| [编纂]數目 : | 編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) [编纂]股H股(可予重新分配) | | --- | --- | | [编纂]數目 : | [编纂]股H股(可予重新分配並視乎[编 | | | 纂]行使與否而定) | | 最高[編纂] : | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027%證監會交易徵 | | | 費、0.00015%會財局交易徵費及 | | | 0.00565%聯交所交易費(須於[編纂] | | | 時以港元繳足及多繳股款可予退還) | | 面值 : | 每股H股人民幣[0.05]元 | 瑞财经 吴文婷1月8日，桑尼森迪(湖南)集团股份有限公司（以下简称"桑尼森迪"）在港交所递交招股 书，高盛、中金公司为联席保荐人。 桑尼森迪是一家以技术驱动的IP玩具企业，致力于重塑传统玩具制造方式。公司的专利技术能够在单一 成型工序中融合多色多材质，实现玩具生产的一体成型，减少工序并保持始终如一的高品质。 同时，桑尼森迪致力于向全球消费者推广国潮文创。通过与如《哪吒之魔童闹海》、《浪浪山小妖怪》 及《大圣崛起》等顶尖国潮文创IP合作，其 ...

据港交所1月8日披露，桑尼森迪(湖南)集团股份有限公司(简称：桑尼森迪)向港交所主板递交上市申请，高盛、中金公司（601995）为联席保荐人。 公司简介 于2023年度、2024年度以及2025年截至9月30日止九个月，公司实现收入分别约为人民币1.07亿元、2.45亿元、3.86亿元。 毛利 于2023年度、2024年度以及2025年截至9月30日止九个月，公司实现毛利分别为1800.5万元、5688.4万元、1.36亿元。 招股书显示，桑尼森迪是一家以技术驱动的IP玩具企业，致力于重塑传统玩具制造方式。公司的专利技术能够在单一成型工序中融合多色多材质，实现玩具 生产的一体成型，减少工序并保持始终如一的高品质。根据弗若斯特沙利文的资料，桑尼森迪是全球唯一一家应用该等技术的IP玩具企业。 桑尼森迪的产品采用ABS和TPR等环保材料替代传统PVC材料，并减少使用喷漆工艺，以符合食品接触级及产品安全标准。此外，公司的"黑灯工厂"已正式 投入生产，实现7x24小时全自动化玩具生产，大幅提升生产效率、产品一致性及产能扩展性，是全球首批"黑灯工厂"。 于2025年9月，桑尼森迪取得国际足球联合会的全球授权，可在超过60 ...

据港交所1月8日披露，桑尼森迪(湖南)集团股份有限公司向港交所主板递交上市申请，高盛、中金公司为联席保荐人。 综合 | 招股书 编辑 | Arti 桑尼森迪对食品接触级标准的坚持及公司行业领先的制造能力，已获得全球合作伙伴的广泛认可。于2025年9月，公司取得国际足球联合会（「FIFA」或 「国际足联」）的全球授权，可在超过60个国家及地区设计、开发、制造及分销2026年FIFA世界杯吉祥物主题手办。 公司致力于向全球消费者推广国潮文创。通过与如《哪咤之魔童闹海》、《浪浪山小妖怪》及《大圣崛起》等顶尖国潮文创IP合作，公司将中国传统与当 代元素融入IP玩具，向中国年轻一代及全球受众传递国潮文创的独特魅力。根据弗若斯特沙利文的资料，按截至2025年9月30日止九个月的销量计，桑尼 森迪是最大的国潮文创IP玩具企业。 依托自主专利技术与行业领先的智能制造能力，公司推出IP玩具及IP玩具解决方案（「IP玩具+」）两大核心业务，提供极具质价比的优质产品。根据弗 若斯特沙利文的资料，公司已在IP玩具和IP解决方案行业建立了领先地位，按截至2025年9月30日止九个月的总销量计，公司已成为该等行业的第二大中 国企业。 公 ...

