莱绅通灵封涨停，曼卡龙、潮宏基涨超5%，迪阿股份、飞亚达、菜百股份、萃华珠宝等跟涨。 (本文来自第一财经) ...

饰品板块走高，莱绅通灵涨停，曼卡龙、明牌珠宝、深中华A、菜百股份、萃华珠宝等纷纷走高。 ...

2025 年 08 月 07 日 利润端扭亏为盈，金镶钻贡献增量 买入(首次) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 8-0 6 | | --- | --- | | 当前股价（元） | 9.88 | | 总市值（亿元） | 34 | | 总股本（百万股） | 343 | | 流通股本（百万股） | 342 | | 52 周价格范围（元） | 4.76-13.86 | | 日均成交额（百万元） | 200.71 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 (%) 莱绅通灵 沪深300 相关研究 —莱绅通灵（603900.SH）公司动态研究报告 ▌ 营收大幅增长，利润扭亏为盈 7 月 14 日，莱绅通灵发布 2025 年半年度业绩预盈公告，预 计 2025H1 实现归母净利润 0.59 亿元（2024H1 为-0.3 ...

证券之星消息，7月30日饰品板块较上一交易日下跌0.02%，飞亚达领跌。当日上证指数报收于3615.72， 上涨0.17%。深证成指报收于11203.03，下跌0.77%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002345 | 潮宏基 | 14.68 | 4.19% | 36.33万 | | 5.30亿 | | 300945 | 曼卡龙 | 19.52 | 1.72% | 15.46万 | | 3.01亿 | | 665509 | 菜直股份 | 15.29 | 0.66% | 5.01万 | 7651.16万 | | | 600916 | 中国黄金 | 8.24 | 0.37% | 18.98万 | | 1.57亿 | | 002731 | 幸华珠宝 | 13.01 | 0.31% | 7.18万 | 9348.38万 | | | 002867 | 周大生 | 13.14 | 0.23% | 4.70万 | 6173.52万 | | | 600 ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-031 莱绅通灵珠宝股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 莱绅通灵珠宝股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召开 第五届第三次职工代表会议，选举易春秀女士为公司第五届董事会职工代表董 事，任期自职工代表会议通过之日起至本届董事会届满之日。 易春秀女士，1976 年 2 月出生，中国国籍，无境外永久居留权，硕士学历， 曾任南京肯德基公司溧阳分公司门店经理、公司运营中心总经理、广东潮宏基 实业股份有限公司运营大区总经理，2022 年至今历任公司大区负责人、渠道与 大客户发展部负责人，现任公司渠道与大客户发展部负责人、第五届董事会职 工代表董事。 易春秀女士直接持有公司股份 60,000 股，为公司 2022 年股权激励计划授 予的限制性股票。此外，易春秀女士还持有公司股东南京传世美璟投资管理有 限公司 10.00%的股权（南京传世美璟投资管理公司持有公司股份 7,428,400 股， 占公 ...

Summary of the Conference Call for 莱绅通灵 Company Overview - **Company**: 莱绅通灵 - **Industry**: Jewelry Retail Key Points and Arguments Financial Performance - The company achieved a net profit of between 50 million to 80 million in the first half of the year, aligning with management's assessment goals [2] - The second quarter saw a quarter-on-quarter growth compared to the first quarter, despite a challenging market environment [2][5] - The company’s full-year net profit forecast remains at 50 million to 80 million, which is lower than previous market expectations [2][4] Sales and Product Strategy - Significant improvements in both direct and franchise store sales efficiency were noted, with franchise store efficiency increasing by over 300% year-on-year [3] - The company plans to adjust its online sales product mix by reducing the focus on heavy gold sales and increasing high-margin non-gold products such as platinum, K gold, pearls, and silver jewelry to attract younger consumers [2][6] - The company aims to activate its 5 million+ member base, which currently has a low activation rate, through various initiatives in the second half of the year [12] Expansion Plans - The company is focusing on expanding its franchise business, including signing provincial agency agreements and opening new stores to compensate for the expected retail downturn in the third quarter [2][7][16] - As of late May, 43 direct and franchise stores have reached the target of 10 million in sales, with no adjustments to this target planned [3] New Product Development - A new intellectual property product is expected to launch in September, with the existing "转运星轮" series accounting for 14% of gold sales [9] - The company is actively developing new products aimed at younger demographics and male consumers [8][14] Online Business Development - Online sales currently account for about 10% of total sales, with expectations not to exceed 30% for the year [22] - The company will focus on low-cost, high-margin non-gold products for online sales to better cater to younger consumers [10][22] Market Response and Challenges - The market reacted strongly to the company's earnings forecast, with some analysts projecting net profits significantly higher than the company's guidance, leading to confusion [4] - The company acknowledged that the online business faced challenges during the 618 shopping festival, impacting overall gross margins [3][6] Customer Engagement and Marketing - The company is implementing strategies to enhance customer engagement, including VIP member events and collaborations with other businesses to expand its membership base [25] - Marketing efforts will be adjusted to appeal to younger consumers, including the introduction of new products that align with their preferences [14] Cost Management - Overall expenses are being controlled, with a focus on managing marketing and administrative costs while allowing flexibility in sales expenses to incentivize store staff [15] Channel Strategy - The company is optimizing its channel strategy, particularly in high-end shopping areas, and is making significant progress in key markets like Beijing [13][26] Franchise Management - The company employs a comprehensive management system for franchisees, requiring a minimum of 60% of sales to come from proprietary IP products [23] Additional Important Information - The company is actively working to improve its brand recognition in lower awareness markets, particularly in northern regions [26] - The pricing strategy for gold-inlaid products aligns with industry standards, ensuring competitive pricing [18][19]

莱绅通灵（603900）今日跌停，成交额3.00亿元，换手率8.18%，盘后龙虎榜数据显示，1家机构专用席 位净买入1320.59万元，另有4家机构专用席位净卖出8949.96万元。 ...

