Core Viewpoint - The company reported significant growth in revenue and a turnaround in net profit for the first half of 2025 compared to the same period in 2024 [2] Financial Performance - For the first half of 2025, the company achieved revenue of approximately 870 million yuan, representing a year-on-year increase of 37% [2] - The net profit attributable to shareholders was approximately 60.61 million yuan, with a basic earnings per share of 0.18 yuan [2] - In contrast, the revenue for the same period in 2024 was about 635 million yuan, with a net loss of approximately 37.07 million yuan and a basic loss per share of 0.11 yuan [2]

Core Points - The company held its fifth board meeting on August 20, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and proposals for bank credit applications and gold leasing business [1][2][3] Group 1: Financial Reports - The board approved the 2025 semi-annual report, which was reviewed by the audit committee and received unanimous support from all attending directors [1] Group 2: Bank Credit and Gold Leasing - The company plans to apply for a total credit limit of up to 1.1 billion yuan from various banks, including 60 million yuan from Jiangsu Bank and 50 million yuan each from Ningbo Bank and Industrial Bank, to support business development and daily operations [1][2] - Within this credit limit, the maximum amount for gold leasing transactions is set at 200 million yuan, equivalent to approximately 250 kilograms of gold, with a rolling usage period from September 1, 2025, to August 31, 2026 [2] Group 3: Investment and Management Policies - The board approved the use of self-owned funds for entrusted wealth management, with details disclosed in a separate announcement [2] - Several internal management systems are to be revised to enhance governance and risk control, including the management of shares held by directors and executives, independent director work systems, and related party transaction management [3]

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-034 莱绅通灵珠宝股份有限公司 2025 年半年度经营数据的公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》之第 四号《零售》等相关要求，现将公司 2025 年半年度经营数据披露如下： 一、门店数量、面积及分布 1、分渠道模式门店数量变动情况 | 模式 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- | | | | 新开 关闭 | | 小计 | | | 直营 | 256 | 4 | 31 | -27 | 229 | | 加盟 | 121 | 14 | 24 | -10 | 111 | | 合计 | 377 | 18 | 55 | -37 | 340 | 注：公司期末直营门店中，有 1 家为自有物业，有 93 家为专厅。 2、分渠道模式门店面积变动情况 单位：m² | 模式 | 期初 | 变动 | | | 期末 | | --- ...

莱绅通灵珠宝股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人马峻、主管会计工作负责人刘靳及会计机构负责人（会计主管人员）刘靳 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度不进行利润分配，即不派发现金红利、不送红股、不以公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容涉及的未来计划、规划等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述了可能存在的主要风险，敬请查阅第三节管理层讨论与分析 中关于可能面对的风 ...

□适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司 经营情况有重大影响和预计未来会有重大影响的事项 □适用 √不适用 | 莱绅通灵珠宝股份有限公司2025 | 年半年度报告摘要 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司代码：603900 | 公司简称：莱绅通灵 | | | | | | | 莱绅通灵珠宝股份有限公司 | | | | | | | | 莱绅通灵珠宝股份有限公司2025 | 年半年度报告摘要 | | | | | | | 第一节 重要提示 | | | | | | | | 展规划，投资者应当到 http://www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | 公司2025年半年度不进行利润分配，即不派发现金红利、不送红股、不以公积金转增股本。 | | | | | | | | 第二节 公司基本情况 | | | | | | | ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-033 莱绅通灵珠宝股份有限公司 基本情况 | 投资金额 | 20,000 万元 | | --- | --- | | 投资种类 | 结构性存款、收益凭证、基金、债券等中低风险产品 | | 资金来源 | 自有资金 | 已履行的审议程序：第五届董事会第十次会议 特别风险提示：理财产品的收益率存在一定的不确定性，且还存在一定的 市场风险、流动性风险、受托方信用风险、对冲干扰事件风险、不可抗力 及意外事件风险等风险，请广大投资者注意投资风险。 一、投资情况概述 （一）投资目的 关于使用自有资金进行委托理财的公告 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。 重要内容提示： 在不影响日常经营活动、确保资金安全性和流动性的前提下，莱绅通灵珠宝 股份有限公司（以下简称公司）使用闲置自有资金进行委托理财，有利于提高公 司闲置自有资金的使用效率，增加公司资金收益。 （二）投资金额 投资总额不超过 2 亿元（含投资所获收益进行再投资的相关金额），且在上 述额度内资金可以滚动使用。 ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-032 莱绅通灵珠宝股份有限公司 第五届董事会第十次会议决议公告 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）第五届董事会第十次会议通知 于 2025 年 8 月 8 日以专人、书面、邮件的形式发出，于 2025 年 8 月 20 日上午 以现场结合通讯方式召开。本次会议应出席董事 9 名，实际出席董事 9 名，公司 高级管理人员列席了会议。本次会议的召集、召开符合《公司法》《公司章程》 的有关规定，会议由董事长马峻先生主持，会议经过认真审议，通过了以下议案： 一、 2025 年半年度报告 详情请见与本公告同日披露的《2025 年半年度报告》及《2025 年半年度报 告摘要》。 本议案已经公司第五届董事会审计委员会第七次会议审议通过。 1 在上述综合授信额度范围内，公司拟开展黄金租赁交易的最高金额为 2.00 亿元（按目前黄金市场价格，折黄金约不超过 250 公斤），并在此金额内可滚动 使用，授权期限自 2025 年 9 ...

