Core Viewpoint - Chao Hong Ji, known as the "King of K Gold," is facing legal challenges from international brands such as Bulgari and Richemont, which may impact its IPO plans in Hong Kong [1][2]. Company Overview - Chao Hong Ji was founded by Liao Muzhi and his son Liao Chuangbin, focusing on K gold and jewelry products, and is the first chain jewelry brand listed in A-shares [2]. - The company emphasizes original design and has a unique product feature of cartoon IP collaborations, including partnerships with top global IPs like Kuromi and Minions [2]. Market Position - According to Frost & Sullivan, Chao Hong Ji is projected to rank first among jewelry companies in mainland China by sales revenue in 2024, with a market share of 1.4% [2]. - The company is also expected to be the fastest-growing jewelry brand in mainland China in 2024, based on the number of new franchise stores opened [2]. Legal Challenges - Chao Hong Ji is currently involved in multiple lawsuits regarding trademark and design infringement, with claims totaling 5 million RMB from Bulgari and Richemont [3][4]. - The company has faced a ruling from the Suzhou Intermediate Court, requiring it to compensate Richemont 1 million RMB for infringement related to bracelet products [4]. Financial Performance - Chao Hong Ji reported a revenue of 6.518 billion RMB in 2024, a year-on-year increase of 10.48%, but its net profit decreased by 41.91% to 194 million RMB [6]. - The company has accumulated goodwill impairment provisions of 658 million RMB related to its acquisition of the FION brand, which has not performed as expected [5][6]. Brand Performance - The FION brand has shown a declining trend in same-store sales, with a 21.8% decrease in 2024 and a 15.5% decrease in the first half of 2025 [7].
“K金之王”潮宏基冲刺港股:被宝格丽、历峰控告侵权,时尚女包销售持续下滑