商贸零售 商贸零售 2025 年 12 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 商贸零售 沪深300 相关研究报告 《林清轩更新招股书，关注高端国货 护 肤 公 司 上 市 进 展 — 行 业 周 报 》 -2025.12.7 《医美化妆品 11 月月报：美丽田园收 购思妍丽 100%股权，双十一大促落幕 美 妆 表 现 亮 眼 — 行 业 点 评 报 告 》 -2025.12.3 《从保值到颜值，再到情绪价值—行 业投资策略》-2025.12.3 商务部明确零售品质转型，关注永辉超市调改成效 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 商务部对零售行业定调积极，关注永辉超市调改变革 本周（12 月 9 日至 10 日），全国零售业创新发展大会在北京召开，会议提出学 习推广胖东来好经验好做法加快转型提升。商务部副部长盛秋平 ...

投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 商贸零售 沪深300 相关研究报告 《医美化妆品 11 月月报：美丽田园收 购思妍丽 100%股权，双十一大促落幕 美 妆 表 现 亮 眼 — 行 业 点 评 报 告 》 -2025.12.3 《从保值到颜值，再到情绪价值—行 业投资策略》-2025.12.3 《品牌建设+科技美学，谱写国货美妆 增长答案—行业周报》-2025.11.30 商贸零售 行 业 研 究 2025 年 12 月 07 日 林清轩更新招股书，关注高端国货护肤公司上市进展 ——行业周报 黄泽鹏（分析师） 李昕恬（联系人） huangzepeng@kysec.cn 证书编号：S0790519110001 lixintian@kysec.cn 证书编号：S0790125100021 林清轩更新招股书，关注高端国货护肤品公司上市进展 本周（12 月 2 日），林清轩更新上市招股书，资本化进程或提速。林清轩创立 于 2003 年，定位高端国货护肤品牌，聚焦抗皱紧致市场，首创"以油养肤"理 念并长期 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Insights - The company reported 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, up 0.33% year-on-year. Excluding goodwill impairment, the net profit was 488 million yuan, a significant increase of 54.52% year-on-year [4][5]. - The jewelry business saw a revenue increase of 53.55% year-on-year in Q3 2025, with net profit rising by 86.80%, indicating strong performance [5]. - The company is focusing on expanding its store network, with a total of 1,599 jewelry stores as of September 2025, including 1,412 franchise stores, which exceeded the opening target [6]. Summary by Sections Company Overview - Latest closing price: 12.20 yuan - Total shares: 889 million, circulating shares: 867 million - Total market value: 10.8 billion yuan, circulating market value: 10.6 billion yuan - 52-week high/low: 17.39/4.75 yuan - Debt-to-asset ratio: 36.1% - Price-to-earnings ratio: 55.45 [3]. Financial Performance - In Q3 2025, the company achieved a revenue of 2.135 billion yuan, a year-on-year increase of 49.52%. The net profit was -14 million yuan, down 116.52% year-on-year, but excluding goodwill impairment, the net profit was 157 million yuan, up 81.54% year-on-year [4][5]. - The gross profit margin for Q3 2025 was 21.93%, a decrease of 2.27 percentage points year-on-year, while the sales expense ratio was 8.23%, down 4.02 percentage points year-on-year [7]. Future Outlook - The company plans to open 20 jewelry stores in overseas markets by 2028, with a focus on Southeast Asia, and aims to establish a Hong Kong headquarters to manage international operations [6][10]. - The "1+N" brand strategy will be implemented to capture emerging markets and trends, with ongoing upgrades to the FION brand and the development of the Cevol brand [10][11]. Earnings Forecast - Projected revenue growth rates for 2025-2027 are 23%, 18%, and 16%, respectively. The net profit growth rates are expected to be 130%, 49%, and 25% for the same period [11][13].

Core Viewpoint - Chao Hong Ji's successful application for H-share listing marks a significant step in its dual listing strategy, reflecting its ambition for global expansion amid a favorable market environment for the jewelry industry [1] Group 1: Financial Performance - In the first half of 2025, Chao Hong Ji reported 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% [2] - The company's growth is attributed to a combination of long-term accumulation and market opportunities [2] Group 2: Strategic Initiatives - Since 2018, Chao Hong Ji has implemented two key strategic adjustments: optimizing product structure by integrating intangible cultural heritage with gold materials, and transforming its channel model to focus on franchising, with over 80% of stores being franchises [2] - The total number of stores reached nearly 1,600 in the first half of 2025, with a significant increase of 135% in store count in first-tier cities compared to 2022, indicating ongoing channel expansion opportunities [2] Group 3: Brand Development - Chao Hong Ji has built a strong brand moat through the combination of Eastern culture and fashionable design, with products like the flower silk series gaining popularity both domestically and internationally [3] - The company has over 18.2 million members as of the first half of 2025, a 41% increase from 2022, effectively targeting the Z generation through emotional marketing and cultural engagement [3] Group 4: International Expansion and Multi-Brand Strategy - Chao Hong Ji has expanded its overseas presence in Southeast Asia, opening stores in Malaysia, Thailand, and Cambodia, with significant sales performance in these markets [4] - The company has developed a multi-brand strategy, including the main brand focused on "Eastern culture + fashion" and sub-brands targeting different market segments, such as Soufflé for young gifts and "Zhen" for high-net-worth clients [4] - The upcoming IPO will fund overseas expansion, new production facilities, and flagship stores for the "Zhen" brand, enhancing supply chain efficiency and brand image [4]

