浙江明牌珠宝股份有限公司 2025 年第三季度报告 证券代码：002574 证券简称：明牌珠宝 公告编号：2025-034 浙江明牌珠宝股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 浙江明牌珠宝股份有限公司 2025 年第三季度报告 适用 □不适用 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包 | | | | | 括已计提资产减值准备的冲 | -19,287,546.99 | -19,592,223.93 | | | 销部分） | | | | | 计入当期损益的政府补助 （与公司正常经营业务密 ...

Market Overview - The jewelry sector increased by 1.21% on October 29, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.64, up 5.06%, with a trading volume of 463,600 shares and a turnover of 304 million yuan [1] - Lao Feng Xiang (600612) closed at 50.60, up 4.12%, with a trading volume of 52,700 shares and a turnover of 264 million yuan [1] - Zhou Dazheng (002867) closed at 66.00, up 2.04%, with a trading volume of 100,000 shares and a turnover of 138 million yuan [1] - Other notable performers include Chao Hong Ji (002345) up 1.50%, China Gold (600916) up 0.84%, and Cai Zi Co. (605599) up 0.77% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 23.93 million yuan from institutional investors and 32.61 million yuan from speculative funds, while retail investors saw a net inflow of 56.54 million yuan [2] - Lao Feng Xiang had a significant net outflow of 51.36 million yuan from institutional investors, while Zhou Dazheng saw a net inflow of 13.76 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor types within the jewelry sector [2][3]

Market Overview - The jewelry sector increased by 0.84% on October 27, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 6.02, up 5.06% with a trading volume of 513,300 shares and a turnover of 294 million yuan [1] - Chao Hong Ji (002345) closed at 13.57, up 4.38% with a trading volume of 253,200 shares and a turnover of 34 million yuan [1] - Man Ka Long (300945) closed at 18.04, up 1.46% with a trading volume of 103,100 shares and a turnover of 185 million yuan [1] - Di A Shares (301177) closed at 33.12, up 1.38% with a trading volume of 16,000 shares and a turnover of 52.55 million yuan [1] - Other notable stocks include Rui Beika (600439) at 2.90, up 0.69%, and Jin Yi Culture (002721) at 3.38, up 0.60% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 63.18 million yuan from main funds, while retail funds experienced a net outflow of 29.35 million yuan [2] - Main funds showed significant inflows in ST Xinhua Jin (28.17 million yuan) and Chao Hong Ji (26.85 million yuan) [3] - Conversely, China Gold (600916) had a net inflow of 15.71 million yuan from retail funds, despite a net outflow from main and speculative funds [3]

Core Insights - The jewelry sector experienced a decline of 0.44% on October 24, with Deep China A leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - ST Xinhua Jin (600735) saw a closing price of 5.73, with an increase of 4.18% and a trading volume of 392,000 shares, totaling 224 million yuan [1] - Chao Hong Ji (002345) closed at 13.00, up 2.04%, with a trading volume of 224,500 shares, amounting to 288 million yuan [1] - Other notable stocks include Diya Co. (301177) at 32.67 (-0.03%), Zhou Dazheng (002867) at 13.64 (-0.07%), and Lao Feng Xiang (600612) at 48.67 (-0.41%) [1] Capital Flow - The jewelry sector saw a net outflow of 117 million yuan from main funds, while retail investors contributed a net inflow of 149 million yuan [2] - The main funds showed a significant outflow from stocks like Fei Ya Da (000026) with a net outflow of 7.34 million yuan and Jin Yi Culture (002721) with a net outflow of 8.34 million yuan [3] Individual Stock Capital Flow - Rebecca (600439) had a main fund net inflow of 6.30 million yuan, while it experienced a net outflow from retail investors of 3.95 million yuan [3] - Mingpai Jewelry (002574) saw a main fund net inflow of 5.90 million yuan but a net outflow from retail investors of 8.17 million yuan [3] - Lao Feng Xiang (600612) had a main fund net inflow of 4.39 million yuan, with retail investors also showing a net outflow [3]

2025年10月23日，实物黄金明牌珠宝黄金报价1223元/克，相比上一个交易日下跌了12元/克。 附表： 明牌珠宝" data-match-index="2">明牌珠宝 黄金价格 铂金价格 单位 2025年10月23日 1223 / 元/克 2025年10月22日 1235 / 元/克 基本面： 特朗普表示不希望普京控制整个乌克兰。特朗普表示他认为普京目前愿意就乌克兰问题展开谈判。 金投网提示：以上报价仅供参考，据此交易，风险自担。 ...