莱绅通灵公告，2025年上半年营业收入8.7亿元，同比增长37.00%；净利润6060.94万元，上年同期净亏 损3706.52万元。公司2025年半年度不进行利润分配，即不派发现金红利、不送红股、不以公积金转增 股本。 (本文来自第一财经) ...

Section I Definitions [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) The report defines company names, key subsidiaries, related parties, and industry terms like 'CNY' and 'Carat', providing a foundation for understanding the content Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | Company, Leysen Jewellery | Leysen Jewellery Inc. | | Nanjing Leysen Jewellery | Nanjing Leysen Jewellery Co., Ltd. | | Nanjing Leysen Ornaments | Nanjing Leysen Ornaments Co., Ltd. | | Jiangsu Chuan Shi Jiang Yi | Jiangsu Chuan Shi Jiang Yi Network Technology Co., Ltd. | | Orange Cube | Orange Cube (Nanjing) Trading Co., Ltd. | | Nanjing Chuan Shi Mei Jing | Nanjing Chuan Shi Mei Jing Investment Management Co., Ltd. | | Joaillerie Leysen Freres SA | Joaillerie Leysen Freres SA | | Nanjing Kefurongguang | Nanjing Kefurongguang Enterprise Consulting Partnership (Limited Partnership) | | CNY | Renminbi Yuan | | Carat | Unit of mass (weight) for gemstones, 1 carat = 0.20 grams | Section II Company Profile and Key Financial Indicators [I. Company Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Discloses basic company information including Chinese name, abbreviation, foreign name, and legal representative Basic Company Information | Item | Content | | :--- | :--- | | Company's Chinese Name | 莱绅通灵珠宝股份有限公司 | | Company's Chinese Abbreviation | 莱绅通灵 | | Company's Foreign Name | Leysen Jewellery Inc. | | Company's Foreign Name Abbreviation | Leysen | | Company's Legal Representative | Ma Jun | [II. Contact Person and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides names, contact addresses, phone numbers, and email addresses for the Board Secretary and Securities Affairs Representative Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Cao Ying | No. 19 Huashen Avenue, Yuhuatai District, Nanjing | 025-52486808 | 603900@leysen1855.com | | Securities Affairs Representative | An Songwei, Yang Lan | No. 19 Huashen Avenue, Yuhuatai District, Nanjing | 025-52486808 | 603900@leysen1855.com | [III. Brief Introduction to Changes in Basic Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Discloses basic company information such as registered address and office address, with no historical changes during the reporting period Company Registered and Office Address | Item | Content | | :--- | :--- | | Company Registered Address | No. 19 Huashen Avenue, Yuhuatai District, Nanjing | | Historical Changes to Company Registered Address | Not Applicable | | Company Office Address | No. 19 Huashen Avenue, Yuhuatai District, Nanjing | | Postal Code of Company Office Address | 210012 | | Company Website | www.leysen1855.com | | Email | 603900@leysen1855.com | | Index for Changes During Reporting Period | Not Applicable | [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Location](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Lists the company's designated information disclosure newspapers, website address, and report custody location Information Disclosure and Document Custody Location | Item | Content | | :--- | :--- | | Name of Designated Information Disclosure Newspapers | China Securities Journal, Securities Times | | Website Address for Semi-Annual Report Publication | http://www.sse.com.cn | | Company Semi-Annual Report Custody Location | No. 19 Huashen Avenue, Yuhuatai District, Nanjing | | Index for Changes During Reporting Period | Not Applicable | [V. Company Stock Overview](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Introduces the company's stock type, listing exchange, stock abbreviation and code, and previous abbreviation Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Leysen Jewellery | 603900 | Tesiro Jewellery | [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 37% year-on-year, total profit and net profit attributable to shareholders turned profitable, and net cash flow from operating activities significantly improved Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 870,030,630.13 | 635,076,815.71 | 37.00 | | Total Profit | 63,898,512.75 | -44,741,011.61 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company | 60,609,437.03 | -37,065,157.80 | Not Applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 70,279,624.57 | -35,171,459.36 | Not Applicable | | Net Cash Flow from Operating Activities | 36,888,424.12 | -162,361,149.55 | Not Applicable | | **As of End of Current Period** | | | | | Net Assets Attributable to Shareholders of Listed Company | 1,971,596,301.92 | 1,909,519,494.53 | 3.25 | | Total Assets | 2,268,331,007.72 | 2,283,546,377.34 | -0.67 | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.18 | -0.11 | Not Applicable | | Diluted Earnings Per Share (CNY/share) | 0.18 | -0.11 | Not Applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.20 | -0.10 | Not Applicable | | Weighted Average Return on Net Assets (%) | 3.12 | -1.76 | Increased by 4.88 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 3.62 | -1.67 | Increased by 5.29 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Discloses non-recurring gains and losses items and their amounts for the reporting period, totaling -9,670,187.54 CNY Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 1,071,429.84 | | Government Subsidies Included in Current Profit and Loss | 87,676.85 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | -10,602,448.61 | | Other Non-Operating Income and Expenses Apart from the Above | -204,657.89 | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 145,551.84 | | Less: Income Tax Impact | 167,739.57 | | Total | -9,670,187.54 | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Impact of Share-Based Payments](index=9&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) Discloses net profit after deducting share-based payment impact, which was 61,267,503.25 CNY for the current period, compared to -35,672,249.50 CNY in the prior period, achieving a turnaround to profitability Net Profit After Deducting Impact of Share-Based Payments | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 61,267,503.25 | -35,672,249.50 | Not Applicable | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business During the Reporting Period](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company specializes in jewelry retail; in H1, total retail sales of gold, silver, and jewelry increased by 11.3%, but gold jewelry consumption decreased by 26% due to high gold prices. The company adopted an 'Art Gold' differentiated positioning, forming a full-category product matrix and launching several innovative series - The jewelry retail industry belongs to the optional consumer goods sector, with total retail sales of gold, silver, and jewelry increasing by **11.3%** year-on-year in the first half[33](index=33&type=chunk) - International gold prices rose sharply, increasing by **24.31%** from the beginning of the year by the end of June, leading to a **26%** year-on-year decrease in gold jewelry consumption in China during the first half[33](index=33&type=chunk) - The company specializes in the 'Art Gold' segment, forming a full-category product matrix including Chuan Shi Gold (Art Gallery, New Classic series), Queen's Pearl, Legend, Royal Estate, Blue Fire True Diamond, and ORANGECUBE[36](index=36&type=chunk)[59](index=59&type=chunk)[61](index=61&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[69](index=69&type=chunk) [(I) Industry Overview](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) As an optional consumer good, the jewelry retail industry saw an 11.3% increase in gold, silver, and jewelry retail sales in H1, but high gold prices led to a 26% drop in gold jewelry consumption. The industry is structurally upgrading towards design, quality, and emotional expression, with inlaid gold jewelry becoming a new growth point - In the first half of 2025, domestic total retail sales of consumer goods increased by **5.0%** year-on-year, with gold, silver, and jewelry retail sales growing by **11.3%**[33](index=33&type=chunk) - International gold prices surged, with London spot gold prices rising **24.31%** from the beginning of the year by the end of June, leading to a **3.54%** year-on-year decrease in China's gold consumption and a **26%** decrease in gold jewelry consumption[33](index=33&type=chunk) - Consumer demand is shifting towards product design, quality, and emotional expression, making inlaid gold jewelry with strong design and high added value a new growth engine for the industry[34](index=34&type=chunk) [(II) Main Business Overview During the Reporting Period](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) During the reporting period, the company continued to specialize in the 'Art Gold' segment, responding to market changes with a differentiated brand positioning and a full-category product matrix. Key launches included the 'Chuan Shi Gold' series (Art Gallery, New Classic), as well as Queen's Pearl, Legend, Royal Estate, Blue Fire True Diamond, and ORANGECUBE brands, emphasizing design, craftsmanship, and emotional value - The company specializes in the 'Art Gold' segment, with core product series including 'Chuan Shi Gold' (Art Gallery, New Classic), Queen's Pearl, Legend, Royal Estate, Blue Fire True Diamond, and ORANGECUBE[36](index=36&type=chunk)[59](index=59&type=chunk)[61](index=61&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk)[69](index=69&type=chunk) - The 'Art Gallery' series under 'Chuan Shi Gold' integrates European culture with ancient gold craftsmanship, launching the '1855 Series', 'Laurel Goddess Series', 'Secret Realm Series', and newly introduced 'Fortune Wheel' and 'Wheat Field' series[37](index=37&type=chunk)[38](index=38&type=chunk)[44](index=44&type=chunk)[48](index=48&type=chunk) - The 'New Classic' series blends Eastern and Western cultural elements, launching the 'Brocade Flower Series' as well as the 'Year of the Snake Zodiac' and 'Top Fortune' New Year series[54](index=54&type=chunk)[57](index=57&type=chunk) [II. Discussion and Analysis of Operations](index=18&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's H1 revenue grew by 37% year-on-year, with net profit attributable to shareholders exceeding 60 million CNY, primarily due to 'Art Gold' differentiated positioning and product innovation. Inlaid gold revenue increased by 200%, sales proportion rose to 80%, and comprehensive gross margin and operational efficiency significantly improved - The company's total operating revenue in the first half climbed by **37%** year-on-year, with net profit attributable to shareholders exceeding **60 million CNY**[72](index=72&type=chunk) - Inlaid gold saw a substantial year-on-year increase of **200%**, with gold category revenue accounting for **80%** of sales[72](index=72&type=chunk) - The company's comprehensive gross margin significantly improved, with the period expense ratio decreasing to **24.30%**, a **13 percentage point** drop from the prior