Core Viewpoint - Chao Hong Ji reported a significant revenue increase of 49.5% year-on-year in Q3 2025, reaching 2.13 billion yuan, despite a minor net profit loss due to goodwill impairment from Fion [1] Financial Performance - The company achieved a net profit of 160 million yuan in Q3 2025, reflecting an 81.5% year-on-year increase, excluding the impact of Fion's goodwill impairment [1] - The jewelry segment's net profit grew by 86.8% year-on-year, indicating strong performance in the core business [1] Growth Drivers - Revenue growth is primarily driven by same-store sales increases and proactive store openings by distributors [1] - The significant net profit growth, excluding Fion's impairment, is attributed to the strong sales of high-margin brand products and adjustments in direct sales channels alongside accelerated franchise expansion [1] Strategic Adjustments - The company engaged a third-party asset evaluation firm to assess the goodwill related to the acquisition of Fion, leading to a goodwill impairment provision that alleviates future goodwill pressure [1] - The company is optimizing its channel structure and product mix, resulting in a decrease in expense ratios under a light asset operation model [1] Market Position and Outlook - Chao Hong Ji is positioned to benefit from the rise of Eastern aesthetics and the national trend, with ongoing brand momentum [1] - Compared to leading industry brands, Chao Hong Ji has substantial room for growth in revenue scale and store count, with strong certainty in channel expansion, suggesting a potential for sustained rapid growth [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown accelerating revenue growth, with Q3 revenue reaching 2.135 billion yuan, a year-on-year increase of 49.52%, benefiting from improved single-store efficiency and continued expansion of franchise stores [1] - The net profit attributable to the parent company for Q3 was a loss of 14 million yuan, but excluding goodwill impairment, the profit was 157 million yuan, reflecting an 81.54% year-on-year increase [1] - The company is focusing on product design and innovation to meet consumer demand for value retention and fashion attributes, while also targeting the younger consumer demographic for growth [2] Financial Performance Summary - Q3 gross margin was 21.93%, down 2.27 percentage points year-on-year, attributed to changes in product and channel structure [2] - The sales expense ratio improved to 8.23%, down 4.02 percentage points year-on-year, due to enhanced brand power and cost control [2] - Operating cash flow for the first three quarters was 602 million yuan, a year-on-year increase of 35.3%, indicating a positive cash flow situation [2] Earnings Forecast and Financial Metrics - Revenue projections for 2025 are estimated at 8.058 billion yuan, with a year-on-year growth of 23.63% [3] - Net profit for 2025 is forecasted to be 487.35 million yuan, reflecting a significant year-on-year increase of 151.67% [3] - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 24.6, 21.2, and 18.7 respectively [2][3]

Core Insights - The company,潮宏基, has demonstrated impressive financial performance with a revenue growth of 28.35% year-on-year for the first three quarters of 2025, achieving a total revenue of 62.37 billion yuan [2][3] - The net profit attributable to shareholders for the same period reached 488 million yuan, marking a 54.52% increase, with a notable 81.54% growth in the third quarter alone [2][3] -潮宏基 continues to expand its store network, reaching a total of 1,599 stores by the end of September 2025, with a net increase of 144 franchise stores [2][3] Financial Performance - The company achieved a revenue of 62.37 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of over 28% [3] - The net profit, excluding goodwill impairment, saw a nearly 55% increase, showcasing the company's strong performance compared to the industry average [3] -潮宏基's net asset return rate reached 8.82% by the third quarter of 2025, a 0.27 percentage point increase from the previous year, indicating a significant improvement in profitability [3] Product Strategy - The product strategy focuses on integrating traditional culture with modern innovation, launching various product lines that include gold joint IP jewelry and creative gold beads [6] - The non-heritage flower silk technique is central to潮宏基's brand identity, with a series of products that blend traditional craftsmanship with contemporary design [6][8] - The company has successfully collaborated with international IPs, launching 12 IP series products since 