Summary of the Conference Call for Chao Hong Ji Company Overview - **Company**: Chao Hong Ji - **Industry**: Gold and Jewelry Key Points and Arguments Performance and Strategy - Chao Hong Ji improved customer traffic and shopping conversion rates through product structure adjustments and channel optimization, outperforming industry averages, especially in Q1 of this year [2][4] - The number of direct-operated stores decreased to approximately 240, but single-store revenue increased significantly, directly enhancing profit performance [2][5] - The company shifted its product focus from 18K gold to gold jewelry, which, despite lower gross margins, has led to stable revenue growth as the income structure stabilizes [2][6] - The expansion of the franchise model has also improved gross margins, with a notable increase in franchise revenue share in Q1 [2][6] Market Dynamics - The overall gold jewelry industry is experiencing a downturn, with high gold prices and declining wedding demand leading to reduced consumption [2][9] - Chao Hong Ji successfully differentiated itself with its traditional gold products, while competitors like Lao Feng Xiang and Zhou Da Sheng are closing stores, providing opportunities for Chao Hong Ji to open new locations [2][9] Future Outlook - The company has an optimistic performance outlook, with expectations for terminal GMV to reach 9.5 million, corresponding to reported revenue of 3.5 million [2][3][10] - The asset structure is rapidly improving, with over 70% of the asset proportion being fixed-price assets, which is expected to reflect positively in the upcoming financial reports [10] - The investment return cycle for Chao Hong Ji is approximately 4 years, significantly shorter than the over 6 years for competitors, making it attractive for franchisees [4][12] International Expansion - Chao Hong Ji plans to open 200 to 300 stores in Southeast Asia and Asia, targeting regions with strong gold jewelry consumption habits, which could contribute approximately 600 to 800 million in revenue [15] - The company is set to open a store in Singapore in June, with positive sales expectations from previously opened stores in Thailand [13][14] Financial Projections - Domestic growth is primarily driven by franchise competition, with projected earnings of approximately 750 million by 2027, plus an additional 120 million from overseas operations, totaling around 800 to 900 million [16] - The current market valuation of around 12 billion is considered to be at an absolute bottom, with significant upward potential based on short-term performance and mid-term international expansion [16] Additional Important Insights - Chao Hong Ji's ability to adapt quickly to market changes through a robust digital system and strong control over franchisees has been a key factor in its superior performance compared to peers [2][7] - The company has effectively reduced opening costs compared to traditional brands by lowering initial inventory requirements for franchisees, allowing for better responsiveness to consumer preferences [11]

Group 1 - New stock offering for Huazhi Jie with an issuance price of 19.88 yuan per share and a subscription limit of 0.80 million shares [2] - The State Statistics Bureau reported a decrease in the Consumer Price Index (CPI) by 0.2% month-on-month and 0.1% year-on-year for May, while the Producer Price Index (PPI) fell by 0.4% month-on-month and 3.3% year-on-year, with the year-on-year decline widening by 0.6 percentage points [4] - The General Administration of Customs announced that China's total goods trade value for the first five months reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports at 10.67 trillion yuan (up 7.2%) and imports at 7.27 trillion yuan (down 3.8%) [4] Group 2 - Shenzhen Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible securities list, with new additions including Bruker, Gu Ming, and Mixue Group, effective from June 9, 2025 [5] - Beijing's Economic and Information Technology Bureau and other departments released a plan for high-quality development of the fashion industry from 2025 to 2027, focusing on immersive experiences and new retail models to enhance product consumption [5] - The Suzhou Artificial Intelligence Industry Association plans to collect innovative products and solutions to enhance the performance of the Suzhou football team in the 2025 Jiangsu Province Urban Football League [5] Group 3 - Co-creation Turf reported that the impact of domestic football sports events on the company's operating performance is minimal [7] - Filinger announced a suspension of trading starting June 10 for stock price fluctuation investigation [7] - Yiyuan Lithium Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange [7]

