Core Viewpoint - Chao Hong Ji is seeking to list on the Hong Kong Stock Exchange to enhance its global strategy, despite facing significant challenges such as goodwill impairment, declining gross margins, and poor overseas revenue performance [1][19]. Financial Performance - Chao Hong Ji reported a goodwill value of 509 million yuan as of Q1 2025, primarily due to the acquisition of the FION brand, which has not performed as expected, leading to multiple goodwill impairments totaling 209 million yuan in 2018, 152 million yuan in 2019, 80.66 million yuan in 2022, 39.43 million yuan in 2023, and 177 million yuan in 2024 [4][5]. - The company's gross margin has been declining, from 29.3% in 2022 to 25.3% in 2023, and further down to 22.6% in 2024, with a slight recovery to 23.1% in the first half of 2025 [5][7]. - Revenue for 2024 was 6.518 billion yuan, a year-on-year increase of 10.48%, but net profit fell by 41.91% to 194 million yuan [14]. Market Position and Competition - Chao Hong Ji ranked ninth in the Chinese jewelry market with a market share of only 0.8%, significantly trailing behind industry leader Chow Tai Fook, which holds a 10.2% market share [16]. - The company faces intense competition from both traditional brands like Lao Feng Xiang and international luxury brands such as Tiffany and Cartier, particularly in the high-end market [16]. Strategic Challenges - The company's international revenue was only 26.41 million yuan in 2024, accounting for just 0.41% of total revenue, indicating slow progress in its globalization strategy [11]. - Chao Hong Ji heavily relies on a franchise model, with 1,337 out of 1,542 stores being franchises, which may dilute brand control and customer experience [14]. Consumer Trends and Digital Transformation - The younger consumer demographic is shifting towards products that emphasize design, cultural significance, and personalization, posing a challenge for traditional jewelry brands [18]. - The company plans to allocate part of its IPO proceeds to digital transformation, although the effectiveness of this strategy remains to be seen [18].

广东潮宏基实业股份有限公司 关于完成工商变更登记的公告 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002345 证券简称：潮宏基 公告编号：2025-051 广东潮宏基实业股份有限公司（以下简称"公司"）分别于2025年8月14日、2025年9月1日召开第七届董 事会第四次会议和2025年第二次临时股东会，审议通过了《关于变更公司类型并办理工商变更登记的议 案》。具体详见公司于2025年8月15日、2025年9月2日在巨潮资讯网（http://www.cninfo.com.cn）披露的 相关公告。 公司已于近日办理完成以上事项的工商变更登记手续，并取得汕头市市场监督管理局换发的《营业执 照》。公司类型变更为"股份有限公司（港澳台投资、上市）"。除上述变更外，公司《营业执照》其他 登记事项不变。 特此公告 广东潮宏基实业股份有限公司 董事会 2025年9月20日 ...

证券日报网讯9月19日晚间，潮宏基（002345）发布公告称，公司分别于2025年8月14日、2025年9月1日 召开第七届董事会第四次会议和2025年第二次临时股东会，审议通过了《关于变更公司类型并办理工商 变更登记的议案》。公司已于近日办理完成以上事项的工商变更登记手续，并取得汕头市市场监督管理 局换发的《营业执照》。公司类型变更为"股份有限公司(港澳台投资、上市)"。 ...

