CHJ(SZ:002345) Xin Lang Cai Jing·2025-11-03 10:41Core Viewpoint - The company reported strong revenue growth and improved performance in Q3 2025, driven by robust jewelry business and effective cost management [2][3][5] Revenue and Profitability - In the first three quarters of 2025, the company achieved revenue of 6.237 billion yuan, a year-on-year increase of 28.35% [1][2] - The net profit attributable to shareholders was 317 million yuan, up 0.33% year-on-year, while the net profit excluding non-recurring items was 314 million yuan, growing by 1.25% [1][2] - Q3 2025 saw a significant acceleration in revenue growth, with a year-on-year increase of 81.54% in net profit after excluding goodwill impairment [2] Jewelry Business Performance - The jewelry segment showed strong performance, with revenue growth of 30.70% and net profit growth of 56.11% in the first three quarters of 2025 [3] - In Q3 2025, jewelry revenue increased by 53.55% year-on-year, and net profit surged by 86.80% [3] - The company expanded its store network to 1,599 locations, with 1,412 being franchise stores, reflecting a net increase of 144 stores since the beginning of the year [3] Cost Management and Operational Efficiency - The overall expense ratio for the first three quarters of 2025 was 12.03%, a decrease of 2.98 percentage points year-on-year, primarily due to lower sales and management expense ratios [4] - The gross profit margin was 23.16%, down 1.00 percentage point year-on-year, attributed to a higher proportion of revenue from lower-margin franchise channels [3][4] - The net cash flow from operating activities was 602 million yuan, an increase of 35.30% year-on-year [4] Investment Outlook - The company is expected to maintain strong growth momentum in its jewelry business, supported by brand enhancement and product differentiation [5] - The focus on the main brand and expansion into overseas markets is anticipated to create new growth opportunities [5] - Projected EPS for 2025-2027 is 0.51, 0.72, and 0.85 yuan, with corresponding PE ratios of 26.5, 18.7, and 16.0 times [5]