Group 1 - The core viewpoint of the articles highlights the recent price adjustments in gold jewelry by Chao Hong Ji, with increases ranging from hundreds to tens of thousands of yuan, reflecting the rising gold prices in the market [1][2][3] - Chao Hong Ji's gold jewelry prices have seen a significant increase, with some high-end products experiencing price hikes of approximately 38%, such as a necklace that rose from 49,879 yuan to 68,879 yuan [3] - The company is targeting the younger consumer market by offering lightweight and co-branded gold products, which has contributed to its sales growth despite the challenges of rising raw material costs [4][5] Group 2 - Chao Hong Ji's financial performance has shown volatility, with net profits fluctuating significantly over the years, including a projected net profit of 436 million to 533 million yuan for 2025, representing a year-on-year increase of 125% to 175% [6][7] - The company faces challenges related to goodwill impairment, which has impacted profitability, with a reported goodwill impairment of 171 million yuan in the third quarter of 2025 [7] - Chao Hong Ji is planning to expand its international presence with new stores in Malaysia, Thailand, and Cambodia, as part of its strategy to enhance global market reach and connect with overseas capital [7]

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Core Viewpoint - The recent price adjustments by Chao Hong Ji reflect the ongoing increase in gold prices, with price hikes ranging from hundreds to tens of thousands of yuan for various gold jewelry items, indicating a broader trend in the industry as other brands also raise prices in response to rising raw material costs [3][4]. Price Adjustments - Chao Hong Ji has initiated a new round of price adjustments for its gold jewelry, with increases varying from several hundred to over 19,000 yuan, and overall price hikes between 10% to 20% [3][4]. - A specific example includes a "turning heart bottle" gold necklace, which saw a price increase of approximately 38%, from 49,879 yuan to 68,879 yuan [5]. Market Trends - The gold jewelry market is experiencing a price surge due to rising gold prices, with Chao Hong Ji's gold jewelry now priced at 1,436 yuan per gram, an increase of 79 yuan since the beginning of the month [4]. - Chao Hong Ji is targeting younger consumers by offering lightweight and co-branded gold products, which have become a significant part of its sales strategy [6]. Financial Performance - Chao Hong Ji's net profit has shown significant volatility, with projections for 2025 indicating a potential increase of 125% to 175% year-on-year, despite past fluctuations in profitability [7][8]. - The company reported a net profit of 4.36 billion to 5.33 billion yuan for 2025, but has faced challenges such as goodwill impairment, which has impacted its profitability [8]. Competitive Landscape - Chao Hong Ji, established in 1997, is positioned as a fashion jewelry brand, contributing over 90% of its revenue from jewelry sales [7]. - The company faces intense competition in the fashion consumer goods sector, and its ability to maintain product and brand competitiveness is crucial for future growth [4][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

Group 1 - The gold jewelry brands are launching new products and promotional activities ahead of the upcoming Lunar New Year, focusing on the "Year of the Horse" theme to attract consumers [1][2] - As of January 18, 2025, the domestic price of gold jewelry remains high, averaging around 1435 RMB per gram, with various brands offering discounts and promotions to stimulate sales [3] - Companies like Cai Bai and Chow Tai Fook are enhancing their product lines with creative designs and collaborations, aiming to capitalize on the festive shopping opportunities [4] Group 2 - The jewelry industry is experiencing a divergence in consumer spending, with brands like Chow Tai Fook and Lao Puhuang showing resilience despite market pressures [6][8] - Chow Tai Fook's 2025 annual performance forecast indicates a significant profit increase, with net profit expected to rise by 125% to 175% year-on-year, attributed to enhanced product and brand strength [6][7] - In contrast, China Gold anticipates a decline in net profit by 55% to 65% for 2025, primarily due to market challenges and reduced customer traffic [8]

1月16日，潮宏基（002345）发布投资者关系活动记录表称，公司于1月15日接待了长城证券 （002939）、东北证券、光大证券等7家机构投资者的现场调研，通过展厅参观、门店考察及问答交 流，展示了其珠宝主业与女包业务的协同发展态势。 据公告披露，本次调研活动由公司董事会秘书林育昊、证券事务代表江佳娜带队，机构投资者参观了企 业展厅、臻宝博物馆及潮宏基珠宝门店、"臻ZHEN"体验馆。在问答环节，双方就公司业绩预告、门店 拓展计划、海外市场布局、产品结构优化、新品研发及电商业务等话题展开交流。公司通过线下体验场 景与数字化渠道的结合，持续强化品牌竞争力。(王珞) ...

