潮宏基：拟港股上市，营收增长但毛利与加盟存忧

Core Insights - Chao Hong Ji has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first "A+H" listed jewelry retailer, with a focus on its performance and franchisee situation [1] - The company claims to be the top revenue-generating jewelry retailer, but its growth is primarily driven by the gold market, with challenges in fashion jewelry sales [1] Financial Performance - Revenue for the years 2022, 2023, and 2024 is reported at 4.36 billion, 5.84 billion, and 6.45 billion respectively, while net profit figures are 200 million, 330 million, and 190 million, showing discrepancies in revenue reporting but consistent net profit [1] - In the first half of 2025, revenue reached 4.06 billion with a net profit of 330 million, which is lower than the half-year report revenue but consistent in net profit [1] Market Position - In the fashion jewelry market for 2024, Chao Hong Ji holds the top sales revenue among domestic jewelry companies, with a market share of 1.4% [1] - Fashion jewelry revenue increased from 2.45 billion to 2.94 billion from 2022 to 2024, while gold jewelry revenue surged from 1.42 billion to 2.92 billion during the same period [1] Profitability - The gross margin for gold jewelry in the first half of 2025 is reported at 11.8%, significantly lower than the 26.8% for fashion jewelry, contributing to a decline in overall gross margin from 29.3% in 2022 to 23.3% in 2024 [1] - The shift towards lower-margin gold products and a decrease in fashion jewelry gross margin have negatively impacted overall profitability [1] Franchise and Store Performance - The revenue from self-operated stores showed minimal growth, increasing from 1.63 billion to nearly 1.8 billion, while franchise network revenue skyrocketed from 1.42 billion to 3.22 billion from 2022 to 2024 [1] - As of the first half of 2025, franchise network revenue reached 2.22 billion, accounting for 54.6% of total revenue, with a total of 1,340 franchise stores, a net increase of over 60% since the end of 2022 [1] Franchisee Challenges - The number of franchise stores exiting has significantly increased, from 87 to 159 between 2022 and 2024, indicating volatility in franchisee relationships [1] - The number of terminated franchise partnerships rose from 49 to 235 from 2022 to 2024, with an alarming rate of two franchisees exiting every three days in 2024 [1]