Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 4.102 billion yuan in H1 2025, representing a year-on-year increase of 19.54%, with a net profit attributable to shareholders of 331 million yuan, up 44.34% [2] - The jewelry business generated revenue of 3.973 billion yuan in H1 2025, growing by 21.22%, driven by modern design interpretations of traditional craftsmanship and the introduction of new IP series targeting younger consumers [3] - The company continues to expand its franchise stores, with a net increase of 68 franchise stores to 1,340, and has made significant strides in international markets, including opening two stores in Cambodia [4] - The company's net profit margin improved to 8.11%, an increase of 1.38 percentage points, due to optimized expense ratios, particularly in sales expenses [5] - The company maintains its profit forecast, expecting revenues of 7.788 billion yuan, 8.949 billion yuan, and 9.900 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 506 million yuan, 632 million yuan, and 753 million yuan for the same years [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 4.102 billion yuan, a 19.54% increase year-on-year, and a net profit of 331 million yuan, up 44.34% [2] - The revenue for Q2 2025 was 1.850 billion yuan, reflecting a 13.13% increase, with a net profit of 142 million yuan, up 44.29% [2] Business Segments - The jewelry segment's revenue reached 3.973 billion yuan in H1 2025, with fashion jewelry and traditional gold products growing by 20.33% and 23.95% respectively [3] - The leather goods segment saw a decline in revenue, down 17.77% to 123 million yuan [3] Channel Expansion - Franchise and self-operated channels saw revenue growth of 36.24% and 4.75% respectively, while online sales declined by 5.80% [4] - The company successfully opened 68 new franchise stores, bringing the total to 1,340, while also expanding its international presence in Southeast Asia [4] Profitability Metrics - The net profit margin improved to 8.11%, an increase of 1.38 percentage points, while the gross margin was 23.81%, a slight decrease of 0.34 percentage points [5] - The management, sales, R&D, and financial expense ratios were optimized, contributing to the overall improvement in profitability [5] Earnings Forecast - The company forecasts revenues of 7.788 billion yuan, 8.949 billion yuan, and 9.900 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 506 million yuan, 632 million yuan, and 753 million yuan [6]

证券研究报告·公司点评报告·饰品 潮宏基（002345） 2025 年半年报点评：25H1 归母净利同增 44.3%，加盟渠道扩张加速 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,900 | 6,518 | 8,481 | 10,372 | 12,369 | | 同比（%） | 33.56 | 10.48 | 30.11 | 22.30 | 19.26 | | 归母净利润（百万元） | 333.35 | 193.65 | 528.61 | 657.62 | 794.56 | | 同比（%） | 67.41 | (41.91) | 172.98 | 24.40 | 20.82 | | EPS-最新摊薄（元/股） | 0.38 | 0.22 | 0.59 | 0.74 | 0.89 | | P/E（现价&最新摊薄） | 42.57 | 73.27 | 26.84 | 21.58 | 17.86 | [Tabl ...

证券研究报告 纺织服饰 | 饰品 非金融|公司点评报告 投资要点： 风险提示：原材料价格波动风险；公司经营管理风险；新品投入市场不及预期风险。 hyzqdatemark 2025 年 08 月 23 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 08 | | 日 | | 21 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 15.97 | | | | | | 最 低 | 最 | 高 | / | | | | 18.18/4.06 | | 内 | | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 14,189.55 | | | | | | 流通市值（百万元） | | | | | | | 13,850.62 | | | | | | 总股本（百万股） | | | | | ...

公司报告 | 半年报点评 潮宏基（002345） 证券研究报告 25H1 归母净利同比高增 44%，加盟拓店超预期 公司发布 2025 年中报： 25H1 实现营收 41.0 亿元、同比增长 19.5%，归母净利润 3.3 亿元、同比增 长 44.3%，扣非净利润 3.3 亿元、同比增长 46.1%。25Q2 实现营收 18.5 亿 元、同比增长 13.1%，归母净利润 1.4 亿元、同比增长 44.3%，扣非净利润 1.4 亿元、同比增长 46.1%。盈利能力方面，25Q2 毛利率 24.9%、同比提升 1.6pct，归母净利率 7.7%、同比提升 1.7pct。 戴维斯双击强化，成长性值得期待： 潮宏基从 24Q4 走出强成长曲线，具备产品差异化、终端运营数字化、加 盟商赋能等多维度优势，业绩增长持续性值得期待，建议关注国内加盟拓 店、新品牌及海外市场的成长空间。根据 25H1 业绩调整盈利预测，预计 25-27 年归母净利润 5.4/6.5/8.0 亿元（前值为 4.7/6.3/8.0 亿元），对应 PE 为 25/21/17X，维持"买入"评级。 风险提示：金价大幅波动，门店扩张不及预期，终端消费偏弱 ...

