecting strong market interest and investor enthusiasm [1][3]. Company Overview - Xipuni specializes in the design, manufacturing, and brand operation of gold and precious metal watches, with a focus on gold as the primary material [7][11]. - The company has established itself as a leading player in the gold watch market in China, holding a market share of 27.08% in the gold watch segment and 28.96% in the gold-inlaid watch segment as of 2024 [7][8]. Market Dynamics - The surge in Xipuni's stock price is attributed to multiple factors, including rising global risk aversion, increasing gold prices, and a favorable market sentiment towards gold-related stocks [3][5]. - The limited public offering of only 1.06 million shares contributed to the stock's scarcity and subsequent price increase [5]. Financial Performance - Xipuni reported a significant increase in net profit, with a year-on-year growth of 112% in the first five months of 2025 [5][12]. - Despite the high stock price, the company's revenue remains relatively low, projected at 457 million yuan for 2024, compared to competitors with revenues in the tens or hundreds of billions [8][11]. Business Strategy - The company aims to increase its ODM (Original Design Manufacturer) business to mitigate the impact of gold price fluctuations on its brand business [14][15]. - Xipuni is exploring the development of smart gold watches and expanding into Southeast Asia and the Middle East markets, although these markets present unique challenges [15]. Operational Challenges - Xipuni faces operational challenges, including a slow inventory turnover rate, which ranges from 600 to 700 days, compared to competitors like Chow Tai Fook, which maintains around 300 days [14]. - The company is family-controlled, with significant decision-making power concentrated among a few individuals, which may impact its strategic direction [14].

Market Overview - The A-share market experienced an overall upward trend on September 30, with the Sci-Tech 50 Index showing strong performance, reaching a new high for the year with an intraday increase of over 2% [4][3] - New stocks listed on both A-share and Hong Kong markets performed well, with A-share's Yunhan Xincheng (301563) seeing an intraday increase of over 400%, potentially yielding a profit of approximately 57,500 yuan per lot, ranking among the top for the year [9][2] New Stock Performance - Yunhan Xincheng is an innovative high-tech enterprise focusing on the distribution of electronic components and industrial internet integration, with a B2B online marketplace supporting over a million searches daily and a matching rate of 90% [11] - Another new stock, Ruili Kemi, saw an intraday increase of nearly 90%, specializing in active safety systems for vehicles and becoming a leading enterprise in the commercial vehicle safety system sector [12][13] - In the Hong Kong market, three new stocks were listed, with Xipuni experiencing an intraday increase of nearly 340% and currently maintaining a rise of about 250% [12][18] Sector Performance - The non-ferrous metals sector saw significant gains, with an intraday increase exceeding 2%, and stocks like Platinum New Materials and Bokin New Materials hitting their daily limit [6][5] - Other sectors such as defense, electric equipment, real estate, and computers also showed strong performance, while sectors like communications and non-bank financials weakened [7] Gold Market - Gold and silver prices continued to rise, with domestic gold futures reaching a historical high, surpassing 870 yuan per gram [5]

【导读】黄金概念股飙涨， AI 概念股全面反弹 中国基金报记者 安曼 持币过节的股民朋友心慌慌 …… 紫金黄金国际是紫金矿业分拆的黄金开采业务主体，业务覆盖全球多座黄金矿山，截至 2024 年，其黄金储量与产量分别位居全球第九和第十一。 财务数据显示， 2022 年至 2024 年，公司收入复合年增长率达 28.2% ，母公司拥有人应 占溢利复合年增长率高达 61.9% 。 本次香港上市，募集资金将用于支付收购哈萨克斯坦 Raygorodok 金矿，用于现有矿山的升 级及建设项目，以全面提升产能等项目。 节前最后一个交易日， A 股放量上涨。开盘半小时，沪深京三市成交额达 6796 亿元，较上 日此时放量 132 亿元。截至发稿，三大指数悉数上涨，其中创业板指数继续领涨，科创 50 指数盘中创下历史新高。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3862.53 | 13479.43 | 1539.47 | | +34.43 +0.90% +270.43 +2.05% +10.50 +0.69% | | | | 科创50 | 创业板指 | 万得全A | | 14 ...

