潮宏基（002345）：渠道逆势扩张，扣非净利同比高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][6]. Core Insights - The company achieved a significant increase in its financial performance, with a 177% year-on-year growth in net profit attributable to the parent company, driven by strong revenue growth of 43% to 9.32 billion yuan [1]. - The company's expansion strategy is robust, with a notable increase in the proportion of fashion jewelry sales, which rose to 55% of total jewelry revenue, reflecting a shift in product structure [2]. - The company has successfully expanded its franchise model, with franchise revenue increasing by 80% year-on-year, and the average revenue per franchise store rising by 66% [3]. Financial Performance Summary - In 2025, the company reported a total revenue of 9.32 billion yuan, with a net profit of 497 million yuan, and a non-GAAP net profit of 518 million yuan, marking substantial growth compared to the previous year [1]. - The company plans to distribute a dividend of 3.5 yuan for every 10 shares, reflecting its commitment to returning value to shareholders [1]. - The operating cash flow for the year was negative at -71 million yuan, primarily due to inventory buildup in response to rising gold prices, although the first three quarters showed healthy cash flow [1]. Revenue and Profitability Trends - The fashion jewelry segment saw a revenue increase of 72% to 5.1 billion yuan, while traditional gold sales grew by 22% to 3.61 billion yuan, indicating a successful product mix strategy [2]. - The overall gross margin was slightly impacted by changes in channel structure, but improvements were noted in franchise and online sales margins [2]. - The company expects continued growth in net profit, projecting figures of 763 million yuan, 917 million yuan, and 1.012 billion yuan for the years 2026, 2027, and 2028, respectively [4].