证券代码：603900 证券简称：莱绅通灵 公告编号：2025-035 莱绅通灵珠宝股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及持股 5%以上股东宁波宁聚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。 重要内容提示： 预披露期间，若公司股票发生停牌情形的，实际开始减持的时间根据停牌时 间相应顺延。 (一)相关股东是否有其他安排 □是 √否 (二)大股东及董监高此前对持股比例、持股数量、持股期限、减持方式、减持数 莱绅通灵珠宝股份有限公司（以下简称公司）于近日收到公司持股 5%以上 股东宁波宁聚资产管理中心（有限合伙）—宁聚量化多策略证券投资基金（以下 简称宁波宁聚）的书面通知，宁波宁聚计划通过集中竞价方式减持公司股份，具 体内容如下： 上述减持主体无一致行动人。 1 股东名称 宁波宁聚资产管理中心（有限合伙）—宁聚量化多策略 证券投资基金 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 √否 其他：不适用 持股数量 18,213,200股 持股比 ...

Group 1 - The core point of the article is that Lai Shen Tong Ling (SH 603900) announced a planned share reduction by its shareholder Ningbo Ningju, which holds approximately 18.21 million shares, representing 5.31% of the company [1] - Ningbo Ningju intends to reduce its holdings by up to 3.43 million shares, not exceeding 1% of the total shares, between October 17, 2025, and January 16, 2026 [1] - As of the report, Lai Shen Tong Ling's market capitalization is 3.8 billion yuan [1] Group 2 - For the fiscal year 2024, Lai Shen Tong Ling's revenue composition is heavily weighted towards jewelry products, accounting for 99.14% of total revenue, while other business segments contribute only 0.86% [1]

Group 1 - The core point of the article is that Ningbo Ningju, a shareholder holding 5.31% of the company, plans to reduce its stake in the company by up to 3.43 million shares, which represents a reduction of no more than 1% of the total shares [1]

莱绅通灵公告，持股5.31%的股东宁波宁聚持有1821.32万股，计划2025年10月17日至2026年1月16日通 过集中竞价减持不超过343万股，减持比例不超过1.00%。 ...

Group 1 - The international gold price has risen significantly, with domestic gold jewelry prices surpassing 1090 CNY per gram for the first time, indicating a strong upward trend in the market [1][6] - As of September 16, 2023, the price of gold jewelry from major brands like Chow Sang Sang and Chow Tai Fook reached 1091 CNY and 1087 CNY per gram respectively, reflecting a daily increase [1][6] - The international gold price has increased over 40% this year, outperforming major assets like the S&P 500 index, driven by factors such as expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [6] Group 2 - Upstream gold mining companies are experiencing positive performance, with Western Gold reporting a 69.01% year-on-year increase in revenue to 5.03 billion CNY and a 131.94% increase in net profit [7] - Shandong Gold International also reported strong results, with a 42.14% increase in revenue to 9.25 billion CNY and a 48.43% increase in net profit [7] Group 3 - Downstream gold jewelry companies are facing significant challenges due to rising raw material costs, leading to a mixed performance across the industry [8] - Lao Pu Gold has seen a remarkable increase in performance, with a 251% year-on-year revenue growth to 12.35 billion CNY and a 290.6% increase in adjusted net profit [8] - Conversely, Zhou Dazheng reported a decline in performance, with a 43.92% decrease in revenue to 4.597 billion CNY and a slight drop in net profit by 1.27% [9]

Market Overview - The jewelry sector experienced a decline of 1.45% on September 15, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Mankalon (300945) saw a significant drop of 4.76%, closing at 21.61 with a trading volume of 249,400 shares and a turnover of 542 million yuan [2] - Other notable declines include: - Cuihua Jewelry (002731) down 3.76% to 13.30 [2] - Laixitongling (603900) down 2.96% to 11.16 [2] - Diya Co. (301177) down 2.43% to 36.54 [2] - Conversely, Lao Fengxiang (600612) increased slightly by 0.42% to 55.18 [1] Trading Volume and Capital Flow - The jewelry sector experienced a net outflow of 284 million yuan from main funds, while retail investors saw a net inflow of 328 million yuan [2] - The trading volume for key stocks included: - Mankalon: 249,400 shares [2] - Cuihua Jewelry: 125,600 shares [2] - Gold China (600916): 378,400 shares [2]

Core Viewpoint - The stock of Laishentongling has shown significant volatility, with a year-to-date increase of 111.21%, but a recent decline of 5.88% over the last five trading days, indicating potential market fluctuations and investor sentiment changes [2]. Group 1: Stock Performance - As of September 12, Laishentongling's stock price rose by 2.01% to 11.68 CNY per share, with a trading volume of 1.26 billion CNY and a market capitalization of 40.07 billion CNY [1]. - The stock has experienced a year-to-date increase of 111.21%, a 5.88% decline over the last five trading days, a 13.40% increase over the last 20 days, and a 1.48% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Laishentongling reported a revenue of 870 million CNY, representing a year-on-year growth of 37.00%, and a net profit attributable to shareholders of 60.61 million CNY, reflecting a substantial increase of 263.52% [3]. - The company has distributed a total of 635 million CNY in dividends since its A-share listing, with 34.32 million CNY distributed over the past three years [4]. Group 3: Shareholder and Market Information - As of June 30, 2025, Laishentongling had 29,400 shareholders, a decrease of 17.07% from the previous period, while the average number of circulating shares per shareholder increased by 20.94% to 11,634 shares [3]. - The company's main business revenue composition includes 55.09% from diamond-set jewelry, 37.02% from traditional gold products, 4.61% from other products, 2.75% from jade products, and 0.53% from supplementary items [2].

