来源：@21世纪商业评论微博 作者：雷 子桐 编辑：陈晓平 图源：视觉中国 卖金表的莆田老板，迎来业绩爆发。 12月24日，西普尼发布预喜公告，1-11月其净利已超9000万元，大幅增长83.67%，相比上年约4900万元 净利，全年盈利有望显著跨越。 西普尼的强劲势头，早有征兆。 | | | Six months ended 30 June | | | | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | | | | Change % | | | | 2025 | 2024 | (Approximate) | | | | 二零二五年 | 二零二四年 | %變動(概約) | | | | RMB'000 | RMB'000 | | | | | 人民幣千元 | 人民幣十元 | | | | | (unaudited) | (unaudited) | | | | | (未經審核) | 未經審核 | | | Statement of profit or loss and other | 攝益及其他全面收入表 | | | | | comprehensive ...

Group 1: Gold Market Outlook - The international gold price is steadily rising due to expectations of continued interest rate cuts by the Federal Reserve [1] - Major banks like Morgan Stanley, JPMorgan, and Goldman Sachs have raised their gold price forecasts, with Goldman predicting a potential price of $4,000 per ounce by mid-2026 [1] - Buyers of gold are categorized into two types: conviction buyers, who buy regardless of price, and opportunistic buyers, who respond to price fluctuations [1] Group 2: Company Overview - Xipuni - Xipuni, a newly listed company, is a Chinese gold watch designer, manufacturer, and brand owner with its flagship brand "HIPINE" [2] - The company operates through two marketing models: a dealer network for its own brand and ODM manufacturing for third-party jewelry brands [2] - Xipuni has expanded its sales through 3,000 offline points in China and is seeking to expand into the Middle East in the coming years [2] Group 3: Financial Performance - In the first half of 2025, Xipuni reported revenue of 288 million RMB, a year-on-year increase of 27.2%, and a net profit of 57 million RMB, up 108.8% year-on-year [3] - The strong performance in gold watch sales is expected to continue, with positive results anticipated for the full year of 2025 [3]

Core Viewpoint - The successful IPO of Xipuni, known as the "King of Gold Watches" in China, reflects strong market confidence in the high-end consumer sector, with its stock price soaring significantly on its debut [1][3][8]. Company Overview - Xipuni was established in 2013 and is headquartered in Shenzhen, a major hub for gold and jewelry trading in China [3]. - The company is led by Li Yongzhong, who has a background in business from Fujian Province, and it launched China's first mass-produced gold watch in 2014 [3][4]. - Xipuni holds a leading market share in the gold watch sector, with a GMV share of 27.08% and 28.96% in the embedded gold watch market as of 2024 [3]. Financial Performance - Xipuni's revenue has shown consistent growth, increasing from 324 million RMB in 2022 to 456 million RMB in 2024, with a slight dip expected in 2024 [4][5]. - The net profit rose from 24.54 million RMB in 2022 to 52.10 million RMB in 2023, before a projected decrease in 2024 [5]. - The company reported a revenue of 231 million RMB in the first five months of 2025, indicating a strong growth trajectory [5]. Business Model and Strategy - Xipuni's product range includes over 10,000 SKUs, targeting middle-income consumers in second and third-tier cities [4]. - The company is diversifying its revenue streams, with traditional watch sales decreasing from 89.4% of total revenue in 2022 to 47.9% in the first five months of 2025 [6][7]. - Xipuni plans to use 40.28% of its IPO proceeds to enhance production capacity and 33.24% to expand its sales network and brand [8]. Market Trends and Challenges - The high-end consumer market is expected to grow as disposable income rises, with a shift towards luxury and premium products [8]. - However, Xipuni faces significant challenges, including high inventory levels, with stock reaching 656 million RMB in 2024, which is 1.44 times its annual revenue [10]. - The company has a high dependency on a few major clients, with the top five customers accounting for over 87% of sales from 2022 to 2024 [10]. Product Innovation and Expansion - Xipuni has introduced a gold smart watch series in 2023, but this segment contributed only 6.1% to total revenue in 2024 [10]. - The company is also exploring international markets, having partnered with Malaysian distributors to sell its products [12]. Brand Positioning - The brand's strategy includes a "reduce weight without reducing price" approach, which has raised concerns about consumer trust in the value of gold watches [11]. - The future success of Xipuni will depend on its ability to strengthen its brand and adapt to the evolving luxury watch market [13].