According to the Zheshang Securities Research Report, Chao Hongji 26H1 fashion jewelry is leading the way in growth, and the total profit is impressive. 26H1's net profit to mother was 420 million yuan, +27.4% year on year, and 26Q2 net profit to mother was 160 million yuan, +11.4% year over year, with excellent profit quality. Fashion jewelry is growing rapidly, and both product and channel structures have been optimized. The store structure was optimized. As of the end of June '26, the total number of jewelry stores was 1,682, of which 172 were self-operated and 1,510, a year-on-year increase of +142, a net increase of 12 compared to the beginning of the year; in the first half of the year, there was a net increase of 24 franchises and a net decrease of 12 self-operated businesses. The company optimized inefficient direct management and high-quality cryptographic franchises; 3 to 14 new overseas stores were added. Brand imprint The popularity of high-margin product sales confirms that the brand continues to gain momentum. Compared with leading brands in the industry, Chao Acer has a lot of room to improve its revenue scale and number of stores, and has strong certainty in channel expansion, and is expected to maintain a relatively rapid growth rate in the future. Maintain a “buy” rating.

According to the Zheshang Securities Research Report, Chao Hongji 26H1 fashion jewelry is leading the way in growth, and the total profit is impressive. 26H1's net profit to mother was 420 million yuan, +27.4% year on year, and 26Q2 net profit to mother was 160 million yuan, +11.4% year over year, with excellent profit quality. Fashion jewelry is growing rapidly, and both product and channel structures have been optimized. The store structure was optimized. As of the end of June '26, the total number of jewelry stores was 1,682, of which 172 were self-operated and 1,510, a year-on-year increase of +142, a net increase of 12 compared to the beginning of the year; in the first half of the year, there was a net increase of 24 franchises and a net decrease of 12 self-operated businesses. The company optimized inefficient direct management and high-quality cryptographic franchises; 3 to 14 new overseas stores were added. Brand imprint The popularity of high-margin product sales confirms that the brand continues to gain momentum. Compared with leading brands in the industry, Chao Acer has a lot of room to improve its revenue scale and number of stores, and has strong certainty in channel expansion, and is expected to maintain a relatively rapid growth rate in the future. Maintain a “buy” rating.