CHJ(SZ:002345) Sou Hu Cai Jing·2025-09-28 14:38Core Viewpoint - The company,潮宏基, aims to become the first "A+H" dual-listed jewelry enterprise in the gold jewelry industry as it submits its listing application to the Hong Kong Stock Exchange, amidst a rising trend of gold investment in the capital market [1][3]. Group 1: Business Expansion and Challenges -潮宏基 has rapidly expanded through a franchise model, with 86.9% of its 1,542 stores being franchise outlets as of June 2025, leading to a 37% year-on-year increase in franchise channel revenue, contributing over 50% of total revenue [4]. - Despite the growth in scale, the company faces profitability challenges, with franchise channel gross margins at 16.6%, significantly lower than the 35.3% of self-operated channels, causing overall gross margin to decline from 29.3% in 2022 to 23.1% in the first half of 2025 [5]. - The shift in consumer attitudes towards gold, prioritizing its value retention over decorative functions, has forced潮宏基 to adjust its product structure, increasing the share of lower-margin classic gold jewelry from 32.6% to 44.6% over three years [6][7]. Group 2: Market and Financial Pressures - The company faces multiple challenges in the capital market, including a 508 million yuan goodwill from the acquisition of the women's bag brand FION, which poses a potential impairment risk if performance expectations are not met [10]. - The second-largest shareholder, Dongguan Group, sold approximately 125 million yuan worth of shares at a high point, raising concerns about shareholder confidence during the critical period of the company's Hong Kong listing [10]. - Trade receivables have risen to 370 million yuan, primarily from franchisees and e-commerce platforms, posing potential cash flow risks for the company [10]. Group 3: International Expansion and Legal Issues - An important aspect of潮宏基's fundraising in Hong Kong is its international expansion plan, aiming to open 20 overseas stores by 2028 [11]. - However, the company currently operates only 4 overseas stores and lacks international market operational experience compared to competitors like Chow Tai Fook [12]. - Additionally,潮宏基 is facing intellectual property lawsuits from international giants such as LVMH, which could impact its brand image and market expansion efforts abroad [13]. Group 4: Strategic Considerations - The pursuit of "A+H" listing reflects潮宏基's strategic decision during a period of deep adjustment in the gold jewelry industry, providing an international financing platform and brand visibility [14]. - The dual-platform operation will subject the company to stricter market regulations and investor expectations, making it crucial to maintain profitability amid fierce domestic competition and navigate international risks [15].