period[72](index=72&type=chunk) - The 'Fortune Wheel Series' achieved sales exceeding **20 million CNY** within ten days of its launch, and the company collaborated with the Natural Diamond Council to initiate the 'Art of Large Diamonds - Hundred Carat Exhibition Tour'[75](index=75&type=chunk)[76](index=76&type=chunk) - New products launched with brand ambassador Qin Lan, achieving nearly **350 million** views across all marketing channels, over **200 million** content impressions on Xiaohongshu KOS, and online sales exceeding **10 million CNY** through Douyin professionals[77](index=77&type=chunk) - Offline member sales reached **116 million CNY**, a **59%** year-on-year increase; franchise business grew by **109%** year-on-year[78](index=78&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=20&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competence lies in its 'Art Gold' brand positioning, integrating Eastern and Western aesthetics, and creating differentiated products through unique techniques like 'Blue Fire True Cut' and 'Italian Woven Gold Craftsmanship'. A diversified marketing matrix and integrated online-offline strategy also continuously strengthen brand perception and market share - The company positions itself with 'Collectible Art Gold', innovating traditional gold aesthetics through the 'Chuan Shi Gold' differentiation strategy[80](index=80&type=chunk) - Possesses 'Blue Fire True Cut' inlay technique and intangible cultural heritage 'Italian Woven Gold Craftsmanship', creating highly recognizable and culturally valuable inlaid gold products[81](index=81&type=chunk) - Leveraging the exceptional quality and unique craftsmanship of '462 Workshop', integrating various exquisite techniques into design to ensure product refinement and uniqueness[82](index=82&type=chunk) - Strengthens the 'Art Gold' brand perception through a diversified marketing matrix including celebrity events, advertising, social media, and KOL marketing[86](index=86&type=chunk) - Online business achieved exponential growth, and through informatization, e-commerce, and marketing synergy, fully promotes the integration of online and offline businesses[87](index=87&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=23&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by 37% year-on-year, and total profit turned profitable. Significant changes in key financial accounts such as operating costs, administrative expenses, financial expenses, and net cash flow from operating activities reflect the company's achievements in product structure optimization and operational efficiency improvement Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 870,030,630.13 | 635,076,815.71 | 37.00 | Increase in inlaid gold jewelry revenue | | Total Profit | 63,898,512.75 | -44,741,011.61 | Not Applicable | Increase in inlaid gold jewelry revenue | | Net Profit Attributable to Shareholders of Listed Company | 60,609,437.03 | -37,065,157.80 | Not Applicable | Increase in higher gross margin inlaid gold jewelry revenue | | Net Cash Flow from Operating Activities | 36,888,424.12 | -162,361,149.55 | Not Applicable | Increase in cash received from sales of goods | | Administrative Expenses | 37,495,834.79 | 52,895,012.31 | -29.11 | Decrease in labor costs | | Financial Expenses | -6,278,512.82 | 2,121,934.03 | -395.89 | Increase in interest income | | Financial Assets Held for Trading | 30,113,917.81 | 50,269,205.48 | -40.09 | Redemption of wealth management products | | Notes Payable | 0 | 66,484,061.79 | -100.00 | Bank notes paid | | Accounts Payable | 80,583,846.16 | 49,667,324.22 | 62.25 | Increase in outstanding payments within procurement credit period | - The company did not establish or deregister any subsidiaries during the reporting period[93](index=93&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Amount Purchased in Current Period (CNY) | Amount Sold/Redeemed in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Wealth Management Products) | 50,269,205.48 | 260,843.84 | 140,000,000.00 | 160,416,131.51 | 30,113,917.81 | [V. Other Disclosure Matters](index=27&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks such as slow macroeconomic growth, industry brand competition, franchise store management, diamond raw material and gold price fluctuations, and large inventory scale, and has formulated corresponding countermeasures, including strengthening brand differentiation, product innovation, refined operations, and risk hedging - The company faces risks including slow macroeconomic growth, industry brand competition, franchise store management, fluctuations in diamond raw material prices and gold prices, and a large inventory scale[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - Countermeasures include adhering to differentiated brand positioning, strengthening product innovation and R&D, optimizing product structure, enhancing marketing promotion, strengthening franchisee management, optimizing the supply chain, and accelerating inventory turnover[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) Section IV Corporate Governance, Environment and Society [I. Changes in Company Directors and Senior Management](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Supervisory Board Chairman Shen Jiao and Supervisors Qi Hong and Miao Xuyue resigned. Due to amendments to the company's articles of association, the Supervisory Board was abolished, and its responsibilities were taken over by the Board's Audit Committee - Supervisory Board Chairman Shen