Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]

Core Viewpoint - The company,潮宏基, is advancing its A+H share listing process in Hong Kong, aiming to enhance its global strategy and international competitiveness through an IPO, with a focus on overseas expansion and establishing a strong retail presence in international markets [1][2]. Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% in total revenue from 2022 to 2024, with total revenue expected to reach 4.062 billion yuan in the first half of 2025, representing a year-on-year growth of 19.6% [1]. - For the first half of 2025, the company anticipates a profit of 330 million yuan, with a year-on-year increase of 44.34% [2]. - The company reported a revenue of 4.102 billion yuan for the first half of 2025, reflecting a year-on-year growth of 19.54% [2]. Group 2: Market Position and Strategy - The jewelry industry in China is characterized by low concentration, with the top five companies holding a market share of 31.8%, while潮宏基 ranks ninth with a market share of 0.8% [1]. -潮宏基 leads in specific segments such as gold string beads and fashion jewelry, holding the top position in the fashion jewelry market with a market share of 1.4% [1]. - The company aims to open 20 self-operated stores overseas by the end of 2028 and establish an overseas headquarters in Hong Kong, as part of its global expansion strategy [2]. Group 3: Operational Developments - The company is focusing on enhancing its main brand, expanding its multi-brand strategy, and implementing an omnichannel marketing approach, which has led to improved operational performance [3]. -潮宏基 has successfully opened two stores in Cambodia's key commercial areas, further expanding its overseas retail network [3]. - The company’s online sales subsidiary reported a net profit increase of 70.64% during the reporting period, indicating effective adjustments in its online sales strategy [3].

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (referred to as "Chao Hong Ji") has submitted an application for an "A+H" dual listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image [1] Group 1: Listing and Market Strategy - Chao Hong Ji plans to utilize the "A+H" listing model to diversify capital operations and promote internationalization [1] - The company aims to leverage the complementary advantages of financing flexibility and investor structure through the dual listing [1] Group 2: Fundraising and Utilization - The IPO proceeds are intended for overseas expansion, building new production bases, opening three flagship stores in mainland China, marketing and brand development, and general corporate purposes [2] - The company’s core business, jewelry, contributes approximately 90% of total revenue, with a strategic brand layout that includes multiple product lines [2] Group 3: Product Differentiation and Performance - Chao Hong Ji has adopted IP collaboration as a key differentiation strategy, with 12 top global IPs and over 400 SKUs launched [3] - For the first half of 2025, the company reported a revenue of 4.102 billion yuan, a year-on-year increase of 19.54%, and a net profit of 331 million yuan, up 44.34% [3] Group 4: Channel Expansion and Online Sales - The company has established a strong online presence across 14 major platforms, with online sales revenue increasing from 889 million yuan in 2022 to 942 million yuan in 2024 [3] - As of June 30, Chao Hong Ji operates 1,542 offline jewelry stores, including 201 self-operated and 1,337 franchised stores [3] Group 5: International Expansion - Chao Hong Ji has begun its overseas expansion by opening its first store in Malaysia in 2024, followed by another in Thailand, and plans to open two more in Cambodia in 2025 [4] - Successful listing in Hong Kong is expected to enhance the company's overseas financing capabilities and resource allocation efficiency, supporting domestic upgrades and international market expansion [4]

