明牌珠宝：预计2025年上半年归属母公司净利润亏损7500万元-8500万元，上年同期盈利1419.42万元。 ...

[Zhejiang Mingpai Jewelry Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Zhejiang%20Mingpai%20Jewelry%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company expects a shift from profit to loss in the first half of 2025, with net profit attributable to shareholders projected to be a loss of RMB 75 million to RMB 85 million, compared to a profit of RMB 14.1942 million in the same period last year, and basic earnings per share expected to be a loss of RMB 0.14 to RMB 0.16 per share Performance Forecast Summary | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Loss: RMB 75 million – RMB 85 million | Profit: RMB 14.1942 million | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: RMB 85 million – RMB 95 million | Loss: RMB 13.8261 million | | **Basic Earnings Per Share** | Loss: RMB 0.14/share – RMB 0.16/share | Profit: RMB 0.03/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company states that this performance forecast is a preliminary estimate by its finance department and has not yet been audited by an accounting firm - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The primary reason for the expanded loss is the photovoltaic cell business, where intense market competition led to low product prices and increased fixed asset depreciation, resulting in higher losses in the PV segment and impacting overall company profitability, while the traditional jewelry business maintained stable development - Increased losses in the photovoltaic cell business are the main reason affecting the company's overall profitability, specifically due to intense market competition leading to low product selling prices and a year-on-year increase in fixed asset depreciation for the current period[5](index=5&type=chunk) - During the reporting period, the company's core jewelry business maintained stable development[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that this performance forecast is a preliminary, unaudited result, with final detailed financial data to be disclosed in the 2025 semi-annual report, and advises investors to exercise caution and be aware of investment risks - The company reiterates that this performance forecast is a preliminary, unaudited result, with final data subject to the 2025 semi-annual report, and reminds investors to be aware of investment risks[7](index=7&type=chunk)[8](index=8&type=chunk)

Core Viewpoint - The article discusses the resurgence of platinum jewelry in China, driven by rising prices and changing consumer preferences, despite a long-term decline in demand and recognition among younger consumers [3][4][14]. Group 1: Market Trends - Platinum jewelry consumption in China has significantly declined from 45 tons in 2016 to 12.75 tons in 2024, with approximately 60% of the market demand previously supported by strong consumer interest [3][4]. - In 2025, platinum prices surged by 40%-50%, with leading brands like Chow Tai Fook and Lao Feng Xiang reintroducing platinum jewelry to their offerings [4][6]. - In April 2025, China imported 11.5 tons of platinum, marking the highest monthly import in a year, indicating renewed interest from jewelers and investors [6]. Group 2: Financial Performance of Jewelry Brands - The jewelry sector has faced challenges, with 13 out of 15 listed jewelry companies reporting a decline in net profits in 2024, and Chow Tai Fook's revenue dropping by 17.5% year-on-year [7][8]. - The gross profit margin for Chow Tai Fook has decreased from 29% in 2009-2017 to 20.5% in 2024, highlighting the pressure on profitability in the jewelry market [9][10]. - The demand for platinum jewelry is seen as a potential solution for brands struggling with declining gold jewelry sales, as platinum typically offers higher profit margins [9][10]. Group 3: Consumer Behavior and Preferences - Younger consumers, particularly Gen Z, show limited recognition of platinum, with less than 30% awareness among those born after 2000 [14][15]. - Despite a slight increase in platinum demand in 2024, the growth of 0.8% is considered negligible in the broader market context [15][16]. - The perception of platinum as less valuable compared to gold affects consumer interest, with many young consumers opting for alternatives like silver or gold-plated items [19][20]. Group 4: Supply and Demand Dynamics - The global supply of platinum is projected to decline, with a forecasted supply gap of 30 tons in 2025, driven by reduced production and increasing industrial demand [25][27]. - Industrial applications, particularly in the automotive sector, account for a significant portion of platinum demand, with expectations that hydrogen energy projects will further increase this demand [25][26]. - The recycling of platinum from jewelry remains low, contributing to supply constraints, as many jewelers lack the capability to recycle platinum effectively [29].

Core Viewpoint - The surge in platinum prices, with an 11% increase in May marking the largest monthly rise in a decade, presents a significant opportunity for the industry, particularly for Mingpai Jewelry, which is positioned as a leader in the platinum market [1][5]. Group 1: Industry Background - Mingpai Jewelry has established itself as the "No. 1 brand in China" for platinum, with one in three platinum consumers choosing its products since 2007 [2]. - The company has a rich history, being the first to introduce platinum jewelry in mainland China in 1993 and has since innovated in production techniques and marketing strategies [1][2]. Group 2: Technological Innovations - Mingpai Jewelry has initiated a "platinum manufacturing revolution" by adopting advanced Japanese high-pressure forging technology, enhancing the density of platinum jewelry by 20% [3]. - The company employs seamless fusion technology to eliminate physical seams, creating a fluid design that symbolizes emotional connections [4]. Group 3: Strategic Opportunities - The recent rise in platinum prices has sparked renewed interest in platinum jewelry, but the transition from price increase to product sales requires effective product development, marketing, and branding [5]. - Mingpai Jewelry emphasizes design philosophy, focusing on contemporary emotional insights to redefine the essence of its products [6][7]. Group 4: Wealth Creation Strategies - Mingpai Jewelry has established long-term agreements with upstream mining groups to secure cost advantages amid rising raw material prices [8]. - The company is revolutionizing consumer experiences by expanding the use of platinum from wedding necessities to everyday luxury items, targeting professional women with new product lines [8]. - By democratizing high-end craftsmanship, Mingpai Jewelry aims to make premium technology accessible at lower price points, thus attracting high-net-worth customers [8].

