Core Viewpoint - The Chinese jewelry market is experiencing steady growth driven by increasing consumer purchasing power and diverse daily wearing needs, but remains dominated by foreign brands with strong competitive advantages [1] Group 1: Company Overview - Chao Hong Ji, a leading domestic jewelry brand, is seeking to expand internationally by applying for a listing on the Hong Kong Stock Exchange after 15 years on the Shenzhen Stock Exchange [2] - The company emphasizes a dual-driven strategy of "culture + design" to innovate and differentiate itself in the jewelry market, positioning itself as both a manufacturer and a modern aesthetic promoter [3][4] - Chao Hong Ji has developed a multi-brand strategy, including sub-brands targeting different consumer segments, and has a significant retail presence with 1,542 stores across China and overseas [4] Group 2: Financial Performance - Chao Hong Ji's revenue has shown steady growth, with figures of approximately 4.364 billion, 5.836 billion, 6.452 billion, and 4.062 billion RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively [5] - The company's gross profit has also increased, but profitability has shown volatility, with gross margins declining from 29.3% in 2022 to 22.6% in 2024, before slightly recovering to 23.1% in the first half of 2025 [5] - The company's net profit figures for the years 2022 to 2024 were 205 million, 330 million, and 169 million RMB, with a recovery to 333 million RMB in the first half of 2025 [5] Group 3: Market Dynamics - The overall jewelry market in China is projected to grow from 610 billion to 728 billion RMB from 2020 to 2024, with a compound annual growth rate (CAGR) of 4.5%, expected to reach 937 billion RMB by 2029 [7] - The fashion jewelry segment, where Chao Hong Ji operates, has faced challenges, with market size declining from 284.8 billion to 203.8 billion RMB from 2020 to 2024, but is expected to recover to 245 billion RMB by 2029 [8] - The competitive landscape is fragmented, with Chao Hong Ji holding only 1.4% market share in the fashion jewelry sector, indicating a low concentration of brands [11] Group 4: Strategic Initiatives - Chao Hong Ji is actively pursuing international expansion, having opened stores in Malaysia, Thailand, and Cambodia, with plans to establish 20 self-operated stores overseas by the end of 2028 [11] - The company aims to enhance its brand appeal and product differentiation while leveraging digital marketing and e-commerce to engage younger consumers [11]