Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (潮宏基) has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming for a dual listing in both A-shares and H-shares to enhance its global strategy and brand image [1][37]. Financial Performance - Chao Hong Ji's revenue for the years 2022, 2023, 2024, and the first half of 2025 were approximately 4.36 billion, 5.84 billion, 6.45 billion, and 4.06 billion RMB respectively, showing year-on-year growth rates of 33.73%, 10.56%, 19.59%, and a significant increase in the first half of 2025 compared to previous years [2][3][4]. - The net profit figures for the same periods were 205 million, 330 million, 169 million, and 333 million RMB, with year-on-year growth rates of 60.98%, -48.79%, and 44.07% [2][3][4]. Market Position - Chao Hong Ji ranks first in the mainland China fashion jewelry market with a market share of 1.4% as of 2024 [2]. - The company has a diversified brand portfolio, including CHJ潮宏基, CHJ·ZHEN臻, and others targeting different market segments [2]. Sales Channels - As of mid-2025, Chao Hong Ji operated 1,542 jewelry stores, including 201 self-operated and 1,337 franchised stores, along with four overseas stores [7][8]. - The revenue contribution from self-operated stores has decreased from 37.4% in 2022 to 27.3% in the first half of 2025, while the contribution from franchised networks has increased from 32.5% to 54.6% [10][11]. Profitability and Cost Structure - The overall gross margin of Chao Hong Ji has declined from 29.3% in 2022 to 22.6% in 2024, with a slight recovery to 23.1% in the first half of 2025 [5][6]. - The gross margin for self-operated stores was significantly higher than that of franchised networks, indicating a shift in profitability dynamics [8][9]. Strategic Initiatives - The company plans to open 20 CHJ jewelry stores overseas by the end of 2028, focusing on markets in Southeast Asia [8][37]. - Chao Hong Ji aims to leverage traditional cultural elements in its product designs to appeal to younger consumers, aligning with the rising trend of "Guochao" (national tide) [30][31]. Competitive Landscape - The jewelry market is highly competitive, with significant pressure from fluctuating gold prices and increasing operational costs [5][16]. - Chao Hong Ji's reliance on gold as a primary raw material poses risks, as it accounted for 94.4% to 98.3% of total material procurement during the reporting period [16]. Future Outlook - The company is positioned to capitalize on the growing demand for gold jewelry, particularly among younger consumers who value design and craftsmanship [30][31]. - Chao Hong Ji's IPO is seen as a strategic move to enhance its international presence and capitalize on the global market for fashion jewelry [38].

Core Viewpoint - The rise of national trends and the demand for personalization and light luxury are driving the continuous expansion of the Chinese jewelry market, with market size expected to grow from 610 billion yuan in 2020 to 728 billion yuan in 2024, and projected to reach 937 billion yuan by 2029, reflecting a compound annual growth rate of 5.2% from 2024 to 2029 [1] Company Overview - Chao Hong Ji focuses on jewelry and fashion handbag sectors, with approximately 90% of its revenue coming from jewelry business between 2022 and the first half of 2025 [2] - The company operates two core brands: "CHJ Chao Hong Ji," established in 1997, and "FION," a well-known handbag brand acquired in 2014 [4] - As of the end of June 2025, Chao Hong Ji had a market capitalization exceeding 13.4 billion yuan [1] Financial Performance - Chao Hong Ji's revenue has shown an upward trend, with figures of approximately 4.36 billion yuan in 2022, 5.84 billion yuan in 2023, 6.45 billion yuan in 2024, and 4.06 billion yuan in the first half of 2025 [9] - The company's gross profit margin has declined from 29.3% in 2022 to 23.1% in the first half of 2025, attributed to lower sales of higher-margin products [9] - The company’s trade receivables increased from approximately 266 million yuan to 370 million yuan from 2022 to the first half of 2025, indicating potential risks in timely collection [8] Market Dynamics - The jewelry market in China is characterized by high supplier concentration, with the top five suppliers accounting for over 70% of total procurement [6] - The jewelry industry is facing intense competition, with Chao Hong Ji ranking 9th among jewelry companies in China by revenue, holding a market share of 0.8% [16] - The demand for gold jewelry remains strong, with gold jewelry expected to account for 72% of total sales revenue by 2024, while the fashion jewelry market has seen a decline [12][15] IPO and Future Plans - Chao Hong Ji has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for establishing 20 self-operated stores overseas and opening three flagship stores in mainland China [20] - The company plans to balance expansion and profitability amid the challenges of a shrinking fashion jewelry market and increasing accounts receivable [20]

