莱绅通灵则是增收不增利，2025年上半年，公司营收为8.7亿元，同比增长37%，但公司的归母净利润仅为0.61亿元，同比下降263.52%。 另外，在我们所选的12家饰品行业上市公司中，有5家上市公司营收、归母净利润双降，分别为中国黄金、飞亚达、老凤祥、明牌珠宝、新华锦（维权）。 其中中国黄金共实现营收310.98亿元，同比下降11.54%，共实现归母净利润3.19亿元，同比下降46.35%；飞亚达共实现营收17.84亿元，同比下降14.08%，共实现归母净利润0.82亿元，同 对于新华锦而言，2025年上半年，公司核心财务指标呈现系统性下滑：营业收入6.69亿元，同比锐减24.92%；归母净利润1286.72万元，同比下降39.45%；扣非净利润530.99万元，同比暴 对于老凤祥而言，公司业绩显著承压，2025年上半年，老凤祥营收同比锐减至66.03亿元（-16.52%），净利润下滑13.07%至12.20亿元。另外，作为拥有超5600家网点的珠宝巨头，加盟扩 对于飞亚达而言，2025年上半年，公司营收与利润同步萎缩。报告期内，公司营收为17.84亿元，同比下降14.08% ；归母净利润8244.55万元 ...

（原标题：黄金概念涨0.34%，主力资金净流入18股） 截至9月2日收盘，黄金概念上涨0.34%，位居概念板块涨幅第4，板块内，30股上涨，白银有色、中国瑞林、西部黄金等涨停，曼卡龙、盛达资 源、株冶集团等涨幅居前，分别上涨11.91%、6.68%、6.23%。跌幅居前的有司尔特、金诚信、福达合金等，分别下跌7.71%、5.34%、4.51%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | | 1.87 F5G概念 | -5.20 | | PEEK材料 | | 0.80 WiFi 6 | -5.15 | | 工业母机 | | 0.62 共封装光学(CPO) | -5.05 | | 黄金概念 | | 0.34 同花顺果指数 | -4.99 | | 中韩自贸区 | | 0.33 铜缆高速连接 | -4.90 | | 培育钻石 | | 0.04 AI PC | -4.79 | | 特色小镇 | | -0.07 国家大基金持股 | -4.76 | | 一体化压铸 | | -0.10 移动支付 | -4. ...

9月2日，A股指数走弱，截至10:48，共4600只个股下跌。 沪深两市成交额连续第70个交易日突破1万亿，较昨日此时有所缩量。 8月以来，两融余额连续多个交易日增长，期间9只个股获融资净买入超30亿元，寒武纪（688256.SH）、新易盛（300502.SZ）、胜宏科技 （300476.SZ）位居前三，分别获融资净买入68.95亿元、59.57亿元、59.1亿元，寒武纪、新易盛、天孚通信（300394.SZ）8月以来股价翻倍。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 数字货币、消费电子、算力硬件等板块跌幅居前。 | 稳定币 | 小基站 | eSIM-F | 智能IC | 数字货币 | | --- | --- | --- | --- | --- | | -5.76% | -5.40% | -5.21% | -4.91% | -4.87% | | 网络切片 | | 高速铜连接航天科工系第三方支付电子身份证 | | | | -4.64% | -4.49% | | -4.25% -4.24% | -4.21% | | 汽系 -4.60% | 卫星 ...

（文章来源：每日经济新闻） 每经AI快讯，9月2日，黄金珠宝指数盘中涨幅超2%，成分股中莱绅通灵、西部黄金涨停，豫光金铅、 潮宏基分别上涨5.35%和4.43%。 ...

每经AI快讯，9月2日，黄金股持续走高，中国瑞林、西部黄金、白银有色2连板，莱绅通灵涨停，曼卡 龙、晓程科技、豫光金铅、湖南白银、盛达资源跟涨。 （文章来源：每日经济新闻） ...

Market Overview - The jewelry sector increased by 3.65% on September 1, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Mankalon (300945) closed at 20.07, up 7.21% with a trading volume of 352,600 shares [1] - Chao Hong Ji (002345) closed at 15.79, up 6.98% with a trading volume of 427,000 shares [1] - Diya Co. (301177) closed at 37.19, up 5.89% with a trading volume of 123,300 shares [1] - Other notable performers include Lai Si Tong Ling (603900) up 4.85% and Cai Zi Co. (6655509) up 4.59% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 227 million yuan from institutional investors, while retail investors experienced a net outflow of 120 million yuan [2] - Major stocks like China Gold (600916) had a net inflow of 110 million yuan from institutional investors, but a net outflow from retail investors of 66.43 million yuan [3] - Mankalon also experienced a net inflow of 50.22 million yuan from institutional investors, with retail investors showing a net outflow of 33.41 million yuan [3]

