| | 特定对象调研 分析师会议 |  | | | --- | --- | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | | | 活动类别 | 新闻发布会 路演活动 | | | | | 现场参观 其他 （电话会议） | | | | 参与单位名称及 | 宝盈基金 李巍宇、王灏、张若伦、李亚凡 | | | | 人员姓名 | 申万宏源证券 李秀琳、杨晓鸣 | | | | 时间 | 2025 年 月 日 | 5 | 16 | | 地点 | 公司会议室 | | | | 上市公司接待 | 副总经理兼董事会秘书许恬 | | | | 人员姓名 | | | | | 投资者关系活动 | 一、介绍环节 | | | | | 公司副总经理兼董事会秘书许恬就公司 2024 年度及 2025 年一季 | | | | | 度经营情况做了介绍。 | | | | | 二、问答环节 | | | | 主要内容介绍 | 公司在接待过程中严格按照公司《信息披露管理制度》《投资者 | | | | | 关系管理制度》规定，没有出现未公开重大信息泄露等情况。各方还 | | | | | 就公司品牌建设、产品研发等方面 ...

智通财经5月16日电，黄金概念集体反弹，珠宝首饰方向领涨，曼卡龙涨超10%，此前潮宏基触及涨 停，莱绅通灵、西部黄金、萃华珠宝、周大生等涨幅靠前。消息面上，隔夜国际金价显著反弹， COMEX黄金期货涨1.74%报3243.90美元/盎司。 黄金股集体反弹 曼卡龙涨超10% ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024 and Q1 2025, driven by e-commerce expansion and effective cost management strategies [1][3]. Group 1: Financial Performance - The company's operating cash flow increased by 117.93% year-on-year, attributed to sales growth, cost control, and inventory management optimization [1]. - For the fiscal year 2024, the company achieved revenue of 2.357 billion yuan, a 22.55% increase compared to the previous year, and a net profit of 96.1251 million yuan, up 20.02% [3]. - In Q1 2025, the company reported revenue of 714 million yuan, reflecting a 42.87% year-on-year growth, with a net profit of 43.0146 million yuan, an increase of 33.52% [3]. Group 2: Sales and Marketing Strategy - The company emphasized a balanced development between online and offline sales, leveraging a strategy of "online precision marketing + offline experiential shopping" to enhance customer engagement [1]. - E-commerce revenue grew by 40.76% year-on-year, accounting for 54.83% of total revenue, while revenue from outside Zhejiang province surged by 87.28%, representing 10.63% of total revenue [2][3]. - The company plans to enhance brand influence through original design and collaborations with popular cultural IPs, targeting younger consumers [2]. Group 3: Operational Efficiency - The company is implementing digital transformation in its supply chain, utilizing smart warehousing and dynamic inventory optimization to improve turnover efficiency and reduce inventory costs [1][2]. - A unified business and data management platform is being developed to enhance operational efficiency across various business scenarios, including market analysis and supply chain management [2]. Group 4: Future Outlook - The company aims to accelerate the application of artificial intelligence in product design and customer service, enhancing its competitive edge [2]. - The company believes in the long-term growth of jewelry consumption, focusing on meeting the personalized preferences of younger consumers through product innovation and digital operations [3].

Group 1: Industry Outlook and Company Strategy - The jewelry consumption demand is expected to remain strong, focusing on the needs and preferences of younger consumers through product innovation and digital operations [1] - The company aims to position itself as "jewelry for every day," targeting the young and fashionable luxury jewelry market with a fast-fashion approach [2] - The company is enhancing its online and offline integration through a comprehensive e-commerce strategy, leveraging data-driven management [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 2.357 billion, a year-on-year increase of 22.55%, and a net profit of CNY 96.125 million, up 20.02% [2] - In Q1 2025, the company reported a revenue of CNY 714 million, a 42.87% increase year-on-year, with a net profit of CNY 43.0146 million, up 33.52% [2] - The online revenue share increased to 54.83% in 2024, with e-commerce channel revenue growing by 40.76% [4] Group 3: Market Expansion and Brand Strategy - The company’s revenue from outside Zhejiang province grew by 87.28%, with a strategy focused on opening flagship stores in key urban areas and franchising in other regions [6] - The company plans to continue collaborating with trendy IPs and cultural brands to enhance its brand image and appeal to younger consumers [5] - The company emphasizes the importance of maintaining brand consistency and operational efficiency during regional expansion [6] Group 4: Technological Integration and Supply Chain Efficiency - The company is implementing AI technology in product design and customer service, enhancing design innovation and service quality [3] - A unified business and data management platform is being developed to improve supply chain efficiency and operational management [3] - The company utilizes smart warehousing and dynamic inventory optimization to enhance turnover efficiency and reduce inventory costs [6] Group 5: Cash Flow and Financial Health - The company reported a 117.93% year-on-year increase in operating cash flow, attributed to revenue growth, cost control, and inventory management [8] - Future strategies will focus on maintaining healthy cash flow through continuous optimization of sales and operational processes [8]

