Core Viewpoint - Chao Hong Ji (潮宏基) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image while raising funds for overseas expansion and marketing initiatives [1][12]. Group 1: IPO and Strategic Goals - The company plans to use the proceeds from the IPO for overseas expansion, building new production bases, opening flagship stores in mainland China, marketing, and general corporate purposes [1]. - The exclusive sponsor for the IPO is CITIC Securities [1]. Group 2: Financial Performance - Chao Hong Ji's revenue for the reporting periods was approximately RMB 43.64 billion, RMB 58.36 billion, RMB 64.52 billion, and RMB 40.62 billion, with corresponding profits of RMB 2.05 billion, RMB 3.30 billion, RMB 1.69 billion, and RMB 3.33 billion, indicating a "revenue increase without profit increase" situation [12][14]. - The company has experienced a decline in the revenue contribution from its self-operated stores, which fell from 37.4% in 2022 to 27.3% in the first half of 2025, while the contribution from franchise networks increased from 32.5% to 54.6% during the same period [7][22]. Group 3: Market Position and Sales Channels - Chao Hong Ji holds a 1.4% market share in the mainland China's fashion jewelry market, ranking first among numerous jewelry companies [3]. - The company operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores, with four overseas locations [5][9]. Group 4: Supply Chain and Inventory Risks - The company faces high supplier concentration, with the top five suppliers accounting for 71.7% to 83% of total procurement during the reporting periods [14]. - Gold constitutes a significant portion of the company's raw material costs, with procurement of gold accounting for 94.4% to 98.3% of total raw material purchases [14]. Group 5: Stock Performance and Shareholder Actions - Chao Hong Ji's stock price has doubled in 2023, with a cumulative increase of 165.43%, ranking second among peers [20][22]. - The second-largest shareholder, Dongguan Group, reduced its stake by 1% during July 2025 [22].

A股珠宝企业潮宏基（002345）谋求在港交所再度上市。 潮宏基于近期向港交所递交主板上市申请，计划进行第二次上市，保荐人为中信证券。 事实上，潮宏基为了这次递表已经做足准备。早在今年5月，潮宏基就已经在深交所公告称将筹划在港 交所二次上市，并指此举旨在"进一步推进公司的全球化战略布局，提升国际品牌形象，加强与境外资 本市场对接。" 作为一家中型的珠宝企业，潮宏基业绩表现与行业趋势相近。今年上半年，潮宏基实现营业收入41.02 亿元，同比增长19.54%，归母净利润3.31亿元，同比增长44.34%。 随着老铺黄金、泡泡玛特以及蜜雪集团"三巨头"齐聚港交所，今年港股消费领域热度高涨。潮宏基也在 此时选择二次上市。不过，港股珠宝企业众多，并非每一家均能复制老铺黄金的股价走势，潮宏基能否 顺利上市并完成既定的募资目标用于海外扩张，仍有待观察。 加盟扩张 潮宏基是一家成立于1997年的珠宝品牌，由廖木枝、廖创宾父子共同创立，起初是以黄金代工为主业。 这种模式曾在潮汕一带流行，但廖创宾认为代工模式有局限，因为消费者并不知道产品来自于谁，除了 利润什么也没留下。 这就是创立潮宏基的初衷。廖创宾通过注册品牌、独立装修门店 ...

