华源证券研报指出，潮宏基发布公告--公司向香港联交所递交境外上市股份（H股）发行上市申请并刊 发申请资料。预计H股上市有望进一步推进公司全球化战略布局，提升国际品牌形象及综合竞争力。 2024年潮宏基开启品牌出海进程，先后在马来西亚、泰国、柬埔寨开设门店，截至2025年H1，潮宏基 进驻柬埔寨核心商圈，在金边永旺商场及西港Umall商场开设了2家门店，进一步完善海外零售网络。潮 宏基不断夯实产品线，2025H1潮宏基增加"东方美学"特色黄金产品线；巩固"串珠编绳"特色产品线；推 出布丁狗、人鱼汉顿、线条小狗、黄油小熊四个IP授权系列产品。潮宏基定位东方时尚珠宝，打造年轻 化的珠宝品牌，抓住当下年轻人的审美偏好，围绕"非遗"、"串珠"与"流行"三大差异化类别持续深耕， 潮宏基品牌势能的持续释放有望打开公司业绩空间，维持"增持"评级。 ...

Group 1 - The core viewpoint of the news is that潮宏基's stock has experienced fluctuations, with a year-to-date increase of 163.85% but a recent decline in the last five and twenty trading days [1] - As of June 30, 2025,潮宏基's revenue reached 4.102 billion yuan, representing a year-on-year growth of 19.54%, while the net profit attributable to shareholders was 331 million yuan, up 44.34% [2] - The company has a diverse revenue structure, with high-end fashion jewelry accounting for 48.53% and traditional gold products for 44.63% of total revenue [2] Group 2 -潮宏基 has made cumulative cash distributions of 1.809 billion yuan since its A-share listing, with 711 million yuan distributed in the last three years [3] - As of June 30, 2025, the number of股东 increased by 51.55% to 40,400, while the average circulating shares per person decreased by 33.99% to 21,446 shares [2] - The top ten circulating shareholders include significant institutional investors, with new entrants such as银华富利精选混合A and长安成长优选混合A [3]

来源：市场资讯 来源：瑞财网 2025年上半年，潮宏基收益为40.62亿元，同比增长19.59%；期内溢利为3.33亿元，同比增长44.07%。 | | | 截至12月31日止年度 | | 截至6月30 | | --- | --- | --- | --- | --- | | | 2022年 | 2023 年 | 2024年 | 2024 年 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | | | | | | (未經 | | 收益 | 4,364,107 | 5,836,458 | 6,452,441 | 3,396,249 | | 銷售成本 | (3,086,611) | (4,362,336) | (4,994,861) | (2,605,605) | | 毛利 | 1,277,496 | 1,474,122 | 1,457,580 | 790,644 | | 其他收入及收益 | 39,354 | 57,291 | 30,840 | 17,169 | | 銷售及分銷開支 . | (774,016) | (827,894) | (761,740) | (389.848) | | 行 ...

Core Viewpoint - Chao Hong Ji has submitted its prospectus for H-share listing and plans to expand its overseas business, starting with its first overseas store in Malaysia in 2024 [1][5]. Group 1: Business Overview - Chao Hong Ji is a leading fashion jewelry brand in mainland China, focusing on a "young and fashionable" brand image, with a market share of 1.4% in 2024 [2]. - As of June 30, 2023, the company operates 1,542 offline jewelry stores, including 201 self-operated and 1,337 franchised stores across over 200 cities in China [2]. - The company has four overseas stores, including one self-operated store in Malaysia and three franchised stores in Thailand and Cambodia [2]. Group 2: Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately RMB 4.364 billion, RMB 5.836 billion, RMB 6.452 billion, and RMB 4.062 billion, respectively [2][4]. - Net profit for the same periods was approximately RMB 205 million, RMB 330 million, RMB 169 million, and RMB 333 million [2][4]. - Online sales revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 889 million, RMB 1.022 billion, RMB 942 million, and RMB 496 million, respectively [5]. Group 3: Sales Channels - Chao Hong Ji utilizes both self-operated and franchised stores to optimize market layout and promote sustainable development [2]. - The company has established a presence on 14 major online sales platforms, including JD.com, Tmall, and Vipshop [5]. - The revenue from the top five customers accounted for 9.5%, 8.4%, 7.7%, and 7.8% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [6]. Group 4: Supplier Relationships - The main suppliers are gold suppliers and commercial banks providing gold loans, with the top five suppliers accounting for 71.7%, 77.9%, 83.0%, and 78.9% of total procurement in the respective years [7]. - The largest supplier's procurement accounted for 51.0%, 61.6%, 66.3%, and 61.6% of total procurement in the same periods [7].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is advancing its H-share issuance and listing, which is expected to accelerate its globalization process [5][8] - The company has opened stores in key business districts in Malaysia, Thailand, and Cambodia, enhancing its overseas retail network [8] - The brand is continuously solidifying its product lines and has attracted over 20 million members, with a significant portion of its consumer base being younger generations [8] Financial Performance and Forecast - The company’s projected revenue for 2025 is 7,727 million RMB, with a year-on-year growth rate of 18.55% [7] - The projected net profit attributable to the parent company for 2025 is 472 million RMB, reflecting a year-on-year growth of 143.89% [7] - The earnings per share (EPS) for 2025 is estimated at 0.53 RMB, with a price-to-earnings (P/E) ratio of 28.60 [7][10] - The return on equity (ROE) is expected to reach 12.70% in 2025 [7] Market Position and Strategy - The company is positioning itself as a fashionable jewelry brand targeting younger consumers, focusing on "intangible cultural heritage," "beading," and "trending" categories [8] - The ongoing international expansion and brand development are expected to enhance the company's market penetration and influence in overseas markets [8]

