Core Insights - The company reported a significant increase in net profit and revenue in Q2, driven by strong performance in cross-border e-commerce and packaging business, positioning itself as a leader in AI-driven e-commerce [1][3]. Financial Performance - In H1, the company achieved revenue of 3.22 billion yuan, a year-on-year increase of 31.8%, and a net profit attributable to shareholders of 118 million yuan, up 63.3% [2]. - The Q2 revenue growth rates were 11.6% in Q1 and 55.5% in Q2, while net profit growth rates were 38.2% in Q1 and 99.6% in Q2 [3]. - The gross margin for H1 was 47%, an increase of 6.29 percentage points, with e-commerce gross margin at 61.4% and packaging gross margin at 19.55% [4]. Business Segments - Cross-border e-commerce generated revenue of 2.12 billion yuan, up 52.9%, with net profit of 55 million yuan, an increase of 97.67% [3]. - The packaging business reported revenue of 1.12 billion yuan, a growth of 10.04%, and net profit of 76 million yuan, up 34.43% [3]. Operational Efficiency - The company improved its operating cash flow significantly, reaching 183 million yuan, a 378% increase, attributed to higher sales collections from the growth in cross-border e-commerce and packaging businesses [4]. Strategic Initiatives - The company has integrated AI technologies into its operations, utilizing its proprietary "Giikin 3.0" system with major AI models to enhance product selection, content generation, advertising, and customer service [5]. - The launch of H-shares is a pivotal step in the company's global strategy, aimed at expanding its cross-border social e-commerce and packaging business internationally [5].

8月20日，吉宏股份（002803）(002803.SZ)发布2025年半年度报告。这是公司于5月27日成功登陆港交 所、成为"国内首家跨境社交电商+快消品包装A+H股"后的首份业绩答卷，报告显示其核心财务指标均 实现大幅增长。 包装业务方面，公司实现营业收入11.15亿元，同比增长10.04%，实现归母净利润7565.86万元，同比增 长34.43%，市占率继续稳居国内纸制快消包装第一。外卖与即时零售持续爆发，带动公司食品级环保 包装订单快速增长，瑞幸、肯德基、麦当劳等头部快消品牌均建立长期稳定合作。目前，公司在全国拥 有10余个大型包装生产基地，生产基地及产品均已通过专业认证资格ISO9000质量管理体系、ISO14001 环境体系、BRCGS ETRS社会责任、FSC国际组织以及BRC等审核、认证标准，并取得相应的《消毒产 品生产企业卫生许可证》《食品用纸包装容器等制品生产许可证》等许可资质，拥有完整的质量检测体 系。 后续，吉宏股份将持续加大AI研发与自有品牌投入，进一步打造智能化、品牌化的跨境电商业务；包 装板块将围绕绿色、智能、低碳三大方向打造行业可持续标杆，加速中东包装基地建设，积极开拓海外 包 ...

Core Viewpoint - Jihong Co., Ltd. is a leading player in the packaging printing and cross-border e-commerce sectors, with significant market positions in China and Asia [1] Group 1: Company Overview - Jihong Co., Ltd. ranks first in revenue within the Chinese paper-based fast-moving consumer goods packaging market [1] - The company is the second-largest B2C export enterprise in the Asian social e-commerce sector [1] - Jihong has developed the Giikin system, achieving a nearly 90% signing rate and a return on investment of nearly 200% [1] Group 2: Financial Performance - As of August 13, 2025, Jihong's stock price was 16.76 yuan, unchanged from the previous trading day, with a trading volume of 110,297 hands and a transaction amount of 184 million yuan [1] - The stock opened at 16.70 yuan, reached a high of 16.84 yuan, and a low of 16.46 yuan on the same day [1] Group 3: Business Development - The company has established a smart factory in the Middle East and launched two proprietary brands, "Konciwa" and "维米亚," contributing over 100 million yuan in revenue to its cross-border e-commerce business [1] Group 4: Capital Flow - On August 13, Jihong experienced a net outflow of 15.45 million yuan in main funds, accounting for 0.32% of its circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 58.92 million yuan, representing 1.22% of its circulating market value [1]

