On September 12, Guangdong Chj Industry Co.,Ltd. (hereinafter referred to as "CHJ") submitted a main board listing application to the Hong Kong Stock Exchange, planning to conduct a secondary listing in Hong Kong, with CITIC Securities as the exclusive sponsor.
Founded in 1996, CHJ has been deeply engaged in brand operation management and product design, research and development, production and sales of mid-to-high-end fashion consumer goods. Currently, the company focuses on jewelry and fashion women's bags, concentrating on the operation and management of core brand "CHJ" as well as "FION", "CHJ|Soufflé", "CHJ•Zhen", "Cëvol" and other brands.
According to Frost & Sullivan data, in terms of the fashion jewelry market, calculated by sales revenue, CHJ ranked first among numerous jewelry companies in mainland China in 2024, achieving a market share of 1.4%. In terms of the K-gold market, calculated by sales revenue, the company ranked fifth among numerous jewelry companies in mainland China.
From 2022 to 2024, CHJ's revenue was RMB 4.364 billion, RMB 5.836 billion, and RMB 6.452 billion respectively, with profits during the period of RMB 205 million, RMB 330 million, and RMB 169 million respectively.
In the first half of 2025, CHJ's revenue was RMB 4.062 billion, representing a year-on-year increase of 19.59%; profit during the period was RMB 333 million, representing a year-on-year increase of 44.07%.
As of June 30, 2025, CHJ had a total of 1,538 offline jewelry stores. Specifically, the company's sales network includes 201 self-operated stores and 1,337 franchise stores across more than 200 cities nationwide, plus four overseas stores, including one self-operated store in Malaysia, one franchise store in Thailand, and two franchise stores in Cambodia.
From 2022 to 2024 and the first half of 2025, CHJ's self-operated jewelry stores decreased by a net of 41, 50, 35, and 37 stores respectively, while jewelry franchise stores increased by a net of 123, 291, 147, and 68 stores respectively. As of the first half of 2025, jewelry franchise stores accounted for 86.9% of total stores.
Additionally, during the track record period, CHJ had franchise stores operated by former/current employees (some of whom are connected persons), their spouses or siblings (collectively "employee franchisees"). As of December 31, 2022, 2023, and 2024, and June 30, 2025, these employee franchisees owned 19, 28, 29, and 31 franchise stores respectively in each year/period.
Notably, from 2022 to 2024 and the first half of 2025, CHJ's full-time employee count was 4,425, 4,098, 3,729, and 3,527 respectively, showing a declining trend year by year, meaning a workforce reduction of 898 people over three and a half years. By geographic location, turnover rates in mainland China were 30.8%, 36.4%, 35.7%, and 16.6% respectively, Hong Kong turnover rates were 4%, 10%, 4.3%, and 6.3% respectively, and Singapore turnover rates were 58.3%, 13.3%, 31.6%, and 20% respectively.
Related company: CHJ sz002345
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