Q2 营收、净利高增，跨境电商与包装业务均表现亮眼。1)分季度： 本报告导读： 公司Q2 扣非净利增速123%，跨境电商及包装业务均表现亮眼，作为AI+电商的重要旗手、后续发展蒸 蒸日上。 投资要点： 维持增持。公 司H1 实现营收32.2 亿元/+31.8%，归母净利1.18 亿元/+63.3%，扣非净利1.13 亿 元/+79.4%。维持预测公司2025-27 年EPS 为0.61/0.83/1.09 元，增速51/37/31%；参考可比公司估值，给 予公司35 倍PE，上调目标价至21.35 元，维持增持。 风险提示：海外通胀及衰退风险，关税及贸易摩擦风险，新业务不及预期等，竞争加剧等。 Q1-2 营收增速分别11.6/55.5%，归母净利增速分别38.2/99.6%，扣非净利增速分别51/123.1%；2)H1 分 板块：①跨境电商营收21.2 亿元/+52.9%、归母净利0.55 亿元/+97.67%，独特的货找人模式、行业内的 深厚积淀、数智化技术优势、加速自有品牌的全球化布局共同驱动高增；②包装业务营收11.2 亿 元/+10.04%，归母净利0.76 亿元/+34.43%，市占率继续稳居国内纸 ...

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].