Core Viewpoint - The rental and sales rights concept has seen a rise of 2.35%, ranking 9th among concept sectors, with 18 stocks increasing in value, including notable performers like Caixin Development and *ST Nanzhi reaching their daily limit up [1][2] Market Performance - The rental and sales rights concept sector experienced a net inflow of 203 million yuan, with 14 stocks receiving net inflows, and 7 stocks exceeding 10 million yuan in net inflow [2] - The top net inflow stocks include Wo Ai Wo Jia with 52.91 million yuan, followed by Xin Huangpu, Caixin Development, and Mingpai Jewelry with net inflows of 42.41 million yuan, 38.75 million yuan, and 33.30 million yuan respectively [2][3] Stock Performance - The leading stocks in the rental and sales rights concept based on net inflow ratio are Caixin Development at 43.93%, *ST Nanzhi at 14.94%, and Wo Ai Wo Jia at 14.41% [3] - Notable stock performances include: - Caixin Development: +9.84% with a turnover rate of 3.04% - Mingpai Jewelry: +7.56% with a turnover rate of 19.85% - Wo Ai Wo Jia: +2.61% with a turnover rate of 5.23% [3][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]

Group 1 - The market focus is on stocks like Yong'an Pharmaceutical, which has seen a 2.44% decline after 11 consecutive trading days with 7 gains [1] - Youfu Co. experienced a 5.24% drop, while Meibang Co. saw a 6.14% decline, both after multiple days of gains [1] - Binhai Energy, involved in mergers and acquisitions, opened down 3.80% after 8 days with 6 gains [1] Group 2 - Nuclear power stocks such as Shangwei Co. opened up 4.97% after 5 consecutive gains, while Rongfa Nuclear Power opened up 3.74% after 4 gains [1] - Autonomous logistics vehicle stocks, including Tongda Electric and Yunnei Power, both reached their daily limit up, with Tongda Electric gaining 10.03% and Yunnei Power gaining 10.10% [1][2] - New consumption stocks like Huaiqi Mountain opened down 2.71%, while Junyao Health reached its daily limit up with a gain of 10.05% [1][2] Group 3 - Gold concept stocks such as Mingpai Jewelry opened down 0.67% after recent trading activity [1][2]

Core Viewpoint - Mingpai Jewelry announced that its current operating situation is normal and there are no significant matters that should have been disclosed but were not [1] Group 1 - The company's stock price has experienced an abnormal fluctuation, with a cumulative increase of 20% over two consecutive trading days [1] - After verification, the company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - The internal and external operating environment of the company has not undergone significant changes recently [1] Group 2 - The company, its controlling shareholders, and actual controllers do not have any undisclosed significant matters [1]

证券代码：002574 证券简称：明牌珠宝 公告编号：2025-026 浙江明牌珠宝股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 6、公司控股股东及其一致行动人、实际控制人在公司股票交易 异常波动期间未买卖本公司股票。 一、股票交易异常波动的情况介绍 浙江明牌珠宝股份有限公司（以下简称"公司"）股票（证券简 称：明牌珠宝，证券代码：002574）连续两个交易日内（2025 年 5 月 27 日、2025 年 5 月 28 日）日收盘价格涨幅偏离值累计达到 20%，根 据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动 的情形。 二、公司关注及核实情况说明 针对公司股票交易异常波动，公司对有关事项进行了核查，并向 公司控股股东及其一致行动人、实际控制人进行核实，现就有关情况 说明如下： 1、公司前期披露的信息截至本公告披露日不存在需要更正、补 充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易 价格产生较大影响的未公开重大信息。 4、公司近期经营情况正常，内外部经营环境未发生重大变化。 5、公司、控 ...

1，整体走势：市场全天震荡调整，三大指数小幅下跌。截止收盘沪指跌0.02%，深成指跌0.26%，创业 板指跌0.31%。 2，行业板块：饮料制造、可控核聚变、垃圾分类、深海科技等板块涨幅居前，电商、化学原料、CRO、 造纸等板块跌幅居前。 3，热门概念：无人物流车概念继续活跃，通达电气、云内动力、劲旅环境等涨停。新消费概念逆势大 涨，水羊股份、明牌珠宝、周大生、均瑶健康等涨停。核电、可控核聚变概念延续强势，合锻智能、融 发核电、雪人股份等涨停。 ...