Investment Rating - The report maintains a "Positive" investment rating for the gold and jewelry industry [4]. Core Viewpoints - The jewelry industry is experiencing a trend towards product upgrades and diversification, with a focus on design and cultural elements to attract younger consumers [16][20]. - Investment demand remains strong, with gold bar and coin sales increasing by 18% year-on-year in Q2 2025, despite a 24% decline in gold jewelry sales [9][32]. - The report suggests that the upcoming holiday season may further boost jewelry demand if gold prices stabilize [52]. Industry Prosperity - The industry is witnessing a slow recovery in gold jewelry demand, with Q2 2025 sales down 24% year-on-year, while investment gold continues to show high demand [9][12]. - The number of marriages has seen a positive year-on-year growth for the first time since 2024, which may alleviate some pressure on diamond jewelry sales [12]. Product Trends - The industry is focusing on multi-material designs and cultural integration, with brands increasingly collaborating with IPs to appeal to niche markets [16][21]. - Notable product innovations include lightweight and high-repurchase items like beads and rings, as well as high-end designs featuring diamonds and enamel [17]. Performance Overview of Jewelry Companies - In H1 2025, the average revenue of representative jewelry brands increased by 15% year-on-year, driven by a 39% rise in gold prices [32]. - Companies like Cai Bai and Lai Shen Tong Ling reported revenue growth rates of 50% and 27%, respectively, due to their focus on investment gold [32]. - The gross profit margin for many brands improved, with Lai Shen Tong Ling, Man Ka Long, and Chao Hong Ji showing significant year-on-year growth in gross profit [32][37]. Investment Recommendations - The report recommends focusing on leading brands that are enhancing product offerings and optimizing channels, specifically highlighting Lao Pu Gold, Chao Hong Ji, Cai Bai, Zhou Da Sheng, and Lao Feng Xiang as key players to watch [52].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 12x [11][39]. Core Insights - The textile and apparel industry is experiencing a shift in export dynamics due to changes in U.S. tariff policies, leading to a decline in imports from China and an increase from Southeast Asian countries [2][25]. - Major apparel manufacturers reported mixed revenue results for August 2025, with declines for companies like Yuanyuan Group and Ruo Hong, while Feng Tai showed month-on-month improvement [1][16]. - The report anticipates a recovery in orders for upstream manufacturers if the operational performance of core brands like Nike improves, particularly in the Greater China market [3][32]. Summary by Sections Industry Overview - The textile and apparel sector has seen a decline in U.S. imports from China, with a 23% year-on-year drop from January to July 2025, while imports from Vietnam, India, Bangladesh, and Cambodia increased by 18%, 16%, 22%, and 24% respectively [2][25]. - China's apparel exports from January to August 2025 totaled $102.8 billion, down 1.7% year-on-year, while textile yarn and fabric exports increased by 1.6% to $94.51 billion [2][25]. Company Performance - Nike's revenue for FY2025 showed significant declines across all quarters, with a drop of 10.4% in Q1 and 12.0% in Q4, but the company expects a narrowing of revenue decline in FY2026 [3][32]. - Key manufacturers like Shenzhou International and Huayi Group reported revenue growth of 15% and 10% respectively for the first half of 2025 [10][33]. Market Trends - The report highlights a cautious consumer environment, with the sports footwear segment expected to outperform the overall apparel market, maintaining a healthy inventory turnover ratio of 4-5 [3][36]. - The jewelry sector is also noted for its focus on product differentiation and brand strength, with companies like Chow Tai Fook and Chao Hong Ji recommended for their improving product and channel efficiencies [4][38]. Investment Recommendations - The report recommends Shenzhou International for its low exposure to U.S. business and strong profitability, with a 2025 PE of 13x, and Huayi Group for its expanding international capacity, with a 2025 PE of 18x [38]. - In the sportswear segment, Anta Sports and Li Ning are highlighted for their robust operational capabilities, both with a 2025 PE of 18x [39].

证券代码：002345 证券简称：潮宏基 公告编号：2025-050 广东潮宏基实业股份有限公司 关于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"）已于 2025 年 9 月 12 日向香港联合交易所有限公司（以下简称"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（以下简称"本次发行并上市"）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（以下简称"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。 鉴于本次发行并上市的认购对象将仅限于符合相关条件的境外投资者及依 据中国相关法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境 内证券交易所的网站和符合境内监管机构规定条件的媒体上刊登该申请资料，但 为使境内投资者及时了解该等申请资料披露的本次发行并上市以及公司的其他 相关信息，现提供该申请 ...