Jiao, Supervisors Qi Hong, and Miao Xuyue resigned[109](index=109&type=chunk) - The company's articles of association were revised, abolishing the Supervisory Board, with its responsibilities assumed by the Board's Audit Committee[109](index=109&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=30&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company will not distribute profits for the first half of 2025, meaning no cash dividends, no bonus shares, and no capital reserve conversions - No profit distribution for the first half of 2025, no cash dividends, no bonus shares, and no capital reserve conversions[8](index=8&type=chunk)[110](index=110&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=30&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company completed the second unlocking period for the initial grant portion of its 2022 Restricted Stock Incentive Plan - The company completed the second unlocking period for the initial grant portion of its 2022 Restricted Stock Incentive Plan[110](index=110&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=32&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller Ma Jun and his concerted party Man Yize continued to fulfill commitments regarding share reduction and non-compete, with strict adherence during the reporting period - Ma Jun and Man Yize committed to not transferring more than **25%** of their total shares annually while serving as directors, supervisors, or senior executives, not transferring shares within six months after leaving office, and strictly fulfilling information disclosure obligations[114](index=114&type=chunk) - Ma Jun and Man Yize committed to not directly or indirectly engaging in business activities that compete with the company's main business, and to prioritize transferring such businesses to the company[114](index=114&type=chunk) [X. Significant Related Party Transactions](index=33&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company disclosed its estimated daily related party transactions for 2025, including receiving leases from related parties Ma Jun, Man Yize, Ma Qiao, and Shen Dongjun - The company disclosed its estimated daily related party transactions for 2025, involving receiving leases from Ma Jun, Man Yize, Ma Qiao, and Shen Dongjun[115](index=115&type=chunk) [XIII. Explanation of Other Significant Matters](index=35&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The equity transfer payment for shares reduced by controlling shareholder and chairman Ma Jun and his concerted party in 2022 has been cumulatively paid 40.49%. Both parties have no disagreement on continuing to fulfill the agreement, but there is a risk of contractual disputes due to incomplete payment - The equity transfer payment for shares reduced by controlling shareholder Ma Jun and his concerted party in 2022 has been cumulatively paid **146,034,586.00 CNY**, accounting for **40.49%** of the total[121](index=121&type=chunk) - Both parties have no disagreement on continuing to fulfill the agreement, but there is a risk of contractual disputes due to incomplete payment of the share transfer amount[121](index=121&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=37&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total shares remained unchanged, but restricted shares decreased by 1,035,000 shares, and unrestricted tradable shares increased by 1,035,000 shares, primarily due to the unlocking of the second restricted period for the initial grant portion of the 2022 Restricted Stock Incentive Plan Share Capital Changes | Share Type | Number Before Change (shares) | Increase/Decrease in Current Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | Restricted Shares | 2,550,000 | -1,035,000 | 1,515,000 | | Unrestricted Tradable Shares | 340,473,840 | 1,035,000 | 341,508,840 | | Total Shares | 343,023,840 | 0 | 343,023,840 | - Share changes primarily resulted from the unlocking of **1,035,000 shares** during the second restricted period for the initial grant portion of the 2022 Restricted Stock Incentive Plan[127](index=127&type=chunk) [II. Shareholder Information](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 29,353 common shareholders. Among the top ten shareholders, Ma Jun held 24.27%, Wang Lili held 10.05%, and Man Yize held 5.51%. Ma Jun and Man Yize are married and act in concert - As of the end of the reporting period, the total number of common shareholders was **29,353**[130](index=130&type=chunk) Top Ten Shareholders' Holdings (As of End of Reporting Period) | Shareholder Name | Number of Shares Held (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Ma Jun | 83,242,100 | 24.27 | Domestic Natural Person | | Wang Lili | 34,469,200 | 10.05 | Domestic Natural Person | | Man Yize | 18,900,000 | 5.51 | Domestic Natural Person | - Mr. Ma Jun and Ms. Man Yize are married and act in concert[133](index=133&type=chunk) [III. Directors and Senior Management Information](index=41&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) Discloses equity incentive information for directors and senior management, with Zhuang Ou, Cao Ying, Liu Jin, and others holding and partially unlocking restricted shares Equity Incentive Information for Directors and Senior Management | Name | Position | Number of Restricted Shares Held at Beginning of Period (shares) | Unlocked Shares (shares) | Unlocked Shares (shares) | Number of Restricted Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuang Ou | Director | 150,000 | 75,000 | 75,000 | 150,000 | | Cao Ying | Senior Executive | 120,000 | 60,000 | 60,000 | 120,000 | | Liu Jin | Senior Executive | 120,000 | 0 | 120,000 | 120,000 | Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=44&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[140](index=140&type=chunk) [II. Convertible Corporate Bonds Information](index=44&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[140](index=140&type=chunk) Section VIII Financial Report [I. Audit Report](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk)[143](index=143&type=chunk) [II. Financial Statements](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position and operating results - Includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[143](index=143&type=chunk)[146](index=146&type=chunk)[150](index=150&type=chunk)[153](index=153&type=chunk)[156](index=156&type=chunk)[159](index=159&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [III. Company Basic Information](index=64&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Introduces company overview, including unified social credit code, legal representative, registered address, and main business activities, namely brand operation management, product design and R&D, and retail of jewelry - The company's main business is brand operation management, product design and R&D, and retail of jewelry, including diamonds, gemstones, jade, gold, platinum, and other jewelry and leather goods[171](index=171&type=chunk) [IV. Basis of Preparation of Financial Statements](index=64&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, confirming the ability to continue as a going concern for at least 12 months from the end of the reporting period - The financial statements are prepared on a going concern basis, confirming the ability to continue as a going concern for at least **12 months** from the end of the reporting period[172](index=172&type=chunk)[173](index=173&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) Detailed disclosure of the company's specific accounting policies and estimates regarding business combinations, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases - Detailed explanation of accounting treatments for business combinations under common control and not under common control[181](index=181&type=chunk)[182](index=182&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[195](index=195&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, with specific recognition based on different sales models such as direct sales, specialty counters, and franchising[251](index=251&type=chunk)[253](index=253&type=chunk) [VI. Taxation](index=90&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) Discloses the company's main tax types and rates, including VAT, consumption tax, urban maintenance and construction tax, education surcharge, and corporate income tax, listing taxable entities with different corporate income tax rates Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Revenue | 13% (sales of goods), 5% (rental income), 6% (franchise brand usage fees) | | Consumption Tax | Sales of Taxable Consumer Goods | 5% | | Corporate Income Tax | Taxable Income | 25% (general), 16.5% (Hong Kong Leysen), 20% (Taicang Leysen, etc.) | - Subsidiary Shanghai Leysen Jewellery Co., Ltd. enjoys a tax refund policy for VAT on imported finished diamonds, where the portion exceeding **4%** of the actual tax burden is immediately refunded[266](index=266&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=91&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Detailed notes on consolidated financial statement items including assets, liabilities, owners' equity, income, and expenses, such as cash and cash equivalents, financial assets held for trading, accounts receivable, inventories, right-of-use assets, intangible assets, long-term deferred expenses, deferred income tax, financial liabilities held for trading, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, lease liabilities, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income and expenses, income tax expenses, and cash flow statement items Cash and Cash Equivalents (Ending Balance) | Item | Amount (CNY) | | :--- | :--- | | Cash on Hand | 855,383.48 | | Bank Deposits | 181,477,145.98 | | Other Cash and Cash Equivalents | 4,650,968.66 | | Total | 186,983,498.12 | Financial Assets Held for Trading (Ending Balance) | Item | Amount (CNY) | | :--- | :--- | | Wealth Management Products | 30,113,917.81 | Allowance for Doubtful Accounts Receivable (Ending Balance) | Category | Book Balance (CNY) | Allowance for Doubtful Accounts (CNY) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Provision by Individual Item | 71,713.57 | 71,713.57 | 100.00 | | Provision by Portfolio (Aging Portfolio) | 133,384,449.58 | 8,201,253.47 | 6.15 | Inventory Classification (Ending Balance) | Item | Book Balance (CNY) | Inventory Impairment Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Raw Materials | 371,929,989.05 | 12,691,258.60 | 359,238,730.45 | | Merchandise Inventory | 1,362,033,719.62 | 35,182,368.58 | 1,326,851,351.04 | | Consigned Processing Materials | 11,074,358.26 | 0 | 11,074,358.26 | | Total | 1,745,038,066.93 | 47,873,627.18 | 1,697,164,439.75 | Financial Liabilities Held for Trading (Ending Balance) | Item | Amount (CNY) | | :--- | :--- | | Gold Lease | 40,746,813.85 | Operating Revenue and Operating Costs (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 865,429,868.89 | 555,528,016.89 | | Other Businesses | 4,600,761.24 | 901,360.00 | | Total | 870,030,630.13 | 