Group 1 - The company,潮宏基, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - The company is currently in discussions with intermediaries regarding the issuance and listing, with specific details yet to be finalized [1] - The stock price of潮宏基 experienced significant fluctuations, with a cumulative increase of over 20% in three consecutive trading days prior to the announcement [1] Group 2 - In 2024,潮宏基 achieved revenue of 6.518 billion yuan, a year-on-year increase of 10.48%, but the net profit attributable to shareholders decreased by 41.91% to 193 million yuan [2] - In Q1 2025, the company reported a revenue of 2.252 billion yuan, a year-on-year growth of 25.36%, and a net profit of 189 million yuan, up 44.38% [2] - The company has initiated its international expansion by opening stores in Kuala Lumpur, Malaysia, and Bangkok, Thailand, marking a significant step in its brand internationalization [2] - For 2025, the company aims to focus on its core business and internationalization strategy, emphasizing refined operations and digital empowerment to strengthen its competitive edge [2]

Group 1 - Company Gongchuang Turf (605099.SH) stated that the impact of domestic football events on its operations and performance is minimal, as its main business of artificial turf has a low revenue contribution from domestic sports grass [1] - Company Anglikang (002940.SZ) confirmed that its innovative drug project ALK-N001 is still in Phase I clinical trials, indicating a long R&D cycle and significant investment [2] - Company Yiwei Lithium Energy (300014.SZ) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength and international brand image [3] Group 2 - Company Chaohongji (002345.SZ) also intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its global strategy and improve competitiveness [4] - Company Dexin Technology (603032.SH) clarified that its subsidiary's sales revenue from products used in solid-state battery production is less than 1% of total revenue, emphasizing its focus on quality service [5] - Company Changshan Pharmaceutical (300255.SZ) announced that its application for the marketing authorization of Aibennapeptide injection for type 2 diabetes has been accepted, but the approval timeline remains uncertain [6] Group 3 - Company Baili Electric (600468.SH) reported that its revenue from nuclear fusion-related business is currently minimal, accounting for less than 1% of total revenue [7] - Company Chutianlong (003040.SZ) is exploring digital currency projects but faces risks related to new technology development and commercial application [8] - Company Dongxing Medical (301290.SZ) signed contracts with Shanghai Jiao Tong University for synthetic biology technology development, totaling 6 million yuan, enhancing its R&D capabilities [9] Group 4 - Company Maixinlin (688685.SH) announced that its subsidiary signed contracts for computing power services worth 1.184 billion yuan, expected to positively impact future performance [10] - Company Haichen Pharmaceutical (300584.SZ) reported that its solid-state battery-related business has not yet generated revenue, which does not significantly affect overall performance [11] - Company Filinger (603226.SH) is undergoing stock trading suspension for investigation due to significant price deviations from fundamentals [12] Group 5 - Company Zhongdian Port (001287.SZ) disclosed that the National Integrated Circuit Fund reduced its stake by 1%, now holding 8.97% of the company [13] - Company Huasheng Co., Ltd. (600156.SH) is planning to acquire 100% of Yixin Technology, leading to a stock suspension for up to 10 trading days [14] - Company Jianghuai Automobile reported a 3.52% year-on-year decline in May sales, with new energy vehicle sales down 57.81% [15] - Company Aonong Biological reported a 9.44% year-on-year increase in May pig sales, with a total of 156,200 pigs sold [16]

Core Viewpoint - Guangdong Chaohongji Industrial Co., Ltd. plans to issue H shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, as well as to advance its internationalization strategy [1][2]. Group 1: Board Meeting Decisions - The board meeting held on June 9, 2025, approved the proposal to issue H shares with a unanimous vote of 9 in favor [1][2]. - The issuance of H shares will be conducted as public offerings in Hong Kong and international placements, with the total number of H shares not exceeding 15% of the company's total share capital post-issuance [3][4]. - The board has the authority to determine the specific issuance timing based on market conditions and regulatory approvals [2][3]. Group 2: Issuance Details - The H shares will have a par value of RMB 1.00 and will be offered in foreign currency [2][3]. - The pricing of the H shares will consider the interests of existing shareholders and market conditions at the time of issuance [4][5]. - The distribution of shares will be based on the number of valid applications received during the public offering in Hong Kong, with a potential "reallocation" mechanism for oversubscription [5][6]. Group 3: Fund Utilization - The funds raised from the H share issuance will be used for expanding domestic and international business, enhancing brand influence, improving research and production capabilities, and supplementing working capital [9][10]. - If the raised funds are insufficient for project needs, the company will seek alternative funding solutions [10]. Group 4: Regulatory Compliance and Governance - The company will apply to convert into an overseas fundraising company and will comply with relevant laws and regulations [9][10]. - The board will be authorized to handle all matters related to the H share issuance and listing, including communication with regulatory bodies [12][14]. - The company plans to appoint Ernst & Young as the auditing firm for the H share issuance [11][12]. Group 5: Internal Governance Adjustments - The company will revise its internal governance documents to align with the requirements of the H share issuance and listing [21][22]. - The board will establish a "Strategic and ESG Committee" to enhance governance post-listing [21][22]. Group 6: Future Meetings and Elections - The board has proposed to hold the first extraordinary shareholders' meeting of 2025 to discuss the H share issuance and related matters [30]. - The election of Lin Junping as the vice chairman of the board was approved [30].