据港交所1月8日披露，桑尼森迪(湖南)集团股份有限公司(简称：桑尼森迪)向港交所主板递交上市申请，高盛、中金公司 （601995）为联席保荐人。招股书显示，桑尼森迪是一家以技术驱动的IP玩具企业，致力于重塑传统玩具制造方式。公司的专 利技术能够在单一成型工序中融合多色多材质，实现玩具生产的一体成型，减少工序并保持始终如一的高品质。根据弗若斯特 沙利文的资料，桑尼森迪是全球唯一一家应用该等技术的IP玩具企业。 ...

智通财经APP获悉，据港交所1月8日披露，桑尼森迪(湖南)集团股份有限公司(简称：桑尼森迪)向港交所主板递交上市申请， 高盛、中金公司为联席保荐人。招股书显示，桑尼森迪是一家以技术驱动的IP玩具企业，致力于重塑传统玩具制造方式。公司 的专利技术能够在单一成型工序中融合多色多材质，实现玩具生产的一体成型，减少工序并保持始终如一的高品质。根据弗若 斯特沙利文的资料，桑尼森迪是全球唯一一家应用该等技术的IP玩具企业。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunny & Sandy (Hunan) Group Limited 桑尼森迪（湖南）集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，本公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀 請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股 章程的文本將於發售期內 ...

Core Conclusion - The notion of "insufficient consumption in China" is a distorted perception amplified by pricing and statistical methods. Bank of America provides extensive data showing that the true picture of Chinese consumption is not "volume shrinkage," but rather "high volume, low price." Total commodity consumption has reached or even surpassed that of the US, Japan, and South Korea; service consumption has met basic standards but still has gaps in quality. The main contradiction in the current market is the mismatch between "mass supply" and "upgraded demand." Companies focusing on the four key areas of "Efficiency, Experience, Service, Globalization (E2SG)" will thrive through cycles [1]. Group 1: Commodity Consumption - China's total commodity consumption is impressive, with certain categories outperforming developed countries. For example, per capita egg consumption is 128.5 g/day, which is 6% higher than the US and 42% higher than the global average. Sulfur consumption is 1117.9 g/day, which is 3.2 times that of the US. Seafood consumption is 114 g/day, nearly double that of the US. However, dairy consumption is only 86.9 g/day, which is 1/7 of the US level, but this gap is mitigated by plant proteins and eggs. The ownership of cooking appliances is 2.14 times the global average and 1.22 times that of the US. The number of new energy vehicles is 7.7 per thousand people, surpassing the US by 1.66 times and Japan by 8.75 times [3][4]. Group 2: Service Consumption - In terms of service consumption, China has met basic standards but still has quality gaps. The average housing area per person is 49 m², slightly below the US's 65 m² but higher than the UK and France. Medical visits average 6.8 times per year, exceeding the US by 3.4 times. Education duration is 15.5 years, on par with the US and Japan, but extracurricular spending is only $140/year, which is 1/28 of South Korea's. The prices for leisure and entertainment, such as concerts and exhibitions, have increased by 53%, indicating a significant supply-demand gap in high-quality offerings [5][6]. Group 3: Misconceptions of Consumption - The illusion of "insufficient consumption" stems from three main sources: 1. Low prices: Most goods/services are priced at only 20%-60% of US prices (e.g., mobile plans at 15%, taxis at 20%, utilities at 24%). 2. Supply chain advantages: China's role as the "world's factory" and innovations in distribution (like community group buying) continue to drive prices down. 3. Statistical discrepancies: If government transfer payments are included, the actual consumption to GDP ratio aligns with that of South Korea, which is approximately 40% [6]. Group 4: Mismatches and E2SG Investment Framework - There are three core mismatches in the market: 1. Supply vs. Demand: There is an oversupply of mass-market products, but insufficient emotional value and experience. 2. Channels vs. Communication: Fragmented media and ineffective traditional marketing require precise targeting and content-driven e-commerce. 3. Expectations vs. Reality: While income expectations are weak, there is a high demand for quality, necessitating affordable yet high-quality offerings [7]. Group 5: E2SG Investment Tracks - The E2SG investment framework emphasizes four key dimensions for companies to succeed in a "high volume, low price" market: 1. Efficiency: Achieving low costs and quick turnover through supply chain optimization and scale effects. 2. Experience: Creating differentiation through product innovation and capturing emotional consumption needs. 3. Service: Filling the gap in high-quality supply. 4. Globalization: Leveraging China's high volume and low price advantage to expand into international markets [10][11][12]. Group 6: Recommended Companies - Bank of America has identified seven companies with long-term competitive advantages across various sectors, including: - Pop Mart: Strong IP operation capabilities and global expansion, with an expected EPS growth of 30% by 2026. - Midea: Leading in global white goods with supply chain efficiency, focusing on overseas OBM business growth. - Geely: Rich in new energy vehicle reserves, planning to launch over 10 new models by 2026 with a target growth of 50%-80%. - Huazhu Group: Benefiting from leisure travel demand recovery and expanding through a light asset model, with a projected 21% CAGR in profits from 2024-2026. - Trip.com Group: Leading in OTA with expected 45% growth in international business revenue over the next six years. - Tencent Holdings: Dominating digital entertainment with stable mobile game revenue and AI-driven efficiency improvements. - Damai Entertainment: Leading in live entertainment ticketing with a projected 60% CAGR in profits from 2025-2028 [20][21].

