Group 1: Investor Relations Activity - The event was categorized as a specific object investigation and analyst meeting [1] - Participants included representatives from 16 different financial institutions [1] Group 2: Meeting Details - The meeting took place on March 7, 2025, in the company's conference room [2] - The company was represented by the board secretary, Lin Yuhao [1] Group 3: Discussion Topics - Topics discussed included the operating conditions for the first three quarters, jewelry product series, changes in product structure, new product planning, channel expansion, overseas store openings, and women's bag business [1] - The discussions adhered to regulations, ensuring no significant undisclosed information was leaked [1]

Group 1: Investor Relations Activity - The event was categorized as a specific object investigation and analyst meeting [1] - Participants included representatives from six investment firms: Caitong Fund, Guotai Fund, Huabao Fund, Weining Investment, Heji Investment, and Jinyu Investment [1] - The meeting took place on March 4, 2025, in the company's conference room [1] Group 2: Company Overview and Discussion Topics - The company was visited and observed by the participants [1] - Discussions covered the operating conditions for the first three quarters, jewelry product series, changes in product structure, new product planning, channel expansion, overseas store openings, and women's bag business [1] - Participants were advised to refer to previously disclosed announcements, Q&A on the interactive platform, and prior activity records for more information [1] Group 3: Compliance and Information Disclosure - The communication adhered strictly to relevant regulations, ensuring no significant undisclosed information was leaked during the discussions [1]

Summary of the Conference Call on the Jewelry Industry and Chao Hong Ji Company Overview - Chao Hong Ji is positioned as a mid-to-high-end fashion consumer brand operator, with key brands including Chao Hong Ji and Fan Di, as well as the handbag brand Fei An Ni acquired in 2012 [3][4][10] - The core customer demographic is fashion-conscious women aged 25 to 35 [3][4] Financial Performance - From 2018 to 2024, the number of franchise stores increased from 337 to nearly 1,200, while self-operated stores decreased from 570 to approximately 250 [3][4] - In the first three quarters of 2024, revenue grew by about 8% year-on-year, and net profit attributable to shareholders remained stable, outperforming the industry average [4] - Despite a slight decline in gross margin, the continuous optimization of expense ratios has led to stable profit margins, with expectations for further improvement in 2025 [4][10] - The company anticipates a revenue of approximately 420-430 million in 2025, corresponding to a valuation of around 15 times [11] Market Trends and Consumer Behavior - The jewelry industry is experiencing a shift from material value to aesthetic design and storytelling marketing, driven by a younger target audience and a shift in luxury consumption [8] - As of February 2025, gold prices rose by 6% year-on-year, with high-end markets performing better than mid-range markets during the Spring Festival [5][7] - Sales during the Spring Festival increased by about 10% year-on-year, but excluding the impact of rising gold prices, sales volume decreased by 10%-15% [5][7] Strategic Initiatives - Chao Hong Ji is focusing on expanding its franchise model, with a lighter store model that has a standard opening cost of approximately 5 million, lower than competitors [10] - The company plans to maintain around 150 stores, targeting a growth rate of about 10% [10] - The introduction of new products in the spring is expected to drive growth, especially in a year with increased wedding demand [7][8] Competitive Landscape - The jewelry industry is seeing a divergence in performance among brands, with leading brands like Zhou Da Sheng experiencing a decline of over 20% in same-store sales, while Chao Hong Ji benefited from high conversion rates and significant contributions from its popular products [5][9] - The company has successfully launched standout products, such as the "繁华系列" bracelet, which has significantly contributed to sales [9] Future Outlook - There is potential for increasing franchise fees, with the company having raised fees for fixed-price products from 3% to 6% in April 2023 [11] - The overall market conditions and company performance in the first quarter of 2025 are expected to provide a positive outlook for revenue and profit growth [11]

