CHJ(SZ:002345) Nan Fang Du Shi Bao·2025-11-04 12:33Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (002345.SZ) reported a significant increase in revenue and cash flow for the first three quarters of 2025, while facing challenges due to goodwill impairment [1][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 6.237 billion yuan, a year-on-year increase of 28.35% [1][2]. - The net profit reached 317 million yuan, reflecting a slight increase of 0.33% year-on-year [1][2]. - The net cash flow from operating activities was 602 million yuan, up 35.30% compared to the previous year [1][2]. - In Q3 2025, the company reported a revenue of 2.135 billion yuan, a 49.52% increase year-on-year, but incurred a net loss of 14.28 million yuan, a decline of 116.52% [8][2]. Goodwill Impairment - The company recorded a goodwill impairment of 171 million yuan in Q3 2025, primarily due to the assessment of goodwill related to the acquisition of FION [8][9]. - The total goodwill from the acquisition of FION was 1.163 billion yuan, with previous impairments recorded in multiple years [8][9]. - Excluding the impact of goodwill impairment, the net profit for the first three quarters of 2025 would have been 488 million yuan, a growth of 54.52% year-on-year [9][10]. International Expansion Plans - Chao Hong Ji has submitted an application for a secondary listing on the Hong Kong Stock Exchange, aiming for an "A+H" dual listing to enhance its global strategy and brand image [3][6]. - The company plans to use the proceeds from the IPO for overseas expansion, new production facilities, marketing, and general corporate purposes [6]. - As part of its international strategy, the company has opened seven jewelry stores in Southeast Asia, marking its first step towards global expansion [6][10].