Core Viewpoint - The rental and sales rights concept has seen a rise of 1.26%, ranking 7th among concept sectors, with 18 stocks increasing in value, while some stocks experienced declines [1][2]. Group 1: Market Performance - The top performers in the rental and sales rights sector include *ST Nanzhi, which hit the daily limit, and companies like Hefei Urban Construction, Shibei High-tech, and Huitong Energy, which rose by 7.55%, 7.35%, and 4.53% respectively [1]. - Conversely, the stocks that faced the largest declines include Poly Developments, Mingpai Jewelry, and China Merchants Shekou, which fell by 1.81%, 1.68%, and 1.50% respectively [1]. Group 2: Capital Flow - The rental and sales rights sector experienced a net outflow of 518 million yuan in principal funds, with five stocks receiving net inflows. Zhangjiang Hi-Tech led with a net inflow of 235 million yuan, followed by Shibei High-tech, Huitong Energy, and Mingpai Jewelry [2][3]. - The net inflow ratios for leading stocks in the sector were 8.93% for Shibei High-tech, 7.82% for Huitong Energy, and 4.83% for Zhangjiang Hi-Tech [3]. Group 3: Stock Performance Metrics - The stock performance metrics for key companies in the rental and sales rights sector include: - Zhangjiang Hi-Tech: 2.39% increase, 6.85% turnover rate, 234.88 million yuan net inflow, 4.83% net inflow ratio [3]. - Shibei High-tech: 7.35% increase, 12.67% turnover rate, 110.36 million yuan net inflow, 8.93% net inflow ratio [3]. - Huitong Energy: 4.53% increase, 2.04% turnover rate, 11.07 million yuan net inflow, 7.82% net inflow ratio [3].

Market Overview - The jewelry sector experienced a decline of 1.89% on October 22, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Mankalon's stock price fell by 7.46% to 18.62, with a trading volume of 247,600 shares and a transaction value of 468 million yuan [2] - Other notable declines include: - Chao Hong Ji down 3.95% to 13.60 - Feiya down 3.84% to 17.05 - Cai Zi down 1.32% to 14.23 [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 263 million yuan from institutional investors, while retail investors contributed a net inflow of 226 million yuan [2][3] - The detailed capital flow for selected stocks includes: - Zhou Dazheng: Institutional net inflow of 3.06 million yuan, retail net outflow of 3.40 million yuan [3] - Lao Feng Xiang: Institutional net outflow of 487,200 yuan, retail net inflow of 411,520 yuan [3] - Mingpai Jewelry: Institutional net outflow of 2.25 million yuan, retail net inflow of 5.18 million yuan [3]

Core Viewpoint - Mingpai Jewelry's stock performance and financial metrics indicate a challenging period, with significant declines in revenue and net profit, alongside low financing activity and a decrease in shareholder numbers [1][2]. Financing and Trading Activity - On October 15, Mingpai Jewelry's stock price remained unchanged at 0.00%, with a trading volume of 68.21 million yuan. The financing buy-in amount was 5.77 million yuan, while the financing repayment was 8.01 million yuan, resulting in a net financing outflow of -2.24 million yuan. The total financing and securities balance reached 122 million yuan [1]. - The current financing balance of 122 million yuan accounts for 3.94% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing position [1]. - No shares were borrowed or sold on October 15, with the borrowing balance at 0.00 shares, suggesting a high level of borrowing activity compared to the 70th percentile over the past year [1]. Financial Performance - For the first half of 2025, Mingpai Jewelry reported a revenue of 1.939 billion yuan, reflecting a year-on-year decrease of 20.31%. The net profit attributable to shareholders was -77.59 million yuan, a significant decline of 646.62% compared to the previous period [2]. - Cumulatively, since its A-share listing, Mingpai Jewelry has distributed a total of 335 million yuan in dividends, with 52.8 million yuan distributed over the last three years [3]. Shareholder Information - As of September 20, the number of shareholders for Mingpai Jewelry was 33,600, a decrease of 7.69% from the previous period. The average circulating shares per person increased by 8.33% to 15,714 shares [2]. - As of June 30, 2025, the top ten circulating shareholders included the Golden Stock ETF (517520) as the seventh largest shareholder, holding 1.6675 million shares as a new entrant [3].

Group 1: Gold Market - The price of physical gold jewelry increased to 1235 CNY per gram on October 15, 2025, up by 20 CNY per gram from the previous trading day [1] Group 2: Economic Policy - Federal Reserve's Collins calls for further interest rate cuts this year due to increasing concerns over a weakening labor market [2] - Collins stated that while inflation risks are somewhat controlled, there are greater downside risks to employment, suggesting that further moderate policy normalization is prudent to support the labor market [2] - Even with further rate cuts, monetary policy will remain moderately tight to ensure inflation continues to decline as tariff effects gradually transmit to the economy [2]

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]