Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, having previously filed on November 29, 2024 [1] Company Overview - Xipuni is a leading designer, manufacturer, and brand owner of precious metal watches in China, with revenue primarily derived from the sales of its flagship brand "HIPINE" [5] - The company also generates income as an ODM manufacturer for third-party domestic jewelry brands, developing and producing private label precious metal watches and accessories [5] - Xipuni has established long-term stable supply relationships with well-known domestic jewelry brands such as Lao Feng Xiang, China Jewelry, and Zhou Da Sheng [5] Market Position - In 2023, HIPINE is the largest gold watch brand in China by GMV, holding a market share of 24.98% for gold watches and 35.83% for precious metal watches [5] - The market share of gold watches in China has increased from 2.37% to 5.78% from 2018 to 2023 [5] Market Growth - The Chinese precious metal watch market is expected to grow from RMB 30.03 billion in 2023 to RMB 46.83 billion by 2028, with a CAGR of 9.29% [6] - The gold watch market in China is projected to reach RMB 44.4 billion by 2028, with a CAGR of 9.58% from 2023 to 2028 [6] Financial Performance - For the fiscal years 2022, 2023, and 2024, Xipuni reported revenues of approximately RMB 324 million, RMB 445 million, and RMB 457 million, respectively [7] - The net profit and total comprehensive income for the same periods were RMB 24.54 million, RMB 52.10 million, and RMB 49.35 million, respectively [7] - The gross profit margin improved from 19.8% in 2022 to 27.2% in 2024 [9]