HK Stock Market Move | HIPINE (02583) drops over 13%, with its share price falling more than 30% over the past week; restricted shares will become tradable at the end of this month.

HIPINE (02583) drops over 13%. The stock has been persistently weak recently, with its share price falling 30% cumulatively since September 7. As of press time, it is down 13.07% at HK$60.2, with a turnover of HK$26.4428 million. On the news front, in the first half of this year, HIPINE achieved revenue of RMB333 million, up 15.9% year on year; gross profit of RMB139 million, up 54.2% year on year; net profit attributable to shareholders of RMB99.219 million, up 75.5% year on year; adjusted profit for the period of RMB99.084 million, up 62.9% year on year. By product, watch revenue was RMB237 million, up 58.0% year on year, with its share rising from 52.1% in the same period last year to 71.0%; jewelry revenue was RMB97 million, down 29.9% year on year, as the company proactively scaled back low-margin jewelry amid a high gold price environment. In addition, HIPINE recently announced that it will continue to expand into the "precious metals + wearables + smart" sector, exploring a new growth curve for the precious metals wearable industry in the AI era. It should be noted that HIPINE is about to mark one year since its listing. According to its previous announcement, the lock-up period for the controlling shareholder and pre-IPO shareholders will expire on September 29, involving a total of approximately 87.51% of issued shares in this unlocking.