Core Viewpoint - The submission of an IPO application by Chao Hong Ji for a Hong Kong listing reflects the significant transformation pressures faced by the jewelry industry amid rising gold prices and changing consumer preferences [1][12]. Group 1: Company Background - Chao Hong Ji, founded in 1996, initially focused on jewelry and K-gold, avoiding the traditional gold market dominated by competitors, which allowed it to achieve superior profitability during periods of low gold prices [3]. - The company went public on the Shenzhen Stock Exchange in 2010 and has since maintained a strong position in the industry, ranking first among mainland jewelry companies with a market share of 1.4% as of June 2025 [3]. Group 2: Market Dynamics - Since 2022, international gold prices have reached historical highs, with 2024 marking a record of 40 new highs, leading to an increase in gold consumption in China by 8.78% year-on-year in 2023 [6]. - In contrast, the jewelry market has been declining, with Chao Hong Ji's jewelry product sales stagnating over the past three years, while gold product sales surged from 1.424 billion yuan in 2022 to 2.916 billion yuan in 2024 [6]. Group 3: Business Strategy and Performance - Chao Hong Ji is adapting to market changes by incorporating cultural and youthful elements into its gold products and launching collaborations with popular IPs, which has resulted in a 25.36% year-on-year revenue growth in Q1 2025 [8]. - Despite the growth in gold sales, the profit margins are significantly lower for gold products (8.1%) compared to jewelry products (27.6%), indicating that the company's profit growth still heavily relies on its traditional jewelry segment [8]. Group 4: International Expansion Efforts - The company has attempted to diversify its revenue streams by acquiring the fashion handbag brand FION in 2012, but this segment has not performed as expected, with revenues declining in recent years [10]. - Chao Hong Ji's international strategy includes opening stores in Malaysia, Thailand, and Cambodia, but the overseas revenue remains minimal, accounting for only 0.41% of total revenue in 2024 [10]. Group 5: Future Outlook - The upcoming Hong Kong listing is seen as a step towards enhancing the company's global strategy and brand image, but the challenges of transforming the traditional jewelry business in a high gold price environment remain significant [12].

公司已于近日办理完成以上事项的工商变更登记手续，并取得汕头市市场监 督管理局换发的《营业执照》。公司类型变更为"股份有限公司（港澳台投资、 上市）"。除上述变更外，公司《营业执照》其他登记事项不变。 广东潮宏基实业股份有限公司 关于完成工商变更登记的公告 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"）分别于 2025 年 8 月 14 日、2025 年 9 月 1 日召开第七届董事会第四次会议和 2025 年第二次临时股东会， 审议通过了《关于变更公司类型并办理工商变更登记的议案》。具体详见公司于 2025 年 8 月 15 日、2025 年 9 月 2 日在巨潮资讯网（http://www.cninfo.com.cn） 披露的相关公告。 证券代码：002345 证券简称：潮宏基 公告编号：2025-051 特此公告 广东潮宏基实业股份有限公司董事会 2025年9月20日 ...

Group 1: Domestic Gold Market - Domestic gold prices have stabilized after a slight decline, with the highest price at 1078 CNY/gram and the lowest at 999 CNY/gram, maintaining a price difference of 79 CNY [1] - The latest prices from various gold retailers show a mix of slight declines and stable prices, with notable prices including Lao Miao at 1067 CNY/gram (down 8 CNY) and Shanghai China Gold at 999 CNY/gram (unchanged) [1] - Platinum prices have increased, with Zhou Shengsheng's platinum jewelry priced at 557 CNY/gram, up by 5 CNY [1] Group 2: Gold Recycling Prices - The gold recycling price has decreased by 4.5 CNY/gram, with significant price differences among brands [2] - The current recycling prices for gold are as follows: 815 CNY/gram for general gold, 820.50 CNY/gram for Cai Bai, and 828.00 CNY/gram for Lao Feng Xiang [2] Group 3: International Gold Market - The spot gold price has continued to decline, closing at 3644.29 USD/ounce, down 0.42%, with a slight recovery to 3645.15 USD/ounce reported [4] - The decline in gold prices is attributed to a strengthening US dollar and a decrease in initial jobless claims in the US, leading to profit-taking by investors [4] - Despite recent declines, the long-term outlook for gold remains positive, with expectations of a potential rise towards 4000 USD/ounce as market consensus strengthens [4]

