证券代码：002345 证券简称：潮宏基 公告编号：2025-055 广东潮宏基实业股份有限公司 第七届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）第七届董事会第六次会 议于 2025 年 10 月 30 日在公司会议室以现场和通讯相结合的方式召开。本次会 议的通知及会议资料已于 2025 年 10 月 27 日以专人送达、电子邮件及传真形式 通知了全体董事和高级管理人员。出席本次董事会会议的应到董事为 11 人，实 到董事 11 人，其中独立董事 4 名。公司高级管理人员列席了会议。本次会议的 通知、召开以及参会董事人数均符合相关法律、法规、规则及《公司章程》的有 关规定。与会董事经认真审议和表决，形成决议如下： 一、以 11 票同意、0 票反对、0 票弃权，审议通过了《2025 年第三季度报 告》。 本议案已经公司第七届董事会审计委员会事前审议通过。 本议案尚需提交公司 2025 年第三次临时股东会审议。 三、以 11 票同意、0 票反对、0 票弃权，审议通过了《关于计提商誉减值准 ...

Core Insights - The company reported a third-quarter revenue of 2.135 billion yuan, representing a year-on-year increase of 49.52% [1] - The net profit for the third quarter was a loss of 14.2795 million yuan, a decline of 116.52% [1] - For the first three quarters, the company achieved a revenue of 6.237 billion yuan, which is a year-on-year growth of 28.35% [1] - The net profit for the first three quarters was 317 million yuan, showing a slight increase of 0.33% year-on-year [1]

广东潮宏基实业股份有限公司 2025 年第三季度报告 1 广东潮宏基实业股份有限公司 2025 年第三季度报告 证券代码：002345 证券简称：潮宏基 公告编号：2025-056 广东潮宏基实业股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 广东潮宏基实业股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 2 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 增减 | | 比上年同期增减 | | 营业收入（元） | ...

截至10月30日收盘，培育钻石概念上涨1.26%，位居概念板块涨幅第3，板块内，8股上涨，沃尔德、惠 丰钻石、恒盛能源等涨幅居前，分别上涨19.64%、9.16%、4.17%。跌幅居前的有楚江新材、潮宏基、 国力电子等，分别下跌4.71%、4.66%、3.09%。 （文章来源：证券时报网） | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 688028 | 沃尔德 | 19.64 | 12.55 | 10439.52 | 10.96 | | 300179 | 四方达 | 3.29 | 21.97 | 2525.84 | 2.25 | | 605580 | 恒盛能 源 | 4.17 | 3.01 | 1968.34 | 6.76 | | 301021 | 英诺激 光 | -1.73 | 7.87 | 889.10 | 1.64 | | 600916 | 中国黄 金 | 0.24 | 1.74 | 527.80 | 2.15 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 48.0 billion RMB for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit of 1.44 billion RMB, down 19.1% year-on-year. However, the third quarter showed a revenue increase of 16.0% year-on-year, indicating positive momentum from new product launches and a recovery in net store openings [1][2]. - The company has launched nearly 400 new products in 2025, including the "盛唐风华," "凤祥喜事," and "藏宝金" series, which have contributed to the revenue growth, particularly in the jewelry segment [1][2]. - The gross margin for Q3 2025 was 7.0%, up 0.5 percentage points year-on-year, primarily benefiting from rising gold prices, although this was partially offset by an increase in the proportion of lower-margin gold bars [3]. - The company opened a net of 75 new stores in Q3 2025, with plans to open an additional 31 stores in Q4 2025, indicating a strategic focus on expanding its retail footprint [4]. Summary by Sections Revenue and Profitability - For Q3 2025, the company achieved a revenue of 14.65 billion RMB, with jewelry sales growing by 12.1% year-on-year, driven by new product contributions [2]. - The net profit margin for Q3 2025 was 1.5%, down 1.5 percentage points year-on-year, influenced by increased sales and promotional expenses [3]. Store Expansion - As of September 30, 2025, the company had a total of 5,625 retail outlets, including 187 direct stores and 5,438 franchise stores, with a focus on enhancing brand image and adapting to market trends [4]. Financial Forecast - The report forecasts net profits of 1.65 billion RMB, 1.85 billion RMB, and 2.06 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.5%, +12.6%, and +11.3% [5]. - The target price is set at 63 RMB, corresponding to a 20x PE ratio for 2025 [5].