Group 1 - The core activity involved a specific investor research event conducted by Guangdong Chaohongji Industrial Co., Ltd., which took place on January 15, 2026, with participation from seven investors including institutions like Great Wall Securities and Northeast Securities [1][2] - The event was held at the company's headquarters, with the reception team consisting of the board secretary Lin Yuhao and securities affairs representative Jiang Jiana, ensuring professional communication and accurate information transfer [2] - The research activity included a visit to the company's exhibition hall and Zhenbao Museum, allowing investors to gain insights into the company's brand history, cultural heritage, and core product system [3] Group 2 - During the Q&A session, discussions covered key topics such as the company's latest performance forecast, offline store expansion strategies, overseas store operations, product structure adjustments, 2026 new product planning, e-commerce business development, and the current status of the women's bag business [3] - The company emphasized that all information shared during the research event adhered to disclosure regulations, ensuring compliance and fairness without involving any undisclosed significant information [3]

证券代码：002345 证券简称：潮宏基 广东潮宏基实业股份有限公司投资者关系活动记录表 编号：20260115 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □√ 现场参观 □ 一对一沟通 □其他 参与单位名称 及人员姓名 长城证券、东北证券、光大证券、华福证券、广发基金 等机构共 7 人 时间 2026 年 1 月 15 日 地点 公司总部 上市公司接待 人员 公司董事会秘书 林育昊 证券事务代表 江佳娜 投资者关系活 动主要内容介 绍 一、 参观企业展厅、臻宝博物馆 二、 参观潮宏基珠宝门店、「臻ZHEN」体验馆 三、 问答环节： 各方就公司业绩预告情况、开店情况、海外门店情况、产 品结构变化、新品规划、电商业务、女包业务等内容进行了交 流，可参阅公司已披露公告、互动平台问答和前次活动记录表 之问答。 交流过程中严格按照有关制度规定，没有出现未公开重大 信息泄露等情况。 | 附件清单 | 无 | | | | | | --- | --- | --- | --- | --- | --- | | 日期 | 2026 | 年 | 月 1 | 15 | 日 ...

Core Viewpoint - Multiple gold jewelry brands have reported divergent prices for domestic gold jewelry, with some maintaining previous prices while others have seen price reductions, generally around 1435 CNY per gram [1] Price Summary - Liufu Jewelry's domestic price for 999 gold is 1434 CNY per gram, unchanged from the previous day [1] - Chow Tai Fook's domestic price for gold (jewelry and crafts), as well as Xie Rui Lin's gold jewelry and Chao Hong Ji's gold (ornamental pieces), is 1436 CNY per gram, also unchanged from the previous day [1] - Chow Sang Sang's domestic price for gold jewelry is 1431 CNY per gram, which is a decrease of 5 CNY per gram compared to the previous day [1] - Lao Miao Gold's domestic price for gold jewelry in the Shanghai region is 1434 CNY per gram, reflecting an increase of 5 CNY per gram from the previous day [1]

Group 1: Chaohongji (潮宏基) Overview - Chaohongji is expected to achieve a net profit attributable to shareholders of 436-533 million yuan in 2025, representing a year-on-year growth of 125%-175% [2][8] - The company plans to reach a total of 1,668 jewelry stores by the end of 2025, with a net increase of 163 stores during the year [2][8] - The brand focuses on young consumers by emphasizing "non-heritage," "beading," and "trending" categories, which is expected to enhance its market performance [2][9] Group 2: Babi Food (巴比食品) Overview - Babi Food is a leading chain brand in the breakfast bun market, expanding from 2,074 stores in 2016 to 5,685 stores in the first half of 2025 [11][12] - The national bun market is projected to grow from 704 billion yuan in 2024 to 740 billion yuan in 2025, with a year-on-year increase of 5.1% [12][14] - The competitive landscape is fragmented, providing significant room for consolidation, with Babi Food being the largest player in the market [13][14] Group 3: Minshida (民士达) Overview - Minshida is positioned to benefit from the growing demand for aramid paper in the aerospace sector, with China applying for frequency and orbital resources for 203,000 new satellites [3][15] - The company’s aramid paper is recognized for its high strength, lightweight, heat resistance, and insulation properties, making it suitable for various aerospace applications [15][16] - The demand for transformers is expected to rise due to the aging power grids in North America and Europe, which will further drive the need for Minshida's products [16][17] Group 4: Nakanor (纳科诺尔) Overview - Nakanor has successfully delivered dry electrode equipment for space power applications, enhancing its technological innovation capabilities [20][21] - The company is advancing its production capacity with a new 1,500-ton production line that began trial production in June 2025, achieving a 50% operating rate by September 2025 [18][21] - Nakanor is establishing a regional headquarters in Hainan to facilitate global strategic layout and enhance its international market competitiveness [22][23]