证券代码：002345 证券简称：潮宏基 公告编号：2025-031 广东潮宏基实业股份有限公司 关于公司聘请发行 H 股并上市的审计机构的议案 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"）于 2025 年 6 月 9 日召 开第七届董事会第三次会议，审议通过了《关于公司聘请发行 H 股并上市的审 计机构的议案》，同意公司聘任安永会计师事务所（以下简称"安永香港"）为本 次发行 H 股并上市的审计机构，为公司出具本次发行 H 股并上市相关的会计师 报告并就其他申请相关文件提供意见，同时提请董事会及股东会授权公司管理层 与安永香港按照公平合理的原则协商确定审计费用。 本次聘请发行 H 股并上市的审计机构事项尚需提交公司股东会审议批准。 现将有关情况公告如下： 一、拟聘会计师事务所事项的情况说明 鉴于公司已启动本次发行 H 股并上市事宜，考虑到安永香港在境外发行上 市项目方面拥有较为丰富的财务审计经验，经过综合考量和审慎评估，公司拟聘 请安永香港为本次发行 H 股并上市的审计机构，为公司出具本次发行 H 股并上 市 ...

广东潮宏基实业股份有限公司 独立董事提名人声明与承诺 提名人广东潮宏基实业股份有限公司董事会现就提名 谭汉珊为广东潮宏基实业股份有限公司第七届董事会独立 董事候选人发表公开声明。被提名人已书面同意作为广东 潮宏基实业股份有限公司第七届董事会独立董事候选人 （参见该独立董事候选人声明） 。本次提名是在充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有 无重大失信等不良记录等情况后作出的，本提名人认为被 提名人符合相关法律、行政法规、部门规章、规范性文件和 深圳证券交易所业务规则对独立董事候选人任职资格及独 立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过广东潮宏基实业股份有限公司 第七届董事会提名委员会或者独立董事专门会议资格审查， 提名人与被提名人不存在利害关系或者其他可能影响独立 履职情形的密切关系。 ? 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百 四十六条等规定不得担任公司董事的情形。 ? 是 □ 否 如否，请详细说明：______________________________ ? ...

General Principles - The rules are established to regulate the behavior of Guangdong Chao Hong Ji Industrial Co., Ltd. and ensure that the shareholders' meeting exercises its rights according to relevant laws and regulations [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholders' meetings to ensure shareholders can exercise their rights [1][2] Shareholders' Meeting Organization - The shareholders' meeting is categorized into annual and extraordinary meetings, with the annual meeting held within six months after the end of the previous fiscal year [2][3] - If the company cannot convene a meeting within the specified time, it must report to the China Securities Regulatory Commission and the Shenzhen Stock Exchange, explaining the reasons [2][3] Legal Opinions and Procedures - A lawyer must provide legal opinions on the legality of the meeting's procedures, the qualifications of attendees, and the validity of voting results [2][3] - The board of directors must convene the meeting within the stipulated time and respond to proposals from independent directors or shareholders holding more than 10% of shares [3][4] Proposals and Notifications - Proposals must fall within the scope of the shareholders' meeting's authority and be submitted in writing at least ten days before the meeting [6][7] - The company must notify shareholders of the meeting at least 21 days in advance for annual meetings and 15 days for extraordinary meetings [6][7] Voting and Attendance - Shareholders can attend the meeting in person or through proxies, and each share carries one voting right [9][10] - The meeting must ensure that the voting process is orderly, and any disruptions must be reported to the relevant authorities [10][11] Meeting Records and Announcements - The meeting records must include details such as the time, location, agenda, and the names of attendees, and must be kept for at least ten years [13][14] - Resolutions passed at the meeting must be announced promptly, detailing the number of attendees and voting results [15][16] Financial Responsibilities - The company is responsible for reasonable expenses incurred in holding the shareholders' meeting, while shareholders bear their own travel and accommodation costs [18][19] Amendments and Validity - The rules can be amended by the board and must be approved by the shareholders' meeting, taking effect upon the listing of H shares [20][20]

