CHJ(SZ:002345) Changjiang Securities·2025-11-04 15:23Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q3 2025, the company achieved revenue of 2.13 billion yuan, a year-on-year increase of 49.5%. The net loss attributable to the parent company was 10 million yuan, primarily due to goodwill impairment in the women's bag business. Excluding the impairment impact, the net profit attributable to the parent company was 160 million yuan, representing a year-on-year growth of 81.5% [2][4]. - For the first three quarters, the company reported revenue of 6.24 billion yuan, a year-on-year increase of 28.3%. After excluding the impairment, the net profit attributable to the parent company was 490 million yuan, up 54.5% year-on-year, indicating strong performance in the jewelry main business [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company's main brand total store count reached 1,599, with a net increase of 59 stores compared to the previous half-year. The average sales per store continued to grow, driving the impressive revenue growth [10]. - The gross profit margin for Q3 was 21.9%, a decrease of 2.3 percentage points year-on-year, attributed to an increase in the proportion of wholesale business revenue. The gross profit amount increased by 35% year-on-year, significantly outperforming peers [10]. - Operating profit for Q3 was 200 million yuan, a substantial year-on-year increase of 99%, with net cash inflow from operating activities also at 200 million yuan, reflecting strong operational momentum in the jewelry main business [10]. Strategic Focus - The company is focusing on "focusing on the main brand, extending 1+N, all-channel marketing, and internationalization" as its core strategy. It maintains a youthful fashion positioning and strong original design capabilities, with increasing store count, store efficiency, and brand recognition [10]. - The company plans to concentrate resources on the jewelry main business following a goodwill impairment of 170 million yuan in the women's bag business, which is expected to optimize resource allocation in the long term [10]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.48, 0.69, and 0.84 yuan for the years 2025, 2026, and 2027, respectively [10].