Core Viewpoint - Chao Hong Ji is experiencing declining gross margins and rising debt levels while expanding its store network and increasing gold lending amounts, raising concerns about potential risks [2][18]. Financial Performance - Gross margin decreased from 29.3% in 2022 to 22.6% in 2024, with a slight recovery to 23.1% in the first half of 2025 [5][6]. - Revenue for the first half of 2025 was approximately 4.062 billion, a year-on-year increase of 19.6% [5]. - The company’s gold lending amount rose from 5.18 billion in 2022 to 10.75 billion by July 2025, contributing to increased debt levels [8][18]. Expansion Plans - Chao Hong Ji plans to open 20 self-operated stores overseas by the end of 2028, with an investment payback period of 18-20 months [3][10]. - The company aims to establish three high-end flagship stores in first-tier cities in China, with significant design and inventory costs anticipated [10]. Store Operations - As of mid-2025, Chao Hong Ji operated 1,542 jewelry stores, with 202 self-operated and 1,340 franchised [5]. - The gross margin for self-operated stores was 35.3%, while for franchised stores it was only 16.6%, indicating a dilution of overall gross margin due to the increase in franchise operations [6]. Debt and Cash Flow - The asset-liability ratio increased to approximately 41.9% by mid-2025, up from 34.3%-37.7% in the previous three years [7][8]. - Cash and cash equivalents decreased from 548 million at the end of 2022 to 356 million by the end of 2024, before recovering to 456 million in mid-2025 [11][12]. Consumer Complaints and Online Sales - Online sales revenue increased from 889 million in 2022 to 942 million in 2024, with 496 million recorded in the first half of 2025 [16]. - Consumer complaints primarily focused on issues related to online purchases, including discrepancies in product quality and after-sales service [17][18].

长江商报消息 ●长江商报记者 沈右荣 筹划了三个月，潮宏基（002345.SZ）正式开始港股IPO征程。 9月14日晚间， 潮宏基发布公告，公司已经向香港联交所递表，申请在联交所主板挂牌上市。 三个月前，潮宏基公告称，公司正在与中介机构商讨赴港上市事宜。 赴港上市，潮宏基称，是为了推进公司的全球化战略布局，提升国际品牌形象及综合竞争力。 潮宏基由潮汕商人廖创宾掌舵，他早年以K金和珠宝产品起家，人称"K金之王"，公司产品主打K金等 时尚珠宝。 从2018年开始，潮宏基通过加盟方式加快扩张节奏。2025年上半年，公司加盟门店数净增加68家，期末 门店数达到1542家。 潮宏基的经营业绩好转。2025年上半年，公司实现营业收入约41亿元，同比增长近20%；归母净利润 3.31亿元，创了历史同期新高，同比增长约44%。 值得一提的是，尽管营业收入同比增长接近20%，但在2025年上半年，潮宏基的销售费用同比减少0.10 亿元。 2025年上半年，潮宏基来自亚洲其他地区（不含中国大陆及中国港澳台地区，下同）收入为1280.12万 元。 推进全球化，潮宏基寻求增长点备受期待。 赴港上市推进全球化 正式递表，潮宏基港股IP ...