Core Viewpoint -潮宏基 has submitted an application for listing on the Hong Kong Stock Exchange, aiming to solidify its position as a leading fashion jewelry brand in mainland China by leveraging its cultural and design-driven approach [1][2] Group 1: Company Overview -潮宏基 was founded in 1997 and has established itself as a pioneer in the "national trend innovation" within the jewelry industry, recognized for its unique blend of traditional craftsmanship and modern design [1] - The company has been awarded multiple honors in design and craftsmanship, and in 2023, it was the only jewelry brand from mainland China recognized by Forbes as a "National Trend Innovation Brand" [1] -潮宏基's brand strategy focuses on "cultural + design dual drive," positioning itself as both a manufacturer of jewelry and a promoter of Chinese aesthetic confidence [1] Group 2: Market Position and Financial Performance - According to Frost & Sullivan,潮宏基 is projected to rank first among jewelry companies in mainland China in 2024, with a market share of 1.4% in the fashion jewelry sector [2] - The company targets the mid-to-high-end market and has developed a diverse product matrix, contributing approximately 90% of its total revenue from its jewelry business [2] -潮宏基 has been included in the "China's 500 Most Valuable Brands" for 21 consecutive years and was recognized as one of the "Asia's 500 Strongest Brands" in 2024 [2] Group 3: Sales Network and Financial Data - As of June 30, 2025,潮宏基 operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, along with four overseas stores [3] - The company has adopted a mixed operational strategy of self-operated and franchise stores to drive growth [3] - Financially,潮宏基 reported revenues of approximately 4.364 billion RMB, 5.836 billion RMB, 6.452 billion RMB, and 4.062 billion RMB for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively, with profits of 205 million RMB, 330 million RMB, 169 million RMB, and 333 million RMB during the same periods [3]

Core Viewpoint - Guangdong Chao Hong Ji (潮宏基) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Founded in 1997, Chao Hong Ji established its flagship jewelry brand CHJ潮宏基, becoming a leader in the fashion jewelry industry in mainland China [3] - The company is recognized as a "national trend innovation" model in the jewelry sector, leveraging traditional craftsmanship and cultural symbols [3] - In 2023, it was the only jewelry brand from mainland China to be named a "National Trend Innovation Brand" by Forbes [3] Market Position - Chao Hong Ji is positioned as a leading fashion jewelry brand in mainland China, with a market share of 1.4% in the fashion jewelry sector as of 2024 [3] - The company targets the mid-to-high-end market with a unique product mix, establishing a differentiated brand image [3] Brand Strategy - The company has been included in the "China's 500 Most Valuable Brands" for 21 consecutive years and was recognized as one of the "Asia's 500 Strongest Brands" in 2024 [4] - Jewelry business accounts for approximately 90% of total revenue, with a strategic brand layout that includes multiple brands such as CHJ潮宏基, 潮宏基|Soufflé, and CHJ ZHEN臻 [4] - The company has developed a new brand, C vol, targeting the emerging cultivated diamond market to meet differentiated customer needs [4] Retail Network - As of June 30, 2025, Chao Hong Ji operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, along with four overseas stores [4] Financial Performance - The company reported revenues of approximately RMB 4.364 billion, RMB 5.836 billion, RMB 6.452 billion, and RMB 4.062 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5][7] - Profit figures for the same periods were RMB 205 million, RMB 330 million, RMB 169 million, and RMB 333 million [5][7]

Core Viewpoint -潮宏基 is positioning itself as a leading fashion jewelry brand in China, leveraging cultural heritage and innovative design to capture market share and appeal to younger consumers [3][4]. Company Overview -潮宏基 was founded in 1997 and has established its flagship jewelry brand CHJ潮宏基, becoming a model of "national trend innovation" in the Chinese jewelry industry [3]. - The company has been recognized as a "national trend innovation brand" by Forbes in 2023, highlighting its commitment to cultural and design-driven branding [3]. -潮宏基's brand strategy focuses on "cultural + design dual drive," aiming to redefine the jewelry manufacturing paradigm and promote Chinese aesthetic confidence [3]. Market Position - According to Frost & Sullivan,潮宏基 ranks first among jewelry companies in China in terms of sales revenue, achieving a market share of 1.4% in 2024 [3]. - The company targets the mid-to-high-end market and has developed a diverse product portfolio, including brands like CHJ潮宏基, 潮宏基|Soufflé, and CHJ‧ZHEN臻 [4]. Financial Performance -潮宏基's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was approximately RMB 4.36 billion, RMB 5.84 billion, RMB 6.45 billion, and RMB 4.06 billion respectively [5][7]. - The company's profit for the same periods was RMB 205 million, RMB 330 million, RMB 169 million, and RMB 333 million respectively [5][7]. Store Network - As of June 30, 2025,潮宏基 operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, as well as four overseas stores [4].

Group 1 - Guangdong Chao Hong Ji Industrial Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1]