今年以来，黄金珠宝板块个股行情表现突出，而除了市场关注度普遍较高的如老铺黄金、潮宏基 （002345）等"新消费"主题范畴下标的外，周大福、六福集团及周生生等传统港资珠宝龙头的股价同样 较为突出，并在近期因板块轮动而消费行情降温背景下，实现了逆势持续上涨：截至2025/09/10，三者 涨幅分别达到151%/95%/135%。该行认为其上涨驱动远不止"补涨"这么简单，更源于企业自身基本面的 革新，其中六福集团4-6月内地同店销售进一步加速增长19%;周生生2025H1归母净利润同比增长76%。 在此基础上，伴随企业未来转型逻辑的进一步兑现和改善空间的打开，估值水平也将从低位实现持续修 复，从而呈现戴维斯双击特征。 行业变化：饰品消费底层逻辑已形成"为时尚+保值双重价值买单" 近年来，金价持续上涨，以及消费者对钻石镶嵌等高溢价品类的祛魅，黄金的保值属性认知持续强化。 但过快抬升的金价也压制了部分传统需求的释放，且成本加成定价的克重黄金产品也面临毛利压力;与 此同时，设计工艺的突破让黄金的时尚属性显著提升，悦己消费需求场景得以打开，具备强产品设计的 一口价黄金首饰实现"时尚+保值"的完美融合，多家企业24年一口价 ...

智通财经APP获悉，国信证券发布研报称，整体来看，港资珠宝企业在近年来的行业变化中虽有短期挣 扎，但也展现了自身较强应变能力，通过从产品到渠道的多维度转型变革，依托自身强品牌力基础，正 逐步重回增长轨道，并带动估值持续修复。重点推荐周大福(01929)、六福集团(00590)、周生生 (00116)。 近年来，金价持续上涨，以及消费者对钻石镶嵌等高溢价品类的祛魅，黄金的保值属性认知持续强化。 但过快抬升的金价也压制了部分传统需求的释放，且成本加成定价的克重黄金产品也面临毛利压力;与 此同时，设计工艺的突破让黄金的时尚属性显著提升，悦己消费需求场景得以打开，具备强产品设计的 一口价黄金首饰实现"时尚+保值"的完美融合，多家企业24年一口价黄金饰品增长幅度达到100%以上。 同时具备产品溢价的一口价产品毛利率达到30%-40%，确保了企业盈利水平。 港资珠宝企业自身变革：产品力+渠道力+品牌力的三重升级 1)加大产品设计及差异化布局，近年定价黄金饰品的营收贡献持续增长，如2025财年周大福中国内地黄 金饰品中，定价模式产品贡献值从7.1%提升至19.2%;六福集团定价黄金产品同店实现高双位数增长。2) 门店变革优 ...

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 1: Company Overview - Founded in 1997, Chao Hong Ji has established its flagship brand CHJ潮宏基 and is recognized as a model of "national trend innovation" in China's jewelry industry, being named a "national trend innovation brand" by Forbes [1] - The company is based on the national intangible cultural heritage of flower silk craftsmanship, commercializing traditional techniques and recreating cultural symbols [1] Group 2: Market Position - According to Frost & Sullivan, Chao Hong Ji ranks first among fashion jewelry companies in mainland China by sales revenue in 2024, with a market share of 1.4% [1] - The brand targets a "young and fashionable" demographic, offering a diverse product range through CHJ潮宏基, Chao Hong Ji Soufflé, CHJ ZHEN, and the new cultivated diamond brand C vol [1] Group 3: Retail Network - As of June 30, 2025, the company operates a total of 1,542 offline jewelry stores, including 201 self-operated stores and 1,337 franchise stores, along with four overseas locations [1] - The company employs a hybrid model of self-operated and franchise stores to expand its sales network [1]

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted an application for a main board listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international competitiveness [1][2] Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% for total revenue from 2022 to 2024, with total revenue of 4.062 billion yuan in the first half of 2025, representing a year-on-year growth of 19.6% [1] - For the first half of 2025, the company reported a net profit of 331 million yuan, reflecting a year-on-year increase of 44.34% [2] - The company plans to distribute a dividend of 1 yuan per 10 shares (including tax) [2] Group 2: Market Position and Strategy - Chao Hong Ji ranks ninth in the jewelry market with a market share of 0.8%, while the top five companies hold a combined market share of 31.8% [1] - The company leads in specific segments such as gold string beads and fashion jewelry, with a market share of 1.4% in the fashion jewelry market [1] - The company aims to expand its overseas business, planning to open 20 self-operated stores abroad by the end of 2028 and establish a headquarters in Hong Kong [2] Group 3: Operational Highlights - As of June 30, 2025, the company operates 1,542 jewelry stores, with 202 self-operated and 1,337 franchised stores, maintaining a balanced presence in first-tier and new first-tier cities [1] - The company has seen a 70.64% year-on-year increase in net profit from its online sales subsidiary, Guangdong Chao Hui Network Technology Co., Ltd., due to effective adjustments in third-party online platforms [2] - The company is focusing on enhancing its franchise channel and overseas market layout to improve single-store operational efficiency [2]

