营收靠加盟、生产靠代工，潮宏基“带病”冲刺H股？

Core Viewpoint - The company Chao Hong Ji is planning to launch an H-share listing on the Hong Kong Stock Exchange despite a downturn in gold jewelry consumption, aiming to enhance its global strategy and brand image [1][3]. Industry Overview - The gold jewelry consumption in China has seen a decline, with a reported drop of 26.85% year-on-year in the first quarter of 2025, totaling 134.531 tons [3]. - In contrast, investment in gold bars and coins has surged, with a 29.81% increase year-on-year, amounting to 138.018 tons [3]. - The overall gold consumption in China decreased by 5.96% year-on-year, totaling 290.492 tons in the first quarter of 2025 [3]. Company Performance - Chao Hong Ji reported a revenue of 6.518 billion yuan for 2024, reflecting a year-on-year increase of 10.48% [4]. - The net profit attributable to shareholders was 194 million yuan, showing a significant decline of 41.91% year-on-year [4]. - The company's operating cash flow decreased by 29.22% year-on-year, amounting to 435 million yuan [4]. Business Model and Strategy - Chao Hong Ji operates through self-operated, franchise, and wholesale models, with franchise revenue increasing by 32.35% year-on-year to 3.284 billion yuan, becoming a key driver of revenue growth [5]. - The company relies heavily on outsourcing for production, with 65.3% of its gold products produced through external processing [5]. - The company aims to expand its store count to 2,000 by 2025, despite facing a wave of store closures in the industry [5]. Quality Concerns - Recent quality inspections revealed that some of Chao Hong Ji's gold products failed to meet standards, particularly in the area of precious metal material identification [6].