Core Viewpoint - The company Chao Hong Ji is seeking to expand its market presence by applying for an IPO on the Hong Kong Stock Exchange amid rising international gold prices, aiming to leverage its dual capital platform for further growth [1][5][47]. Company Overview - Chao Hong Ji, a jewelry enterprise with over 15 years of listing on A-shares and a market capitalization exceeding 13.5 billion yuan, is attempting to expand through an "A+H" dual capital platform [1][4][5]. - Founded nearly 30 years ago, the company has evolved from a family-run gold processing business to a leading fashion jewelry brand in China [6][36]. Financial Performance - The company reported revenues of 4.36 billion yuan in 2022, 5.84 billion yuan in 2023, and 6.45 billion yuan in 2024, with a 19.6% year-on-year growth in the first half of 2025 [38][39]. - Despite revenue growth, the company has faced declining profit margins, with net profits fluctuating significantly, dropping from 330 million yuan in 2023 to 169 million yuan in 2024 [40][42]. Market Position - Chao Hong Ji holds a 1.4% market share in the Chinese fashion jewelry market, ranking first among competitors [37][38]. - The company has a total of 1,542 stores as of mid-2025, with a significant portion being franchise stores, indicating a need for further expansion compared to competitors like Zhou Dazheng [44]. Product Segmentation - The company's core revenue sources are jewelry, with fashion jewelry accounting for 45.6% and classic gold jewelry for 45.2% of total revenue in 2024 [40][41]. - The company has seen a decline in the contribution of its FION business, which reported a 27.4% drop in revenue in 2024 [42]. Strategic Initiatives - The IPO proceeds are intended for expanding the overseas sales network, establishing a Hong Kong office, and building new production facilities, reflecting the company's commitment to internationalization and core business enhancement [47].

Core Viewpoint - Chao Hong Ji, a jewelry company, is seeking a secondary listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image while connecting with international capital markets [3][10]. Group 1: Company Overview - Chao Hong Ji submitted its main board listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sponsor [3]. - The company reported a revenue of 4.102 billion CNY in the first half of the year, a year-on-year increase of 19.54%, and a net profit of 331 million CNY, up 44.34% [3]. - As of June 30, 2025, Chao Hong Ji had over 1,540 stores, with 1,340 being franchise stores, contributing significantly to its revenue [5]. Group 2: Market Performance - Chao Hong Ji's stock price surged by over 165% in 2025, rising from 5.47 CNY per share to a peak of 18.18 CNY [8][10]. - The company's current price-to-earnings ratio stands at 45.7, significantly higher than its peers, indicating a potentially overvalued position [10]. Group 3: Expansion and Strategy - The company aims to expand internationally, having initiated its overseas strategy in 2024, focusing on Southeast Asia due to cultural similarities [10][11]. - Chao Hong Ji has faced challenges with past acquisitions, such as the purchase of the FION brand, which has not contributed positively to its performance [6][11]. Group 4: Risks and Concerns - The competitive landscape for jewelry brands is intense, and the franchise model may not provide a strong competitive edge [11]. - Recent insider selling by major shareholders raises concerns about the company's valuation and future performance [11].

Core Viewpoint - Chao Hong Ji, a mid-sized jewelry company, is seeking a secondary listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image, amidst a rising trend in the Hong Kong consumer sector [2][9]. Group 1: Company Overview - Chao Hong Ji was founded in 1997, initially focusing on gold processing, but later shifted to brand development to cater to younger consumers with 18K gold and diamond products [4]. - The company became one of the first jewelry firms to list on A-shares in 2010 and has since expanded primarily through a franchise model [4]. Group 2: Financial Performance - For the first half of the year, Chao Hong Ji reported revenue of 4.102 billion CNY, a year-on-year increase of 19.54%, and a net profit of 331 million CNY, up 44.34% [2]. - As of mid-2025, the total number of Chao Hong Ji stores reached 1,540, with 1,340 being franchise stores, contributing significantly to revenue [5]. - The company’s revenue from franchise channels was 2.244 billion CNY, a 36.24% increase year-on-year, indicating strong performance from this model [5]. Group 3: Market Position and Stock Performance - Chao Hong Ji's stock price surged over 165% this year, from 5.47 CNY per share to a peak of 18.18 CNY, reflecting strong investor sentiment in the consumer sector [7][9]. - The company's price-to-earnings ratio stands at 45.7, significantly higher than its peers, indicating a potentially overvalued position in the market [9]. Group 4: Expansion Plans - The company announced plans for overseas expansion, starting with markets in Thailand and Singapore, aiming to explore new cultural outputs [9][10]. - Chao Hong Ji's strategy includes developing products that resonate with local cultures and experimenting with innovative retail formats [10]. Group 5: Shareholder Actions - Amidst rising stock prices and plans for a secondary listing, major shareholders have begun to reduce their stakes, raising concerns about the sustainability of the company's growth model [10].