广东潮宏基实业股份有限公司 关于控股股东股份 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002345 证券简称：潮宏基 公告编号：2026-002 质押和解除质押的公告 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"）近日接到公司控股股东汕头市潮鸿基投资有限公司 （以下简称"潮鸿基投资"）函告，获悉潮鸿基投资将其所持有的本公司部分股份办理了解除质押和股权 质押手续，现将有关事项公告如下： 一、股东股份解除质押基本情况 ■ 二、股东股份质押基本情况 ■ 三、股东股份累计质押情况 截至公告披露日，上述股东所持质押股份情况如下： ■ 四、其他说明 截至本公告披露日，潮鸿基投资质押的股份不存在平仓风险或被强制过户风险。公司将持续关注其质押 情况及质押风险情况，并按规定及时做好相关信息披露工作，敬请广大投资者注意投资风险。 广东潮宏基实业股份有限公司董事会 2026年1月13日 证券代码：002345 证券简称：潮宏基 公告编号：2026-001 广东潮宏基实业股份有限公司 五、备查文件 1、解除证券质押登 ...

广东潮宏基实业股份有限公司投资者关系活动记录表 证券代码：002345 证券简称：潮宏基 编号：20251224 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 华创证券、博时基金、国投瑞银、国泰海通、远桥资产、长 江证券、天风证券、国盛证券、信达证券共 12 人 时间 2025 年 12 月 24 日 地点 公司会议室 上市公司接待 人员 公司董事会秘书 林育昊 公司证券事务代表 江佳娜 投资者关系活 动主要内容介 绍 一、 参观企业展厅、臻宝博物馆 二、 参观潮宏基珠宝门店、「臻ZHEN」体验馆 三、 问答环节： 各方就公司开店节奏、海外门店情况、产品结构变化、新 品规划以及黄金税收新政影响等内容进行了交流，可参阅公司 已披露公告、互动平台问答和前次活动记录表之问答。 交流过程中严格按照有关制度规定，没有出现未公开重大 | 附件清单 | 无 | | | | | --- | --- | --- | --- | --- | | 日期 | 信息泄露等情况。 2025 12 日 | 年 | 月 ...

证券代码：002345 证券简称：潮宏基 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 广发证券、富国基金共 5 人 时间 2025 年 12 月 11 日 地点 公司会议室 上市公司接待 人员 公司董事、副总经理 徐俊雄 公司董事会秘书 林育昊 投资者关系活 动主要内容介 绍 一、 参观企业展厅、臻宝博物馆 二、 参观潮宏基珠宝门店、「臻ZHEN」体验馆 三、 问答环节： 各方就公司开店节奏、海外门店情况、产品结构变化、新 品规划、电商业务、商誉减值及黄金税收新政影响等内容进行 了交流，可参阅公司已披露公告、互动平台问答和前次活动记 录表之问答。 交流过程中严格按照有关制度规定，没有出现未公开重大 | 附件清单 | 无 | | | | --- | --- | --- | --- | | 日期 | 信息泄露等情况。 2025 12 月 日 | 年 | 11 | 广东潮宏基实业股份有限公司投资者关系活动记录表 编号：20251211 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place on November 19, 2025, with participation from 12 entities including East Wu Securities and Quartet Capital [1] - The event included a company tour of the exhibition hall, Zhenbao Museum, and jewelry stores [1] Group 2: Key Discussion Points - The new gold tax policy implemented on November 1, 2025, is expected to have a significant impact on the industry, but the company has not observed any noticeable effects on its terminal sales [1][2] - Discussions covered the company's store openings, overseas store status, product structure changes, new product planning, e-commerce business, and women's bag business [2] - The company ensured compliance with regulations during the discussions, with no significant undisclosed information leaks [2]

Core Viewpoint - The article discusses the financial performance and strategic challenges faced by the jewelry brand Chao Hong Ji, highlighting its revenue growth, profitability issues, and the impact of goodwill impairment on its financial results [3][5][7]. Financial Performance - In the first three quarters of 2023, Chao Hong Ji reported revenue of 6.237 billion yuan, a year-on-year increase of 28.35%, while net profit attributable to shareholders was 317 million yuan, a slight increase of 0.33% [3]. - The third quarter alone saw revenue of 2.135 billion yuan, a significant year-on-year growth of 49.52%, but the company faced a net loss of 14.2795 million yuan due to a 170 million yuan goodwill impairment [3][4]. Goodwill Impairment - The company has experienced unstable profitability, with net profit growth rates of -43.22%, 67.41%, -41.91%, and 0.33% from 2022 to 2024 [5]. - Goodwill impairment has been a key factor affecting profitability, with cumulative impairments reaching 466 million yuan over the past four years, primarily due to the high goodwill from the acquisition of the handbag brand FION [5][7]. Strategic Initiatives - To capture the rising trend of young consumers, Chao Hong Ji has implemented strategies such as "lightweight gold," "fixed-price gold," and "IP collaborations," which have contributed to revenue growth despite market challenges [4][9]. - The company is also focusing on expanding its overseas market presence, with plans to open 20 self-operated stores abroad by the end of 2028, although its current overseas revenue contribution is less than 1% [4][15]. Challenges and Risks - The expansion of the franchise model has led to a significant increase in the number of franchise stores, with a total of 1,412 stores as of the end of the third quarter of 2023, but this has not effectively translated into profitability [10][11]. - The overall gross margin has been declining for seven consecutive quarters, dropping from 22.6% in 2022 to 16.6% in 2024, primarily due to the increased proportion of lower-margin gold products in the franchise model [12][13].

