Group 1: Company Overview - The company introduced its annual and quarterly performance for 2024 and 2025 during the investor relations activity [2] - The meeting was attended by key executives including the Chairman and General Manager, Sun Songhe, and the Vice General Manager, Wu Changfeng [2] Group 2: Competitive Advantages and Challenges - The core advantage of the company lies in its online capabilities, which are essential for expanding offline store operations [2] - The main challenge is selecting franchisees who can understand young consumer needs and effectively integrate online and offline operations [2] Group 3: Product Development and Market Trends - The company focuses on consumer research and incorporates international fashion trends into product design, blending Chinese culture with Western aesthetics [2] - The decline in gross margin for 2024 is attributed to a shift from embedded products to gold products, alongside the growth of e-commerce channels [2][3] Group 4: Pricing Strategy and Consumer Acceptance - The company is exploring which products can transition from weight-based pricing to fixed pricing, with two categories identified: gold embedded products and low-weight products [3] - The average transaction value for offline purchases ranges from 4,000 to 6,000 yuan, benefiting from enhanced consumer experience through guided displays [3] Group 5: Compliance and Communication - The company adhered to its information disclosure and investor relations management protocols during the meeting, ensuring no significant undisclosed information was leaked [3] - Discussions included brand building and product development, with references to the recent investor relations activity record and periodic reports [3]

编号：2025-015 | | 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 | 张彬鸿 兴业证券 | | | | 人员姓名 | 华夏基金 徐漫、林瑶、张盈 | | | | 时间 | 2025 年 月 日 | 5 | 7 | | 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 | 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。 | | | | 投资者关系活动 | 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、产品研发等方面进行了交流，可参阅近期《投资者 | | | ...

编号：2025-014 证券代码：300945 证券简称：曼卡龙 曼卡龙珠宝股份有限公司投资者关系活动记录表 | | 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 | 华西证券 刘文正、褚菁菁 | | | | | 人员姓名 | 国投基金 冯新月 | | | | | | 鹏华基金 孟昊、谢添元、刘偲圣 | | | | | 时间 | 年 月 日 2025 7 | 5 | | | | 地点 | 电话会议 | | | | | 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 ...

编号：2025-012 证券代码：300945 证券简称：曼卡龙 曼卡龙珠宝股份有限公司投资者关系活动记录表 | | 特定对象调研 分析师会议 | | | --- | --- | --- | | 投资者关系 活动类别 | 媒体采访 业绩说明会 | | | | 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 | 华西证券 刘文正、许光辉、褚菁菁 | | | | 中邮基金 王梦雪 | | | | 广发资管 张冰灵 | | | 人员姓名 | 博道基金 王旭冉、王晓莹 | | | | 广发证券 包晗 | | | | 永赢基金 张海啸、包恺、庄子童 | | | 时间 | 2025 年 5 月 6 日 | | | 地点 | 电话会议 | | | 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 2025 度经营情况做了介绍。 | 年一季 | | | 公司副总经理兼董事会秘书许恬就公司 2024 年度及 | | | | 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《 ...

