Group 1 - The core point of the article is that Xipuni Precision Technology Co., Ltd. is attempting to list on the Hong Kong Stock Exchange after multiple attempts to go public on other exchanges, highlighting its status as a leading designer and manufacturer of precious metal watches in China [1] - Xipuni was established in July 2013 and has undergone several changes, including a previous listing on the New Third Board in 2016 and a failed attempt to list on the Beijing Stock Exchange [1] - The company primarily generates revenue from its flagship brand "HIPINE" and has been recognized as a well-known brand in Shenzhen since 2022 [1] Group 2 - Xipuni is the largest gold watch brand and the largest foot gold watch brand in China, with market shares of 27.08% and 28.96% respectively, according to data from Zhaoshang Consulting [2] - The company has developed proprietary technology for ultra-molecular gold hardening, which addresses the inherent softness of foot gold, and launched China's first mass-produced foot gold watch in 2014 [2] - Xipuni is expanding its production capabilities with a new operational complex in Putian, which will focus on smart watches and accessories, while its Shenzhen base will concentrate on traditional precious metal watches [2] Group 3 - From 2017 to 2023, Xipuni conducted multiple targeted placements, with significant investments from various entities, including Jin Yin Gu Investment, which currently holds a 20% stake [3] - The company's revenue figures for 2022 to 2024 are 324 million yuan, 445 million yuan, and 457 million yuan, with corresponding net profits of 24.54 million yuan, 52.09 million yuan, and 49.34 million yuan [3] - Notably, the net profit for the first five months of 2025 reached 86.72% of the total net profit for 2024, indicating a strong short-term growth momentum [3]

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].