Core Insights - Jihong Co., Ltd. is a leading player in both the printing packaging and cross-border e-commerce sectors, ranking first in China's paper-based fast-moving consumer goods packaging market and second in Asia's social e-commerce revenue among Chinese B2C export companies [2][3] - The company has successfully addressed industry pain points, such as the disconnection between design and printing, and has proactively invested in eco-friendly packaging solutions [2][4] - Jihong Co. went public on the Hong Kong Stock Exchange in May, marking a new chapter in its growth strategy [2] Group 1: Business Strategy - The founder, Zhuang Hao, emphasizes that successful transformations stem from keen industry insights rather than mere effort [3] - Jihong Co. has diversified its business by entering the cross-border e-commerce market, which now contributes nearly 20% of total revenue in its first year [4][8] - The company has developed proprietary systems to enhance operational efficiency, achieving a nearly 200% return on investment [6] Group 2: Technological Innovation - Jihong Co. has focused on creating a differentiated competitive advantage in the crowded cross-border e-commerce space by leveraging social media and algorithm-driven marketing strategies [5][6] - The company has invested approximately 300 million yuan in R&D, with a team of over 200 dedicated to developing its Giikin system, which has significantly improved sales conversion rates [6][8] Group 3: Market Adaptation - In response to challenges in 2024, including losses in both e-commerce and packaging sectors, the management decided to prioritize market expansion over immediate returns [7][8] - The company has seen a substantial recovery in profits, with a 110% increase in net profit in Q3 2024, and expects continued growth in the first half of 2025 [8][9] - Jihong Co. is now focusing on building its own brands to enhance profitability, with its brands "Konciwa" and "维米亚" generating over 100 million yuan in revenue [9] Group 4: Future Outlook - The company aims to deepen its international presence following its listing in Hong Kong, with plans to establish smart factories in the Middle East [9] - Zhuang Hao's approach to risk management is characterized by a focus on insight and investigation, which supports the company's strategic transformations [9]

Core Viewpoint - Jihong Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first "A+H" cross-border social e-commerce stock, with a significant opening increase of 43% to HKD 11, reflecting market recognition of its dual-track leadership and AI-driven capabilities [1][4][2]. Group 1: Company Overview - Jihong Co., Ltd. was established in 2003 and initially focused on providing packaging solutions for fast-moving consumer goods. It has since expanded into cross-border social e-commerce, leveraging its experience in packaging to connect suppliers with consumers in Asia, Europe, and North America [6][11]. - The company operates two main business segments: ToC precision marketing cross-border social e-commerce and ToB comprehensive marketing design and packaging services, establishing a leading position in both sectors [6][11]. Group 2: Financial Performance - Jihong's cross-border social e-commerce business generated revenues of CNY 3.107 billion, CNY 4.257 billion, and CNY 3.366 billion from 2022 to 2024, accounting for approximately 60% of total revenue [11]. - The gross margin for the cross-border social e-commerce business exceeded 60% in 2023 and 2024, significantly higher than the industry average, indicating a successful "technology premium" model [11]. - In Q1 2025, Jihong achieved a revenue of CNY 1.477 billion, a year-on-year increase of 11.55%, with net profit rising by 57.97% to CNY 62.47 million [12]. Group 3: Technological Advancements - Jihong has developed the Giikin system, which integrates AI applications to optimize the entire business process from product selection to logistics, reducing the product selection cycle by 60% and increasing the accuracy of hit product predictions to 82% [7][8]. - The company has filed for 4 patents and 140 software copyrights related to its cross-border social e-commerce algorithms and software systems, showcasing its commitment to technological innovation [8]. Group 4: Market Position and Strategy - Jihong's cross-border e-commerce business is positioned in a rapidly growing market, with the Asian segment contributing over 80% of its revenue, allowing it to mitigate risks from trade policy fluctuations in Europe and the U.S. [17][18]. - The company plans to use the proceeds from its IPO to expand into Southeast Asia, Europe, and Latin America, capitalizing on the growth potential in these emerging markets [24][27]. Group 5: Packaging Business Growth - Jihong's paper packaging business has shown steady growth, with production increasing from 846.7 million square meters in 2022 to 1.026 billion square meters in 2024 [19]. - The company is actively developing biodegradable materials and lightweight structures to meet the growing demand for sustainable packaging solutions [19][20]. Group 6: Shareholder Returns - Jihong has a strong commitment to returning value to shareholders, with a cash dividend distribution plan announced for 2024, amounting to CNY 68.17 million [13]. - The company has also implemented a share buyback plan, reflecting its confidence in future business growth [13].