Core Viewpoint - The company,潮宏基, is advancing its A+H share listing process in Hong Kong, aiming to enhance its global strategy and international competitiveness through an IPO, with a focus on overseas expansion and establishing a strong retail presence in international markets [1][2]. Group 1: Financial Performance - The company projects a compound annual growth rate (CAGR) of 21.6% in total revenue from 2022 to 2024, with total revenue expected to reach 4.062 billion yuan in the first half of 2025, representing a year-on-year growth of 19.6% [1]. - For the first half of 2025, the company anticipates a profit of 330 million yuan, with a year-on-year increase of 44.34% [2]. - The company reported a revenue of 4.102 billion yuan for the first half of 2025, reflecting a year-on-year growth of 19.54% [2]. Group 2: Market Position and Strategy - The jewelry industry in China is characterized by low concentration, with the top five companies holding a market share of 31.8%, while潮宏基 ranks ninth with a market share of 0.8% [1]. -潮宏基 leads in specific segments such as gold string beads and fashion jewelry, holding the top position in the fashion jewelry market with a market share of 1.4% [1]. - The company aims to open 20 self-operated stores overseas by the end of 2028 and establish an overseas headquarters in Hong Kong, as part of its global expansion strategy [2]. Group 3: Operational Developments - The company is focusing on enhancing its main brand, expanding its multi-brand strategy, and implementing an omnichannel marketing approach, which has led to improved operational performance [3]. -潮宏基 has successfully opened two stores in Cambodia's key commercial areas, further expanding its overseas retail network [3]. - The company’s online sales subsidiary reported a net profit increase of 70.64% during the reporting period, indicating effective adjustments in its online sales strategy [3].

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (referred to as "Chao Hong Ji") has submitted an application for an "A+H" dual listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and brand image [1] Group 1: Listing and Market Strategy - Chao Hong Ji plans to utilize the "A+H" listing model to diversify capital operations and promote internationalization [1] - The company aims to leverage the complementary advantages of financing flexibility and investor structure through the dual listing [1] Group 2: Fundraising and Utilization - The IPO proceeds are intended for overseas expansion, building new production bases, opening three flagship stores in mainland China, marketing and brand development, and general corporate purposes [2] - The company’s core business, jewelry, contributes approximately 90% of total revenue, with a strategic brand layout that includes multiple product lines [2] Group 3: Product Differentiation and Performance - Chao Hong Ji has adopted IP collaboration as a key differentiation strategy, with 12 top global IPs and over 400 SKUs launched [3] - For the first half of 2025, the company reported a revenue of 4.102 billion yuan, a year-on-year increase of 19.54%, and a net profit of 331 million yuan, up 44.34% [3] Group 4: Channel Expansion and Online Sales - The company has established a strong online presence across 14 major platforms, with online sales revenue increasing from 889 million yuan in 2022 to 942 million yuan in 2024 [3] - As of June 30, Chao Hong Ji operates 1,542 offline jewelry stores, including 201 self-operated and 1,337 franchised stores [3] Group 5: International Expansion - Chao Hong Ji has begun its overseas expansion by opening its first store in Malaysia in 2024, followed by another in Thailand, and plans to open two more in Cambodia in 2025 [4] - Successful listing in Hong Kong is expected to enhance the company's overseas financing capabilities and resource allocation efficiency, supporting domestic upgrades and international market expansion [4]

