CHJ(SZ:002345) Zheng Quan Zhi Xing·2025-08-07 05:20Investment Highlights - The company launched a collaboration series with "Butter Bear," which gained significant attention, including being featured on the cover of the Chinese version of "Figaro" magazine, leading to a sell-out of limited edition products and a record-breaking online presence during the launch [1] - The company is effectively targeting the young consumer market by creating a differentiated IP matrix and enhancing product value through emotional resonance, which drives consumer engagement and social sharing [1] Sales and Expansion - The company has experienced significant growth in average store sales, with a product repurchase rate reaching 60% in the first half of 2025, and stable performance in overseas stores [2] - The company plans to open over 150 new stores this year, including 10 in overseas markets, indicating strong expansion potential and a robust partnership with franchisees [2] Profit Forecast - The company is positioned as a brand targeting young, fashionable consumers, leveraging strong product design capabilities and cultural integration to create potential blockbuster products [3] - Future earnings are projected to be substantial, with estimated EPS of 0.56, 0.70, and 0.86 yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 29, 23, and 19 times at the current stock price [3]