Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights significant market performance for the week of June 23-27, 2025, with retail, social services, and beauty care sectors increasing by 4.56%, 4.61%, and 1.04% respectively, outperforming the Shanghai Composite Index which rose by 1.91% [14][17]. - Key events include the strategic investment of 3.4 billion yuan by Jianbo Biological into Yangshengtang, and the successful IPO of Yingtong Holdings on the Hong Kong Stock Exchange [3][28]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 9th, 8th, and 24th among 31 primary industries, with notable increases in sub-sectors such as education, professional chains, and trade, which rose by 7.47%, 7.42%, and 5.2% respectively [14][17]. Key Industry Data and News - In the beauty care sector, significant developments include the entry of Kefu Mei into Malaysia's Watsons, becoming the first Chinese efficacy skincare brand in the region, and the announcement by the National Medical Products Administration regarding the management of cosmetic raw materials [23][24]. - Jianbo Biological's restructuring of its collagen product to a medical device category and the successful listing of Yingtong Holdings are also noteworthy [3][24]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Biological, Marubi Biological, Runben Co., Ltd., Proya, Chaohongji, Blukoo, and Furuida as potential investment targets within the highlighted sectors [5][29].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a leading brand in the oriental fashion jewelry sector, with a focus on mid-to-high-end fashion consumer goods. It has successfully expanded its brand influence and market presence through strategic partnerships and product diversification [7][10]. - The company is expected to benefit from rising gold prices and its ongoing expansion of franchise stores, which will enhance its market penetration and long-term performance outlook [10][51]. Summary by Sections Market Performance - As of June 27, 2025, the closing price is 13.70 yuan, with a market capitalization of 12,172.62 million yuan and a circulating market value of 11,877.96 million yuan. The stock has seen a one-year high of 18.18 yuan and a low of 4.02 yuan [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 79.0 billion yuan, 90.5 billion yuan, and 99.4 billion yuan, with year-on-year growth rates of 21.2%, 14.6%, and 9.8% respectively. The expected net profit for the same period is 4.7 billion yuan, 5.6 billion yuan, and 6.6 billion yuan, with growth rates of 140.9%, 20.6%, and 17.7% respectively. The current price-to-earnings ratios are projected to be 26, 22, and 18 times [6][51]. Business Model and Brand Strategy - The company operates three main brands: "CHJ潮宏基," "ADELE VENTI梵迪," and "FION菲安妮," focusing on jewelry and fashion handbags. It emphasizes the integration of traditional craftsmanship with modern design to appeal to younger consumers [7][14]. - The company is expanding its franchise model domestically and has initiated international expansion into Southeast Asia, with plans to open stores in Malaysia and Thailand [7][45]. Revenue Contribution and Growth Drivers - In 2024, the revenue contribution from self-operated, franchise, and wholesale channels is projected to be 30.2 billion yuan, 32.8 billion yuan, and 1.9 billion yuan respectively. The franchise model is expected to grow significantly, with the number of franchise stores increasing to 1,268 by the end of 2024 [7][33]. - The company is leveraging cultural elements and popular IP collaborations to enhance product offerings and attract a younger demographic [26][28]. Competitive Positioning - The company is compared with peers such as Lao Feng Xiang, China Gold, and Zhou Dazheng, with a focus on its unique positioning as a leading oriental fashion jewelry brand. The report suggests that the company is well-positioned to capitalize on market trends and consumer preferences [10][51].

Group 1 - The domestic gold jewelry prices remain stable compared to last Friday, with many brands pricing their 24K gold jewelry at 989 CNY per gram [1][6] - Specific brands and their prices include: Zhou Dazheng at 989 CNY/g, Cai Bai at 982 CNY/g, Chao Hong Ji at 989 CNY/g, Xie Rui Lin at 989 CNY/g, Jin Zhi Zun at 989 CNY/g, and Zhou Liu Fu at 969 CNY/g [6]

Group 1 - The concept stocks related to the IP economy have shown strong performance, with Hangzhou Garden (300649) hitting the 20% daily limit up [1] - Zhang Xiaoqin (301055) and Yuanlong Yatu (002878) both increased by over 6% [1] - Other companies such as Glacier Network (300533), Xinghui Entertainment (300043), and Chaohongji (002345) also experienced upward movement [1]

