莱绅通灵珠宝股份有限公司 2024 年年度暨 2025 年第一季度业绩说明会预告公告 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： 莱绅通灵珠宝股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日和 4 月 30 日披露了公司《2024 年年度报告》和《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年年度和 2025 年第一季度经营 成果、财务状况，公司计划于 2025 年 6 月 10 日下午 15:00-16:00 举行 2024 年 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 证券代码：603900 证券简称：莱绅通灵 公告编号：2025-025 三、参加人员 公司董事长马峻先生、总裁庄瓯先生、独立董事黄国雄先生、陈益平先 生、付锦华先生、财务负责人刘靳先生、董事会秘书曹颖女士参加本次业绩说 明会。 四、投资者参加方式 本次投资者说明会以网络互动形式召开，公司将针对 2024 年年度和 2025 年第一季度的经营 ...

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].

Core Viewpoint - The company, Lai Sen Tong Ling Jewelry Co., Ltd., is set to hold an investor briefing on June 10, 2025, to discuss its 2024 annual report and 2025 Q1 report, allowing for interactive communication with investors regarding its operational results and financial status [1][2]. Group 1 - The investor briefing will take place on June 10, 2025, from 15:00 to 16:00 [1][2][3]. - The meeting will be conducted in an online interactive format via the Shanghai Stock Exchange Roadshow Center [1][2][3]. - Key company executives, including the Chairman, President, independent directors, and financial officer, will participate in the briefing [1]. Group 2 - Investors can submit questions for the briefing from June 3 to June 9, 2025, through the Roadshow Center website or via the company's email [1][2]. - The company will address commonly asked questions during the briefing [1][2][4]. - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center [2].

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-02 5 莱绅通灵珠宝股份有限公司 2024 年年度暨 2025 年第一季度业绩说明会预告公告 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： 莱绅通灵珠宝股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日和 4 月 30 日披露了公司《2024 年年度报告》和《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2024 年年度和 2025 年第一季度经营 成果、财务状况，公司计划于 2025 年 6 月 10 日下午 15:00-16:00 举行 2024 年 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 1 会议召开时间：2025 年 6 月 10 日下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：http://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 6 月 3 日至 9 日 16:0 ...

Core Viewpoint - The U.S. court ruling invalidating Trump's tariffs has led to a significant rise in global markets, with Asian markets, including South Korea, experiencing notable gains and a rate cut by the Bank of Korea [2][3][7]. Market Reactions - Following the court's decision, U.S. stock index futures surged, with the S&P 500 futures up by 1.59%, Dow Jones futures up by 1.33%, and Nasdaq futures rising nearly 2% [3]. - In Asia, Japan's Nikkei index increased by 1.86%, while South Korea's Seoul index rose over 1.8%, reaching a nine-month high [5][7]. Economic Policy Changes - The Bank of Korea lowered its borrowing rate by 25 basis points to 2.5% and significantly cut its economic growth forecast for the year from 1.6% to 0.8%, reflecting the impact of U.S. tariffs [7]. - The Bank of Korea's governor indicated that future rate cuts may exceed previous expectations due to weakened economic momentum [7]. Stock Market Performance - A-shares and Hong Kong stocks also benefited from the tariff news, with A-shares seeing 4,472 stocks rise, 120 hitting the daily limit, and a total trading volume of 12,134.10 billion [9][11]. - Semiconductor and innovative drug stocks showed strong performance, with companies like Concept Electronics and Broadly Micro hitting their daily limits [13][14]. Sector Adjustments - The gold and jewelry sector faced a downturn, with companies like Laisen Tongling experiencing a limit down of 10% [16].