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]

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (Chao Hong Ji) is pursuing a dual listing on the A-share and Hong Kong stock markets, aiming to become the "first fashion jewelry stock" in Hong Kong if successful [3][4]. Company Overview - Chao Hong Ji was founded in 1996 by the Liao family and has grown from a self-operated gold shop to a well-known chain brand with over 1,500 stores [3][4]. - The company focuses on mid-to-high-end fashion consumer goods, including jewelry and handbags, and operates two main brands: "CHJ Chao Hong Ji" and "VENTI Fan Di" [4]. Financial Performance - Revenue figures for Chao Hong Ji from 2022 to the first half of 2025 are as follows: - 2022: approximately 4.364 billion RMB - 2023: approximately 5.836 billion RMB - 2024: approximately 6.452 billion RMB - First half of 2025: approximately 4.062 billion RMB [4][5]. - Net profit for the same periods is: - 2022: approximately 205 million RMB - 2023: approximately 330 million RMB - 2024: approximately 169 million RMB - First half of 2025: approximately 333 million RMB [4][5]. Revenue Breakdown - In the first half of 2025, 93.6% of Chao Hong Ji's revenue came from jewelry, with a notable decline in handbag revenue, which dropped by 16.9% year-on-year [6][7]. - The classic gold jewelry segment has shown significant growth, with revenue increasing from 1.42 billion RMB in 2022 to 2.92 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 43.4% [7][9]. - Fashion jewelry revenue grew from 2.45 billion RMB in 2022 to 2.94 billion RMB in 2024, with a slower CAGR of 9.5% [8][9]. Operational Structure - As of June 30, 2025, Chao Hong Ji operates a total of 1,542 jewelry stores, comprising 201 self-operated stores and 1,337 franchise stores [10][11]. - The company has shifted from a self-operated model to a franchise-based model, indicating a strategic change in its operational approach [11]. Management - The CFO, Mr. Chen Shufeng, has been with the company since 2007 and was appointed CFO in November 2024, overseeing financial and accounting matters [12][18].

Core Viewpoint - The article discusses the recent IPO application of Guangdong Chao Hong Ji Industrial Co., Ltd. (Chao Hong Ji) to the Hong Kong Stock Exchange, aiming for an "A+H" listing amidst a rising trend in gold-related stocks in Hong Kong [5][26]. Company Overview - Chao Hong Ji, founded in 1997 by the Liao family, has grown from a small gold shop to a well-known jewelry chain with over 1,500 stores [5][10]. - The company was the first fashion jewelry company to be listed on the Shenzhen Stock Exchange in 2010, with a current market capitalization exceeding 130 billion RMB [10][24]. Market Context - The Hong Kong Stock Exchange is experiencing a "golden wave," with companies like Lao Pu Gold seeing their market value increase significantly, prompting a surge in IPO applications from gold retailers [5][27]. - The article highlights the competitive landscape, noting that Chao Hong Ji ranks ninth in the jewelry market and eighth in the gold jewelry market in mainland China [24]. Financial Performance - Chao Hong Ji's revenue for 2022 was 4.364 billion RMB, with projections of 5.836 billion RMB for 2023 and 6.452 billion RMB for 2024, indicating a compound annual growth rate of 21.6% [21][23]. - The company's net profit showed a decline, with figures of 286 million RMB in 2022 and 238 million RMB in the first half of 2025, reflecting a compound annual growth rate of -9.17% [24]. Product Strategy - Chao Hong Ji focuses on a diverse product range, including classic gold jewelry and fashion jewelry, targeting a younger demographic with price points starting from 1,000 RMB [13][14]. - The company has also ventured into collaborations with popular IPs, launching over 400 SKUs since 2010, aiming to attract younger consumers [24]. Industry Trends - The article notes a shift in gold consumption towards younger consumers, with those aged 18 to 34 contributing over one-third of retail sales in 2024 [29]. - The rising gold prices, driven by geopolitical risks and increased demand for gold as an investment, have sparked renewed interest in gold jewelry [29][30].