Core Viewpoint - The decline in net profit for潮宏基 is primarily attributed to a goodwill impairment of 171 million yuan, alongside ongoing performance issues with the FION brand [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.237 billion yuan, a year-on-year increase of 28.35%, and a net profit attributable to shareholders of 317 million yuan, up 0.33% [1]. - In Q3 2025, the company achieved revenue of 2.135 billion yuan, a significant year-on-year growth of 49.52%, but reported a net loss of 14.28 million yuan, a decline of 116.52% compared to the previous year [1][3]. Goodwill Impairment - The 171 million yuan goodwill impairment was identified as the main reason for the decline in net profit. Excluding this factor, the net profit for the first three quarters would have been 488 million yuan, reflecting a growth of 54.52% [2]. - The company has a history of goodwill impairments related to the FION brand, with previous impairments recorded in 2018 (210 million yuan), 2019 (152 million yuan), 2022 (80.66 million yuan), 2023 (39.43 million yuan), and 2024 (177 million yuan) [4]. Business Segments -潮宏基's core business, jewelry, has shown strong performance, with revenue growth of 30.70% and net profit growth of 56.11% in the first three quarters of 2025. Q3 alone saw revenue growth of 53.55% and net profit growth of 86.80% [5][6]. - The jewelry segment accounted for 45.25% of total revenue, targeting younger consumers with products priced in the thousands of yuan range [6]. International Expansion - The company is pursuing a dual listing in Hong Kong to enhance its global strategy and brand image, having submitted its application to the Hong Kong Stock Exchange [5][6]. -潮宏基 has opened stores in Southeast Asia, including Malaysia, Thailand, and Cambodia, but the contribution from overseas markets remains minimal, with revenues from Hong Kong and Taiwan at 703,120 yuan and other Asian regions at 1,938,080 yuan, representing only 0.11% and 0.30% of total revenue, respectively [6].

Core Viewpoint - The company has initiated overseas market expansion since last year, establishing a presence in Southeast Asia with multiple stores [1] Group 1 - The company has opened 7 jewelry stores in Malaysia, Thailand, Cambodia, and Singapore [1] - There is a recognition of market potential in overseas markets [1] - Future expansion plans will focus on Southeast Asia as the core region [1]

Core Insights - The company has expanded its overseas market presence by opening 7 jewelry stores in Malaysia, Thailand, Cambodia, and Singapore since last year [1] - The company recognizes the potential market space in overseas markets and plans to focus on Southeast Asia for future expansion [1] Company Expansion - The company initiated its overseas market expansion last year [1] - The focus will be on Southeast Asia as the core region for further development [1]

Investment Rating - The investment rating for the company is "Buy" [5][18]. Core Insights - The company has shown significant growth in its jewelry business, with a revenue of 6.237 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.35%. The net profit attributable to shareholders was 317 million yuan, a slight increase of 0.33%. Excluding goodwill impairment, the net profit would have been 488 million yuan, reflecting a 54.52% year-on-year growth [2][4]. - The company has successfully expanded its franchise business, increasing the total number of stores to 1,599, with 1,412 being franchise stores, marking a net increase of 144 stores since the beginning of the year [3]. - The company has maintained good control over its expenses, with a slight decline in gross margin and net margin due to goodwill impairment from a subsidiary [3]. Summary by Sections Revenue and Profitability - For Q3 2025, the jewelry business revenue and net profit attributable to shareholders increased significantly by 53.55% and 86.80%, respectively [2]. - The operating cash flow for the first three quarters of 2025 was 602 million yuan, up 35.30% year-on-year [2]. Product Development and Innovation - The company has continued to innovate its product lines, launching new series such as "Flower Silk Wind and Rain Bridge" and "Flower Silk Fortune" in Q3 2025, along with expanding its IP collaborations [2]. Franchise and Brand Expansion - The company has opened new stores in high-quality commercial locations, enhancing its brand influence [3]. - The franchise business has been a key growth driver, contributing to the overall performance despite a challenging market environment [3]. Financial Forecast - The company is expected to maintain rapid growth in performance, with projected net profits of 474 million yuan, 575 million yuan, and 694 million yuan for 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company has shown strong revenue growth in its jewelry segment, with a 28.3% year-on-year increase in revenue for the first three quarters of 2025, reaching 6.24 billion RMB. The net profit attributable to the parent company was 317 million RMB, a slight increase of 0.3% year-on-year. Excluding goodwill impairment, the net profit was 488 million RMB, reflecting a 54.5% increase year-on-year [1][4]. - The company's strategic focus on its main brand, product differentiation, and international expansion is expected to drive market share growth [1][4]. Revenue and Profit Growth - The jewelry business revenue increased by 30.7% year-on-year in the first three quarters of 2025, with a net profit growth of 56.1%. In the third quarter alone, revenue grew by 53.6% year-on-year, and net profit increased by 86.8%, significantly outperforming the industry average [2][4]. Financial Metrics - The gross margin for the third quarter of 2025 was 21.9%, down 2.3 percentage points year-on-year, primarily due to a higher proportion of lower-margin traditional gold products and franchise channel revenue. The selling expense ratio improved significantly, decreasing by 4 percentage points to 8.2% [3][4]. - The report projects a net profit of 441 million RMB for 2025, a decrease of 12% due to goodwill impairment, but anticipates increases of 19% and 18% for 2026 and 2027, respectively [4][10]. Valuation - The target price for the company is set at 20.4 RMB, based on a 25x PE ratio for 2026, reflecting the company's unique positioning and growth potential in the jewelry market [4][6].