Ping An Securities Research Report pointed out that Chao Hongji's performance in the first half of the year was resilient. 2026H1's revenue was 4.37 billion yuan, +6.65% year over year; net profit to mother was 422 million yuan, +27.42% year over year; the company plans to distribute 2 yuan in cash for every 10 shares. The company's fashion jewelry products drive revenue growth. 2026H1's overall revenue was 4.37 billion yuan, of which fashion jewelry products accounted for 53.16% of revenue, and traditional gold products accounted for 39.46% of revenue. By product, revenue from fashion jewelry products was 2.33 billion yuan, +16.84% year on year; revenue from traditional gold products was 1.73 billion yuan, -5.71% year over year. The company's overall gross margin of the jewelry industry increased year-on-year. 2026H1's gross margin in the jewelry industry was 26.66%, +4.09pp. Among them, the gross margin of fashion jewelry products was 27.33%, -0.10pp year on year; the gross margin of traditional gold products was 18.63%, +5.85pp year on year. Optimistic about the hyperbolic development logic of the company's fashion jewelry products and traditional gold products, and maintain a “recommended” rating.

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