Core Viewpoint - The article discusses the contrasting business models and market positions of two jewelry companies, Laopu Gold and Chaohongji, highlighting the potential for Chaohongji to replicate Laopu Gold's success in the Hong Kong market through its upcoming IPO [2][17]. Group 1: Company Performance - Laopu Gold's stock has provided investors with nearly 17 times returns since its IPO at HKD 40.50, with a peak price of HKD 1,108.00, representing a 26-fold increase [2]. - In contrast, Chaohongji's revenue is only one-third of Laopu Gold's, and its lower average transaction price and reliance on franchise stores result in significantly lower profit margins [8][14]. - Laopu Gold reported a revenue of RMB 12.35 billion with a year-on-year growth of 250.95% and a gross margin of 38.09% [10]. Group 2: Business Models - Laopu Gold targets high-net-worth individuals with a focus on cultural significance and identity, while Chaohongji appeals to younger consumers with a more affordable and trendy product line [3][15]. - Laopu Gold operates primarily through direct sales in high-end markets, whereas Chaohongji relies on a franchise model, which affects its profitability and operational efficiency [3][15]. Group 3: Financial Metrics - Chaohongji's self-operated stores contributed 28.25% to its jewelry business revenue, down 4.31 percentage points year-on-year, while franchise contributions increased to 56.55% [4]. - Chaohongji's jewelry business had a gross margin of 21.77%, significantly lower than Laopu Gold's 38.09% [4][10]. - Chaohongji's handbag business, while having a higher gross margin of 61.26%, only contributed 3.02% to total revenue, indicating limited impact on overall profitability [6]. Group 4: Future Plans and Challenges - Chaohongji plans to use funds from its IPO for overseas expansion, new production facilities, and marketing efforts to enhance brand recognition [11][12]. - The company aims to open 20 overseas stores by 2028, with a focus on high-end markets, directly competing with Laopu Gold [11][13]. - Challenges include the need for brand repositioning to attract high-end customers and the risk of relying too heavily on franchise expansion without improving profitability [15][16].

Group 1: Company Filings - Four companies submitted applications to the Hong Kong Stock Exchange from September 8 to September 14, with three companies passing the hearing [1][6] - Sig Energy (Shanghai) Co., Ltd. submitted its listing application on September 8, aiming to be a global leader in distributed energy storage systems, with a projected market share of 28.6% in 2024 [2] - Shengwei Times Technology Co., Ltd. submitted its application on September 11, ranking 14th in China's ride-hailing service market, with revenues projected to grow from approximately 8.16 billion RMB in 2022 to 15.94 billion RMB in 2025 [3][4] - Shenzhen Maiketian Biomedical Technology Co., Ltd. submitted its application on September 11, with a product reach in over 140 countries and revenues expected to increase from 9.17 billion RMB in 2022 to 13.99 billion RMB in 2025 [4] - Guangdong Chaoshan Industrial Co., Ltd. submitted its application on September 12, leading the jewelry market in mainland China with a projected market share of 1.4% in 2024 [5] Group 2: Companies Passing Hearings - Different Group passed the hearing on September 11, focusing on mid-to-high-end parenting products, with a market share of 4.2% in China [7] - Zijin Gold International Limited passed the hearing on September 14, being a leading global gold mining company with a compound annual growth rate of 21.4% in gold production from 2022 to 2024 [8] - Botai Internet of Vehicles Technology (Shanghai) Co., Ltd. passed the hearing on September 14, ranking third in China's smart cockpit solutions market with a market share of 7.3% [9] Group 3: Companies Going Public - Hesai Technology (02525.HK) is set to launch its IPO from September 8 to September 11, with a global offering of 17 million shares and a maximum price of 228.00 HKD per share [10] - Jinfang Pharmaceutical (02595.HK) will have its IPO from September 11 to September 16, offering 77.6 million shares at a price of 20.39 HKD per share [11] - Health 160 (02656.HK) plans its IPO from September 9 to September 12, offering 33.65 million shares at a price range of 11.89 to 14.86 HKD per share [12] Group 4: New Stock Listing - Dahang Science and Technology (02543.HK) was listed on September 9, closing at 56.90 HKD per share, with a price increase of 14.95% [13]

