近年来，黄金珠宝被纳入新消费的范畴，古法、国潮等概念逐渐成为金饰行业的热点。业内人士认为， 黄金珠宝行业正在经历品牌转型升级的大周期，消费者更关注产品本身的创新和差异化。其中，古法 金、小克重等品类成为市场焦点，年轻群体在黄金首饰消费者中的占比持续提升，驱动品牌在款式、工 艺及IP联名上不断突破。 加码年轻化布局 老铺黄金又迎来了新一波排队潮。8月2日，老铺黄金全新门店在上海新天地开业，并给出开业限时折 扣，吸引众多消费者前来购物。中国证券报记者实探发现，现场排队需要两小时左右，但即便如此，消 费者仍络绎不绝，甚至有消费者笑称"一代人有一代人的鸡蛋要抢。" "公司一直坚持打造最受年轻人喜欢的东方时尚品牌，围绕这个品牌战略定位，我们一直在产品力上坚 持差异化，近几年产品力优势辅以终端精细化运营，逐渐凸显出效果，在一季度也有比较好的表现。相 信我们继续坚持这个战略定位，未来几年仍能持续保持较好的增长。"潮宏基进一步称。 从渠道为王到产品制胜 站在上海新天地老铺黄金门外的长队中，能清晰感受到消费市场的脉动变化：Z世代消费者讨论花丝工 艺的精细度，中年夫妇计算金价涨幅与工费比例，代购主播镜头对准錾刻的细节。 这些场景 ...

Core Viewpoint - Recent surge in gold prices has positively impacted the stock market, particularly for jewelry companies like潮宏基, which is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1][5][21]. Company Overview - 潮宏基, founded in 1996 and headquartered in Shantou, is the first fashion jewelry company listed on A-shares in China, focusing on mid-to-high-end fashion consumer goods [8]. - The company operates two main brands: "CHJ潮宏基" and "FION菲安妮," targeting younger demographics, with 85% of its consumer base being born in the 1980s, 1990s, and 2000s [8][13]. Recent Developments - On May 20, 潮宏基 announced its plan to issue H-shares for listing on the Hong Kong Stock Exchange, aiming to further its global strategy and improve its international brand presence [3][5]. - The company’s market capitalization surpassed 10 billion yuan for the first time on May 20, closing at 100.22 billion yuan, with a subsequent increase to 104.49 billion yuan [15][16]. Financial Performance - In 2024, 潮宏基 reported a revenue of 6.518 billion yuan, a year-on-year increase of 10.48%, despite a decline in net profit to 194 million yuan, down 41.91% [15][17]. - The first quarter of 2024 showed strong performance with a revenue of 2.252 billion yuan, up 25.36%, and a net profit of 189 million yuan, an increase of 44.38% [17]. Market Strategy - 潮宏基 is actively expanding its store network, with a net increase of 129 stores in 2024, bringing the total to 1,505, including 1,268 franchise stores [19]. - The company has begun its international expansion in Southeast Asia, opening stores in Malaysia and Thailand, with plans to continue this strategy in 2025 [19]. Industry Context - The Hong Kong stock market has become a popular choice for gold-related companies, with recent successful listings such as 老铺黄金 and 宁德时代, indicating a favorable environment for 潮宏基's upcoming IPO [21][22].

Core Viewpoint - The jewelry sector, particularly companies like潮宏基, has seen significant stock price increases, with潮宏基's stock price doubling in 2024, driven by market enthusiasm for new consumption concepts and rising gold prices [1][2] Group 1: Company Performance -潮宏基's major shareholder,东冠集团, announced a plan to reduce its stake by 26.66 million shares, representing 3% of the total share capital, with an estimated value of approximately 410 million yuan [1] - In Q1 2024,潮宏基 achieved its best performance since listing, with revenue of 2.252 billion yuan, a year-on-year increase of 25.36%, and a net profit of 188 million yuan, up 44.38% year-on-year [3] - The company's inventory reached a historical high of 3.731 billion yuan by the end of Q1 2024, reflecting a significant increase in stock levels [3] Group 2: Market Trends - The jewelry industry is experiencing a shift towards brand-driven strategies, with a focus on enhancing store efficiency rather than merely expanding the number of stores [2] - Young consumers are becoming the main driving force in the jewelry market, with trends indicating a preference for innovative designs and experiential consumption [2] -潮宏基's current P/E ratio stands at 51 times, which is double the industry average, indicating high market expectations for its future growth [2] Group 3: Expansion Strategy - As of the end of 2024,潮宏基 operated a total of 1,511 stores, with a net increase of 111 stores during the year, including new openings in Malaysia and Thailand [4] - The company plans to maintain a conservative approach to new store openings, with a target of no more than 20% of new stores in the overall portfolio [4] -潮宏基 aims to expand into overseas markets, with plans to enter Cambodia in 2025 and further expansion into Singapore and Australia, capitalizing on the larger market potential and favorable competitive environment [5]

Core Viewpoint - Chao Hong Ji is planning to issue H-shares on the Hong Kong Stock Exchange to enhance its global strategy and brand image, with discussions ongoing with intermediaries, but details remain uncertain [4] Company Overview - Chao Hong Ji focuses on mid-to-high-end fashion consumer goods, particularly in the jewelry and fashion handbag sectors, managing two core brands: "CHJ Chao Hong Ji" and "FION Fei An Ni" [5] - The company was listed on the Shenzhen Stock Exchange on January 28, 2010, becoming the first jewelry company to enter the A-share market [5] Financial Performance - For 2024, Chao Hong Ji reported a revenue of 6.52 billion yuan, a year-on-year increase of 10.48%, while net profit attributable to shareholders was 194 million yuan, a decrease of 41.91% [6] - In Q1 2025, the company achieved a revenue of 2.25 billion yuan, representing a year-on-year growth of 25.36%, and a net profit of 189 million yuan, up 44.38% compared to the same period last year [7] Key Financial Metrics - 2024 Financial Metrics: - Revenue: 6,517,873,750.39 yuan [6] - Net Profit: 193,649,307.09 yuan [6] - Basic Earnings Per Share: 0.22 yuan [6] - Total Assets: 5,744,730,828.69 yuan [6] - Q1 2025 Financial Metrics: - Revenue: 2,252,067,657.04 yuan [7] - Net Profit: 188,898,822.29 yuan [7] - Basic Earnings Per Share: 0.21 yuan [7] - Total Assets: 6,609,508,361.01 yuan [7]