Group 1: Gold and Jewelry - In H1 2025, gold prices surged, leading to a decline in gold jewelry consumption while investment gold consumption increased, continuing the trend from 2024 [13][17] - The report anticipates that in H2 2025, gold prices may fluctuate at high levels due to geopolitical conflicts and economic downturns, with central banks continuing to purchase gold [23] - Recommended companies include Laopuhuang, Chow Tai Fook, Chao Hong Ji, and Cai Bai Co., which are expected to benefit from the ongoing trends in gold consumption [23][24][26][30] Group 2: Cosmetics - The cosmetics market showed weak performance in H1 2025, with a cumulative year-on-year growth of 4.1% from January to May, lagging behind overall retail growth [32][35] - Long-term trends in the cosmetics industry remain focused on increasing penetration rates and domestic brand substitution, with a recommendation to focus on brands like Mao Ge Ping and Shangmei Co. for their strong performance and growth potential [35][36][42] - Mao Ge Ping is highlighted for its high-end positioning and significant growth in both online and offline channels, while Shangmei Co. has shown impressive performance during promotional events [36][42] Group 3: Personal Care - The personal care sector, particularly in sanitary napkins and oral care, is expected to maintain stable demand, with domestic brands leading the market [49][51] - The oral care segment is experiencing a shift towards higher-value products driven by consumer demand for efficacy, with domestic brands like Deng Kang Oral Care gaining market share [53][54] - Key companies to watch include Baiya Co. and Deng Kang Oral Care, which are well-positioned to capitalize on these trends [49][53] Group 4: Apparel and Footwear - The apparel retail sector showed moderate growth in H1 2025, with a year-on-year increase of 3.3% in retail sales from January to May [8][14] - Outdoor brands are performing exceptionally well, with high-end outdoor brands like Amer Sports and Anta showing significant revenue growth [8][15] - Recommended companies include Anta Sports for its strong outdoor brand growth and Mercury Home Textiles for its effective marketing strategies [15][16] Group 5: Textile Manufacturing - The textile manufacturing sector is witnessing a shift in export share towards Southeast Asia, with a notable decline in imports from China to the U.S. [8][18] - The report indicates that U.S. apparel imports from Southeast Asia are increasing, while imports from China are decreasing, suggesting a strategic shift in manufacturing locations [18][19] - Companies with diversified production capabilities across regions are recommended for investment consideration [18][19] Group 6: Home Furnishings - The home furnishings market is experiencing growth driven by government policies encouraging upgrades, with furniture retail sales in May 2025 showing a year-on-year increase of 25.6% [8][20] - Key players in the home furnishings sector include Gujia Home and Oppein Home, which are expected to benefit from the ongoing market trends [20][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has recently launched a series of new products including the Palace Museum series, Huasi series, and Line Dog IP bead series, which are expected to create popular products [6] - The company is planning to list H shares to enhance its international brand image and expand into overseas markets, starting with Southeast Asia [6] - The company's Q1 2025 performance exceeded expectations, with a revenue of 2.252 billion yuan, a year-on-year increase of 25.4%, and a net profit of 189 million yuan, up 44.4% year-on-year [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8,216 million yuan, with a year-on-year growth rate of 26.0% [5] - The net profit forecast for 2025 is 540 million yuan, representing a year-on-year increase of 179.0% [5] - The earnings per share for 2025 is projected to be 0.61 yuan [5] - The company’s gross margin is expected to be 22.7% in 2025 [5] - The return on equity (ROE) is projected to be 14.4% in 2025 [5] Market Position and Strategy - The company is focusing on a young and trendy market positioning, with strong product design capabilities and a shift towards higher weight products to increase market share [6] - The company is expanding its franchise channel and penetrating lower-tier cities, with a total of 1,505 jewelry stores by the end of 2024 [6] - The overseas market and the sub-brand Souffle are expected to contribute to better-than-expected performance [6]

Group 1 - The domestic gold jewelry price remains stable at 998 CNY per gram as reported by multiple brands [1][5] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL maintain their gold jewelry prices at 998 CNY per gram [5] - Other brands like Cai Bai and Zhou Liu Fu have slightly lower prices, with Cai Bai at 989 CNY per gram and Zhou Liu Fu at 978 CNY per gram [5]

