女包品牌菲安妮再成拖累，潮宏基计提1.71亿元商誉减值准备

Core Viewpoint - The decline in net profit for潮宏基 is primarily attributed to a goodwill impairment of 171 million yuan, alongside ongoing performance issues with the FION brand [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.237 billion yuan, a year-on-year increase of 28.35%, and a net profit attributable to shareholders of 317 million yuan, up 0.33% [1]. - In Q3 2025, the company achieved revenue of 2.135 billion yuan, a significant year-on-year growth of 49.52%, but reported a net loss of 14.28 million yuan, a decline of 116.52% compared to the previous year [1][3]. Goodwill Impairment - The 171 million yuan goodwill impairment was identified as the main reason for the decline in net profit. Excluding this factor, the net profit for the first three quarters would have been 488 million yuan, reflecting a growth of 54.52% [2]. - The company has a history of goodwill impairments related to the FION brand, with previous impairments recorded in 2018 (210 million yuan), 2019 (152 million yuan), 2022 (80.66 million yuan), 2023 (39.43 million yuan), and 2024 (177 million yuan) [4]. Business Segments -潮宏基's core business, jewelry, has shown strong performance, with revenue growth of 30.70% and net profit growth of 56.11% in the first three quarters of 2025. Q3 alone saw revenue growth of 53.55% and net profit growth of 86.80% [5][6]. - The jewelry segment accounted for 45.25% of total revenue, targeting younger consumers with products priced in the thousands of yuan range [6]. International Expansion - The company is pursuing a dual listing in Hong Kong to enhance its global strategy and brand image, having submitted its application to the Hong Kong Stock Exchange [5][6]. -潮宏基 has opened stores in Southeast Asia, including Malaysia, Thailand, and Cambodia, but the contribution from overseas markets remains minimal, with revenues from Hong Kong and Taiwan at 703,120 yuan and other Asian regions at 1,938,080 yuan, representing only 0.11% and 0.30% of total revenue, respectively [6].