证券日报网2月12日讯，莱绅通灵（603900）在接受调研者提问时表示，2025年第四季度经营情况与 2024年同期基本持平。公司自2023年8月转型开展黄金业务以来，2024年四季度实现销售爆发，2025年 四季度业绩延续了同期水平。受11月1日增值税改革影响，金价大幅上涨，对公司线上业务特别是双十 一销售造成冲击，其中对投资金产品受影响尤为明显；线下销售则较2024年同期取得一定增长。为应对 金价波动对终端销售的影响，公司通过推出新产品、联合短剧明星等热门营销方式，积极提升销售与品 牌传播力。此外，四季度行业通常会计提减值准备，减值计提对当期利润产生一定影响。 ...

证券日报网2月12日讯，莱绅通灵（603900）在接受调研者提问时表示，公司对加盟商实行差异化管理 策略：在折扣管控与IP产品陈列方面执行严格标准；而在人员管理、商场合作谈判及非IP产品铺货结构 等方面，则给予加盟商较高的自主权。2025年来公司着力发展省级与区域代理平台，授权其对下属加盟 商进行管理与协调，充分发挥加盟商的本地资源优势，推动区域协同发展。 ...

每经AI快讯，莱绅通灵2月12日晚间发布公告称，公司于近日收到公司持股5%以上股东欧陆之星钻石 （上海）有限公司（以下简称欧陆之星钻石）的通知，欧陆之星钻石计划减持公司股份。 每经头条（nbdtoutiao）——打造百万元级尊界的江淮，迎来葛卫东、方文艳联手投资：两人各掏10亿 元，公司股价应声大涨！复盘历史：牛散参与定增有赚也有亏 （记者 王晓波） 欧陆之星钻石计划通过集中竞价交易方式减持公司股份不超过1%，通过大宗交易方式减持公司股份不 超过2%，合计减持不超过3%。 欧陆之星钻石直接持有公司股份约1716万股，持股比例为5.0015%，股份来源为司法划转和集中竞价交 易。 ...

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 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 股东欧陆之星钻石（上海）有限公司（以下简称欧陆之星钻石）的通知，欧陆之 星钻石计划减持公司股份，具体情况如下： 证券代码：603900 证券简称：莱绅通灵 公告编号：2026-011 本公司董事会、全体董事及相关股东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： 三、减持计划相关风险提示 | 股东名称 | 欧陆之星钻石（上海）有限公司 | | | | --- | --- | --- | --- | | 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 | 17,156,192股 | | | | 持股比例 | 5.0015% | | | | 当前持股股份来源 | 司法划转取得：17,151,192股 | | | | | 集中竞价 ...

南财智讯2月12日电，莱绅通灵公告，公司持股5%以上股东欧陆之星钻石（上海）有限公司计划通过集 中竞价交易方式减持不超过343.02万股，通过大宗交易方式减持不超过686.04万股，合计减持不超过 1029.06万股，占公司总股本比例不超过3.00%。减持期间为2026年3月17日至2026年6月16日，减持原因 为自身资金需求。 ...

Core Viewpoint - On February 10, a total of 7 listed companies will have their restricted shares unlocked, with a total market value of approximately 5.102 billion yuan [1] Group 1: Company Specifics - Qingsong Jianhua (Stock Code: 600425) will unlock 226 million shares from the issuance of A-shares to original shareholders [1] - Wuchan Jinlun (Stock Code: 002722) will unlock 31.07 million shares from the issuance of A-shares to legal persons [1] - Igor (Stock Code: 002922) will unlock 872,400 shares from equity incentive restrictions [1] - Laisentongling (Stock Code: 603900) will unlock 1.155 million shares from equity incentive restrictions [1] - Xidiwei (Stock Code: 688173) will unlock 1.7208 million shares [1] - Mailande (Stock Code: 688273) will unlock 63.1732 million shares [1] - Yutaiwei (Stock Code: 688515) will unlock 30.1806 million shares [1]

Core Viewpoint - The gold industry is experiencing a positive trend, with significant increases in stock prices and a rebound in spot gold prices, indicating a favorable outlook for gold investments in the coming years [1][2]. Group 1: Market Performance - As of February 6, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 0.23%, with notable increases in constituent stocks such as Hunan Gold (up 10.00%), Chaohongji (up 9.98%), and Hangmin Co. (up 9.95%) [1]. - The gold ETF fund (159322) increased by 0.70%, with the latest price at 2.02 yuan [1]. Group 2: Gold Price Outlook - Spot gold has rebounded to over $4,850 per ounce, reflecting a daily increase of 1.57% and a recovery of nearly $200 from its daily low [1]. - Huatai Securities predicts that under the backdrop of de-globalization, central banks will continue to increase gold allocations, which will support a long-term rise in gold prices, potentially reaching a range of $5,400 to $6,800 per ounce between 2026 and 2028 [1]. Group 3: Investment Potential - Currently, the proportion of investable gold in global financial assets stands at 2.89%, which is significantly below the 2011 peak of 3.6%, indicating substantial room for increased allocation [1]. - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in the mainland and Hong Kong markets [1][2].