Core Insights - The jewelry sector experienced a decline of 2.13% on October 30, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Market Performance - The jewelry sector's main stocks showed varied performance, with ST XinHua Jin rising by 4.97% to a closing price of 6.97, while Chao Hong Mu fell by 4.66% to 13.51 [2] - The trading volume for ST XinHua Jin was 106,000 shares, with a transaction value of 72.87 million yuan, while Chao Hong Mu had a trading volume of 166,200 shares and a transaction value of 228 million yuan [2] Capital Flow - The jewelry sector saw a net outflow of 104 million yuan from main funds, while retail investors contributed a net inflow of approximately 95.4 million yuan [2] - The main funds showed a net inflow in stocks like Di A shares and ST XinHua Jin, while significant outflows were noted in stocks like Rui Bei Ka and Ming Pai Jewelry [3]

Core Insights - JD.com has launched a new round of discounts for the 11.11 shopping festival, offering direct price reductions starting from 15% and exclusive coupons for PLUS members [1][12] - The promotions cover a wide range of categories including fashion, beauty, and winter essentials, catering to seasonal demands [3][5] Fashion and Beauty Promotions - JD.com is offering significant discounts on winter apparel such as wool coats, down jackets, and snow boots, with prices as low as 50% off [3] - Beauty products are also featured with limited-time discounts, including Lancôme eye cream and SK-II facial essence, providing high value for consumers [5] Accessories and Footwear - The platform has curated popular accessories and bags, with notable discounts such as 5% off on jewelry and up to 61% off on luggage [7] - Footwear and children's clothing are highlighted with attractive deals, including discounts on long boots and children's down jackets [8] Sports Equipment - JD.com is promoting high-quality sports gear with substantial discounts, such as a running machine at 22% off and badminton rackets with additional coupon savings [10] - The offerings aim to support fitness enthusiasts with affordable and professional-grade equipment [10]

Core Viewpoint - Chao Hong Ji's stock price has experienced significant fluctuations in 2023, with a year-to-date increase of 154.21% and a recent decline over the past 20 days [1][2] Financial Performance - For the first half of 2025, Chao Hong Ji reported a revenue of 4.102 billion yuan, representing a year-on-year growth of 19.54%, and a net profit attributable to shareholders of 331 million yuan, up 44.34% [2] - The company has distributed a total of 1.897 billion yuan in dividends since its A-share listing, with 800 million yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 51.55% to 40,400, while the average circulating shares per person decreased by 33.99% to 21,446 shares [2] - Notable changes in the top ten circulating shareholders include Hong Kong Central Clearing Limited increasing its holdings by 6.1406 million shares, and several new institutional investors entering the list [3] Market Activity - On October 30, 2023, Chao Hong Ji's stock price fell by 2.05% to 13.88 yuan per share, with a trading volume of 45.9037 million yuan and a turnover rate of 0.38% [1] - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent instance on June 5, where it recorded a net purchase of 130 million yuan [1]

Group 1 - The core viewpoint of the article highlights the volatility in gold prices, with a significant drop of 12 yuan per gram in domestic gold jewelry prices, while major brands like Chow Tai Fook maintain prices at 1232 yuan per gram, indicating a disparity in pricing strategies [1][3] - International gold prices experienced a dramatic decline of 6%, marking the largest single-day drop since 2020, with prices falling to 4080 USD before rebounding to over 4100 USD. This reflects a broader trend of fluctuating gold prices influenced by market dynamics [3][4] - Morgan Stanley predicts that gold prices could reach 5055 USD per ounce by the end of next year, driven by strong demand from central banks and investors, who are expected to consume 566 tons of gold each quarter [3][4] Group 2 - The article discusses the varying prices of gold jewelry among different brands, with Chow Tai Fook and others maintaining higher prices, while some stores like Sun Gold offer lower prices at 1099 yuan per gram, suggesting a competitive market landscape [3] - The long-term outlook for gold remains positive despite short-term volatility, as it is considered a stable asset in uncertain times. Investors are advised to compare prices and consider recovery channels before making purchases [4] - The article raises questions about the pricing strategies of major gold retailers, suggesting that the current market dynamics may not favor average consumers, who could be caught in a cycle of price fluctuations [4]

Core Points - The 2025 Global First Release Festival for National Trend Jewelry will take place from October 31 to November 2 at the main venue in Dongcheng District's Oriental New World and eight sub-venues across the city [1][2] - The main venue will feature a variety of new product launches from well-known jewelry brands, allowing visitors to shop while enjoying exhibitions [1] - Notable brands participating include Cai Bai Jewelry, Chao Hong Ji, and various intangible cultural heritage units showcasing traditional craftsmanship [1] Group 1 - The main venue will host new collections such as Chao Hong Ji's non-heritage Huasi series and Cai Bai's floating light butterfly shadow series [1] - The event aims to create a new consumption scene for national trend jewelry by collaborating with major commercial and jewelry brands across the city [2] - Sub-venues include Beijing Department Store, Hongqiao Market, and other key commercial areas, enhancing the event's reach and engagement [2]