According to the Guohai Securities Research Report, Chao Hongji Fashion Jewelry continues to grow rapidly, and profitability has improved markedly. 2026H1 achieved net profit of 422 million yuan to mother, +27.42% year-on-year. The profit growth rate was significantly faster than revenue. Fashion jewellery contributed to revenue growth, and the profitability of traditional gold continued to improve. The channel structure is further skewed towards franchising, the pace of store opening is slowing down, and more attention is being paid to store quality. The gross margin of the company's own channels increased from 31.52% in the same period last year to 44.86%. While the number of stores shrank, profitability increased, in line with the company's direction of optimizing the store structure and improving the quality of operations. Overseas expansion is still in the early stages. Three new stores were added in the first half of the year, bringing the total number of overseas stores to 14 at the end of the period. The company's fashion jewelry business continues to grow, product structure optimization is expected to support improved profitability, and steady expansion of franchise channels is expected to contribute to medium- to long-term growth. Covered for the first time, a “gain” rating was given.

According to the Guohai Securities Research Report, Chao Hongji Fashion Jewelry continues to grow rapidly, and profitability has improved markedly. 2026H1 achieved net profit of 422 million yuan to mother, +27.42% year-on-year. The profit growth rate was significantly faster than revenue. Fashion jewellery contributed to revenue growth, and the profitability of traditional gold continued to improve. The channel structure is further skewed towards franchising, the pace of store opening is slowing down, and more attention is being paid to store quality. The gross margin of the company's own channels increased from 31.52% in the same period last year to 44.86%. While the number of stores shrank, profitability increased, in line with the company's direction of optimizing the store structure and improving the quality of operations. Overseas expansion is still in the early stages. Three new stores were added in the first half of the year, bringing the total number of overseas stores to 14 at the end of the period. The company's fashion jewelry business continues to grow, product structure optimization is expected to support improved profitability, and steady expansion of franchise channels is expected to contribute to medium- to long-term growth. Covered for the first time, a “gain” rating was given.