Core Insights - The long-held belief of "insufficient consumption" in China is fundamentally misinterpreted, as actual consumption levels are comparable to or exceed those of developed economies in key categories [1][2] - The primary constraint on China's consumption performance is not the absolute consumption volume but rather the extremely low price levels and structural competitive pressures [1][3] Consumption Quantity - Quantitative research indicates that China's consumption is not inferior when compared to developed markets, challenging the perception of a significant gap [2] Price Dynamics - Despite adequate consumption volume, nominal consumption totals remain low due to pricing issues, with Chinese goods and services priced significantly below global averages, often less than 40% of U.S. prices [3][4] - Factors contributing to low pricing include declining inflation, weak income expectations, efficient supply chains from China's "world factory" status, excessive industry competition, and price controls in service sectors [3][6] Macro Consumption Disparity - The commonly cited metric of household consumption as a percentage of GDP shows China at approximately 40%, significantly lower than the U.S. at 68%, Japan at 54%, and South Korea at 48% [4] Impressive Consumption Volumes - Data from organizations like FAO indicates that per capita consumption in essential goods, particularly protein, eggs, seafood, and vegetables, has surpassed global averages, even exceeding that of the U.S., Japan, and South Korea [5] - In housing, the per capita living space in China reached 49 square meters in 2021, surpassing the UK and France, though still below the U.S. [5] Structural Factors - China's dominant position as a global manufacturer in sectors like electric vehicles and home appliances provides significant cost advantages, resulting in lower consumer prices [6] - Intense competition and disruptive innovation, driven by industry policies and rapid technological advancements, have led to aggressive pricing strategies [6] - Price controls in critical service sectors, such as healthcare and education, ensure affordability but contribute to lower nominal consumption figures [6] Misinterpretation of Consumption Gaps - The perceived macro consumption gap is overstated, with potential for consumption upgrades focusing on higher quality and experiential goods and services [7] Investment Opportunities - The coexistence of high consumption volumes and low prices suggests that companies must enhance operational capabilities to achieve superior returns, leading to the introduction of the E2SG investment framework to identify competitive winners [8] Comparative Analysis - Comparing China to culturally and economically similar East Asian economies like Japan and South Korea may provide a more accurate perspective on consumption dynamics [10] - Adjusting for the inclusion of "social transfers" in GDP calculations could significantly improve China's consumption-to-GDP ratio, narrowing the gap with South Korea and Japan [10] Strategic Focus Areas - Companies should focus on efficiency through cost control and operational speed to capture market share in a low-price environment [11] - Enhancing consumer experience through unique products and emotional value can drive premium pricing and market share growth [11] - Seizing opportunities in service sectors with high demand and low supply can lead to significant growth [11] - Global expansion may be a viable strategy for companies facing intense domestic competition, as seen with successful cases like Geely and Midea [11]