2020, with a notable sales performance in the gold bead bracelet category [7][8] Brand Development -潮宏基's brand value reached 565.77 billion yuan in 2025, marking a 12.4% increase, which is significant in the context of a general slowdown in brand value growth [9] - The brand has established over 1,500 offline outlets across major cities, enhancing its market presence [9] - The "One City, One Non-Heritage" project strengthens the brand's cultural connections by integrating local cultural elements into its offerings [9] Digital Transformation and Operations - The company's digital management has led to a significant reduction in sales expense ratio by 2.09 percentage points, contributing to improved profitability [12] -潮宏基's product repurchase rate has risen to 60%, indicating strong customer loyalty and emotional value associated with the brand [12] - The company employs a data-driven design approach, allowing it to quickly adapt to changing consumer trends and preferences [12][13] International Expansion -潮宏基 has begun its overseas expansion in Southeast Asia, targeting markets in Malaysia, Thailand, and Cambodia, where cultural resonance and jewelry consumption potential are high [14] - The brand plans to open 20 stores overseas by the end of 2028, aligning with its ambitions for international growth [14][16] -潮宏基's overseas customer base has expanded beyond the Chinese community, attracting local consumers and international fashion enthusiasts [14]

Core Insights - The article highlights the impressive growth of Chao Hong Ji, a jewelry brand, which achieved a revenue increase of 28.35% year-on-year in the first three quarters of 2025, amidst challenges faced by the industry due to fluctuating gold prices and consumer tightening [1][2] - The brand's net profit attributable to shareholders reached 488 million yuan, marking a 54.52% increase, with a significant 81.54% growth in the third quarter alone [1][2] - Chao Hong Ji's expansion strategy includes plans to open 20 stores overseas by the end of 2028, reflecting its confidence in the "national trend" and "self-appreciation consumption" [1][13] Financial Performance - In the first three quarters of 2025, Chao Hong Ji reported a revenue of 6.237 billion yuan, with a net profit growth of nearly 55% after excluding goodwill impairment [2] - The company ranks among the top in the A-share jewelry industry for revenue and net profit growth rates, with a market share of 0.8% in 2024 [2] - The gross profit margin has been steadily increasing, and the weighted average return on equity reached 8.82%, the highest since 2014 [2] Product Strategy - Chao Hong Ji's product strategy focuses on "culture + innovation," integrating traditional craftsmanship with modern fashion [4] - The brand's signature non-heritage flower silk technique has been revitalized through collaborations with artists, creating products that resonate with contemporary aesthetics [4][6] - The launch of the "Flower Silk Candy" series exemplifies the successful fusion of traditional and modern design, achieving significant sales in a short time [4] Brand Strength - The brand has successfully positioned itself as a contemporary interpreter of Eastern aesthetics, with over 1,500 offline outlets by the end of 2024 [7] - Chao Hong Ji's brand value increased by 12.4% in 2025, reflecting its strong market presence and cultural resonance [7] - The "One City, One Non-Heritage" project enhances the brand's connection to local cultures, showcasing its commitment to cultural integration [7] Digital Transformation and Operational Efficiency - The company's digital management has significantly improved operational efficiency, with a notable decrease in sales expense ratio by 2.09 percentage points [11] - A product repurchase rate of 60% indicates strong customer loyalty and emotional value associated with the brand [11] - Chao Hong Ji employs a data-driven design approach to quickly adapt to consumer trends, enhancing its competitive edge [11][12] Overseas Expansion - Chao Hong Ji has begun its overseas expansion in Southeast Asia, targeting markets with strong cultural ties to China and significant jewelry consumption potential [13] - The brand's international strategy aims to attract not only the Chinese diaspora but also local consumers and international fashion enthusiasts [13] - Plans to open 20 stores abroad by 2028 align with the company's ambition to establish itself as a global brand [13][14]

格隆汇10月30日丨潮宏基(002345.SZ)公布三季度报告，前三季营业收入62.37亿元，同比增长28.35%， 归属于上市公司股东的净利润3.17亿元，同比增长0.33%，归属于上市公司股东的扣除非经常性损益的 净利润3.14亿元，同比增长1.25%。 ...