Core Viewpoint - The document outlines the confidentiality and archival management system for Guangdong Chao Hong Ji Industrial Co., Ltd. regarding the issuance of securities and listing abroad, ensuring compliance with Chinese laws and protecting national economic security and public interests [1][2]. Group 1: Definition and Scope - The term "overseas issuance of securities and listing" refers to the direct or indirect issuance of securities or the listing of securities for trading in countries and regions outside of China [2]. - The system applies to the entire process of overseas issuance and listing, including preparation, application, review, and listing stages [2]. Group 2: Compliance and Responsibilities - The system is applicable to both domestic entities of Chao Hong Ji Group and the securities companies and service institutions hired for overseas issuance and listing [2][3]. - Chao Hong Ji Group and its service providers must strictly adhere to Chinese laws and the established system, enhancing awareness of confidentiality and archival management responsibilities [3][4]. Group 3: Approval and Disclosure Procedures - Any documents or materials involving state secrets must be approved by the relevant authorities before being disclosed to securities companies or regulatory bodies [3][5]. - If there is uncertainty regarding whether a document contains state secrets, it must be reported to the appropriate confidentiality administration for determination [3][5]. Group 4: Data Security and Archival Management - Documents related to state secrets must not be disclosed without proper approval and must comply with data security requirements as per Chinese laws [5][6]. - Work papers generated by service providers in China must be stored domestically and require approval for any outbound transfer [7]. Group 5: Monitoring and Compliance Checks - Chao Hong Ji Group is required to conduct regular self-checks on confidentiality and archival management during the overseas issuance and listing process [8][9]. - Any violations of confidentiality laws must be reported to the relevant authorities for legal accountability [9][10]. Group 6: Implementation and Effectiveness - The system will take effect upon approval by the company's board of directors and must be strictly followed by all entities included in the consolidated financial statements of Chao Hong Ji Group [17].

Core Viewpoint - The company, Guangdong Chao Hong Ji Industrial Co., Ltd., has approved the draft of the Articles of Association applicable after the issuance and listing of H shares, which will be effective upon the completion of the listing process in Hong Kong [1][2]. Group 1: Company Structure and Governance - The company plans to issue H shares and list on the main board of the Hong Kong Stock Exchange, necessitating amendments to its Articles of Association and related rules [1][2]. - The draft Articles of Association and its attachments, including the rules for shareholder and board meetings, will take effect after approval at the first extraordinary general meeting in 2025 [2][3]. - The current Articles of Association will remain valid until the new ones come into effect, at which point they will automatically become invalid [2]. Group 2: Amendments to Articles of Association - The amendments include changing the reference from "Securities Exchange" to "Shenzhen Securities Exchange" and updating legal references to align with the new listing requirements [2][3]. - The company’s registered capital and share structure will be defined, with H shares being issued at a par value of RMB 1 per share [7][10]. - The company will ensure that all H shares are transferable in accordance with the laws and regulations of the listing jurisdiction [10][12]. Group 3: Shareholder Rights and Obligations - Shareholders will have rights to attend meetings and vote based on their shareholdings, with each share granting one vote [26]. - There are specific provisions regarding the transfer of shares, including restrictions on the transfer of shares within one year of issuance [30]. - The company will maintain a shareholder register, which serves as proof of share ownership, and will comply with relevant laws for lost shares [13][12]. Group 4: Board and Management Responsibilities - The board of directors is responsible for convening shareholder meetings within specified timeframes and must respond to requests for extraordinary meetings [52][54]. - Directors must adhere to legal obligations and avoid conflicts of interest, ensuring that their actions align with the company's best interests [101][102]. - The company will disclose information as required by law and cooperate with regulatory authorities in case of legal judgments affecting the company [36].