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. ("Xipuni" or "the Company") has announced its plan to list on the Hong Kong Stock Exchange, aiming to raise up to HKD 314 million through the issuance of 10,600,000 shares priced between HKD 27.0 and HKD 29.6 per share [1] Group 1: Company Overview - Xipuni is recognized as the largest gold watch brand in China by GMV and the largest brand of gold-inlaid precious metal watches, holding market shares of 27.08% and 28.96% respectively [2] - The Company has seen revenue growth from RMB 324 million in FY2022 to RMB 445 million in FY2023, with a projected increase to RMB 460 million in FY2024 [2] - Xipuni's flagship brand, HIPINE, has been awarded the title of "Shenzhen Well-Known Brand" since 2022, reflecting its strong market reputation [3][7] Group 2: Business Model and Partnerships - Xipuni has established long-term partnerships with renowned jewelry brands such as Lao Feng Xiang and China Jewelry, enhancing its market presence [4] - The Company operates a comprehensive business and sales system, including over 3,000 offline retail points and self-operated online stores, allowing for rapid market penetration [4] - Xipuni has begun international expansion, starting sales in Malaysia and planning further growth in the Middle East [4] Group 3: Innovation and Product Development - The Company has developed proprietary technologies, including a supermolecular gold hardening technique, enabling the mass production of gold watches [5] - Xipuni has collaborated with Huawei to launch smart gold watches, becoming the first brand to integrate Huawei's smart technology into its products [5] - The smart precious metal watch market is projected to grow at a compound annual growth rate of approximately 70% from 2024 to 2029, driven by increasing consumer demand for smart features [5] Group 4: Future Outlook - Xipuni aims to lead the gold watch industry by integrating traditional craftsmanship with innovative technology, capitalizing on the growing appreciation for gold culture and its enduring value [6]

Core Viewpoint - Xipuni (02583.HK), China's largest gold-plated precious metal watch brand, is set to launch its IPO from September 19 to September 24, 2025, with plans to list on the Hong Kong Stock Exchange on September 29, 2025, under the exclusive sponsorship of Ping An Securities (Hong Kong) [4][6]. Summary by Relevant Sections IPO Details - The company plans to issue 10.6 million H-shares, representing 18.02% of the total shares post-IPO, with a price range of HKD 27.00 to HKD 29.60 per share, aiming to raise between HKD 286 million and HKD 314 million [6][7]. - The estimated total expenses for the IPO are approximately HKD 44.6 million, which includes a 3.25% underwriting commission and other associated costs [7]. Use of Proceeds - Approximately 40.28% of the net proceeds (estimated at HKD 255 million) will be allocated to enhance production capacity, particularly for gold-plated and gold-inlaid watches, and to seize growth opportunities in the smart watch and jewelry markets [7]. - 7.85% will be used to upgrade production facilities in Shenzhen, while 17.11% will be directed towards establishing a research and development center in Putian to strengthen R&D capabilities [7]. - 33.24% will focus on expanding and optimizing the sales network, enhancing brand building, and increasing brand awareness [7]. - 9.37% will be reserved for working capital or general corporate purposes [7]. Shareholder Structure - Prior to the IPO, the major shareholders include Li Yongzhong, Hu Shaohua, Li Shuo, and Li Linmao, collectively holding about 50.50% of the shares, with Li Yongzhong having ultimate decision-making authority [8][9]. - Other significant investors include Jin Yin Gu Investment, a state-owned enterprise under the Putian State-owned Assets Supervision and Administration Commission, holding 16.40% [9]. Market Position - Established in 2013, Xipuni is recognized as the leading designer, manufacturer, and brand owner of gold-plated watches in China, with its flagship brand "HIPINE" [9]. - According to data from Zhi Zhi Consulting, Xipuni holds a market share of 27.08% in the gold-plated watch segment and 28.96% in the gold-inlaid precious metal watch segment as of 2024 [9].