Core Viewpoint - Chao Hong Ji has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to accelerate its internationalization strategy amidst a growing trend of A-share companies going public in Hong Kong [2][7]. Group 1: Company Growth and Financial Performance - From 2022 to 2024, the company's revenue showed significant growth, reaching 4.417 billion yuan in 2022, 5.9 billion yuan in 2023, and 6.518 billion yuan in 2024, with a 19.54% year-on-year increase in the first half of 2025, amounting to 4.102 billion yuan [3][6]. - The net profit attributable to the parent company for the first half of 2025 was 331 million yuan, reflecting a substantial year-on-year growth of 44.34% [3]. - As of June 30, 2025, the company operated 1,542 offline jewelry stores, with nearly 1,800 retail points across the Asia-Pacific region [3]. Group 2: Competitive Landscape - Chao Hong Ji faces challenges in scaling compared to leading brands like Chow Sang Sang and Chow Tai Fook, which reported revenues exceeding 10 billion yuan in 2024 [5]. - The emerging competitor, Lao Pu Gold, has shown explosive growth, with revenues skyrocketing from 1.294 billion yuan in 2022 to 8.506 billion yuan in 2024, surpassing Chao Hong Ji's revenue [5]. Group 3: Profitability and Margin Fluctuations - The company's net profit fluctuated significantly, with figures of 199 million yuan in 2022, 333 million yuan in 2023, and a drop to 194 million yuan in 2024, indicating a 41.91% decline [6]. - The gross profit margin has also decreased from 30.18% in 2022 to 23.60% in 2024, attributed to a shift in the business model and product mix [6]. Group 4: Internationalization Strategy - The IPO plan coincides with a surge in A-share companies listing in Hong Kong, with total new stock financing reaching 134.5 billion HKD by August 2023, a nearly sixfold increase from the previous year [7]. - The company aims to utilize the IPO proceeds to enhance its global strategy, improve its international brand image, and strengthen connections with overseas capital markets [7][8]. - In 2025, Chao Hong Ji has made significant strides in international expansion, successfully entering the Cambodian market with two new stores [8].

Core Viewpoint -潮宏基 is seeking to expand its international market presence through an "A+H" dual listing on the Hong Kong Stock Exchange, with a current market capitalization of approximately 13.505 billion and a stock price increase of over 160% this year [1] Company Overview -潮宏基 was established in 1997 and is headquartered in Shantou, Guangdong, focusing on fashion and personalized jewelry targeting young consumers, primarily featuring 18K gold products [3] -潮宏基 became the first fashion jewelry company to be listed on the A-share market in 2010 and acquired the well-known women's bag brand "FION" in 2014, diversifying its product offerings [3] Financial Performance -From 2022 to 2024, the revenue from classic gold jewelry is projected to grow from 1.42 billion to 2.92 billion, with a compound annual growth rate (CAGR) of 43.4%, while fashion jewelry revenue is expected to grow from 2.45 billion to 2.94 billion, with a CAGR of 9.5% [3] -For the first half of 2025, the growth rate for classic gold jewelry is 24.0%, while fashion jewelry shows a growth rate of 20.4% [3] Profitability Concerns -The overall gross margin for jewelry products decreased from 24.6% in 2022 to 19.6% in the first half of 2025, with fashion jewelry gross margin dropping from 34.5% to 26.8% and classic gold jewelry gross margin increasing from 7.9% to 11.8% [4] -The stability of fashion jewelry gross margins and the potential for further increases in classic gold jewelry margins are critical factors for the company's overall profitability [4] Challenges in Handbag Business -The handbag segment reported a revenue of 120 million in the first half of 2025, a year-on-year decline of 16.9%, with its revenue share dropping from 7.5% in 2022 to 3.0% [4] -This indicates that the strategy of expanding product categories through the acquisition of FION has not yet yielded significant results [4] Channel Strategy -潮宏基 employs a combination of self-operated and franchised stores, with a total of 1,542 jewelry stores as of June 30, 2025, including 201 self-operated and 1,337 franchised stores [4] -The revenue share from self-operated stores decreased from 37.4% to 27.3%, while the share from franchised stores increased from 32.5% to 54.6% during the same period [4] Same-Store Performance -In the first half of 2025, same-store GMV growth was 26.5% for 199 self-operated stores and 32.0% for 968 franchised stores [5] -The rapid growth in performance is attributed to an increased proportion of ancient gold products and a strategic shift towards expanding franchised stores [5] International Expansion -潮宏基 has made significant strides in international markets, opening its first overseas store in Malaysia in 2024, followed by a second store in Thailand, and two additional stores in Cambodia in 2025 [5] IPO Fund Utilization -The funds raised from the IPO will primarily be used for overseas expansion, establishing new production bases, opening three flagship stores in mainland China, marketing and brand building, and general corporate purposes [6]

