证券之星消息，8月26日饰品板块较上一交易日上涨0.05%，新华锦领涨。当日上证指数报收于3868.38， 下跌0.39%。深证成指报收于12473.17，上涨0.26%。饰品板块个股涨跌见下表： 从资金流向上来看，当日饰品板块主力资金净流出1.15亿元，游资资金净流出3027.06万元，散户资金净 流入1.46亿元。饰品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600916 中国黄金 | | 2531.19万 | 8.36% | -474.99万 | -1.57% | -2056.20万 | -6.79% | | 600735 | 新华锦 | 1085.19万 | 5.19% | -1016.69万 | -4.86% | -68.50万 | -0.33% | | 002345 | 潮宏基 | 1051.66万 | 2.72% | -1920.54万 | -4.97% | 868.88 ...

证券代码：002345 证券简称：潮宏基 4、潮宏基珠宝在品牌推广上，上半年有哪些亮点？ 答：潮宏基珠宝上半年继续以"意象东方•非遗新生"为品牌 传播主线，携手品牌代言人宋轶开展全方位推广。同时线下通过 升级第九代终端门店形象和用户体验，强化时尚东方的品牌调性。 品牌推广方面，除了精准和高效的常规广告投放，上半年以来在 核心门店举办多场"一城一非遗"主题活动，在提升品牌力的同 时，也带来门店当期和后续较好的销售增长，实现了品牌曝光与 销售转化的双赢。 5、潮宏基线上业务今年的预期如何？ 答：近年来，公司积极优化调整电商业务策略，聚焦品牌一致 性与全域营销协同，在品牌价值提升、盈利增长和运营质量方面 提出更高的要求，去年以来取得较好的效果。尽管销售同比没有 增长，但是盈利水平有较大幅度提升，上半年负责线上销售的子 公司净利润同比增长 70.64%。未来，公司将进一步推动线上线下 | 的一体化运营，通过资源互通与场景互补提升整体效率，例如从 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 线上引导至线下消费，线下服务支持线上销售需求，实现协同 ...

[Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_Summary] 事件： 公司发布 2025 年半年度报告。 点评： 营收稳健增长，利润增长亮眼 2025H1 公司实现营业收入 41.02 亿元，同比增长 19.54%；归母净利润 3.31 亿元，同比增长 44.34%；扣非净利润 3.30 亿元，同比增长 46.14%；毛利 率 23.81%，同比微降 0.34pct。净利率达到 8.11%，同比提升 1.38pct。费 用率方面，25H1 公司销售费用率 9.27%，同比-2.09 pct；管理费用率 1.56%， 同比-0.36pct，研发费用率 1.08%，同比+0.24 pct。 传统黄金产品毛利率明显优化，上新多授权 IP 系列触达年轻消费群体 分业务来看，25H1 时尚珠宝业务实现收入 19.9 亿元，同比增长 20.33%，毛利率 27.43%，同比-1.09pct。传统黄金产品实现收入 18.3 亿 元，同比增长 23.95%，毛利率提升 3.01%至 12.78%。代理品牌授权及加 盟服务实现收入 1.23 亿元，同比微降 0.45%。皮具业务实 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [12]. Core Insights - The company reported a significant revenue increase of 19.54% year-on-year for the first half of 2025, reaching 4.102 billion yuan, with a net profit of 331 million yuan, up 44.34% year-on-year [3]. - The company has shown strong growth in its jewelry and gold products, with notable increases in franchise operations, reflecting a successful expansion strategy [4]. - The introduction of innovative products and a focus on channel expansion, including international markets, has contributed to the company's robust performance [6]. Financial Performance Summary - For the first half of 2025, the gross profit margin was 23.81%, with a net profit margin of 8.08%, showing an increase of 1.39 percentage points year-on-year [5]. - The company plans to distribute cash dividends totaling approximately 88.85 million yuan based on its total share capital of 889 million shares [3]. - The company achieved a net profit of 1.42 billion yuan in the second quarter of 2025, reflecting a year-on-year increase of 44.29% [3]. Product and Channel Development - The company has successfully launched a new line of "Oriental Aesthetics" gold products and various IP collaboration series, targeting younger consumers [6]. - In the first half of 2025, the company opened 72 new stores, exceeding its expansion targets, and reported a 70.64% year-on-year increase in net profit from its online sales subsidiary [6]. - The revenue from third-party platforms accounted for 12.48% of total revenue, with significant contributions from Tmall and JD platforms [4]. Earnings Forecast - The projected net profits for the company from 2025 to 2027 are 494 million yuan, 595 million yuan, and 696 million yuan, respectively, with corresponding growth rates of 155.0%, 20.6%, and 17.0% [7][9]. - The expected price-to-earnings (PE) ratios for the same period are 27X, 23X, and 19X, indicating a favorable valuation trend [7][9].

