潮宏基（002345）：二季度利润增长超40%，加盟门店持续扩张

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][13] Core Views - The company achieved a revenue of 4.102 billion yuan in the first half of 2025, representing a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 331 million yuan, up 44.34% year-on-year. In the second quarter alone, revenue grew by 13.13% to 1.85 billion yuan, with a net profit of 142 million yuan, also up 44.29% year-on-year. The overall revenue performance is attributed to the expansion of franchise stores and growth in wholesale business, while profit improvement is driven by optimized expenses and a higher proportion of high-margin jewelry products [1][7][8]. Summary by Sections Revenue and Profit Growth - The jewelry business saw a revenue increase of 21.22% to 3.973 billion yuan, with fashion jewelry products growing by 20.33% to 1.99 billion yuan and traditional gold products increasing by 23.95% to 1.831 billion yuan. The leather goods segment, however, experienced a decline in revenue by 17.77% to 123 million yuan due to decreased demand [2][8]. Store Expansion - The total number of stores increased by 31 to 1,542, with the main brand,潮宏基, adding 72 franchise stores, bringing the total to 1,340. The company is also accelerating its international expansion, opening 2 new stores in Southeast Asia, totaling 4 stores in that region [2][8]. Financial Metrics - The company's gross margin for the first half of the year was 23.81%, a decrease of 0.34 percentage points year-on-year, while the jewelry business gross margin was 22.62%, an increase of 0.26 percentage points. The sales expense ratio improved to 9.27%, down 2.09 percentage points year-on-year, benefiting from enhanced marketing efficiency. The operating cash flow net amount was 405 million yuan, up 19.53% year-on-year [2][8]. Future Outlook - The company is positioned as a representative of fashionable jewelry brands, successfully capturing consumer demand for both value retention and fashion attributes, particularly among younger consumers. Future investments will focus on product innovation and channel expansion, with expectations for increased profitability from higher pricing of gold jewelry products. The net profit forecasts for 2025-2027 have been adjusted to 487 million, 567 million, and 643 million yuan, respectively, with corresponding P/E ratios of 29.1, 25, and 22.1 [3][12][14].