Group 1: Investor Relations Activity - The event was categorized as a specific object investigation and analyst meeting [1] - Participants included representatives from nine financial institutions such as招商证券, 东方财富证券, and others [1] - The meeting took place on February 21, 2025, in the company's conference room [1] Group 2: Meeting Content Overview - The company was visited and observed by the participants [1] - Discussions covered the operating conditions for the first three quarters, product series, changes in product structure, new product planning, channel expansion, WeChat cloud store, overseas expansion, and women's bag business [1] - The company adhered to regulations, ensuring no significant undisclosed information was leaked during the discussions [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][18]. Core Views - The company demonstrates strong revenue performance, outpacing the industry average, with a focus on product innovation and a youthful, differentiated brand positioning targeting urban independent fashion women [1][4]. - The company has successfully launched a series of differentiated gold bead products that have gained popularity in the young jewelry market, contributing to a favorable revenue structure [2]. - The company continues to expand its store network, reflecting confidence from franchisees despite industry challenges [3]. Revenue Performance - In Q1, Q2, and Q3 of 2024, the company's revenue grew by 17.9%, 10.3%, and declined by 4.4% respectively, compared to the jewelry retail industry's performance of 4.5%, -5.1%, and -10.1% [1]. - The revenue structure from 2021 to 2023 shows traditional gold jewelry's share increasing from 28% to 38%, while fashion jewelry's share decreased from 60% to 51% [2]. Store Expansion - As of Q3 2024, the total number of "CHJ潮宏基" jewelry stores reached 1,482, with 1,236 being franchise stores, marking a net increase of 126 stores since the beginning of the year [3]. Financial Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is projected at 353.76 million, 428.53 million, and 507.62 million respectively, with corresponding P/E ratios of 14.77, 12.19, and 10.29 [4][6]. - The company is expected to maintain a high dividend yield, with a projected dynamic dividend rate of 6% in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8][18]. Core Views - The company demonstrates strong revenue growth compared to the industry, with Q1, Q2, and Q3 revenues increasing by 17.9%, 10.3%, and a decline of 4.4% respectively, while the industry experienced growth of 4.5%, a decline of 5.1%, and a decline of 10.1% [1]. - The company focuses on product innovation and differentiation, targeting urban independent fashion-conscious women, which has led to a successful market presence with unique product offerings [1][2]. - The company has successfully expanded its store network, with a total of 1,482 stores by the end of Q3 2024, including 1,236 franchise stores, reflecting strong confidence from franchisees in the brand [3]. Financial Performance Summary - The company's revenue for 2022 was 4,417.41 million, with a projected increase to 6,613.74 million in 2024 and 9,146.47 million by 2026, indicating a growth rate of 33.56% in 2023 and 12.10% in 2024 [6][12]. - The net profit attributable to the parent company is expected to grow from 199.13 million in 2022 to 353.76 million in 2024 and 507.62 million in 2026, with a growth rate of 67.41% in 2023 [6][12]. - The company is projected to maintain a high dividend yield, with an estimated dynamic dividend yield of 6% in 2025 based on a 69% payout ratio [4].

