Core Viewpoint - Chao Hong Ji Industrial Co., Ltd. is planning a secondary listing on the Hong Kong Stock Exchange, focusing on the mid-to-high-end fashion consumer goods market, particularly in jewelry and fashion bags [3]. Financial Performance - Revenue for Chao Hong Ji from 2022 to 2024 is projected to be RMB 4.364 billion, RMB 5.836 billion, and RMB 6.452 billion, respectively, with net profits of RMB 205 million, RMB 330 million, and RMB 169 million [4]. - In the first half of 2025, the company reported revenue of RMB 4.062 billion, a year-on-year increase of 19.59%, and a net profit of RMB 333 million, up 44.07% [3]. Market Position - Chao Hong Ji ranks first among jewelry companies in mainland China with a market share of 1.4% based on sales revenue for 2024 [3]. - In the K-gold market, the company is positioned fifth among jewelry enterprises in mainland China [3]. Store Network - As of June 30, 2025, Chao Hong Ji operates a total of 1,538 jewelry stores, including 201 self-operated stores and 1,337 franchise stores, with 86.9% of the total being franchise stores [5]. Employee Trends - The total number of full-time employees has decreased from 4,425 in 2022 to 3,527 in the first half of 2025, indicating a reduction of 898 employees over three and a half years [8]. - Employee turnover rates vary by region, with mainland China showing rates of 30.8% to 36.4%, while Singapore has a notably high turnover rate of 58.3% [8][9].

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. is set to launch its IPO on June 26, 2023, on the Hong Kong Stock Exchange, aiming to raise funds for expanding its sales network and enhancing brand recognition [3][4]. Company Overview - Zhou Liufu was founded in 2004 by brothers Li Weizhu and Li Weipeng, focusing on the research, design, production, and sales of various jewelry products including gold, platinum, diamonds, and jade [4]. - The company has maintained a position among the top five jewelry brands in China from 2017 to 2024 based on the number of stores [4]. - Zhou Liufu ranks second among national jewelry companies in China for the compound annual growth rate (CAGR) of online sales revenue from 2022 to 2024, and first in terms of online sales revenue as a percentage of total revenue for 2024 [4]. Sales Network - As of December 31, 2024, Zhou Liufu operates 4,125 stores across 31 provinces and 305 cities in China, with 91 self-operated stores and 4,034 franchise stores [4]. - The distribution of stores includes 8.3% in first-tier cities, 35.6% in second-tier cities, and 56% in third-tier and lower-tier cities, with over 50% of stores located in shopping centers and department stores [4]. Online Presence - Zhou Liufu has established a strong online presence, achieving significant sales growth on major e-commerce platforms, with a CAGR of 46.1% in online sales revenue from 2022 to 2024, and online sales accounting for 40% of total revenue in 2024 [5]. - The company received the annual best-selling product award from JD Retail's gold jewelry division in 2023 [5]. Financial Performance - Zhou Liufu's revenue figures for 2022, 2023, and 2024 are 3.102 billion RMB, 5.150 billion RMB, and 5.718 billion RMB, respectively, with a CAGR of 35.8%, ranking first among national jewelry companies [5][6]. - The net profit for the same years is reported as 575 million RMB, 660 million RMB, and 706 million RMB, with a CAGR of 10.8% [6].