CHJ(SZ:002345) Sou Hu Cai Jing·2025-09-24 15:01Group 1 - The core point of the article is that潮宏基 is planning to achieve a dual listing in Hong Kong and mainland China, but faces challenges such as significant shareholder sell-offs, fluctuating profits, and high inventory levels [1][4][5] - The second largest shareholder, Dongguan Group, sold shares worth over 100 million yuan after the stock price peaked, indicating a cautious outlook on the company's future [1][2] -潮宏基's revenue has been increasing, with reported figures of 4.364 billion yuan in 2022 and 6.452 billion yuan in the first half of 2025, but net profits have been inconsistent, showing figures of 199 million yuan in 2022 and 194 million yuan in 2024 [2][4] Group 2 - The company has faced challenges with goodwill impairment due to the acquisition of Fianni, which has not performed well post-acquisition, leading to multiple impairment provisions totaling over 10 million yuan [2][4] - Inventory levels have surged to 3.731 billion yuan, raising concerns about inventory management and the effectiveness of the company's production strategy [4][5] -潮宏基's international expansion efforts have been slow, with only 2 stores outside of China and a mere 0.41% of total revenue coming from overseas, highlighting the gap compared to competitors like Chow Tai Fook [4][5]