Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Core Viewpoint - The company is focusing on cautious and progressive expansion in the jewelry retail sector while enhancing support for franchisees and improving store operations through digitalization and refined management practices [2][3]. Group 1: Company Performance - In Q1 2025, the company reported a main revenue of 2.252 billion yuan, a year-on-year increase of 25.36% [3]. - The net profit attributable to shareholders was 189 million yuan, up 44.38% year-on-year [3]. - The net profit excluding non-recurring items was 188 million yuan, reflecting a 46.17% increase year-on-year [3]. - The company's debt ratio stands at 41.56%, with investment income recorded at -21,920 yuan and financial expenses at 8.7984 million yuan [3]. - The gross profit margin is reported at 22.93% [3]. Group 2: Market Expansion - The company has a significant presence in Southeast Asia, with over 20 stores in Singapore and Hong Kong, and has opened 2 new jewelry stores in Cambodia this year, totaling 4 stores in the region [3]. - The company plans to accelerate its overseas market expansion to showcase Eastern culture to global consumers and steadily promote its brand internationalization [3]. Group 3: Institutional Ratings - In the last 90 days, 28 institutions have rated the stock, with 22 buy ratings, 5 hold ratings, and 1 neutral rating [4]. - The average target price set by institutions over the past 90 days is 10.74 yuan [4]. Group 4: Earnings Forecast - Various institutions have provided earnings forecasts for the next three years, with projected net profits for 2025 ranging from 4.63 billion yuan to 5.63 billion yuan [5]. - The forecasts for 2026 and 2027 show a continued upward trend in net profits, indicating positive growth expectations for the company [5].

编号：20250627 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □√ 现场参观 □ 一对一沟通 □其他 参与单位 名称及人 员姓名 华安基金、海富通基金、银河基金、永赢基金、财通基金、 平安养老、恒越基金、平安基金、南方基金、华夏基金、嘉实基金、 华商基金、天弘基金、景顺长城基金、开源证券、长江证券 等 24 人 时间 2025 年 6 月 27 日 地点 公司会议室 上市公司 接待人员 董事会办公室 投资者关 系活动主 要内容介 绍 一、参观公司展厅及臻宝博物馆； 二、问答环节： 1、今年以来潮宏基终端表现不错，了解到加盟商对开店热情 很高的，公司会加快今年的开店节奏吗？ 答：尽管珠宝加盟商对开设潮宏基珠宝门店比较乐观，但我 们觉得在外部环境仍然复杂多变的情况下，公司以审慎、回归、进 取为基调，继续践行"共赢共生"的经营理念，仍按年初确定的节奏 扩大加盟渠道建设，把更多的精力放在赋能加盟商、提高门店运 营质量上，通过数字化等精细化经营管理能力推动终端业绩的更 证券代码：002345 证券简称：潮宏基 广东潮宏基实业股份有限公司投资者关系活动记 ...

Market Overview - The A-share market showed mixed performance last week, with the Shanghai Composite Index down 0.23%, while the Shenzhen Component Index rose by 0.51% and the ChiNext Index increased by 0.83%. The total trading volume in the Shanghai and Shenzhen markets reached 11,691.25 billion yuan [2][7] - In terms of industry performance, the computer, automotive, and media sectors led the gains, while banking, steel, and building materials sectors lagged behind. Concept stocks such as reducers, Huawei Pangu, and MLOps saw significant increases, while free trade ports, dyes, and Tianjin Free Trade Zone experienced declines [2][7] Important News - During the "May Day" holiday, the national consumption market was vibrant, with key retail and catering enterprises reporting a year-on-year sales increase of 6.3%. The number of applications for vehicle trade-in subsidies exceeded 60,000, driving new car sales to 8.8 billion yuan. Sales of 12 categories of home appliances reached 11.9 billion yuan, and digital products sales amounted to 6.4 billion yuan [3][8] - The People's Bank of China Governor Pan Gongsheng attended and chaired the ASEAN Plus China, Japan, and South Korea Finance Ministers and Central Bank Governors Meeting, where a new rapid financing tool funded by freely usable currencies, including the yuan, was agreed upon. This marks a significant step towards the diversification of the international monetary system in the region [3][8] Selected Research Reports Political Bureau Meeting - The Political Bureau meeting emphasized the need for a stable and active capital market, indicating that policies will be implemented to support the long-term healthy development of the capital market. This includes measures to enhance the inclusiveness of the multi-level market system and boost market activity and investor confidence [9][11] E-commerce and Logistics - The e-commerce sector benefited from policies like "trade-in for new," maintaining stable growth in online retail sales, which increased by 5.7% year-on-year in Q1 2025. The express delivery business volume grew by 21.6% year-on-year, with major express companies still aggressively competing for market share [12][13] Media Industry - The 2025 May Day holiday saw the release of 10 major films, with box office predictions indicating a strong performance. The box office for the May Day holiday has shown a steady increase over the years, with 2024 expected to reach 1.528 billion yuan, reflecting a recovery in audience demand [15][16][17] Company Performance - The company reported a steady revenue performance in Q1 2025, achieving 876 million yuan in revenue, with a net profit of 51 million yuan, reflecting a year-on-year decline due to adjustments in sales models and increased promotional expenses. However, the gross margin improved to 51.3% [19][20] - Another company reported a significant increase in net profit by 44% year-on-year in Q1 2025, driven by strong sales in its cream products, indicating a positive trend in product performance [28][29] Food Industry - A food company reported a revenue increase of 14.13% year-on-year in Q1 2025, with a net profit of 88 million yuan. The company is focusing on a large single product strategy, which has led to significant growth in its cream product line [22][23][24] Beverage Industry - A leading beer company reported a revenue of 10.446 billion yuan in Q1 2025, up 2.91% year-on-year, with a net profit increase of 7.08%. The company is benefiting from a recovery in the dining sector and a shift towards high-end products [32][34][35] Entertainment Industry - The entertainment company reported a revenue of 5.61 billion yuan in Q1 2025, with new projects contributing significantly to growth. The company is expanding its light asset business, which has shown remarkable growth [36][37]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 6.52 billion RMB in 2024, a year-on-year increase of 10.5%, and a net profit attributable to shareholders of 194 million RMB, a decrease of 41.9% primarily due to goodwill impairment in the women's bag business. Excluding this impact, the net profit was 350 million RMB, down 5.1% year-on-year. In Q1 2025, revenue reached 2.252 billion RMB, up 25.4%, with a net profit of 189 million RMB, an increase of 44.4% [1][2][3] Summary by Sections Financial Performance - In 2024, the company's jewelry brand revenue and operating profit increased by 13.3% and 12.8% respectively, outpacing the 9.8% growth of the gold jewelry market. The self-operated revenue was 3.017 billion RMB, down 7.4%, while franchise revenue was 3.28 billion RMB, up 32.4%. The overall gross margin decreased by 2.4 percentage points in 2024 and increased by 2.0 percentage points in Q1 2025, driven by improved expense efficiency [2][3] Brand Positioning - The company targets the young demographic aged 25-40, integrating Eastern culture with modern fashion. Its unique craftsmanship and design align with consumer willingness to pay for quality, especially in a high gold price environment. Collaborations with popular IPs are expected to enhance average transaction values and mitigate gold price volatility risks [3][4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been raised by 16% and 23% to 500 million RMB and 610 million RMB respectively. The target price is set at 11.80 RMB, based on a 21x PE ratio for 2025, reflecting strong growth momentum due to enhanced product and brand strength [4][8]