Core Viewpoint - The recent performance of Chaohongji, a jewelry company, reflects a combination of long-term accumulation and market opportunities, leading to significant revenue and profit growth in the first half of 2025 [1][3]. Group 1: Financial Performance - Chaohongji reported a revenue of 4.102 billion yuan in the first half of 2025, representing a year-on-year growth of 19.54% [1]. - The net profit for the same period was 331 million yuan, showing a year-on-year increase of 44.34% [1]. Group 2: Strategic Adjustments - Since 2018, the company has made two key strategic adjustments: enhancing product structure to align with consumer preferences and optimizing digital transformation and channel models, with over 80% of stores now being franchise-based [2]. - The focus has shifted from expanding the number of stores to improving the quality of store operations, with significant room for expansion given the current base of 1,600 stores [2]. Group 3: Competitive Advantage - Chaohongji's core competitiveness lies in integrating "Eastern culture" and "fashion," appealing to young consumers through unique aesthetic values and cultural connotations [4]. - The company has established a differentiated competitive advantage by promoting traditional cultural elements and launching successful product series that resonate with the market [4]. Group 4: Digital Transformation - The company has a long history of digital transformation, having implemented an SAP system as early as 2006, and plans to introduce AI by 2025 to enhance business growth [5]. - The digital transformation is structured in three phases: foundational infrastructure, business re-engineering, and data application, aimed at improving operational efficiency and market responsiveness [5]. Group 5: International Expansion - Chaohongji has initiated overseas expansion, starting with Southeast Asia, opening its first store in Kuala Lumpur, Malaysia, in August 2023, and achieving significant sales performance [6]. - The company aims to combine local cultural elements with its traditional craftsmanship to enhance market appeal and plans to gradually expand into other markets after establishing a foothold in Southeast Asia [6]. Group 6: Brand Strategy - The company aims to position itself as a "cultural mass brand," with plans to further segment its brand portfolio to better capture market opportunities [7]. - The main brand will focus on "Eastern culture + fashion," while sub-brands will target specific consumer segments, including younger audiences and high-net-worth individuals [7].

Core Viewpoint - The company,潮宏基, is navigating a competitive jewelry market by focusing on differentiation, targeting young consumers, and integrating traditional culture with modern aesthetics [1][2][4]. Differentiation as Core Competitiveness -潮宏基 has established itself as a unique brand since its inception in 1997, focusing on original design and the modern application of intangible cultural heritage [2]. - The demand for jewelry among young consumers has significantly increased, with over 60% purchasing jewelry for self-reward, reflecting a shift from traditional status symbols to personal expression [2][3]. -潮宏基 combines traditional cultural elements with modern aesthetics, launching popular products like the "Flower Silk Candy" series and collaborating with well-known IPs such as Doraemon and Crayon Shin-chan [2][3]. Cultural Empowerment and Emotional Resonance - The company emphasizes that a brand is not just a logo but a cultural legacy and emotional connection, integrating traditional cultural elements into its brand philosophy [4]. - By utilizing emotional marketing,潮宏基 connects deeply with consumers, sharing stories and cultural significance behind its products [4]. - The brand offers a range of products catering to both mass consumers and high-end custom clients, including the "潮宏基|Soufflé" brand for younger audiences and the "Zhen" brand for high-end clientele [4]. Channel Development -潮宏基 is actively expanding its sales channels with a comprehensive online and offline strategy, including the launch of a cloud store system to synchronize offline sales with digital platforms [5]. - The company aims to enhance its digital transformation by leveraging big data and artificial intelligence to better understand consumer needs and improve operational quality [5]. Market Response Strategies Amid High Gold Prices - In response to fluctuating gold prices and uncertain consumer confidence,潮宏基 has implemented strategies to optimize product structure and pricing to enhance market competitiveness [6]. - The company employs various methods such as gold leasing and hedging to mitigate risks associated with gold price volatility [6]. - By continuously innovating product craftsmanship and optimizing costs,潮宏基 aims to maintain product affordability for consumers despite high gold prices [6].