Group 1 - Yihau New Materials plans to reduce its shareholding by up to 1% of the company's total shares, amounting to 165,500 shares, due to personal funding needs [1] - Fuxing Pharmaceutical's subsidiary has received approval for a new indication for its drug, which is used in the treatment of certain types of breast cancer [1][2] - Shantui Co. has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [3] Group 2 - Sierte's chairman plans to increase his shareholding by an amount between 3 million to 6 million yuan [4] - Borui Pharmaceutical's BGM0504 tablet has received approval for clinical trials in overweight and obese adults [5] - Ganyue Expressway reported vehicle toll service revenue of 349 million yuan for August [6] Group 3 - Chip Microelectronics has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [7] - Lingrui Pharmaceutical's director plans to reduce his shareholding by up to 200,000 shares, representing 0.0353% of the total shares [8] - Jiahu Energy has adjusted its share repurchase price limit to 11.63 yuan per share [10] Group 4 - Spring Airlines reported a year-on-year increase of 12.23% in passenger turnover for August [11] - Kaida has received an invention patent for a self-calibrating sensor technology [12] - Chuanheng Co. has obtained a new utility model patent aimed at improving industrial waste utilization [14] Group 5 - Huashi Technology received a government subsidy of 2.21 million yuan, accounting for 22.71% of its latest audited net profit [15] - Shanghai Pharmaceuticals' controlling shareholder plans to increase its H-share holdings by up to 74 million shares [16] - Hongrun Construction has won a bid for a significant segment of the Shanghai Metro Line 21 project, valued at 126 million yuan [18] Group 6 - Sanfangxiang plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on green technology [19] - Lao Fengxiang's subsidiaries plan to jointly invest in luxury goods sales and gold refining companies [20][21] - China Eastern Airlines reported an 8.72% year-on-year increase in passenger turnover for August [22] Group 7 - Inner Mongolia First Machinery has signed a railway freight car procurement contract worth 186 million yuan [22] - Jiuqiang Bio has received five invention patents related to diagnostic reagents [24] - Longmag Technology plans to invest 210 million yuan in its second phase project in Vietnam [25] Group 8 - Galaxy Magnetics plans to acquire 100% equity of Kyoto Longtai, with its stock suspended for trading [26] - Jinlong Co.'s controlling shareholder will have 30 million shares auctioned [27] - Haishi Co.'s controlling shareholder has released the pledge on 29.97 million shares [28] Group 9 - Qiu Tianwei plans to reduce its shareholding by up to 1.17% of the total shares [29] - Xiaocheng Technology's directors plan to reduce their shareholding by a total of 0.08% [30] - Victory Co. reported that Sunshine Life Insurance has reduced its shareholding by 4.4 million shares [31] Group 10 - Xindong Technology plans to distribute a cash dividend of 0.156 yuan per share [32] - Huaqin Technology plans to distribute a cash dividend of 0.13 yuan per share [33] - Kexing Pharmaceutical's controlling shareholder intends to transfer 5% of the company's shares [35] Group 11 - Guojin Securities has completed the repayment of its second short-term financing bond for 1.0205 billion yuan [38] - Chunhui Intelligent Control's application for asset acquisition has been accepted by the Shenzhen Stock Exchange [39] - Chaohongji has submitted its H-share issuance application to the Hong Kong Stock Exchange [40] Group 12 - Tianyue Advanced has fully exercised its over-allotment option, involving 716,180 H-shares [40] - Chengfeng Technology's vice president has resigned due to internal adjustments [41] - Yingpais plans to establish a 100 million yuan technology sports industry investment fund [43]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (referred to as "Chao Hong Ji") has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, with CITIC Securities as the sole sponsor [1] Company Overview - Chao Hong Ji was established in 1997 in Shantou, Guangdong, focusing on the younger consumer demographic with a differentiated product offering of 18K gold jewelry, earning the title "King of K-gold" [2] - The company successfully listed on the Shenzhen Stock Exchange in 2010, becoming the first fashion jewelry company to do so in China [3] Business Expansion - In 2014, Chao Hong Ji fully acquired the well-known women's bag brand "FION," expanding its business from jewelry to handbags [4] - The company has shifted its focus towards trendy, lightweight, and high-craftsmanship gold jewelry, launching a series of products in collaboration with domestic cultural trends [5] Financial Performance - For the first half of 2025, Chao Hong Ji reported a revenue of 4.102 billion RMB, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 331 million RMB, up 44.34% [5] - Jewelry remains the primary revenue source, contributing 93.6% of total income in the first half of 2025, while handbag revenue has been declining, dropping 16.9% year-on-year to 120 million RMB [7][5] Revenue Growth and Trends - The classic gold jewelry segment has seen rapid growth, with revenue increasing from 1.42 billion RMB in 2022 to 2.92 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 43.4% [8] - In contrast, the fashion jewelry segment has experienced slower growth, with revenue rising from 2.45 billion RMB in 2022 to 2.94 billion RMB in 2024, showing a CAGR of 9.5% [9] Margin Analysis - The overall gross margin for Chao Hong Ji's jewelry has declined from 24.6% in 2022 to 19.6% in the first half of 2025 [10] - Specifically, the gross margin for fashion jewelry decreased from 34.5% to 26.8%, while the classic gold jewelry margin improved from 7.9% to 11.8% [11] Store Expansion Strategy - As of June 30, Chao Hong Ji operated a total of 1,542 jewelry stores, including 201 self-operated and 1,337 franchise stores [12] - The company has transitioned from a self-operated model to a franchise model, with the number of self-operated stores decreasing from 324 to 202 between 2022 and 2025 [13] Same-Store Sales Growth - In the first half of 2025, same-store gross merchandise volume (GMV) for self-operated stores grew by 26.5%, while franchise stores saw a 32.0% increase [14] International Expansion - Chao Hong Ji has begun international expansion, opening its first overseas store in Malaysia in 2024, followed by another in Thailand, and two more in Cambodia in 2025 [16] - The funds raised from the IPO will primarily be allocated for overseas expansion, building new production facilities, and marketing efforts to support both domestic and international growth [16]

