HIPINE (02583) dropped more than 10% in trading today. The stock, which listed on September 30 this year, had soared 555% from its IPO price of HK$29.6 to close at a record high of HK$194 yesterday. At the time of writing, shares were down 9.74% at HK$175.1, with a turnover of HK$13.25 million.

Public information shows that HIPINE is a Chinese designer, manufacturer, and brand owner of gold watch cases and bezels. The company primarily generates revenue from sales of its flagship proprietary brand "HIPINE," focusing on pure gold watches, along with ODM business serving third-party jewelry brands and wholesalers.

From 2022 to 2024, the company's revenue grew from RMB 320 million to RMB 456 million, achieving an annual compound growth rate of 18%. In the first five months of 2025, revenue reached RMB 230 million, up 22% year-on-year. Net profit expanded from RMB 24 million in 2022 to RMB 49 million in 2024, reflecting a 43% CAGR. For the first five months of 2025, net profit surged 112% year-on-year to RMB 43 million.