556,429,376.89 | Operating Revenue Breakdown (Current Period) | Contract Classification | Operating Revenue (CNY) | Operating Cost (CNY) | | :--- | :--- | :--- | | Inlaid Diamond Jewelry | 479,290,913.24 | 264,261,462.93 | | Jade Jewelry | 23,935,226.25 | 11,842,353.82 | | Traditional Gold Products | 322,128,787.22 | 260,914,375.81 | | Other Products | 40,074,942.18 | 18,509,824.33 | | Other Business Income | 4,600,761.24 | 901,360.00 | | **By Sales Channel** | | | | Direct Sales | 577,240,950.53 | 307,320,764.77 | | Franchising | 98,250,406.39 | 71,564,883.21 | | Online | 194,539,273.21 | 177,543,728.91 | [VIII. R&D Expenses](index=135&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenses were 933,053.01 CNY, all expensed, primarily comprising employee compensation and technical development fees R&D Expenses (Current Period) | Item | Amount (CNY) | | :--- | :--- | | Employee Compensation | 928,279.89 | | Technical Development Fees | 4,773.12 | | Total | 933,053.01 | | Of which: Expensed R&D Expenses | 933,053.01 | [IX. Changes in Consolidation Scope](index=136&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company had no changes in consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[429](index=429&type=chunk) [X. Interests in Other Entities](index=137&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) Discloses the composition of the enterprise group, including 16 subsidiaries such as Nanjing Leysen Jewellery and Suzhou Leysen Jewellery, all of which are wholly-owned or controlled subsidiaries, primarily acquired through investment establishment or business combinations under common control - The company owns **16 subsidiaries**, including Nanjing Leysen Jewellery, Suzhou Leysen Jewellery, Orange Cube (Nanjing) Trading Co., Ltd., and others[431](index=431&type=chunk) - Subsidiaries were primarily acquired through investment establishment or business combinations under common control[431](index=431&type=chunk) [XI. Government Grants](index=138&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in current profit or loss totaled 87,676.85 CNY, primarily income-related government grants Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Income-Related | 87,676.85 | 796,022.17 | | Total | 87,676.85 | 796,022.17 | [XII. Risks Related to Financial Instruments](index=139&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (foreign exchange risk, interest rate risk, other price risks), credit risk, and liquidity risk. Management mitigates these risks through measures such as controlling credit limits, monitoring cash and cash equivalents, and prudent investment strategies - The company faces market risks such as foreign exchange risk, interest rate risk, and other price risks[435](index=435&type=chunk) - Credit risk primarily arises from the failure of a counterparty to fulfill its obligations; the company mitigates this risk by controlling credit limits, credit approval, and making provisions for doubtful accounts[436](index=436&type=chunk) - Liquidity risk is managed through cash budgeting and maintaining sufficient cash and cash equivalents[438](index=438&type=chunk) [XIII. Disclosure of Fair Value](index=140&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) Discloses the fair value of assets and liabilities measured at fair value at the end of the period, including financial assets held for trading (wealth management products) and financial liabilities held for trading (gold leases), and explains the basis for market price determination and valuation techniques Fair Value Measurement Items at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading (Wealth Management Products) | 0 | 30,113,917.81 | 30,113,917.81 | | Financial Liabilities Held for Trading (Gold Lease) | 40,746,813.85 | 0 | 40,746,813.85 | - The market price for gold leases is determined based on the closing price published by the Shanghai Gold Exchange[442](index=442&type=chunk) - Bank wealth management products use expected yield to forecast future cash flows, where expected yield is an unobservable input[443](index=443&type=chunk) [XIV. Related Parties and Related Party Transactions](index=142&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Discloses other related parties of the company, including Orange Cube Brand Management, Ummily Group Pty Ltd, Shen Dongjun, Ma Qiao, Eurostar Jewellery, etc., and lists related party transactions such as purchases and sales of goods, acceptance of services, and related party leases - Other related parties include Orange Cube Brand Management (Shanghai) Co., Ltd., Ummily Group Pty Ltd, Shen Dongjun, Le Lang Wine Co., Ltd., Ma Qiao, and Eurostar Jewellery (Shanghai) Co., Ltd.[444](index=444&type=chunk)[445](index=445&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Le Lang Wine Co., Ltd. | Purchase of Goods | 0.00 | 2,000.00 | | Orange Cube Brand Management (Shanghai) Co., Ltd. | Purchase of Goods | 0.00 | 8,293,503.49 | Related Party Leases (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid for Current Period (CNY) | Rent Paid for Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Ma Jun, Man Yize, Ma Qiao, Shen Dongjun | Property | 135,616.50 | 468,571.42 | | Shen Dongjun, Ma Jun | Property | 0 | 983,916.04 | Key Management Personnel Compensation | Item | Amount for Current Period (CNY 10,000) | Amount for Prior Period (CNY 10,000) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 398.92 | 360.28 | Amounts Payable to Related Parties (Ending Balance) | Item Name | Related Party | Amount (CNY) | | :--- | :--- | :--- | | Accounts Payable | Eurostar Diamond (Shanghai) Co., Ltd. | 23,494,471.98 | | Other Payables | Ma Jun | 626,548.44 | | Other Payables | Ma Qiao | 330,076.20 | | Other Payables | Man Yize | 115,086.54 | | Other Payables | Shen Dongjun | 330,076.26 | [XV. Share-Based Payments](index=146&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) Discloses equity-settled share-based payment information, including grantees, fair value determination methods, and cumulative amounts recognized in capital reserves, with total share-based payment expenses of 979,719.52 CNY for the current period - Equity-settled share-based payment grantees include directors, senior executives, and core personnel[458](index=458&type=chunk) - The fair value of equity instruments on the grant date is determined as **50%** of the average trading price of the company's shares on the trading day prior to the incentive plan announcement, which is **3.33 CNY/share**[458](index=458&type=chunk) Share-Based Payment Expenses | Grantee Category | Equity-Settled Share-Based Payment Expenses (CNY) | | :--- | :--- | | Directors, Senior Executives | 199,456.76 | | Other Grantees | 780,262.76 | | Total | 979,719.52 | [XVI. Commitments and Contingencies](index=147&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the end of the reporting period, the company had no significant commitments or material contingencies requiring disclosure - As of the end of the reporting period, the company had no significant commitments or material contingencies requiring disclosure[462](index=462&type=chunk) [XVII. Events After the Balance Sheet Date](index=147&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the company had no significant non-adjusting events, profit distribution, or sales returns - After the reporting period, the company had no significant non-adjusting events, profit distribution, or sales returns[462](index=462&type=chunk) [XVIII. Other Significant Matters](index=148&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no other significant transactions or events affecting investor decisions, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information - During the reporting period, the company had no other significant transactions or events affecting investor decisions, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information[462](index=462&type=chunk)[463](index=463&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=148&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) Detailed notes on key items in the parent company's financial statements, including accounts receivable, other receivables, and long-term equity investments, covering their aging, nature of amounts, provision for doubtful accounts, and details of investments in subsidiaries Parent Company Allowance for Doubtful Accounts Receivable (Ending Balance) | Category | Book Balance (CNY) | Allowance for Doubtful Accounts (CNY) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Provision by Individual Item | 71,713.57 | 71,713.57 | 100.00 | | Provision by Portfolio (Related Parties within Consolidation Scope) | 122,463,634.13 | 0 | 0 | | Provision by Portfolio (Aging Portfolio) | 109,540,631.59 | 6,625,689.36 | 6.05 | Parent Company Allowance for Other Doubtful Receivables (Ending Balance) | Allowance for Doubtful Accounts | Stage 1 (CNY) | Stage 2 (CNY) | Stage 3 (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Balance as of June 30, 2025 | 3,666,235.09 | 460,526.20 | 247,750.00 | 4,374,511.29 | Parent Company Investments in Subsidiaries (Ending Book Value) | Investee | Book Value (CNY) | Impairment Provision (CNY) | | :--- | :--- | :--- | | Suzhou Leysen Jewellery Co., Ltd. | 100,000.00 | 2,864,654.00 | | Hefei Leysen Jewellery Co., Ltd. | 0 | 12,900,000.00 | | Orange Cube (Nanjing) Trading Co., Ltd. | 32,000,000.00 | 0 | | Nanjing Leysen Jewellery Co., Ltd. | 8,080,793.79 | 0 | Parent Company Operating Revenue and Operating Costs (Current Period) | Item | Revenue (CNY) | Cost (CNY) | | :--- | :--- | :--- | | Main Business | 753,923,816.06 | 569,241,816.39 | | Other Businesses | 4,145,047.82 | 1,341,138.40 | | Total | 758,068,863.88 | 570,582,954.79 | [XX. Supplementary Information](index=158&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) Provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share Detailed Statement of Non-Recurring Gains and Losses | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 1,071,429.84 | | Government Subsidies Included in Current Profit and Loss | 87,676.85 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities | -10,602,448.61 | | Other Non-Operating Income and Expenses | -204,657.89 | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | 145,551.84 | | Less: Income Tax Impact | 167,739.57 | | Total | -9,670,187.54 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 3.12 | 0.18 | 0.18 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 3.62 | 0.20 | 0.20 |

莱绅通灵珠宝股份有限公司 关联交易管理制度 (2025年8月20日第五届董事会第十次会议审议通过) （四）持有公司 5%以上股份的法人及其一致行动人。 具有以下情形之一的法人，为公司的关联法人： （一）直接或者间接控制公司的法人； 第一章 总则 第一条 为规范公司关联交易行为，提高公司规范运作水平，保护公司 和全体股东的合法权益，根据《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）、《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》（以下简称《自律监管指引第 5 号》）、《公司章程》等规定，制定本制 度。 （二）由前项所列主体直接或者间接控制的除公司及公司控股子公司及控 制的其他主体以外的法人； 第二条 公司关联交易应当定价公允、决策程序合规、信息披露规范。 第二章 关联人及关联交易认定、关联人名单及备案 （三）关联自然人直接或者间接控制的，或者担任董事（不含同为双方的 独立董事）、高级管理人员的，除公司及其控股子公司及控制的其他主体以外的 法人； 第三条 公司的关联人包括关联法人（或者其他组织，若无特别说明， 本制度所述法人，均包括其他组织）和关联自然人。 第六条 证券事务部门 ...