Summary of Conference Call Notes Company Overview - The conference call primarily discusses **Chao Hong Ji**, a jewelry brand targeting young consumers aged 25 to 35, focusing on performance-driven products and maintaining a high dividend yield of over 6% [1] Industry Insights - There is a noticeable decline in retail sales of gold jewelry, attributed to rising gold prices, which have surpassed 550-600 CNY per gram, affecting consumer purchasing enthusiasm [2] - The overall performance of the gold jewelry sector has been under pressure since late 2023, with a significant drop in sales volume observed [3] Company Performance - Chao Hong Ji has shown resilience with a narrowing decline in sales volume, indicating consumer acceptance of higher-priced products [3] - The company has a strong focus on product design and craftsmanship, having transitioned from K-gold jewelry to primarily gold jewelry, leveraging its design heritage [4][7] - The company has invested significantly in R&D, leading to successful product lines that resonate with younger consumers [8] Consumer Behavior - Two main consumer segments identified: 1. Consumers focused on gold as a value-preserving asset, who may be hesitant due to high prices. 2. Younger consumers who prioritize design and are willing to pay a premium for aesthetically pleasing products [6] Market Positioning - Chao Hong Ji's strong brand positioning is reflected in its ability to maintain high gross margins through low-price products, which are appealing to consumers [11] - The company has a robust control over its franchise operations, allowing it to manage sales data effectively and optimize product offerings [9][10] Growth Strategy - Despite concerns about the overall market's store expansion rates, Chao Hong Ji's franchisees remain eager to open new stores, particularly in underrepresented regions [12] - The company is expected to achieve a valuation of 15 times earnings by 2025, supported by a strong dividend payout ratio of 77.9% from 2022 to 2023 [20] Risks and Considerations - The gold jewelry sector faces challenges such as market volatility and the risk of store expansion not meeting expectations [22] - The perception of the gold jewelry market as a low-margin, channel-driven business may hinder valuation growth, but brands that innovate and focus on design are likely to outperform [15][19] Conclusion - Chao Hong Ji is positioned to outperform the market due to its strong design capabilities, effective franchise management, and a focus on appealing to younger consumers, despite the broader challenges facing the gold jewelry industry [19]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a 15x valuation for 2025, indicating an upside potential of approximately 30% [14][15]. Core Insights - The company is positioned as a gold and jewelry brand targeting young consumers aged 25-35, focusing on self-indulgent needs. The high proportion of lightweight products and optimized product structure, combined with store expansion, is expected to drive performance beyond expectations. The company anticipates a high dividend yield of over 6% by 2025 [1][14]. Summary by Sections 1. Performance Expectations - The company is expected to achieve same-store revenue growth despite challenges in the gold jewelry market. The shift in consumer preference towards lower-priced, aesthetically appealing products is anticipated to benefit the company, which focuses on a price range of 2,000 to 5,000 yuan [2][3]. 2. Market Trends - The report highlights a recovery in consumer confidence and a potential return to positive growth in the gold jewelry sector starting from April 2024, following a period of decline due to rising gold prices [2][4]. 3. Product Strategy - The company emphasizes product design and quality control, establishing a strong product and aesthetic appeal through original designs and collaborations. This strategy aligns with the trend of "aesthetic awakening" among consumers [3][4]. 4. Financial Projections - Revenue is projected to grow from 64 billion yuan in 2024 to 84 billion yuan in 2026, with corresponding net profits increasing from 3.42 billion yuan to 5.02 billion yuan over the same period. The company is expected to maintain a high dividend payout ratio, with a forecasted dividend yield of 6.8% in 2025 [14][17]. 5. Competitive Positioning - The report argues that the company, along with a few other brands, is transitioning the gold jewelry industry from a channel-driven model to one focused on product and operational excellence, which should warrant a premium valuation [13][14].

Group 1: Company Overview - Securities Code: 002345, Securities Abbreviation: Chao Hong Ji [1] - Company Name: Guangdong Chao Hong Ji Industrial Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Date: January 8, 2025 [2] - Activity Type: Specific Object Research and Analyst Meeting [1] - Participants: 6 individuals from Haitong Securities, Rongtong Fund, Pacific Pension Insurance, and Ruizhi Industrial Investment [1] Group 3: Meeting Content - Company tour conducted [1] - Discussion topics included: - Q3 operating performance - New product planning - Changes in product structure - Channel expansion plans - WeChat cloud store and WeChat small store - Overseas store expansion - Women's bag business [1] - All discussions adhered to regulations, with no disclosure of undisclosed significant information [1]

股票代码：002345 股票简称：潮宏基 公告编号：2024-049 广东潮宏基实业股份有限公司 关于独立董事取得独立董事培训证明的公告 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。 广东潮宏基实业股份有限公司（以下简称"公司"）于 2024 年 11 月 22 日召 开公司 2024 年第一次临时股东大会，审议通过了《关于董事会换届选举的议案》， 同意选举郭剑先生为公司第七届董事会独立董事。 截至公司 2024 年第一次临时股东大会通知发出之日，郭剑先生尚未取得独立 董事资格证书。根据深圳证券交易所的相关规定，郭剑先生已书面承诺参加最近一 次独立董事培训并取得深圳证券交易所认可的独立董事资格证书。具体详见公司 2024 年 11 月 7 日在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 特此公告 广东潮宏基实业股份有限公司董事会 2024 年 12 月 20 日 近日，公司收到独立董事郭剑先生的通知，郭剑先生已按照相关规定参加了深 圳证券交易所举办的上市公司独立董事培训，并取得了由深圳证券交易所颁发的 《上市公司独立董事培 ...