Group 1 - The stock price of Laishentongling has increased by 5.07% to 9.11 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 3.73%, resulting in a total market capitalization of 3.125 billion CNY [1] - Laishentongling has experienced a cumulative increase of 3.96% over the past three days [1] - The company specializes in diamond jewelry brand management, product design, and retail, with its main revenue sources being diamond-set jewelry (55.09%), traditional gold products (37.02%), and other products including jade (2.75%) [1] Group 2 - Anxin Fund holds Laishentongling as a significant investment, with its Anxin Consumer Medicine Stock A fund reducing its holdings by 115,200 shares, now holding 1,059,400 shares, which constitutes 4.84% of the fund's net value [2] - The Anxin Consumer Medicine Stock A fund has generated a floating profit of approximately 466,100 CNY today, with a floating profit of 349,600 CNY during the three-day increase [2] - The fund has a total asset size of 185 million CNY and has achieved a year-to-date return of 2%, ranking 3727 out of 5564 in its category [2]

Summary of the Conference Call for 莱绅通灵 Company Overview - **Company**: 莱绅通灵 - **Industry**: Jewelry and Gold Retail Key Points Sales Performance and Challenges - In Q4 2025, overall sales performance remained stable compared to Q4 2024, with online sales impacted by a VAT reform and an 8% increase in gold prices, while offline sales improved [2][3] - The company faced challenges during the 2026 Spring Festival due to its later timing and fluctuations in gold prices affecting gold jewelry sales [4] Strategic Adjustments - The company shifted focus from expanding the number of direct stores to enhancing the efficiency of existing stores, planning to open new stores in high-tier cities while exiting low-tier cities [2][6] - A target was set for direct store average sales to increase from approximately 5 million yuan in 2025 to 7.5 million yuan in 2026 [7] Product and Marketing Strategies - The company introduced new products and collaborated with influencers to boost retail sales, while also enhancing its marketing impact [5] - Adjustments were made to the online product structure post-VAT reform, focusing on smaller, well-designed items aimed at younger consumers [11] Inventory and Financial Management - As of the end of 2025, the company had over 700 million yuan in inventory for gold-inlaid products and approximately 600 million yuan for gold products, with a total impairment impact of about 25 million yuan on net profit [10] - The company plans to manage gold price fluctuations by adjusting product prices and maintaining a low gold leasing ratio [9][15] Customer Engagement and VIP Management - The company has successfully maintained a strong VIP customer base, which has positively impacted average transaction values and sales [8] - Future adjustments will focus on balancing high-end customer retention with new customer acquisition strategies [8] Future Outlook and Goals - The company aims to achieve a sales target of 750 million yuan per store for both direct and franchise stores in 2026, with specific measures to enhance overall performance [7][12] - Plans for 2026 include launching new products around key sales events and optimizing channel management to ensure strong performance [20][21] Challenges and Risk Management - The company anticipates potential challenges from ongoing gold price volatility and has strategies in place to mitigate these risks through pricing adjustments and inventory management [9][15] - The impact of the year-end bonus scheme on financials was noted, with increased costs due to the decision to distribute bonuses after achieving profitability [19] Conclusion - 莱绅通灵 is strategically repositioning itself to enhance store efficiency, adapt to market changes, and leverage its strong customer base while navigating challenges in the jewelry market. The focus on product innovation and targeted marketing is expected to drive growth in 2026.

Core Viewpoint - The A-share market experienced a significant decline in the gold and non-ferrous metal sectors, with over 30 leading stocks hitting the daily limit down of -10% following a sharp drop in international gold prices [1][3][4]. Market Reaction - The gold concept sector saw 81 stocks, with notable declines including Xiaocheng Technology down 19.97% and Tongling Nonferrous Metals down 10.04% [2][3]. - The sell-off was characterized by a lack of buying interest, leading to a situation of "no volume limit down," indicating that investors were unable to sell their holdings, resulting in asset depreciation [3][4]. External Factors - The decline was triggered by a sudden drop in international gold prices, with London spot gold falling nearly 9% in a single day, marking the largest daily drop in years [3][4]. - The Federal Reserve's decision to maintain high interest rates and signals of prolonged high rates contributed to the bearish sentiment in the gold market, as higher rates increase the opportunity cost of holding non-yielding assets like gold [5][6]. Internal Market Dynamics - The gold sector had previously seen a significant increase of over 30% since the beginning of the year, attracting substantial short-term and leveraged funds, which led to an overbought condition [7][8]. - As the market sentiment shifted, a massive outflow of over 8.5 billion yuan from the gold sector occurred, leading to a panic sell-off [8][10]. Industry Challenges - Rising mining costs due to increased expenses for labor, energy, and equipment have raised concerns about profit margins for gold mining companies, despite high gold prices [10]. - The presence of "pseudo-gold stocks" in the sector, which lack solid fundamentals, has led to severe declines as funds exited these stocks when the market turned [10][11]. Broader Market Impact - The sharp decline in gold and silver prices negatively affected the overall commodity market and risk asset sentiment, with significant capital flows shifting towards defensive sectors and technology growth areas [12][21]. - The retail gold market also reflected this disparity, with physical gold prices remaining high while international prices plummeted, highlighting the disconnect between market prices and consumer prices [12][13]. Investor Sentiment - The market reaction has led to a divide among analysts, with some viewing the decline as a healthy correction while others express caution about the long-term trend and potential further declines in gold prices [21][22].