在正向经营杠杆和轻资产加盟加速拓展下费用率持续走低，Q2 销售费用率9.9%，同比-1.5pp，管理费 用率1.9%，同比-0.2pp，财务费用率0.4%，同比-0.1pct。毛利率逆势提升叠加费用率走低，Q2 归母净 利率同比+1.7pct 至7.7%，盈利能力持续向好。 产品研发审美一流，爆品打造能力持续验证 公司持续深耕品牌印记系列、IP 系列，产品设计融入东方美学，围绕"梵华"、"非遗"、"花丝"、"流行 IP"差异化产品类别，H1 新推出布丁狗、线条小狗、人鱼汉顿、黄油小熊等IP 系列拓宽客群，叠加小红 书、抖音等年轻人聚集社交平台运营能力领先，持续打造爆品，25Q2 研发费用率同比+0.5pct 至1.5%。 盈利预测与估值 公司发布2025 年中报：利润如期靓丽高增，收入增速受直营渠道调整慢于利润25Q2 实现收入18.5 亿 元，同比+13.1%，归母净利润1.4 亿元，同比+44.3%，25H1 实现收入41.0 亿元，同比+19.5%，归母净 利润3.3 亿元，同比+44.3%。我们预计利润增速显著快于收入主要来自直营渠道积极调整和加盟加速拓 展，以及电商渠道收折扣且减少线上专供款产品。 ...

Summary of Conference Call Records Industry Overview: Gold and Jewelry Sector Key Insights and Arguments - **Sales Growth Projections**: - Chao Hong Ji expects over 10% same-store sales growth by the end of August, with overall growth projected at 4%-5%, outperforming the industry average due to the timing of the Qixi Festival and a low base effect [1][2]. - Franchisees anticipate same-store growth of 25%-30% in the second half of the year, leading to an overall growth rate exceeding 40%, potentially reaching 45% for the year, driven by low base effects, high gold prices, and new store openings [1][4]. - **Average Sales Performance**: - The average sales per store for Chao Hong Ji is expected to reach 7.5 million yuan, with the East China region exceeding 7 million yuan. The same-store sales growth in East China is projected to be over 20%-30% [1][7]. - **Product Mix Changes**: - The proportion of gold weight products has increased to 60%, surpassing national and East China averages. Fixed-price gold products account for about 30%, with small items making up 20% and large embedded series 10% [1][9]. - **Customer Demographics**: - The primary customer base is aged 20 to 45, with a notable decrease in the proportion of post-90s and post-95s consumers. However, the average transaction value has significantly increased, with average item prices rising to 4,000-4,500 yuan and customer transaction values reaching 6,000-7,000 yuan [1][11]. Competitive Landscape - **Performance of Competitors**: - Chow Tai Fook reported a same-store growth of 16.2% in July, with a year-on-year increase of 29.5%, but expected a contraction to -15% in August due to the timing of the Qixi Festival [3][13]. - Zhou Dasheng's sales increased by 2.4% in July, with gold sales up 5.6%. The same-store growth for August is projected at 3.5% [3][29]. Market Trends and Future Outlook - **Franchisee Sentiment**: - Franchisees express optimism for the second half of the year and next year, citing low base effects and high gold prices as key drivers for market performance [5][4]. - **Store Expansion Plans**: - Chao Hong Ji plans to open two new stores in the second half of the year, maintaining a steady growth strategy with an expected annual addition of 300 stores [8][4]. Product Structure and Pricing Strategy - **Product Categories**: - The product structure shows a significant shift towards gold weight products, with fixed-price gold products gaining traction. The average sales per store are expected to reach 7.5 million yuan, with a potential increase to 10 million yuan in the next two to three years [1][7][9]. - **Pricing Mechanism**: - The pricing strategy for weight-based gold products is based on market gold prices plus processing fees, with discounts applied [23][24]. Challenges and Risks - **Market Volatility**: - The industry faces challenges from fluctuating gold prices and the impact of the Qixi Festival's timing on sales performance, with competitors experiencing significant declines [2][3][13]. Conclusion - The gold and jewelry sector, particularly Chao Hong Ji, is poised for growth driven by favorable market conditions, strategic store expansions, and a shift in product offerings. However, the competitive landscape remains challenging, with significant fluctuations in sales performance among key players.