Core Viewpoint - Chao Hong Ji 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 new production facilities [1] Company Overview - Chao Hong Ji, listed on the Shenzhen Stock Exchange, has a market capitalization of 13.106 billion yuan and a share price of 14.75 yuan as of September 12 [1] - The company primarily generates revenue from jewelry sales, with a market share of 1.4% in the mainland China fashion jewelry market, ranking first among local competitors [3] Financial Performance - Revenue figures for Chao Hong Ji during the reporting period are approximately 4.364 billion yuan, 5.836 billion yuan, 6.452 billion yuan, and 4.062 billion yuan, with corresponding profits of 205 million yuan, 330 million yuan, 169 million yuan, and 333 million yuan [5] - The company’s revenue from jewelry sales constitutes 89.3%, 89.5%, 91.3%, and 93.6% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] Sales Channels - 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, as well as 4 overseas stores [3] - The gross margin for self-operated stores is significantly higher than that of franchise stores, with self-operated store margins at 36.4%, 33.3%, 33.3%, and 35.3% compared to franchise margins of 22.6%, 18.9%, 16.6%, and 16.6% during the reporting period [4] Supplier Concentration - The company faces high supplier concentration, with the top five suppliers accounting for 71.7%, 77.9%, 83%, and 78.9% of total procurement during the reporting period [7] - Gold procurement constitutes a significant portion of the company's raw material costs, with gold purchases making up 94.4%, 96.6%, 98.3%, and 97.3% of total raw material procurement [8] Market Trends - Chao Hong Ji's stock price has increased by over 165% in 2025, driven by rising international gold prices and market speculation on precious metals [10] - The company has seen a shift in revenue contribution from self-operated stores, which decreased from 37.4% in 2022 to 27.3% in the first half of 2025, while franchise revenue increased from 32.5% to 54.6% during the same period [4][5]

Group 1: Nutritional Functional Food Industry - The nutritional functional food industry in China is experiencing rapid growth, with a market size projected to reach 522.3 billion yuan in 2024 and 720.3 billion yuan by 2029, representing a CAGR of 6.6% from 2024 to 2029 [2][7] - The market for nutritional functional foods specifically is expected to grow from 233.1 billion yuan in 2024 to 349.9 billion yuan in 2029, with a CAGR of 8.5% [7][8] - The industry has established a complete supply chain, including upstream raw material suppliers, midstream manufacturers, and downstream distributors [8][9] - Key companies in the North Exchange related to this industry include Kangbiter, Wuxi Jinghai, and Hengmei Health, each occupying different positions in the supply chain [9] Group 2: PEEK Material Industry - The PEEK material market in China is projected to reach 1.455 billion yuan in 2024, with a year-on-year growth of 21.14% [11] - PEEK materials are widely used in critical components across automotive, electronics, and aerospace sectors, with automotive manufacturing accounting for 27% of global PEEK consumption [11] - The competitive landscape for global PEEK production is characterized by a few strong players, with the UK-based Victrex being the largest producer [11] Group 3: Electronic Industry - Kangguan Technology - Kangguan Technology reported a revenue of 6.935 billion yuan in the first half of 2025, a year-on-year increase of 5.06%, with a net profit of 384 million yuan, down 6.03% [16][17] - The company plans to distribute a cash dividend of 3.60 yuan per 10 shares, reflecting a dividend payout ratio exceeding 65% [16] - The growth in innovative display products is notable, with a revenue increase of 39.16% in the first half of 2025 [17] Group 4: Pharmaceutical Industry - Sanofi Pharmaceutical - Sanofi Pharmaceutical achieved a revenue of 4.355 billion yuan in the first half of 2025, a slight decline of 1.07%, while the net profit increased by 19.13% to 1.358 billion yuan [20][21] - The company’s overseas revenue grew by 70%, with a presence in over 35 countries [21][22] - The company has a rich pipeline of clinical trials, with significant potential for future growth [22][23] Group 5: New Consumption - Chaohongji - Chaohongji has submitted an application for H-share listing, which is expected to enhance its global strategy and brand image [24][25] - The company has expanded its international presence by opening stores in Malaysia, Thailand, and Cambodia, with two stores in Cambodia as of the first half of 2025 [24][25] - The brand is focusing on younger consumers, with a significant portion of its customer base being from the post-80s to post-00s generation [26]