Core Viewpoint - The company is experiencing significant revenue growth while simultaneously deepening its losses, indicating a fundamental operational and strategic imbalance [1][2]. Revenue and Profitability - In 2024, the company achieved a revenue of approximately 1.22 billion yuan, representing a year-on-year increase of 66.81% [1]. - The net profit attributable to shareholders was approximately -184 million yuan, indicating an increase in losses [1]. Strategic Shift and Challenges - The company's strategic focus has shifted entirely towards the gold business, which has not yielded the expected results and has instead become a liability for profitability [2]. - The low gross margin of the gold business and the volatility of industry prices have led to a significant divergence between revenue growth and profit levels [2]. - The rapid growth of the gold segment has diluted the overall gross margin, while traditional high-margin businesses like diamonds continue to decline, further complicating profit recovery [2]. Operational Efficiency and Management Issues - The company's operational management is misaligned with its aggressive expansion strategy, resulting in inventory turnover efficiency significantly below the industry average [3]. - Excessive inventory of gold and diamonds not only ties up cash flow but also poses a risk of impairment due to price declines [3]. - Accounts receivable are growing at a rate far exceeding revenue growth, indicating a heavy reliance on credit sales, which exacerbates cash flow pressures and raises doubts about revenue authenticity [3]. Governance and Market Confidence - Governance issues, such as share reductions by major shareholders and the founder's exit from management, have shaken investor confidence in the continuity of the company's strategy [3]. - The management has failed to propose effective solutions to core issues like inventory buildup and cash flow depletion, instead revealing strategic inconsistency through repeated adjustments in store expansion and contraction [3]. Conclusion and Implications - The case of the company illustrates a typical dilemma: during a period of industry decline, relying solely on trending product categories while neglecting internal capability development can lead to a "false prosperity" trap [4]. - The rapid scale of the gold business is overshadowed by a collapse in profitability logic and operational foundations [4]. - For investors, the lesson is clear: revenue growth disconnected from efficiency improvements is merely a numerical game, and building a differentiated value moat is essential to navigate cyclical fluctuations [4].

Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]

智通财经5月29日电，早盘莱绅通灵触及跌停，郑中设计、广博股份、明牌珠宝、曼卡龙、菜百股份、 实丰文化等快速跟跌。 IP经济概念盘初回调 莱绅通灵触及跌停 ...

莱绅通灵(603900)今日下跌2.60%，全天换手率28.11%，成交额12.75亿元，振幅20.13%。龙虎榜数据显 示，机构净卖出5372.99万元，营业部席位合计净卖出1892.77万元。 （文章来源：证券时报网） 近半年该股累计上榜龙虎榜9次，上榜次日股价平均涨2.90%，上榜后5日平均涨8.60%。 资金流向方面，今日该股主力资金净流出1.21亿元，其中，特大单净流出4879.94万元，大单资金净流出 7171.09万元。近5日主力资金净流出931.85万元。 4月30日公司发布的一季报数据显示，一季度公司共实现营业收入3.71亿元，同比增长53.20%，实现净 利润2833.74万元，同比增长251.05%。（数据宝） 莱绅通灵5月28日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 1822.97 | | | 买二 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 1650.12 | | | ...

Market Overview - On May 28, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.26%, and the ChiNext Index dropped by 0.31% [2] - A total of 43 stocks appeared on the "Dragon and Tiger List" due to unusual trading activity, with the highest net inflow of funds being 175 million yuan into Xue Ren Co., Ltd. (002639.SZ) [2][4] Stock Performance - Xue Ren Co., Ltd. saw a closing price increase of 9.98% with a turnover rate of 51.98%, and it accounted for 4.68% of the total trading volume [4][6] - The stock with the highest net outflow was Guangju Energy (000096.SZ), which experienced a net sell of 110 million yuan, representing 10.6% of its total trading volume, and closed down by 9.97% [4][6] Institutional Activity - On the same day, 21 stocks on the Dragon and Tiger List showed institutional involvement, with institutions net selling a total of 104 million yuan [6][10] - The stock with the highest net purchase by institutions was Qingdao Jinwang (002094.SZ), which closed down by 1.11% with a turnover rate of 43.87% [7][10] Northbound Capital - Northbound funds participated in 9 stocks on the Dragon and Tiger List, with a total net purchase of 205 million yuan [11] - The highest net purchase by northbound funds was also in Xue Ren Co., Ltd., amounting to 45.2 million yuan, which constituted 1.21% of its total trading volume [11][13] Summary of Institutional and Northbound Fund Actions - Institutions and northbound funds jointly net bought stocks such as Yuhua Tian, Huanle Jia, and Guangju Energy, while they jointly net sold stocks like Antong Holdings and Lianhua Technology [13] - There was a divergence in the trading of Shuiyang Co., with institutions net selling 10.5 million yuan while northbound funds net bought 38.3 million yuan [13]