所得税费用变动幅度为52.88%,原因:公司本期盈利增加相应应缴所得税费用增加。 研发投入变动幅度为52.98%,原因:公司本期新项目、新产品研发项目增加。 投资活动产生的现金流量净额变动幅度为-51.76%,原因:公司本期购买与赎回理财产品的净额增加。 筹资活动产生的现金流量净额变动幅度为58.12%,原因:公司本期银行净融资额增加。 据证券之星公开数据整理，近期潮宏基（002345）发布2025年中报。截至本报告期末，公司营业总收入 41.02亿元，同比上升19.54%，归母净利润3.31亿元，同比上升44.34%。按单季度数据看，第二季度营 业总收入18.5亿元，同比上升13.13%，第二季度归母净利润1.42亿元，同比上升44.29%。本报告期潮宏 基公司应收账款体量较大，当期应收账款占最新年报归母净利润比达190.85%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率23.81%，同比减1.41%，净利率8.11%，同比增 20.52%，销售费用、管理费用、财务费用总计4.61亿元，三费占营收比11.23%，同比减18.53%，每股净 资产4.1元，同比减0.14%，每股经营性现金流0.46元， ...

证券研究报告 | 2025年08月22日 潮宏基（002345.SZ） 优于大市 二季度利润增长超 40%，加盟门店持续扩张 营收增长稳健，利润增速超 40%。公司 2025 上半年实现营收 41.02 亿元，同 比+19.54%，归母净利润 3.31 亿元，同比+44.34%。单二季度看，营收同比 +13.13%至 18.5 亿元，归母净利润 1.42 亿元，同比+44.29%。整体营收在加 盟开店扩张及公司出货的批发业务增长下表现稳健，利润受益费用进一步优 化、珠宝业务中高毛利率定价产品占比提升而表现更优。总体上，虽短期直 营转加盟导致收入增速与利润增速不相匹配，但更轻的渠道模式将助力公司 未来加速门店规模扩张。 珠宝业务增速超 20%，潮宏基主品牌净开 72 家加盟店。分业务看，珠宝业务 收入增长21.22%至39.73 亿元，其中时尚珠宝产品增长20.33%至19.9 亿元， 传统黄金产品增长 23.95%至 18.31 亿元，受益于非遗工艺金饰品的优异表 现。皮具业务受需求下滑影响而营收同比下滑 17.77%至 1.23 亿元。渠道方 面，整体门店净开 31 家至 1542 家，其中潮宏基主品牌净开 ...

Core Insights - The company,潮宏基, reported a revenue of 4.102 billion yuan for the first half of 2025, representing a year-on-year growth of 19.54% [1] - The net profit attributable to shareholders reached 331 million yuan, marking a 44.34% increase compared to the previous year [1] - The company announced a cash dividend of 1 yuan per 10 shares, continuing its strategy of stable shareholder returns [1] Revenue and Profit Growth - The growth was driven by franchise expansion and brand differentiation, with a total of 1,540 jewelry stores by June 2025, including 1,340 franchise stores, an increase of 72 stores since the beginning of the year [1] - The company focused on three core product lines: heritage craft series, bead products targeting young consumers, and collaborations with popular IPs and cross-border artists [1] Digital and International Expansion - The company is pursuing a dual-track strategy of internationalization and digitalization, achieving breakthroughs in Southeast Asia with strong performance in Malaysia, Thailand, and Cambodia [2] - Digital tools are being utilized to optimize supply chain management for franchisees, enhancing inventory turnover efficiency and driving terminal profit growth [2]

顾家家居：上半年净利润10.21亿元 同比增长13.89% 8月22日晚，顾家家居（603816）发布2025年半年度报告，公司上半年实现营业收入98.01亿元，同比增 长10.02%；实现归属于上市公司股东的净利润10.21亿元，同比增长13.89%；基本每股收益为1.26元/ 股。 资料显示，顾家家居成立于2006年10月，主营业务是客厅、餐厅、卧室、整家定制等全场景家居产品的 研究、设计、开发、生产、销售与服务。 所属行业：轻工制造–家居用品–成品家居 凤凰股份：上半年净利润1103.54万元 成功扭亏 8月22日晚，凤凰股份（600716）发布2025年半年度报告，公司上半年实现营业收入2.91亿元，同比增 长200.78%；实现归属于上市公司股东的净利润1103.54万元，成功扭亏为盈；基本每股收益为0.0118元/ 股。 资料显示，凤凰股份成立于1996年6月，主营业务是房地产开发与销售。 所属行业：房地产–房地产开发–住宅开发 浙商证券：上半年净利润11.49亿元 同比增长46.49% 8月22日晚，浙商证券（601878）发布2025年半年度报告，公司上半年实现营业收入61.07亿元，同比下 ...

Core Insights - The article discusses the rising trend of "pain gold" jewelry, which combines gold with popular anime IPs, appealing particularly to younger consumers [1][3][4] - The average price of some anime-themed gold jewelry has reached 1,594 yuan, which is 1.5 times the current gold price, indicating a premium for these unique designs [1][4] - The popularity of "pain gold" is reflected in social media engagement, with related topics surpassing 2.25 million views and a 294% year-over-year increase in sales of IP gold products on e-commerce platforms [4][5] Industry Trends - The "pain gold" jewelry market is characterized by its blend of traditional gold with modern pop culture elements, making it a collectible item with emotional value for consumers [5] - The marketing strategy includes showcasing these products prominently in stores, with significant inventory levels to meet demand from young shoppers [3][4] - The perception of "pain gold" varies among consumers, with some viewing it as a valuable collectible while others question its long-term value compared to traditional gold [5]