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. (hereinafter referred to as Xipuni) is preparing for its listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China. The company's revenue primarily comes from sales of gold watch cases and bezels designed and manufactured under its flagship brand HIPINE [4]. - The company also generates income by acting as an ODM manufacturer for third-party domestic jewelry brands and wholesalers, developing and producing private label watches and jewelry, and providing entrusted processing services [4]. - Xipuni has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng [4]. Technological Achievements - The company has developed proprietary supramolecular gold hardening technology, addressing the inherent softness of pure gold. This technology led to the launch of China's first mass-produced pure gold watch in 2014, which is considered a significant technological achievement in the watch manufacturing industry [5]. - In 2023, Xipuni developed a series of smart watches with pure gold components using Huawei's smart chip technology [5]. Brand Recognition and Sales Strategy - The flagship brand HIPINE has been recognized as a well-known brand in Shenzhen since 2022 and is expected to be listed among the top 100 brands in Shenzhen by the Shenzhen Quality Strong City Promotion Association in 2024 [5]. - The company's sales strategy primarily relies on a distribution network, utilizing over 3,000 offline retail points across the country to penetrate the market effectively and respond quickly to consumer preferences [5]. International Expansion - In the 2024 fiscal year, Xipuni began its overseas expansion by partnering with an experienced distributor and retailer in Malaysia to distribute and retail its HIPINE watches [6]. - The company aims to expand its presence in the Middle East in the coming years based on its momentum in overseas expansion [6]. Market Outlook - According to Zhaoshang Consulting, the Chinese precious metal watch market is expected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion by 2029, with a compound annual growth rate (CAGR) of 5.19% [8]. - The gold precious metal watch market in China is projected to reach RMB 32.11 billion by 2029, with a CAGR of 5.36% from 2024 to 2029 [8]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 324 million, RMB 445 million, RMB 456 million, and RMB 231 million, respectively [9]. - The net profit and total comprehensive income for the same periods were RMB 24.54 million, RMB 52.10 million, RMB 49.35 million, and RMB 42.80 million, respectively [9].

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, with Ping An Securities (Hong Kong) as its sole sponsor [1]. Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold watch cases and gold bezel watches in China. The company's revenue primarily comes from sales of its flagship brand HIPINE, which includes assembling watch movements sourced from external suppliers [4][5]. - The company has established long-term stable supply relationships with several well-known domestic jewelry brands, including Laofengxiang, China Jewelry, and Zhou Dasheng, and has begun promoting its products through a major retail partner in China starting in 2023 [4]. Technological Achievements - Xipuni's proprietary technology, supermolecular gold hardening technology, addresses the inherent softness of pure gold. This technology led to the launch of China's first mass-produced pure gold watch in 2014 and has enabled the development of smart watches with Huawei's technology in 2023 [4]. Product and Sales Strategy - The company's product portfolio centers around its flagship brand HIPINE, recognized as a well-known brand in Shenzhen since 2022. The sales strategy includes a direct transaction model through a vast network of over 3,000 offline retail points, enhancing market penetration and brand awareness [5]. - Xipuni has initiated overseas expansion in 2024, partnering with an experienced distributor in Malaysia to retail its products, with plans to expand into the Middle East in the coming years [5]. Market Outlook - 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 compound annual growth rate (CAGR) of 5.19%. The gold precious metal watch market is expected to reach RMB 32.11 billion by 2029, with a CAGR of 5.36% [7]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 were approximately RMB 324 million, RMB 445 million, RMB 456 million, and RMB 231 million, respectively. The net profit for the same periods was RMB 24.54 million, RMB 52.10 million, RMB 49.35 million, and RMB 42.80 million [7][8].