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。 ...

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 1: Company Overview - Founded in 1997, Chao Hong Ji has established its flagship brand CHJ潮宏基 and is recognized as a model of "national trend innovation" in China's jewelry industry, being named a "national trend innovation brand" by Forbes [1] - The company is based on the national intangible cultural heritage of flower silk craftsmanship, commercializing traditional techniques and recreating cultural symbols [1] Group 2: Market Position - According to Frost & Sullivan, Chao Hong Ji ranks first among fashion jewelry companies in mainland China by sales revenue in 2024, with a market share of 1.4% [1] - The brand targets a "young and fashionable" demographic, offering a diverse product range through CHJ潮宏基, Chao Hong Ji Soufflé, CHJ ZHEN, and the new cultivated diamond brand C vol [1] Group 3: Retail Network - As of June 30, 2025, the company operates a total of 1,542 offline jewelry stores, including 201 self-operated stores and 1,337 franchise stores, along with four overseas locations [1] - The company employs a hybrid model of self-operated and franchise stores to expand its sales network [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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，现提供该申请资料在香港联交所网站的查询链接供查阅： 中文： 特此公告 广东潮宏基实业股份有限公司董事会 2025年9月15日 https://www1.hk ...

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international competitiveness [1][2] Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% for total revenue from 2022 to 2024, with total revenue of 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 reported a net profit of 331 million yuan, reflecting a year-on-year increase of 44.34% [2] - The company plans to distribute a dividend of 1 yuan per 10 shares (including tax) [2] Group 2: Market Position and Strategy - Chao Hong Ji ranks ninth in the jewelry market with a market share of 0.8%, while the top five companies hold a combined market share of 31.8% [1] - The company leads in specific segments such as gold string beads and fashion jewelry, with a market share of 1.4% in the fashion jewelry market [1] - The company aims to expand its overseas business, planning to open 20 self-operated stores abroad by the end of 2028 and establish a headquarters in Hong Kong [2] Group 3: Operational Highlights - As of June 30, 2025, the company operates 1,542 jewelry stores, with 202 self-operated and 1,337 franchised stores, maintaining a balanced presence in first-tier and new first-tier cities [1] - The company has seen a 70.64% year-on-year increase in net profit from its online sales subsidiary, Guangdong Chao Hui Network Technology Co., Ltd., due to effective adjustments in third-party online platforms [2] - The company is focusing on enhancing its franchise channel and overseas market layout to improve single-store operational efficiency [2]

Core Viewpoint - The company,潮宏基, has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on September 12, 2025 [1] Group 1 - The application materials were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The submitted application materials are in draft form and may be updated and revised as necessary [1]

Group 1 - The company,潮宏基, submitted an application for issuing overseas listed shares (H shares) and listing on the main board of the Hong Kong Stock Exchange on September 12, 2025 [1] - The application materials were published on the Hong Kong Stock Exchange website on the same day and are prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The published materials are in draft form and may be updated and revised as necessary [1]

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].