Group 1: Company Overview - The company conducted an investor relations activity on May 23, 2025, attended by 53 representatives from various securities and investment firms [1] - The event included a tour of the company and the Zhenbao Museum [1] Group 2: Market Performance - Despite recent fluctuations in gold prices, the average store revenue has maintained the trend observed since the first quarter [1] Group 3: H-share Issuance - The plan for issuing H-shares is still in the planning stage and no specific proposal has been formed yet; further disclosures will follow [2] - Discussions included the company's jewelry product series, new product planning, product structure, channel expansion, and e-commerce business [2]

Group 1 - The core point of the article is that the domestic gold jewelry prices have slightly decreased, with several brands reporting a drop of 4 yuan per gram, now priced at 1012 yuan per gram [1][6] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL have their gold jewelry priced at 1012 yuan per gram, while Cai Bai's gold jewelry is priced at 982 yuan per gram [6] - Other brands like Jin Zun and Zhou Liu Fu also have their gold jewelry prices around 996 to 1012 yuan per gram, indicating a general trend of price reduction in the market [6]

[Table_Title] 研究报告 Research Report 26 May 2025 潮宏基 CHJ Industry (002345 CH) 店均高速增长，开店节奏稳健，注重品牌系统性工程建设 yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：5 月 23 日，海通国际海外消费组调研潮宏基总部，参加公司高管交流会。公司管理层表示终端增速自 2024 年 四季度开始提升，2025 年 4 月份店均增速约 45%，5 月初至 5 月 20 日增速约为 30%。5 月门店人流量在五一假期后 有所下滑，主要是受节日透支效应影响。 差异化打法应对市场竞争，产品设计突出年轻时尚风格。面对激烈市场竞争，管理层表示，其产品始终坚持差异化 定位，不做纯粹的"量+价"竞争，更重视客户体验和品牌美誉度。公司聚焦年轻消费群体，20-40 岁消费者占比约 80%，其中 25-35 岁区间为核心人 ...

店均高速增长，开店节奏稳健，注重品牌系统性工程建设 Strong Average Store Growth, Steady Expansion Pace, Focusing on Systematic Brand Development 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen [Table_Title] 研究报告 Research Report 26 May 2025 潮宏基 CHJ Industry (002345 CH) yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：5 月 23 日，海通国际海外消费组调研潮宏基总部，参加公司高管交流会。公司管理层表示终端增速自 2024 年 四季度开始提升，2025 年 4 月份店均增速约 45%，5 月初至 5 月 20 日增速约为 30%。5 月门店人流量在五一假期后 有所下滑，主要是受节日透支效应影响。 ...

Summary of the Conference Call Industry Overview - The jewelry industry is experiencing a significant transformation from a selection-based model to a product-focused model, driven by rising gold prices and declining returns for franchisees, leading to a net closure of 1,169 stores in the industry in 2024 [2][3] - Companies like Laopuhuangjin are enhancing aesthetic standards, pushing the industry to new heights, with growth increasingly reliant on design and quality control rather than store expansion [3] Company Performance - Chaohongji's revenue is projected to grow by 25% in Q1 2025, with profits expected to increase by 44% [2][3] - Laishentongling's revenue is expected to rise by 53%, returning to profitability, while Mankalong anticipates a 43% revenue increase and a 34% profit growth [2][3] - In contrast, companies like China Gold, Laofengxiang, and Zhou Dasheng are experiencing revenue declines of 30% to 50%, highlighting the impact of product differentiation [2][4] Sales and Market Trends - Chaohongji's terminal sales from January to April 2025 increased by 35% to 40%, significantly outperforming the jewelry retail sector's 10% growth [5] - The company has successfully capitalized on trends such as high-end gold re-pricing, lightweight products, and traditional gold offerings, with its premium series leading in aesthetics [6] - The average sales per store for Chaohongji are approximately 6 million, with profits around 4.4 million, resulting in a net profit margin of 6% to 7% [6] Expansion Plans - Chaohongji began its overseas expansion in 2024, opening stores in Malaysia and Thailand, both achieving monthly sales exceeding 1 million [7] - The company plans to open 10 additional stores in Cambodia, Singapore, and Thailand in 2025, with expectations of better profitability compared to domestic operations due to less competition [7] Future Projections - The company anticipates a profit of 500 million in 2025, with a target market capitalization of 12.5 billion, expecting a sustained growth rate of over 25% in the next three years, potentially doubling its market value [8] - The increase in self-produced products is expected to improve gross margins and reduce expense ratios, contributing to enhanced net profit margins [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a cumulative increase of 4.7% from January to April 2025. The expectation is for this recovery trend to continue throughout 2025 [4][25] - The report emphasizes the importance of emotional consumption themes, particularly in high-growth sectors such as gold jewelry and cosmetics, driven by consumer insights and product differentiation [4][39] Summary by Sections Retail Market Overview - The retail index for the week of May 19-23, 2025, closed at 2110.59 points, down 1.61%, underperforming the Shanghai Composite Index by 1.04 percentage points [6][15] - The jewelry sector showed the highest growth this week, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - The total retail sales for April 2025 reached 37,174 billion yuan, reflecting a 5.1% year-on-year growth, slightly below the consensus expectation of 5.5% [25][28] - Online retail sales for the first four months of 2025 amounted to 47,419 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes: - **Gold Jewelry**: Recommend brands with differentiated product offerings and deep consumer insights, such as Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][41] - **Cosmetics**: Highlight domestic brands with strong growth potential, including Proya, Shangmei, and Juzi Biological [39][41] - **Retail**: Suggest retail companies that are actively transforming and exploring new opportunities, such as Yonghui Supermarket and Aiyingshi [7][39] - **Medical Aesthetics**: Recommend companies with differentiated product lines, such as Aimeike and Kedi-B [39][41]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a total retail sales amount of 1618.45 billion yuan for the first four months of 2025, reflecting a 4.7% year-on-year growth [4][25] - The report suggests that the overall social consumption is expected to maintain stable growth due to effective policy measures aimed at boosting domestic demand, with a focus on the high-growth segments of gold jewelry and cosmetics [4][31] Summary by Sections Retail Market Overview - The retail industry index closed at 2110.59 points, down 1.61% for the week, underperforming the Shanghai Composite Index, which fell by 0.57% [6][15] - The jewelry sector showed the highest growth among retail segments, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - In April 2025, the retail sales of consumer goods increased by 5.1%, driven by favorable consumption policies and the Qingming holiday effect [28][31] - Online retail sales for the first four months of 2025 reached 4741.9 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Investment focus on high-growth segments under emotional consumption themes, particularly in gold jewelry and cosmetics [7][39] - Recommended companies in the gold jewelry sector include Laopuhuangjin, Chaohongji, and Zhou Dasheng, which are expected to benefit from differentiated product offerings and consumer insights [39][41] - In the cosmetics sector, recommended brands include Proya, Shangmei, and Juzi Biological, which are positioned to capitalize on the ongoing trend of domestic brand growth [39][41] Company Performance Highlights - Proya reported a 28.9% year-on-year increase in net profit for Q1 2025, driven by new product launches [40] - Chaohongji achieved a 25.4% year-on-year revenue growth in Q1 2025, indicating strong brand momentum [40] - Zhou Dasheng's revenue for Q1 2025 was down 47.3% year-on-year, highlighting challenges in the current market environment [40]