黄金概念板块盘初回调，莱绅通灵（603900）封板跌停，潮宏基（002345）触及跌停，鹏欣资源 （600490）、金一文化（002721）、湖南白银（002716）、明牌珠宝（002574）、白银有色（601212） 等跟跌。 黄金行情爆发中，一键布局买入黄金等避险资产>>> ...

Leysen Jewellery 2025 Semi-Annual Performance Pre-announcement of Profit [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates turning losses into profits in H1 2025, with estimated net profit attributable to parent of **59.00 million CNY** and non-recurring net profit of **69.00 million CNY**; this forecast is unaudited - The company anticipates turning losses into profits in the first half of 2025[4](index=4&type=chunk)[6](index=6&type=chunk) 2025 Semi-Annual Performance Forecast vs. Prior Year Period | Metric | 2025 Semi-Annual (Estimated) | 2024 Semi-Annual (Prior Year Period) | | :--- | :--- | :--- | | Net Profit Attributable to Parent | Approx. 59.00 million CNY | -37.07 million CNY | | Non-recurring Net Profit Attributable to Parent | Approx. 69.00 million CNY | -35.17 million CNY | [Prior Year Period Performance Review](index=1&type=section&id=%E4%BA%8C%E3%80%81%20%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company incurred losses in the corresponding period of 2024, with net profit attributable to the parent of -37.07 million CNY, non-recurring net profit of -35.17 million CNY, and earnings per share of -0.11 CNY 2024 Semi-Annual Key Financial Data | Metric | Amount | | :--- | :--- | | Total Profit | -44.74 million CNY | | Net Profit Attributable to Parent | -37.07 million CNY | | Non-recurring Net Profit Attributable to Parent | -35.17 million CNY | | Earnings Per Share | -0.11 CNY | [Analysis of Key Reasons for Forecasted Profit](index=2&type=section&id=%E4%B8%89%E3%80%81%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E7%9B%88%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Profitability turnaround is primarily driven by improved main business operations, including expanded gold business and optimized product structure, alongside reduced non-operating losses from gold leasing due to rising gold prices [Impact of Main Business Operations](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) Main business improvements, including over **30% revenue growth** from gold business, increased high-margin gold inlay sales, and reduced comprehensive expense ratio through optimized processes, are key drivers - Benefiting from gold business expansion, the company's operating revenue increased by over **30% year-over-year**[8](index=8&type=chunk) - Continuous product structure optimization, with an increased proportion of higher-margin gold inlay business, enhanced the overall gross margin[8](index=8&type=chunk) - Through optimized business processes and strengthened cost control, operational efficiency improved, and the comprehensive expense ratio decreased year-over-year[8](index=8&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) Non-operating gains and losses decreased year-over-year, mainly due to reduced fair value change losses on gold leasing financial liabilities driven by rising gold prices - Non-operating gains and losses decreased compared to the prior year period, primarily due to fair value changes in financial liabilities from gold leasing business caused by rising gold prices[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states that there are currently no significant uncertainties affecting the accuracy of this performance forecast - The company confirms no significant uncertainties exist that could impact the accuracy of this performance forecast[10](index=10&type=chunk) [Other Explanations](index=2&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company reminds investors that this forecast data is a preliminary calculation, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report - The data in this announcement is preliminary, and the final results will be based on the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[11](index=11&type=chunk)

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of shareholders for Laishen Tongling Jewelry Co., Ltd. was convened and conducted in compliance with relevant laws, regulations, and the company's articles of association [2][12]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting included details on the time, location, method of convening, convenor, agenda items, attendees, registration methods, and other relevant matters [3][4]. - The meeting adopted a combination of on-site and online voting, with the on-site meeting presided over by the company's chairman, Mr. Ma Jun [4][12]. - The convening procedures for the meeting were verified to comply with legal and regulatory requirements [4][12]. Group 2: Attendance and Qualifications - A total of 151,091,120 shares were represented at the meeting, accounting for 44.0468% of the company's total share capital [5]. - Nine shareholders and their proxies attended the on-site meeting, representing 146,292,200 shares, while 291 shareholders participated via online voting, representing 4,798,920 shares [5][6]. - All attendees, including directors, supervisors, and senior management, were verified to have legal qualifications to participate in the meeting [5][12]. Group 3: Voting Procedures and Results - The voting process involved both on-site and online methods, with results being counted and monitored by shareholder representatives, supervisors, and legal counsel [6][12]. - The voting results showed overwhelming support for the proposed resolutions, with approval rates exceeding 99% for multiple resolutions [6][7][8][11]. - The meeting's resolutions were passed with the required majority, confirming the legitimacy of the voting process [12].