Core Viewpoint - The company Chao Hong Ji is seeking to expand its market presence by applying for an IPO on the Hong Kong Stock Exchange amid rising international gold prices, aiming to leverage its dual capital platform for further growth [1][5][47]. Company Overview - Chao Hong Ji, a jewelry enterprise with over 15 years of listing on A-shares and a market capitalization exceeding 13.5 billion yuan, is attempting to expand through an "A+H" dual capital platform [1][4][5]. - Founded nearly 30 years ago, the company has evolved from a family-run gold processing business to a leading fashion jewelry brand in China [6][36]. Financial Performance - The company reported revenues of 4.36 billion yuan in 2022, 5.84 billion yuan in 2023, and 6.45 billion yuan in 2024, with a 19.6% year-on-year growth in the first half of 2025 [38][39]. - Despite revenue growth, the company has faced declining profit margins, with net profits fluctuating significantly, dropping from 330 million yuan in 2023 to 169 million yuan in 2024 [40][42]. Market Position - Chao Hong Ji holds a 1.4% market share in the Chinese fashion jewelry market, ranking first among competitors [37][38]. - The company has a total of 1,542 stores as of mid-2025, with a significant portion being franchise stores, indicating a need for further expansion compared to competitors like Zhou Dazheng [44]. Product Segmentation - The company's core revenue sources are jewelry, with fashion jewelry accounting for 45.6% and classic gold jewelry for 45.2% of total revenue in 2024 [40][41]. - The company has seen a decline in the contribution of its FION business, which reported a 27.4% drop in revenue in 2024 [42]. Strategic Initiatives - The IPO proceeds are intended for expanding the overseas sales network, establishing a Hong Kong office, and building new production facilities, reflecting the company's commitment to internationalization and core business enhancement [47].

Core Viewpoint - The jewelry brand潮宏基 is planning to go public on the Hong Kong Stock Exchange, indicating its growth and expansion strategy in the jewelry market [1] Company Background -潮宏基 was founded in 1997 in the Guangdong Chaozhou region, with its founder 廖创宾 starting in the gold jewelry wholesale and retail business at a young age [2] - The company initially operated as a "gold broker," leveraging local craftsmanship and market knowledge to connect clients with gold processing workshops [2][3] - In response to increasing competition from Hong Kong and Taiwan-funded gold processing enterprises, the company shifted its focus to jewelry design and production, eventually establishing itself as a fashion jewelry brand [3] Financial Performance - As of September 15, 2024,潮宏基's total market capitalization was approximately 135 billion [4] - For the fiscal year 2024, the company reported a revenue of 6.52 billion, a year-on-year increase of 10.5%, while net profit decreased by 41.9% to 194 million [4] - In the first half of 2025,潮宏基 achieved a revenue of 4.102 billion, reflecting a year-on-year growth of 19.54%, and net profit increased by 44.34% to 331 million [4] Market Trends - The jewelry market is experiencing rapid growth driven by innovation in craftsmanship and design, with younger consumers becoming the primary market force [4] -潮宏基's strategic focus on mid-to-high-end fashion consumer products, particularly its core brands "CHJ潮宏基" and "FION菲安妮," aligns with this trend [4] - The perception of gold jewelry is shifting among younger consumers, who now view it as a fashionable item and a "liquid asset," contrasting with the previous focus on diamonds and luxury goods [5]