5月23日，现货黄金价格跌破3300美元/盎司关口，周大福、周大生、周六福、潮宏基等主流品牌今日金价仍在1012元/克高位。当黄金首饰消费遇 冷、金条投资热度飙升，作为国内A股首家时尚珠宝上市公司的广东潮宏基实业股份有限公司（以下简称"潮宏基"）为何逆市启动H股上市计划， 在资本市场上演"双城记"？ 黄金首饰消费需求疲软珠宝行业集体承压 产品质量"被点名" 超六成黄金产品依赖代工 近年来，旗下潮宏基珠宝品牌通过加盟模式，加强渠道的拓展，并制定了在2025年达到2000家门店的目标。尽管2024年二季度以来行业出现了一 波闭店潮，但"CHJ潮宏基"珠宝总店数仍较年初净增129家，总店数增至1505家，其中加盟店1268家，加盟店较年初净增158家。 5月20日晚，潮宏基发布关于股票交易异常波动的公告，并披露了一则重磅消息。公司目前正筹划在港交所发行H股上市事项，相关细节和方案尚 未确定。目前公司生产经营情况正常，内外部经营环境未发生重大变化。 潮宏基称，本次H股上市是为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。本次H股上市不会导致公司控股 股东和实际控制人发生变化。 作为国内A股 ...

国内金饰克价较昨日涨12元 金十数据5月24日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格上涨，多家较昨日涨12元/克，报1016元/克。 | | 周大生足金999 | 1016 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 982.00 元/克 | | 酒后具 | 潮宏基足金(首饰摆件) | 1016 元/克 | | TSL 謝瑞顏 | 谢瑞麟足金饰品 | 1016 元/克 | | ਤੋਂ ਦੇ ਜੋ | 金至尊足金999 | 1016 元/克 | | 周六福 | 周六福足金999 | 996 元/克 | @ JIN10.COM 0.C 金十数据 | 一个交易工具 ...

Group 1: Company Strategy and Financial Performance - Company is planning to issue H-shares on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - In 2024, company reported revenue of 6.52 billion yuan, a year-on-year increase of 10.5%, but net profit attributable to shareholders decreased by 41.9% to 190 million yuan due to goodwill impairment in the FION brand [2] - Jewelry business remains the core, contributing 95.57% of total revenue, with traditional gold sales increasing over 30% year-on-year [2] - In Q1 2025, company achieved revenue of 2.25 billion yuan, a 25.4% increase, and net profit of 189 million yuan, up 44.4% [3] Group 2: Market Position and Brand Development - Company has been focusing on high craftsmanship products, which have higher profit margins, and has collaborated with popular IPs to attract younger consumers [6] - The brand has expanded its store count from around 1,000 to over 1,500 between 2020 and 2024, with a significant proportion of franchise stores [7] - The company’s self-operated stores have a much higher gross margin (31.57%) compared to franchise stores (17.25%) [8] Group 3: Expansion Plans and Market Challenges - Company aims to expand into Southeast Asia, with a focus on Singapore, and has already opened stores in Kuala Lumpur and Bangkok [9] - The competitive landscape includes established brands like Chow Tai Fook and Lao Puhuang, which may pose challenges for market entry [10] - The potential impact of international political and economic conditions on gold prices and import tariffs in Southeast Asia could affect the company's pricing competitiveness [10] Group 4: Stock Market Performance - Following the announcement of the H-share listing, the company's stock rose approximately 8% to 12.22 yuan per share, with a market capitalization of about 10.86 billion yuan [11] - However, the stock experienced volatility, dropping to a low of 11 yuan per share shortly after the initial rise [11]