CHJ(SZ:002345) HUAXI Securities·2025-08-24 11:33Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 4.102 billion yuan in H1 2025, representing a year-on-year increase of 19.54%, with a net profit attributable to shareholders of 331 million yuan, up 44.34% [2] - The jewelry business generated revenue of 3.973 billion yuan in H1 2025, growing by 21.22%, driven by modern design interpretations of traditional craftsmanship and the introduction of new IP series targeting younger consumers [3] - The company continues to expand its franchise stores, with a net increase of 68 franchise stores to 1,340, and has made significant strides in international markets, including opening two stores in Cambodia [4] - The company's net profit margin improved to 8.11%, an increase of 1.38 percentage points, due to optimized expense ratios, particularly in sales expenses [5] - The company maintains its profit forecast, expecting revenues of 7.788 billion yuan, 8.949 billion yuan, and 9.900 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 506 million yuan, 632 million yuan, and 753 million yuan for the same years [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 4.102 billion yuan, a 19.54% increase year-on-year, and a net profit of 331 million yuan, up 44.34% [2] - The revenue for Q2 2025 was 1.850 billion yuan, reflecting a 13.13% increase, with a net profit of 142 million yuan, up 44.29% [2] Business Segments - The jewelry segment's revenue reached 3.973 billion yuan in H1 2025, with fashion jewelry and traditional gold products growing by 20.33% and 23.95% respectively [3] - The leather goods segment saw a decline in revenue, down 17.77% to 123 million yuan [3] Channel Expansion - Franchise and self-operated channels saw revenue growth of 36.24% and 4.75% respectively, while online sales declined by 5.80% [4] - The company successfully opened 68 new franchise stores, bringing the total to 1,340, while also expanding its international presence in Southeast Asia [4] Profitability Metrics - The net profit margin improved to 8.11%, an increase of 1.38 percentage points, while the gross margin was 23.81%, a slight decrease of 0.34 percentage points [5] - The management, sales, R&D, and financial expense ratios were optimized, contributing to the overall improvement in profitability [5] Earnings Forecast - The company forecasts revenues of 7.788 billion yuan, 8.949 billion yuan, and 9.900 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 506 million yuan, 632 million yuan, and 753 million yuan [6]