美股新股前瞻｜C&K集团：营收不足7000万 市场愿意为垂直整合珍珠生态“买单”吗？

Core Viewpoint - The pearl jewelry market is experiencing significant growth driven by factors such as the popularity of pearl jewelry designs, celebrity influence, and the youth-oriented approach to pearl accessories. The global freshwater pearl market is projected to reach $120 billion in 2024 and grow at a compound annual growth rate (CAGR) of 8.6% to $191.5 billion by 2031, with China being a key market contributor [1]. Company Overview - C&K Group, established in 2016 and headquartered in Hong Kong, is a leading pearl jewelry designer and seller in the Asia-Pacific region. The company focuses on a full industry chain from raw material procurement to original design and retail sales, with a market share of 18.7% in Hong Kong's bulk pearl market [2][3]. Financial Performance - C&K Group reported a decline in both revenue and net profit for the fiscal year 2023-2024, with revenues of HKD 75.55 million and HKD 66.84 million, representing a year-on-year decrease of 12%. Net profit also fell by 7.7% to HKD 15.21 million [2][3]. - The decline in revenue is attributed to a significant drop in bulk pearl sales, which decreased by 24% year-on-year, while finished jewelry sales grew by 6% [3]. Market Dynamics - The pearl market is transitioning from a "crazy period" to a more rational consumption phase, with overall pearl prices declining in 2024 compared to the previous year. However, high-quality pearls, such as Tahitian pearls, have seen price increases [4][5]. - C&K Group's sales are heavily reliant on the Hong Kong and U.S. markets, which together account for over 50% of its revenue. The company operates primarily on a B2B model, with 82.1% of revenue generated through wholesale channels [6]. Customer Concentration - C&K Group's revenue is significantly dependent on a few major clients, with three customers contributing approximately 73% of total revenue. One major client accounts for 94% of the company's accounts receivable [6][7]. Future Outlook - The pearl market is expected to continue evolving, with a focus on brand enhancement and product diversification. C&K Group plans to allocate 50% of its IPO proceeds to brand upgrades, 30% to supply chain improvements, and 15% to digital initiatives [11].