Core Viewpoint - The light industry sector is facing revenue and profit pressure in Q1-Q3 2025, but the paper and packaging printing industries are showing early signs of recovery, aligning with mid-year expectations [1][2] Group 1: Performance Review - The overall performance of the light industry sector is under pressure, with the home furnishing sector's net profit turning negative in Q1-Q3 2025, indicating significant profit pressure [2] - The entertainment light industry sector experienced a narrowing decline in both revenue and net profit in Q3 compared to Q2 [2] - The paper sector saw a loss in Q1, high growth in Q2, and significant growth in Q3, indicating an early recovery ahead of revenue improvements [2] - The packaging printing sector achieved a 9.6% year-on-year increase in revenue and a 12.7% increase in net profit in Q1-Q3 2025, marking it as the best performer [2] Group 2: Industry Outlook - The trend of "anti-involution" is expected to improve the supply-demand dynamics in the industry, particularly benefiting the metal packaging sector, which is anticipated to experience a revival [3] - The metal packaging industry is projected to see a concentration ratio (CR3) exceeding 70% following the acquisition of Zhongliang Packaging by Orijin in 2025, with total production capacity expected to decrease to approximately 76 billion cans by 2026 [3] - The paper industry is expected to improve due to cyclical recovery, with major paper manufacturers enhancing collaboration and price increases anticipated as raw material costs rise [3] Group 3: Innovation and Market Expansion - AI technology is expected to open new market opportunities for traditional industries, with AI glasses and AI toys poised for significant growth [4] - The trend of IP consumption continues to provide new growth paths for traditional consumer products, with cross-industry integration and functional upgrades becoming key breakthrough points [4] - The "going global" strategy is expected to deepen, with a focus on cost-effective production and refined overseas supply chain management [5] - Chinese brands with unique characteristics are beginning to pursue internationalization [5] Group 4: Investment Strategy - The metal packaging industry is anticipated to benefit from supply contraction following industry restructuring, with current valuations at historical lows [7] - The paper industry is expected to show improvement due to cyclical recovery, despite higher historical valuations, with the fastest profit growth anticipated [7] - Companies innovating in AI glasses and those optimizing product structures and sales models are recommended for investment [7] - Firms benefiting from toy product innovation and high dividend yields, as well as those with strong IP and export business, are also highlighted as potential investment opportunities [7] - The "going global" strategy is expected to gain importance, with recommendations for industry leaders with production advantages and companies with cost-effective brand offerings [7]

Consumer Trends - The new consumption sector continues to gain momentum, with A-shares experiencing a valuation increase driven by emotional consumption, channel innovation, and brand expansion overseas[4] - In the first half of 2025, the domestic smartphone shipment volume was 20.63 million units, a year-on-year decline of 6.4% but a quarter-on-quarter increase of 7.6%[28] - The global IP toy market is expected to exceed 400 billion yuan by 2025, with China's market growing at a compound annual growth rate (CAGR) of 11.90% from 2019 to 2023, significantly higher than the global rate of 9.30%[8] High-end Manufacturing - Liquid cooling technology is identified as a key solution for data centers to address energy consumption issues, potentially reducing Power Usage Effectiveness (PUE) to below 1.1[4] - The energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, with a CAGR of 44.8% from 2022 to 2027[16] - Liquid cooling solutions can achieve energy savings of over 20%-30%, providing both economic and environmental benefits[18] Hard Technology - The penetration rate of foldable smartphones is expected to rise from 1.6% in 2025 to over 3% by 2027, driven by Apple's entry into the market and ongoing price reductions[31] - The total cost of foldable smartphones is significantly higher than non-foldable models, with display/touch modules and lenses seeing increases of 177% and 28% respectively[38] - In 2025, foldable smartphone shipments are projected to reach 19.8 million units, maintaining the same penetration rate as 2024[31]