第二章 政策声明 第一条 为加强广东潮宏基实业股份有限公司（以下简称"公司"）治理结构 的全面性、代表性和创新性，助力公司实现可持续发展，根据《中华人民共和国 公司法》等有关法律、行政法规、部门规章、规范性文件、公司股票上市地证券 监管规则及《广东潮宏基实业股份有限公司章程》（以下简称"公司章程"）的有 关规定，结合公司实际情况，制定公司《董事会多元化政策》（以下简称"本政策"）。 第二条 为达致可持续及均衡发展，公司视董事会层面日益多元化为支持公司 实现战略目标及维持可持续发展的关键元素。本政策旨在确保董事会成员在性别、 年龄、国籍、文化背景、专业技能及行业经验等方面保持均衡与多样性，列出指 引公司董事会提名董事及为达致董事会多元化而采取的方针和政策。 第三条 本政策适用于公司董事会成员的招募、选拔、培训、评估及日常管理 过程，确保所有操作符合法律法规的要求，并体现公平、公正、公开的原则。 广东潮宏基实业股份有限公司 董事会多元化政策（草案） （H 股发行并上市后适用） 第一章 总则 衡量其对董事会成员多元化的裨益以及董事会的需要，不会只侧重单一的多元化 层面。 第六条 董事会成员的提名和选举将基于一系列多 ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-057 广东潮宏基实业股份有限公司 关于续聘 2025 年度会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 召开第七届董事会第六次会议，审议通过了《关于续聘 2025 年度会计师事务所 的议案》，具体情况如下： 一、拟续聘会计师事务所的情况说明 华兴会计师事务所（特殊普通合伙）（以下简称"华兴会计师事务所"）是 一家主要从事上市公司审计业务的会计师事务所，依法独立承办注册会计师业务， 具有证券相关业务资格，具备多年为上市公司提供优质审计服务的丰富经验和强 大的专业服务能力，能够较好满足公司建立健全内部控制以及财务审计工作的要 求。 为保持审计工作的连续性，经公司董事会审计委员会审议，提议续聘华兴会 计师事务所为公司 2025 年度审计机构，聘期一年，并提请公司股东会授权管理 层依照 2025 年度审计的具体工作量及市场公允合理的定价原则确定其年度审计 费用。 二、拟聘任会计师事务所的基本信息 （一 ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-058 广东潮宏基实业股份有限公司 关于计提商誉减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 然后，再对包含商誉的菲安妮有限公司资产组进行减值测试，比较包含商誉 的菲安妮有限公司资产组的账面价值与其可收回金额，发现包含商誉的菲安妮有 限公司资产组的可收回金额低于其账面价值，于是就其差额确认减值损失，减值 损失金额抵减资产组中商誉的账面价值。 一、本次计提商誉减值准备情况概述 广东潮宏基实业股份有限公司（以下简称"公司"）于 2014 年完成对菲安 妮有限公司 100%股权的收购，本次收购事项形成商誉 116,267.34 万元。公司自 完成收购"FION 菲安妮"品牌后，积极对菲安妮品牌形象、产品和门店等进行 升级和年轻化改造，由于受各种因素影响，整体进程不达预期，公司根据中介机 构减值测试评估结果，分别于 2018 年度、2019 年度、2022 年度、2023 年度和 2024 年度计提了 20,906.00 万元、15,158.62 万元、8,066.35 万元、3,943. ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-059 广东潮宏基实业股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 17 日 15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 11 月 17 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-055 广东潮宏基实业股份有限公司 第七届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）第七届董事会第六次会 议于 2025 年 10 月 30 日在公司会议室以现场和通讯相结合的方式召开。本次会 议的通知及会议资料已于 2025 年 10 月 27 日以专人送达、电子邮件及传真形式 通知了全体董事和高级管理人员。出席本次董事会会议的应到董事为 11 人，实 到董事 11 人，其中独立董事 4 名。公司高级管理人员列席了会议。本次会议的 通知、召开以及参会董事人数均符合相关法律、法规、规则及《公司章程》的有 关规定。与会董事经认真审议和表决，形成决议如下： 一、以 11 票同意、0 票反对、0 票弃权，审议通过了《2025 年第三季度报 告》。 本议案已经公司第七届董事会审计委员会事前审议通过。 本议案尚需提交公司 2025 年第三次临时股东会审议。 三、以 11 票同意、0 票反对、0 票弃权，审议通过了《关于计提商誉减值准 ...