Core Viewpoint - Guangdong Chao Hong Ji (潮宏基) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Company Overview - Founded in 1997, Chao Hong Ji established its flagship jewelry brand CHJ潮宏基, becoming a leader in the fashion jewelry industry in mainland China [3] - The company is recognized as a "national trend innovation" model in the jewelry sector, leveraging traditional craftsmanship and cultural symbols [3] - In 2023, it was the only jewelry brand from mainland China to be named a "National Trend Innovation Brand" by Forbes [3] Market Position - Chao Hong Ji is positioned as a leading fashion jewelry brand in mainland China, with a market share of 1.4% in the fashion jewelry sector as of 2024 [3] - The company targets the mid-to-high-end market with a unique product mix, establishing a differentiated brand image [3] Brand Strategy - The company has been included in the "China's 500 Most Valuable Brands" for 21 consecutive years and was recognized as one of the "Asia's 500 Strongest Brands" in 2024 [4] - Jewelry business accounts for approximately 90% of total revenue, with a strategic brand layout that includes multiple brands such as CHJ潮宏基, 潮宏基|Soufflé, and CHJ ZHEN臻 [4] - The company has developed a new brand, C vol, targeting the emerging cultivated diamond market to meet differentiated customer needs [4] Retail Network - As of June 30, 2025, Chao Hong Ji operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, along with four overseas stores [4] Financial Performance - The company reported revenues of approximately RMB 4.364 billion, RMB 5.836 billion, RMB 6.452 billion, and RMB 4.062 billion for the fiscal years ending in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5][7] - Profit figures for the same periods were RMB 205 million, RMB 330 million, RMB 169 million, and RMB 333 million [5][7]

Core Viewpoint - The recent surge in gold prices has led to a surprising lack of interest in Pop Mart's new gold jewelry line, contrasting sharply with the previous demand for their blind boxes [1][3]. Pricing Strategy - Pop Mart has adopted a fixed pricing model for their gold products, which does not fluctuate with gold prices, unlike traditional gold retailers [3]. - The pricing for Pop Mart's gold items ranges from 980 yuan for the cheapest gold bead to 56,800 yuan for a 41-gram gold ornament, with per gram prices between 1,300 and 1,800 yuan [1][3]. - Comparatively, their collaboration with Chow Sang Sang has a per gram price of 2,185 yuan, indicating that Pop Mart's pricing strategy may not appeal to average consumers [3]. Target Market and Consumer Behavior - The primary consumers for gold jewelry are typically older women with higher purchasing power, which does not align with Pop Mart's core demographic of younger consumers [4]. - There is a potential mismatch in targeting both young consumers through IP and high-end customers through gold, which may lead to dissatisfaction on both fronts [4]. Market Expansion and Growth Potential - Pop Mart's founder has indicated that jewelry is a key area for expansion, with a 67% increase in IP derivative income projected for 2024, accounting for 29% of total revenue [3]. - Despite impressive growth in their IP derivative products, the gold market operates differently, with consumers placing a higher emphasis on price stability and value retention [4]. Strategic Challenges - The initial low demand for Pop Mart's gold products may reflect deeper strategic issues, particularly in pricing and distribution channels [4]. - If Pop Mart can effectively integrate the value of their IP with the stability of gold, they may successfully penetrate a new market [4]. - However, maintaining high premiums and limited distribution could pose risks to their overall brand ecosystem [4].

Core Viewpoint - Haikou Lankasri Trading Co., Ltd. has been established with a registered capital of 600,000 RMB, focusing on various trading activities including jewelry and art products [1] Company Summary - The legal representative of Haikou Lankasri Trading Co., Ltd. is Xiao Feng [1] - The company has a registered capital of 600,000 RMB [1] - The business scope includes wholesale of jewelry, arts and crafts, and agricultural products, as well as manufacturing and repair services for jewelry [1] Industry Summary - The company operates in the jewelry and arts industry, with a focus on wholesale and manufacturing [1] - The business activities are compliant with local regulations, as indicated by the self-managed operation of general business projects [1]

Core Viewpoint - Pop Mart officially launched its gold jewelry brand popop on September 12, introducing a series of solid gold products, marking a significant expansion into the jewelry market [2]. Group 1: Product Launch and Sales - The popop brand currently sells its products only in two physical stores located in Beijing and Shanghai, with no online sales channels available yet [7]. - On the first day of the launch, the sales of the solid gold series were relatively quiet compared to the immediate sell-out of Pop Mart's toy series, with no queues reported at the Beijing store [10]. - Store staff indicated that while there was no rush to purchase, many customers inquired about the new gold products, suggesting a potential interest in future purchases [10]. Group 2: Pricing and Market Positioning - The pricing of the newly launched solid gold products is lower than previous collaborations, such as the "Traveling Dream" series with Chow Sang Sang, where a 0.8-gram gold bead was priced at approximately ¥1748, translating to about ¥2185 per gram [10]. - Prior to the introduction of solid gold items, popop's products primarily used lower-value materials like S925 silver and zircon, with prices ranging from ¥319 to ¥2699, targeting the light luxury market alongside brands like Pandora and Swarovski [10][12]. Group 3: Revenue and Growth Potential - The revenue from Pop Mart's IP-derived products is projected to grow by 67% year-on-year in 2024, accounting for 29% of total revenue, indicating a strong market demand for its IP products [12]. - The founder of Pop Mart expressed a desire to explore various product categories, with jewelry being a significant area of focus for expansion [12].