CHJ(002345)2025-05-09 12:51Investment Rating - The report does not explicitly state the investment rating for CHJ Industry Core Views - The company's net profit in Q1 2025 increased significantly by 44.4% year-on-year, driven by product innovation and structural optimization [4][11] - The gold jewelry business showed steady revenue and profit growth, with franchising being the main engine for revenue increase [2][9] - The company is actively responding to fluctuations in gold prices through product innovation and cost control measures [5][12] Revenue and Profit Analysis - In 2024, the company achieved revenues of 6.52 billion RMB, a year-on-year increase of 10.5%, while net profit attributable to the parent company was 190 million RMB, down 41.9% year-on-year due to goodwill impairment [2][9] - The revenue share of traditional gold products increased from 38.4% in 2023 to 45.3% in 2024, with a revenue growth rate of 30.2% [3][10] - In Q1 2025, the company reported revenues of 2.25 billion RMB, a 25.4% increase year-on-year, with a net profit of 189 million RMB [4][11] Product and Market Strategy - The company is focusing on high-margin products to drive profitability, with a gross profit margin improvement to 22.93% in Q1 2025 [4][11] - Management emphasizes the importance of emotional value and cultural identity in consumer purchasing decisions, aiming to enhance product IP attributes [5][12] - The retail network expanded to 1,505 stores by the end of 2024, with a focus on franchised stores and international market penetration [6][13] Dividend Policy - The company has maintained a stable dividend distribution strategy, with a proposed cash dividend of 2.5 RMB per 10 shares for 2025, resulting in a cumulative dividend ratio of 160.59% [6][14]