Core Viewpoint - The company has successfully turned around its profitability in the first half of 2025, with significant revenue growth driven by strategic product optimization and a focus on high-margin gold embedded products [1][2]. Financial Performance - Total revenue for H1 2025 reached 870 million yuan, a 37% increase year-on-year, with a net profit of 61 million yuan compared to a loss of 37 million yuan in H1 2024 [1]. - In Q2 2025, total revenue was 499 million yuan, up 27% year-on-year, with a net profit of 32 million yuan, reversing a loss of 18 million yuan in Q2 2024 [1]. Profitability Improvement - The company's gross margin increased by 5 percentage points to 32.37%, attributed to the strategic increase in the proportion of high-margin gold embedded products [2]. - The net profit margin improved by 11 percentage points to 6.44%, indicating a significant enhancement in profitability [2]. Product Performance - Revenue from embedded gold products surged by 200%, contributing to a total revenue increase of 37% [3]. - Revenue from various product lines in H1 2025 included embedded diamonds at 479 million yuan (up 68%), traditional gold at 322 million yuan (up 11%), and other products at 40 million yuan (up 46%) [3]. Channel Performance - Revenue from direct sales, franchise, and online channels in H1 2025 was 573 million yuan (up 47%), 98 million yuan (up 109%), and 195 million yuan (up 1%), respectively [3]. - The company aims to establish 50 million-level direct stores and 15 million-level franchise stores, indicating a solid foundation for growth [3]. Future Outlook - The company is focusing on the "artistic gold worth collecting" strategy, which is expected to stabilize and enhance overall revenue as the product matrix expands and the store network grows [4]. - EPS forecasts for 2025-2027 have been adjusted to 0.24, 0.39, and 0.52 yuan, with corresponding PE ratios of 51, 31, and 23 times [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has significantly improved, driven by a dual-channel strategy in product distribution [1] - The company has successfully turned losses into profits, with a notable increase in gross margin and net profit margin [5] - The embedded gold segment has shown remarkable growth, becoming a new engine for revenue increase [6] - The franchise business is strong, with ambitious targets for high-performing stores [7] - The company is positioned for continued growth with a focus on "collectible art gold" and brand upgrades [8] Summary by Sections Financial Performance - In H1 2025, total revenue reached 870 million yuan, a year-on-year increase of 37%, with a net profit of 61 million yuan compared to a loss of 37 million yuan in H1 2024 [4] - The gross margin increased by 5 percentage points to 32.37% in Q2 2025, while the net profit margin rose by 11 percentage points to 6.44% [5] Product and Channel Analysis - Revenue from embedded diamonds, jade, traditional gold, and other products in H1 2025 showed varied growth, with embedded gold revenue increasing by 200% [6] - The company’s revenue from direct sales, franchises, and online channels grew by 47%, 109%, and 1% respectively in H1 2025 [7] Growth Forecast - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.24, 0.39, and 0.52 yuan respectively, with corresponding price-to-earnings (PE) ratios of 51, 31, and 23 times [8] - Projected main business revenue for 2025 is 2 billion yuan, with a growth rate of 63.6% [10]

Group 1 - The core viewpoint of the news is that 莱绅通灵 experienced a decline in stock price, dropping by 5.08% to 11.78 CNY per share, with a trading volume of 442 million CNY and a turnover rate of 10.38%, resulting in a total market capitalization of 4.041 billion CNY [1] - 莱绅通灵珠宝股份有限公司, established on November 22, 1999, and listed on November 23, 2016, is primarily engaged in the brand operation management, product design, research and development, and retail of diamond jewelry [1] - The company's main business revenue composition includes: 55.09% from diamond-set jewelry, 37.02% from traditional gold products, 4.61% from other products, 2.75% from jade products, and 0.53% from other supplementary products [1] Group 2 - From the perspective of fund holdings, 鑫元基金 has one fund heavily invested in 莱绅通灵, specifically the 鑫元消费甄选混合发起A fund, which held 69,600 shares in the second quarter, accounting for 3.57% of the fund's net value, ranking as the tenth largest holding [2] - The fund, established on March 24, 2023, has a latest scale of 12.7525 million CNY and has experienced a loss of 6.22% this year, ranking 8213 out of 8248 in its category; over the past year, it has gained 0.78%, ranking 7989 out of 8051; since its inception, it has lost 40.91% [2]