Group 1: Company Filings - Four companies submitted applications to the Hong Kong Stock Exchange from September 8 to September 14, with three companies passing the hearing [1][6] - Sig Energy (Shanghai) Co., Ltd. submitted its listing application on September 8, aiming to be a global leader in distributed energy storage systems, with a projected market share of 28.6% in 2024 [2] - Shengwei Times Technology Co., Ltd. submitted its application on September 11, ranking 14th in China's ride-hailing service market, with revenues projected to grow from approximately 8.16 billion RMB in 2022 to 15.94 billion RMB in 2025 [3][4] - Shenzhen Maiketian Biomedical Technology Co., Ltd. submitted its application on September 11, with a product reach in over 140 countries and revenues expected to increase from 9.17 billion RMB in 2022 to 13.99 billion RMB in 2025 [4] - Guangdong Chaoshan Industrial Co., Ltd. submitted its application on September 12, leading the jewelry market in mainland China with a projected market share of 1.4% in 2024 [5] Group 2: Companies Passing Hearings - Different Group passed the hearing on September 11, focusing on mid-to-high-end parenting products, with a market share of 4.2% in China [7] - Zijin Gold International Limited passed the hearing on September 14, being a leading global gold mining company with a compound annual growth rate of 21.4% in gold production from 2022 to 2024 [8] - Botai Internet of Vehicles Technology (Shanghai) Co., Ltd. passed the hearing on September 14, ranking third in China's smart cockpit solutions market with a market share of 7.3% [9] Group 3: Companies Going Public - Hesai Technology (02525.HK) is set to launch its IPO from September 8 to September 11, with a global offering of 17 million shares and a maximum price of 228.00 HKD per share [10] - Jinfang Pharmaceutical (02595.HK) will have its IPO from September 11 to September 16, offering 77.6 million shares at a price of 20.39 HKD per share [11] - Health 160 (02656.HK) plans its IPO from September 9 to September 12, offering 33.65 million shares at a price range of 11.89 to 14.86 HKD per share [12] Group 4: New Stock Listing - Dahang Science and Technology (02543.HK) was listed on September 9, closing at 56.90 HKD per share, with a price increase of 14.95% [13]

Core Viewpoint - Chao Hong Ji (潮宏基) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Group 1: Company Overview - Founded in 1997, Chao Hong Ji has established its flagship brand CHJ潮宏基 and is recognized as a model of "national trend innovation" in China's jewelry industry, being named a "national trend innovation brand" by Forbes [1] - The company is based on the national intangible cultural heritage of flower silk craftsmanship, commercializing traditional techniques and recreating cultural symbols [1] Group 2: Market Position - According to Frost & Sullivan, Chao Hong Ji ranks first among fashion jewelry companies in mainland China by sales revenue in 2024, with a market share of 1.4% [1] - The brand targets a "young and fashionable" demographic, offering a diverse product range through CHJ潮宏基, Chao Hong Ji Soufflé, CHJ ZHEN, and the new cultivated diamond brand C vol [1] Group 3: Retail Network - As of June 30, 2025, the company operates a total of 1,542 offline jewelry stores, including 201 self-operated stores and 1,337 franchise stores, along with four overseas locations [1] - The company employs a hybrid model of self-operated and franchise stores to expand its sales network [1]

Core Viewpoint -潮宏基 has submitted an application for listing on the Hong Kong Stock Exchange, aiming to solidify its position as a leading fashion jewelry brand in mainland China by leveraging its cultural and design-driven approach [1][2] Group 1: Company Overview -潮宏基 was founded in 1997 and has established itself as a pioneer in the "national trend innovation" within the jewelry industry, recognized for its unique blend of traditional craftsmanship and modern design [1] - The company has been awarded multiple honors in design and craftsmanship, and in 2023, it was the only jewelry brand from mainland China recognized by Forbes as a "National Trend Innovation Brand" [1] -潮宏基's brand strategy focuses on "cultural + design dual drive," positioning itself as both a manufacturer of jewelry and a promoter of Chinese aesthetic confidence [1] Group 2: Market Position and Financial Performance - According to Frost & Sullivan,潮宏基 is projected to rank first among jewelry companies in mainland China in 2024, with a market share of 1.4% in the fashion jewelry sector [2] - The company targets the mid-to-high-end market and has developed a diverse product matrix, contributing approximately 90% of its total revenue from its jewelry business [2] -潮宏基 has been included in the "China's 500 Most Valuable Brands" for 21 consecutive years and was recognized as one of the "Asia's 500 Strongest Brands" in 2024 [2] Group 3: Sales Network and Financial Data - As of June 30, 2025,潮宏基 operates a total of 1,542 jewelry stores, including 201 self-operated stores and 1,337 franchise stores across over 200 cities in China, along with four overseas stores [3] - The company has adopted a mixed operational strategy of self-operated and franchise stores to drive growth [3] - Financially,潮宏基 reported revenues of approximately 4.364 billion RMB, 5.836 billion RMB, 6.452 billion RMB, and 4.062 billion RMB for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively, with profits of 205 million RMB, 330 million RMB, 169 million RMB, and 333 million RMB during the same periods [3]