9月30日，被称作"中国黄金手表之王"的西普尼正式登陆港交所，股票代码02583.HK。上市首日，该公 司股价开盘即报84港元，较发行价29.6港元上涨183.78%，随后涨幅迅速扩大，盘中一度涨超339%，最 高股价达到130港元。 黄金手表龙头西普尼登陆港交所，股价一日之内翻两番，资本市场用真金白银为中国高端消费市场投下 信任票。 最终9月30日收盘时，西普尼股价涨幅达258.11%，报106港元/股，总市值超过62亿港元。 此前一天的暗盘交易中，西普尼已显露火爆态势，狂飙75.68%，报52.00港元。资本市场的热烈反应， 使这家曾长期潜伏在珠宝行业幕后的隐形巨头，一夜之间站到了聚光灯下。 招股书显示，西普尼拥有核心品牌"HIPINE（西普尼）"及副品牌"GOLDBEAR（金熊）"。公司的OBM 业务主要专注于定价亲民的大众市场，目标客户为中国二线及三线城市的中等收入消费者。截至2025年 5月31日，该公司的OBM产品组合包含超过1万个SKU。西普尼还与老凤祥、中国珠宝等国内珠宝巨头 建立了长期稳定供应关系。 从招股说明书可见，西普尼的财务数据呈现持续增长趋势。2022年至2024年，公司营收从3.2 ...

Core Viewpoint - The article discusses the IPO of Xipuni, a precious metal watch company, and addresses concerns about potential delays in fundraising due to external factors like typhoons, emphasizing that such events would likely affect all companies involved in the market [1]. Group 1: IPO Information - Company Name: Xipuni (02583.HK) [2] - Industry: Precious Metal Watches [2] - Offering Period: September 19 to September 24 [2] - Total Shares Issued: 1,060 shares, with 10% for public offering and 90% for international placement [2] - Offering Price: HKD 27 to 29.6 [2] - Market Capitalization: HKD 1.588 billion to 1.741 billion [2] - Price-to-Earnings Ratio: 32 times [2] - Minimum Subscription Amount: HKD 2,990 [2] - Listing Date: September 29 [2] - Sponsor: China Ping An Capital [2] Group 2: Company Overview - Xipuni was established in 2013 in Shenzhen and operates in the design, manufacturing, and branding of precious metal watches [3]. - The business consists of two main segments: Own Brand Manufacturing (OBM) and Original Design Manufacturing (ODM) [3]. - Xipuni holds two proprietary watch brands: core brand "HIPINE" and sub-brand "GOLDBEAR" [3]. - The company is the largest gold watch brand in China by GMV, with a market share of 27.08% in 2024 [3]. Group 3: Financial Performance - Revenue for fiscal years 2022, 2023, and 2024 was RMB 324 million, RMB 445 million, and RMB 457 million, respectively [4]. - Net profit for the same years was RMB 24.54 million, RMB 52.10 million, and RMB 49.35 million [4]. - In the first five months of 2025, revenue reached RMB 231 million, a year-on-year increase of 21.6% [5]. - Gross margin improved from 19.8% in 2022 to 27.2% in 2024, further rising to 31.01% in the first five months of 2025 [5]. Group 4: Market Position and Risks - Xipuni's revenue is primarily derived from watches and jewelry, with a notable shift in product structure observed in 2025 [6]. - The company is reducing reliance on traditional watches, with precious metal jewelry and products accounting for 46.6% of revenue in early 2025 [6]. - A significant risk is the high dependency on major clients, with sales to the top five clients exceeding 85% of total revenue for three consecutive years [7]. - The competitive landscape includes international high-end brands and domestic competitors, posing threats to Xipuni's market position [8]. Group 5: Industry Outlook - The Chinese precious metal watch market is projected to grow from RMB 26.46 billion in 2024 to RMB 34.08 billion in 2029, with a CAGR of 5.19% [8]. - Xipuni's business model is increasingly aligned with that of a gold jewelry company, as gold jewelry revenue has become a significant portion of total revenue [8]. - Comparatively, Xipuni's valuation appears reasonable against peers in the jewelry sector, with a forward valuation of 19 times [9].

Core Viewpoint - Xipuni (02583.HK) plans to globally offer 10.6 million H-shares, with 1.06 million shares available in Hong Kong and 9.54 million shares for international sale, aiming for a price range of HKD 27.0-29.6 per share [3][10] Company Overview - Xipuni is a designer, manufacturer, and brand owner of gold case watches and gold bezel watches in China, primarily generating revenue from its flagship brand "HIPINE" [4] - The company operates under an OBM (Original Brand Manufacturer) model with two brands: the core brand "HIPINE" and the sub-brand "GOLDBEAR" [4] - Xipuni's OBM products target middle-income consumers in second and third-tier cities in China, with a product range that includes traditional watches, smartwatches, and watch components [4] Revenue and Financial Performance - Revenue increased from RMB 324 million in FY2022 to RMB 445 million in FY2023, and further to RMB 457 million in FY2024, with the first five months of FY2025 showing revenue of RMB 231 million [8] - Net profit for FY2022, FY2023, FY2024, and the first five months of FY2025 was RMB 24.54 million, RMB 52.1 million, RMB 49.35 million, and RMB 42.8 million, respectively [8] Market Position and Growth - 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 CAGR of 5.19% [8] - Xipuni holds a market share of 27.08% in the gold precious metal watch segment and 28.96% in the gold-inlaid precious metal watch segment, making it the largest brand in both categories by GMV [8] ODM Business Model - Xipuni also generates income as an ODM (Original Design Manufacturer) for third-party domestic jewelry brands, establishing long-term relationships with well-known brands [5] - The company has expanded its product offerings to include precious metal jewelry and customized decorative items since 2023 [5] Technological Innovation - The company has developed proprietary technology for ultra-molecular gold hardening, addressing the softness of pure gold, and launched China's first mass-produced pure gold watch in 2014 [5] - In 2023, Xipuni introduced a series of smartwatches featuring Huawei's smart chip technology [5] Future Expansion Plans - Xipuni began overseas expansion in FY2024, partnering with a Malaysian distributor to retail its products, with plans to expand into the Middle East in the coming years [6] Use of Proceeds from Share Offering - The estimated net proceeds from the global offering, assuming a median price of HKD 28.3 per share, is approximately HKD 255 million, with allocations for capacity enhancement, R&D center establishment, sales network optimization, and working capital [10]