Core Viewpoint - Chao Hong Ji's net profit attributable to shareholders for H1 2025 increased by 44.3% year-on-year, driven by product upgrades and channel expansion [1] Financial Performance - In H1 2025, the company's revenue from fashion jewelry, traditional gold, and leather goods reached 1.99 billion, 1.83 billion, and 120 million respectively, with year-on-year growth of 20.3%, 24.0%, and a decline of 17.4% [1] Store Expansion - The company added 31 new jewelry stores in H1 2025, including a net increase of 68 franchise stores, bringing the total number of stores to 1,542 [1] Marketing Strategy - The company is focusing on omnichannel marketing and brand internationalization, leveraging platforms like Xiaohongshu with KOL and KOS marketing strategies to enhance brand exposure, trust, and conversion [1] - The company is also deepening its overseas strategy by entering key business districts in several Southeast Asian countries, thereby increasing brand influence [1] Valuation - The current stock price corresponds to a PE ratio of 24.6, 19.3, and 15.3 times, maintaining a "buy" rating [1]

珠宝首饰及钟表 潮宏基（002345.SZ） 增持-A(维持) 2025 年 8 月 25 日 公司研究/公司快报 | | | | 收盘价（元）： | | 15.20 | | --- | --- | --- | | 年内最高/最低（元）： | | 18.18/4.06 | | 流通 A | 股/总股本（亿 | 8.67/8.89 | | 股）： | | | | 流通 A 股市值（亿元）： | | 131.83 | | 总市值（亿元）： | | 135.05 | | 基本每股收益(元)： | 0.37 | | --- | --- | | 摊薄每股收益(元)： | 0.37 | | 每股净资产(元)： | 4.26 | | 净资产收益率(%)： | 8.79 | | 资料来源：最闻，山西证券研究所 | | 分析师： 8 月 21 日，公司发布 2025 年半年度报告。2025H1，公司实现营收 41.02 亿元， 同比增长 19.54%，实现归母净利润 3.31 亿元，同比增长 44.34%。公司拟向全体股东每 10 股派发现金红利 1 元（含税），中期派息率 26.82%。 事件点评 资料来源：最闻，山西证券研 ...

Core Insights - The article discusses the significance of jewelry as a medium for emotional expression, particularly in the context of the upcoming Qixi Festival in 2025, highlighting offerings from both international and Chinese brands [1] Group 1: Chanel's New Jewelry Collection - Chanel launched the "REACH FOR THE STARS" high jewelry collection in Shanghai, inspired by founder Gabrielle Chanel's designs for Hollywood's independent women [2][4] - The collection features three iconic symbols: "Comet," "Lion," and "Wings," with the "Wings" symbol being introduced for the first time [4] - A standout piece is the "WINGS OF CHANEL" necklace, featuring a 19.55-carat padparadscha sapphire, marking Chanel's first use of this gemstone in high jewelry [6] Group 2: Domestic Brands' Qixi Offerings - Chow Tai Fook launched the "Lock Love" series, incorporating traditional Chinese lock elements into modern designs to symbolize love and commitment [9] - Qeelin introduced a pink Wulu Eternity necklace, featuring a circular pendant that reflects the Chinese cultural theme of "timely fortune" [12] - Chao Hong Ji presented a gold "Fu Lu" pendant necklace inspired by traditional Chinese craftsmanship, symbolizing enduring love [15] Group 3: Other Notable Jewelry Brands - Tasaki released a fine links series pearl necklace for Qixi, symbolizing a strong connection of love with its design [17] - AHKAH introduced a chandelier sway petit ruby necklace inspired by crystal chandeliers, showcasing a blend of ruby and diamond elements [20] - Boucheron celebrated Qixi with the Quatre Grosgrain series, emphasizing the continuity of love through its new designs [25]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in net profit for H1 2025, with a year-on-year growth of 44.3%, driven by product upgrades and channel expansion [5][6] - The company focuses on the fashion gold category, understanding the preferences of younger consumers, which has led to sustained high growth in performance [5] - The earnings forecast has been raised, with expected net profits for 2025-2027 at 550 million, 700 million, and 880 million yuan respectively, translating to EPS of 0.62, 0.79, and 0.99 yuan [5][8] Financial Performance Summary - For H1 2025, the company achieved revenue of 4.102 billion yuan, a year-on-year increase of 19.5%, and a net profit of 331 million yuan [5][6] - In Q2 2025, revenue was 1.850 billion yuan, up 13.1%, with net profit also increasing by 44.3% [5] - The company plans to distribute a dividend of 0.10 yuan per share [5] Product and Channel Analysis - In H1 2025, revenue from fashion jewelry, traditional gold, and leather goods was 1.99 billion, 1.83 billion, and 120 million yuan respectively, with year-on-year growth rates of 20.3%, 24.0%, and a decline of 17.4% [6] - The company has expanded its store count, adding 31 new stores in the jewelry business, with a net increase of 68 franchise stores, bringing the total to 1,542 [7] - The company is enhancing its product offerings, particularly in the gold category, with innovations that resonate with traditional Chinese culture [7] Financial Projections - The company’s revenue is projected to grow from 5.9 billion yuan in 2023 to 11.741 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [8][11] - The net profit is expected to increase significantly from 333 million yuan in 2023 to 880 million yuan in 2027, reflecting a strong growth trajectory [8][11] - The projected P/E ratios for 2025, 2026, and 2027 are 24.6, 19.3, and 15.3 respectively, indicating a favorable valuation trend [8][11]