CHJ(SZ:002345) 阿尔法工场研究院·2025-09-16 00:07Core Viewpoint - Chao Hong Ji is experiencing declining gross margins and rising debt levels while expanding its store network and increasing gold lending amounts, raising concerns about potential risks [2][18]. Financial Performance - Gross margin decreased from 29.3% in 2022 to 22.6% in 2024, with a slight recovery to 23.1% in the first half of 2025 [5][6]. - Revenue for the first half of 2025 was approximately 4.062 billion, a year-on-year increase of 19.6% [5]. - The company’s gold lending amount rose from 5.18 billion in 2022 to 10.75 billion by July 2025, contributing to increased debt levels [8][18]. Expansion Plans - Chao Hong Ji plans to open 20 self-operated stores overseas by the end of 2028, with an investment payback period of 18-20 months [3][10]. - The company aims to establish three high-end flagship stores in first-tier cities in China, with significant design and inventory costs anticipated [10]. Store Operations - As of mid-2025, Chao Hong Ji operated 1,542 jewelry stores, with 202 self-operated and 1,340 franchised [5]. - The gross margin for self-operated stores was 35.3%, while for franchised stores it was only 16.6%, indicating a dilution of overall gross margin due to the increase in franchise operations [6]. Debt and Cash Flow - The asset-liability ratio increased to approximately 41.9% by mid-2025, up from 34.3%-37.7% in the previous three years [7][8]. - Cash and cash equivalents decreased from 548 million at the end of 2022 to 356 million by the end of 2024, before recovering to 456 million in mid-2025 [11][12]. Consumer Complaints and Online Sales - Online sales revenue increased from 889 million in 2022 to 942 million in 2024, with 496 million recorded in the first half of 2025 [16]. - Consumer complaints primarily focused on issues related to online purchases, including discrepancies in product quality and after-sales service [17][18].