Market Overview - The jewelry sector increased by 1.86% on August 29, with Diya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Diya Co., Ltd. (301177) closed at 35.12, with a significant increase of 19.99% and a trading volume of 55,100 shares, amounting to a transaction value of 185 million yuan [1] - Other notable performers included: - Chao Hong Ji (002345) at 14.76, up 3.58% with a trading volume of 333,700 shares [1] - Laikuntongling (603900) at 10.92, up 2.44% with a trading volume of 286,400 shares [1] - Mankalon (300945) at 18.72, up 2.13% with a trading volume of 181,100 shares [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 28.38 million yuan from institutional funds, while retail investors contributed a net inflow of 38.18 million yuan [2][3] - Diya Co., Ltd. saw a net inflow of 52.40 million yuan from institutional investors, but a net outflow of 28.57 million yuan from speculative funds [3] - Other companies like Mankalon and Chao Hong Ji also faced net outflows from speculative funds, indicating a mixed sentiment among different investor types [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [6]. Core Views - The company's performance continues to reflect a turning point, with a significant increase in revenue and profit margins, driven by the successful introduction of high-margin products and effective cost control measures [1][2][4]. - The transition from traditional diamond jewelry to "embedded gold" products has shown substantial results, with revenue from embedded diamonds increasing by 68% [4]. - The company is expected to benefit from ongoing store upgrades and the expansion of franchise operations, which are anticipated to enhance profitability in the coming years [4]. Financial Performance - For the first half of 2025, the company reported revenue of 870 million yuan, a year-on-year increase of 37%, and a net profit of 60.61 million yuan, compared to a loss in the same period last year [1]. - The gross margin improved to 36.04%, up by 3.2 percentage points, primarily due to the higher proportion of high-margin embedded gold products [2]. - Operating cash flow showed a significant improvement, with a net cash flow of 36.89 million yuan, an increase of 199 million yuan year-on-year [2]. Channel Strategy - The company is focusing on a dual-channel strategy, combining direct sales and franchise operations, with franchise revenue growing by 109% [3]. - The number of franchise stores is entering a positive growth trend, indicating a shift towards a more diversified store network [3]. - The company aims to establish 50 benchmark direct stores and 15 franchise stores with annual sales exceeding 10 million yuan, with some stores already achieving this target [3]. Product Transformation - The shift towards high-value-added products, particularly embedded gold, has resulted in a notable increase in sales and profitability [4]. - New product lines inspired by Western art styles are being introduced, enhancing the brand's appeal and market presence [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 1.77 billion, 2.30 billion, and 2.85 billion yuan, respectively, with corresponding net profits of 87 million, 136 million, and 198 million yuan [4]. - The report anticipates a significant improvement in the company's price-to-earnings ratio, indicating a favorable valuation outlook as profitability increases [4].

Market Overview - The jewelry sector increased by 0.91% on August 25, with Feiya leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Feiya (000026) closed at 19.46, up 3.40% with a trading volume of 292,200 shares and a transaction value of 559 million [1] - Laisen Tongling (603900) closed at 10.93, up 2.92% with a trading volume of 261,500 shares [1] - Xinghua Jewelry (002731) closed at 13.66, up 1.79% with a trading volume of 128,800 shares [1] - Mankalon (300945) closed at 19.34, up 1.58% with a trading volume of 125,500 shares [1] - Other notable performers include Laofengxiang (600612) at 48.44, up 1.32%, and China Gold (600916) at 8.22, up 0.61% [1][2] Capital Flow Analysis - The jewelry sector experienced a net outflow of 7.74 million from institutional investors and 44.17 million from speculative investors, while retail investors saw a net inflow of 51.91 million [2] - China Gold (600916) had a net inflow of 21.90 million from institutional investors, but a net outflow of 12.32 million from speculative investors [3] - Laofengxiang (600612) saw a net inflow of 16.93 million from institutional investors, with a net outflow of 9.66 million from speculative investors [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 870 million yuan, a year-on-year increase of 37.0%, and a net profit of 60.61 million yuan, up 263.52% from the previous year [1][2] Financial Performance - Total revenue for Q2 2025 was 499 million yuan, reflecting a 26.99% year-on-year growth [1] - The gross profit margin improved to 36.04%, an increase of 9.66% year-on-year, while the net profit margin reached 6.93%, up 217.97% [1] - The company’s operating expenses decreased significantly, with total selling, administrative, and financial expenses amounting to 211 million yuan, which is 24.2% of revenue, down 35.11% year-on-year [1][2] - Earnings per share rose to 0.18 yuan, a 263.64% increase compared to the previous year [1] Cash Flow and Assets - Operating cash flow per share increased to 0.11 yuan, a 122.73% rise year-on-year, indicating improved cash generation from operations [1][3] - The company experienced a 40.09% decrease in trading financial assets due to the redemption of wealth management products [2] - The net cash flow from operating activities increased by 122.72%, attributed to higher cash receipts from sales [3] Business Model and Market Position - The company’s performance is heavily reliant on marketing-driven strategies, necessitating a thorough examination of the underlying factors driving this approach [4] - The historical return on invested capital (ROIC) has been variable, with a median ROIC of 10.98% since its listing, indicating a mixed investment return profile [4] Fund Holdings - Several funds have newly entered the top ten holdings of the company, with the largest being Western Gain New Direction Mixed A, holding 3 million shares [6]