HIPINE (02583) tumbled more than 13% in early trading, extending a recent downtrend that has erased 30% of its share value since September 7. At the time of writing, the stock was down 13.07% at HK$60.2, with turnover reaching HK$26.44 million.

On the fundamental side, the company delivered robust results for the first half of this year. Revenue climbed 15.9% year-on-year to HK$333 million, while gross profit surged 54.2% to HK$139 million. Net profit attributable to shareholders jumped 75.5% to HK$99.219 million, and adjusted profit for the period rose 62.9% to HK$99.084 million. Segment-wise, watch revenue grew 58.0% to HK$237 million, increasing its revenue share from 52.1% to 71.0% year-on-year. In contrast, jewelry revenue declined 29.9% to HK$97 million, reflecting a strategic pullback from lower-margin jewelry items amid elevated gold prices.

In a recent announcement, HIPINE stated its ongoing commitment to the "precious metals + wearables + smart" sector, exploring new growth avenues for precious metal wearables in the AI era.

It is important to note that HIPINE's listing is approaching its one-year anniversary. According to earlier disclosures, the lock-up period for controlling shareholders and pre-IPO investors is set to expire on September 29. This unlock involves a total of approximately 87.51% of the company's issued shares.