Investment Rating - The report maintains a "Buy" rating for the gold and jewelry industry, indicating a positive outlook for the sector [3]. Core Insights - The industry is currently under pressure due to high gold prices, which have negatively impacted the demand for gold jewelry while stimulating investment demand [5][11]. - Despite the challenging environment, there are structural opportunities as consumer demand becomes more segmented, leading brands to develop diverse product offerings to meet varying consumer preferences [11][65]. Summary by Sections Industry Overview - The gold price has seen significant increases, with a year-on-year rise of 4% to 9% from Q1 2024 to Q1 2025, while gold jewelry consumption has decreased by 15% to 27% during the same period [5][8]. - Investment products like gold bars and coins have experienced growth, with increases of 17% and 30% respectively [5]. Market Trends - The demand for gold jewelry is becoming increasingly segmented, with consumers placing higher value on emotional significance, aesthetics, and quality [11]. - Brands are responding by creating brand matrices and high-quality product lines to cater to diverse consumer needs across different price points [11]. Company Performance - Major brands like Chow Tai Fook and Lao Feng Xiang have seen varying performance, with some brands experiencing significant declines in sales while others, like Chao Hong Ji, have benefited from a focus on trendy, affordable products [34][65]. - The average revenue growth for leading companies remains under pressure, with some brands reporting declines of up to 55% in revenue [34][65]. Profitability Analysis - The average gross margin for the industry has decreased by 13% year-on-year, although some companies like Chao Hong Ji and Man Da Long have reported growth in gross profit due to their focus on high-margin products [34][41]. - The report highlights that self-operated channels and high-margin categories have contributed significantly to gross profit growth amidst market fluctuations [41]. Future Outlook - The report suggests that if gold prices stabilize, there could be a recovery in gold jewelry demand, leading to improved revenue for jewelry companies [65]. - The ongoing trend of demand segmentation is expected to continue, with brands focusing on differentiated and refined development strategies to meet diverse consumer preferences [65].

股票代码：300945 股票简称：曼卡龙 公告编号：2025-032 曼卡龙珠宝股份有限公司 关于更换保荐代表人的公告 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。 曼卡龙珠宝股份有限公司（以下简称"公司"）近日收到浙商证券股份有限 公司（以下简称"浙商证券"）出具的《关于变更曼卡龙珠宝股份有限公司向特 定对象发行股票持续督导保荐代表人的专项说明》，沈斌先生现因个人工作变动 原因，不再继续担任公司持续督导的保荐代表人。 为保证公司 2022 年向特定对象发行股票项目持续督导工作有序进行，浙商 证券安排王可女士接替沈斌先生继续负责公司 2022 年向特定对象发行股票项目 的持续督导工作。 此次保荐代表人变更后，公司 2022 年向特定对象发行股票项目的持续督导 保荐代表人为朱庆锋先生和王可女士，持续督导期至中国证券监督管理委员会和 深圳证券交易所规定的持续督导义务结束为止。 公司董事会对原保荐代表人沈斌先生在公司 2022 年向特定对象发行股票项 目的持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 曼卡龙珠宝股份有限公司董事会 二〇二五年五月十四日 王可女 ...

股票代码：300945 股票简称：曼卡龙 公告编号：2025-030 曼卡龙珠宝股份有限公司（以下简称"公司"）2024 年 7 月 12 日召开了第 五届董事会第二十六次会议、第五届监事会第二十四次会议，并于 2024 年 7 月 29 日召开了 2024 年第三次临时股东大会，审议通过了《关于使用部分闲置募集 资金和自有资金进行现金管理并以通知存款、协定存款方式存放余额的议案》， 为提高公司闲置募集资金和自有资金使用效率，增加公司现金资产收益，实现股 东利益最大化，在保证日常经营运作资金需求、有效控制投资风险的情况下，公 司使用不超过 65,000 万元（含本数）闲置募集资金购买安全性高、流动性好的 银行、证券公司或信托公司等金融机构发行的低风险现金管理类产品（包括但不 限于定期存单、结构性存款、协议存款和理财产品等），并将闲置募集资金的存 款余额以通知存款、协定存款方式存放，期限为不超过自公司股东大会审议通过 之日起 12 个月，具体内容详见披露于巨潮资讯网《关于使用部分闲置募集资金 和自有资金进行现金管理并以通知存款、协定存款方式存放余额的公告》（公告 编号 2024-070）。 现将上月闲置募集资金 ...

曼卡龙珠宝股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 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。 曼卡龙珠宝股份有限公司（以下简称"公司"）2024 年 7 月 12 日召开了第 五届董事会第二十六次会议、第五届监事会第二十四次会议，并于 2024 年 7 月 29 日召开了 2024 年第三次临时股东大会，审议通过了《关于使用部分闲置募集 资金和自有资金进行现金管理并以通知存款、协定存款方式存放余额的议案》， 为提高公司闲置募集资金和自有资金使用效率，增加公司现金资产收益，实现股 东利益最大化，在保证日常经营运作资金需求、有效控制投资风险的情况下，公 司（含下属公司）使用不超过 40,000 万元（含本数）闲置自有资金购买安全性 高、流动性好的银行、证券公司或信托公司等金融机构发行的低风险现金管理类 产品（包括但不限于定期存单、结构性存款、协议存款和理财产品等），并将闲 置自有资金的存款余额以通知存款、协定存款方式存放，期限为不超过自公司股 东大会审议通过之日起 12 个月，具体内容详见披露于巨潮资讯网《关于使用部 分闲置募集资金和自有 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]