Core Views - The report highlights that increased consumer subsidy policies across various regions are expected to stimulate market vitality and promote sustained terminal demand recovery [2][67] - The 618 shopping festival saw a 15% year-on-year increase in total e-commerce sales, indicating a shift towards a "long cycle + strong wave" promotional model [2][79] - Despite a temporary easing of global trade tensions, the textile manufacturing industry may still face impacts from potential future tariff escalations [2][99] Market Review - As of June 20, 2025, the textile and apparel industry has seen a slight increase of 0.12%, outperforming the Shanghai Composite Index by 2.36 percentage points [9] - The textile manufacturing sub-industry has decreased by 8.41%, while the accessories sub-industry has surged by 23.16%, significantly outperforming the market [10][9] Industry Overview - The report notes that consumer confidence has stabilized, with per capita GDP reaching 95,700 yuan in 2024, and a GDP growth rate of 5.0% [31][28] - Retail sales in May 2025 showed a significant increase, with total retail sales reaching 4,132.6 billion yuan, up 6.4% year-on-year [35] Mid-term Investment Strategy - The report emphasizes the importance of consumer subsidy policies and the gradual recovery of terminal demand, particularly in the brand apparel and home textile sectors [71][67] - Leading companies in the home textile sector, such as Luolai Life and Mercury Home Textile, are expected to benefit from ongoing subsidy policies [72] Investment Recommendations - Recommended stocks include Chao Hong Ji, Huali Group, Xingye Technology, Mercury Home Textile, Luolai Life, Semir Apparel, and Baoxiniang, focusing on companies with strong brand and product capabilities [2] Company Performance - In Q1 2025, the textile manufacturing sub-industry reported a revenue increase of 0.73% and a net profit increase of 11.38% [57] - Key companies like Chao Hong Ji and Huali Group have shown significant stock price increases of 151.80% and 12.34% respectively [16][66] Global Trade Dynamics - The report indicates that while the recent tariff conflicts have eased, the textile manufacturing industry remains vulnerable to future trade tensions [99] - Companies with high export ratios, such as Huali Group and Bailong Oriental, have established overseas production capacities to mitigate tariff impacts [99][102]

Group 1 - The company held its first extraordinary general meeting of shareholders in 2025, which was convened by the board of directors based on a resolution from a previous board meeting [2][3][4] - The meeting was announced 15 days in advance, detailing the time, location, and voting methods, ensuring compliance with legal requirements [3][4] - A total of 371 shareholders attended the meeting, representing 415,326,580 shares, which is 46.7440% of the total voting shares [4][5] Group 2 - The meeting utilized a combination of on-site and online voting, with specific time slots allocated for each method [3][4] - The on-site meeting took place on June 25, 2025, in Shantou City, presided over by the company's chairman [3][4] - The online voting was conducted through the Shenzhen Stock Exchange's systems, allowing shareholders to vote at their convenience [3][4] Group 3 - The meeting's agenda included several proposals, all of which were subject to non-cumulative voting [6][7] - The voting results showed overwhelming support for the proposals, with most receiving over 99% approval from attending shareholders [6][7][8] - The proposals included plans for issuing H-shares and related matters, all of which were passed as special resolutions [7][8][18] Group 4 - The legal opinion provided by the law firm confirmed that the meeting's procedures, participant qualifications, and voting results were in accordance with the Company Law and relevant regulations [2][29] - The law firm verified that the meeting was conducted legally and effectively, ensuring that all actions taken were valid [28][29] - The company is positioned to proceed with its plans for H-share issuance and listing on the Hong Kong Stock Exchange following the successful resolutions [18][20]

证券代码：002345 证券简称：潮宏基 公告编号：2025-036 广东潮宏基实业股份有限公司 2025 年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决提案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2025年6月25日（星期三）15：00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年6月 25日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为：2025年6月25日9:15-15:00期间的任意时间。 2、现场会议地点：汕头市濠江区南滨路98号潮宏基广场办公楼公司会议室 3、会议召开方式：现场投票和网络投票表决相结合 4、会议召集人：公司董事会 北京市竞天公诚律师事务所上海分所见证律师出席本次会议进行现场见证，并 出具法律意见书。 5、会议主持人：公司董事长廖创宾先生 6、本次会议的通知及议案的具体内容已于2 ...