Market Overview - The jewelry sector experienced a decline of 1.45% on September 15, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Mankalon (300945) saw a significant drop of 4.76%, closing at 21.61 with a trading volume of 249,400 shares and a turnover of 542 million yuan [2] - Other notable declines include: - Cuihua Jewelry (002731) down 3.76% to 13.30 [2] - Laixitongling (603900) down 2.96% to 11.16 [2] - Diya Co. (301177) down 2.43% to 36.54 [2] - Conversely, Lao Fengxiang (600612) increased slightly by 0.42% to 55.18 [1] Trading Volume and Capital Flow - The jewelry sector experienced a net outflow of 284 million yuan from main funds, while retail investors saw a net inflow of 328 million yuan [2] - The trading volume for key stocks included: - Mankalon: 249,400 shares [2] - Cuihua Jewelry: 125,600 shares [2] - Gold China (600916): 378,400 shares [2]

社交平台上，有多位网友发帖称周大福"一口价"黄金饰品将要涨价，有些款式将上涨数千元。 "一口价"黄金饰品又要涨？ 9月13日，潮新闻记者以消费者身份走访杭州多家黄金珠宝品牌店铺。 9月12日，现货黄金一度升至3674.27美元/盎司，再度创新历史纪录。本月以来金价累计上涨约5%，今年以 来涨幅已接近40%。 拱墅区一家周大福门店工作人员表示，因为国际金价和成本上涨，现在门店当天克价是1078元每克，"一 口价"黄金饰品价格随时可能上调。 "这次提价具体时间还没定，但这次价格上调幅度较大，如果想购买大件饰品要抓紧。" "涨价可能在10月份，涨幅预计在10%至15%，现在还不好说。"另一家周大福门店工作人员表示，上一 次"一口价"涨价是今年3月，部分涨幅10%～20%。 "金价大涨，定价类黄金涨价在即，抢货模式开启。"这两天，有周大福品牌的柜姐在朋友圈挂出类似内 容。 杭州万象城君佩黄金工作人员证实，君佩黄金将在9月25日涨价，这也是年内第二次涨价，其5月份涨价幅 度2%～15%。 在武林银泰，记者发现潮宏基品牌"一口价"黄金饰品正在更换价格标签。 以一个金重1克左右的转运珠为例，更换标签后的价格相比上涨了200 ...

新京报贝壳财经讯 9月14日，潮宏基（002345）发布公告称，公司已于2025年9月12日向香港联合交易 所有限公司（简称"香港联交所"）递交了发行境外上市股份（H股）并在香港联交所主板挂牌上市的申 请，并于同日在香港联交所网站刊登了本次发行并上市的申请材料。该申请材料为公司按照香港证券及 期货事务监察委员会（简称"香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料 可能会适时作出更新及修订。 ...