CHJ(SZ:002345) Sou Hu Cai Jing·2025-09-23 07:24Core Viewpoint - The company,潮宏基, is seeking to list on the Hong Kong Stock Exchange, aiming to leverage its unique positioning in the K-gold jewelry market amidst a wave of traditional brands pursuing capital market opportunities [2][7]. Group 1: Company Strategy and Positioning -潮宏基 has differentiated itself by focusing on K-gold design and brand building rather than traditional gold jewelry, positioning itself as a "creative fashion jewelry" brand inspired by international luxury brands [2][3]. - The company has invested significantly in its design team, with R&D expenses reaching 46.96 million yuan in the first three quarters of 2023, far exceeding competitors like老凤祥 and周大生, despite its smaller revenue scale [3]. -潮宏基's unique approach has led to breakthroughs in 3D/5D hard gold technology, enhancing the quality and design of K-gold products, and it holds a leading number of patents in this field [3][4]. Group 2: Market Performance and Challenges - Despite its success in the K-gold segment,潮宏基 missed the opportunity during the explosive growth of the gold consumption market from 2013 to 2019, resulting in a drop to ninth place in market share [5]. - The company has begun to adjust its strategy by diversifying its product matrix and shifting from self-operated to franchise models, although this has led to a decline in overall profit margins [5][6]. - As of 2024,潮宏基 aims for a balanced revenue structure with approximately 45% from both gold and fashion jewelry, allowing it to benefit from market fluctuations [6]. Group 3: Future Outlook and Internationalization -潮宏基's decision to pursue a dual listing (A+H) reflects its ambition to balance growth between gold and fashion jewelry while expanding into international markets [7][9]. - The company is implementing a multi-brand strategy to cater to diverse consumer needs, including brands like VENTI and Soufflé, aiming to broaden its market reach [7]. -潮宏基 is enhancing its marketing efforts by creating jewelry culture experience centers and collaborating with cultural IPs, moving away from traditional promotional strategies [8].