CHJ(SZ:002345) Sou Hu Cai Jing·2025-09-17 01:39Core Viewpoint - Chao Hong Ji Industrial Co., Ltd. is planning a secondary listing on the Hong Kong Stock Exchange, focusing on the mid-to-high-end fashion consumer goods market, particularly in jewelry and fashion bags [3]. Financial Performance - Revenue for Chao Hong Ji from 2022 to 2024 is projected to be RMB 4.364 billion, RMB 5.836 billion, and RMB 6.452 billion, respectively, with net profits of RMB 205 million, RMB 330 million, and RMB 169 million [4]. - In the first half of 2025, the company reported revenue of RMB 4.062 billion, a year-on-year increase of 19.59%, and a net profit of RMB 333 million, up 44.07% [3]. Market Position - Chao Hong Ji ranks first among jewelry companies in mainland China with a market share of 1.4% based on sales revenue for 2024 [3]. - In the K-gold market, the company is positioned fifth among jewelry enterprises in mainland China [3]. Store Network - As of June 30, 2025, Chao Hong Ji operates a total of 1,538 jewelry stores, including 201 self-operated stores and 1,337 franchise stores, with 86.9% of the total being franchise stores [5]. Employee Trends - The total number of full-time employees has decreased from 4,425 in 2022 to 3,527 in the first half of 2025, indicating a reduction of 898 employees over three and a half years [8]. - Employee turnover rates vary by region, with mainland China showing rates of 30.8% to 36.4%, while Singapore has a notably high turnover rate of 58.3% [8][9].