证券代码：300945 证券简称：曼卡龙 1 曼卡龙珠宝股份有限公司投资者关系活动记录表 编号：2025-013 | | 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 | 广发证券 包晗 | | 人员姓名 | DYMON AISA 胡浩平、林佳宁 | | 时间 | 2025 年 5 月 6 日 | | 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 | 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。 | | 投资者关系活动 | 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、产品研发等方面进行了交流，可参阅近期《投资者 | | | 关系活动记录表》之问答及 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][9] Core Views - The company achieved impressive growth in 2024 and Q1 2025, with revenue increasing by 23% and net profit by 20% in 2024, and Q1 2025 showing revenue growth of 43% and net profit growth of 34% [1][7] - The online and offline channels demonstrated strong synergy, with Q1 2025 online sales up by 61% and offline sales up by 33%, highlighting the company's differentiated brand positioning and digital management capabilities [1][7] - The company is expected to maintain good profitability due to effective cost control, with projected net profits for 2025-2027 at 126 million, 158 million, and 188 million respectively, representing year-on-year growth rates of 31%, 25%, and 19% [1][9] Financial Performance - In 2024, the company reported total revenue of 2.36 billion (up 22.55% year-on-year) and a net profit of 96 million (up 20.02% year-on-year) [7] - The gross margin for 2024 was 13.38%, a decrease of 1.26 percentage points, influenced by product mix changes and the rising share of lower-margin e-commerce channels [2][10] - The company plans to distribute a cash dividend of 1.40 per 10 shares, totaling 36.69 million, with a cash dividend ratio of 38.17% [7] Channel Performance - E-commerce revenue reached 1.29 billion in 2024, accounting for 54.83% of total revenue, with significant growth in emerging live-streaming channels [7][8] - The company expanded its store network, ending 2024 with 235 stores, including 121 franchise stores and 54 direct stores, indicating a strong growth strategy [8] Profitability Forecast - The company is expected to continue enhancing its digital management and brand positioning, with projected net profits for 2025-2027 showing consistent growth [9][10] - The report anticipates a steady increase in revenue, with total revenue projected to reach 3.01 billion in 2025, reflecting a year-on-year growth of 28% [10][12]

编号：2025-011 | | 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） | | | 南方基金 卢玉珊、郑诗韵、章晖、吕思奇 | | 参与单位名称及 | 申万菱信 刘含 | | 人员姓名 | 海富通 赵晨凯、陈涛、李富华 | | | 华西证券 刘文正、许光辉、褚菁菁、王璐 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 电话会议 | | 上市公司接待 | 副总经理兼董事会秘书许恬 | | 人员姓名 | | | | 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。 | | 投资者关系活动 | 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、产品研发等方面进行了交流，可参阅近期《投资者 | | | 关系活 ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by online sales and channel expansion [1][2] Financial Performance - In 2024, the company achieved revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% [1] - For Q1 2025, revenue reached 714 million yuan, reflecting a year-on-year growth of 42.87%, with a net profit of 43 million yuan, up 33.52% [1] - The company plans to distribute a cash dividend of 0.14 yuan per share, totaling 37 million yuan, with a dividend payout ratio of 38.17% [1] Sales Channels and Strategy - The company implemented an online strategy to empower offline sales, achieving a multi-channel development approach [2] - In 2024, revenue from various sales channels was as follows: direct stores 270 million yuan, counters 410 million yuan, franchises 380 million yuan, and e-commerce 1.29 billion yuan, with e-commerce contributing 54.83% of total revenue [2] - The e-commerce channel saw a year-on-year revenue increase of 40.76%, significantly driving overall revenue growth [2] Store Expansion and Performance - By the end of 2024, the company operated 235 stores, netting an increase of 67 stores, covering 15 provinces and 2 cities [2] - Revenue from offline channels (including franchises) was 1.056 billion yuan, up 5.92%, primarily due to channel expansion [2] - The company’s strategy of online empowerment for offline operations led to a 87.28% revenue increase in out-of-province areas [2] Product Performance - In 2024, the company’s single-store revenue for direct and counter sales decreased by 1.92% to 6.37 million yuan, while single-store gross profit increased by 6.15% to 1.6973 million yuan [3] - The revenue from gold jewelry increased by 29% to 2.28 billion yuan, while embedded jewelry revenue fell by 54% to 68 million yuan [3] - The company focuses on appealing to Generation Z aesthetics, enhancing brand differentiation in the gold jewelry sector [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 3 billion yuan, 3.9 billion yuan, and 4.8 billion yuan, representing year-on-year growth of 29%, 28%, and 24% respectively [4] - Net profit projections for the same years are 128 million yuan, 165 million yuan, and 210 million yuan, with corresponding year-on-year growth rates of 33%, 29%, and 27% [4]

Summary of Mankalon Jewelry Conference Call Company Overview - **Company**: Mankalon Jewelry - **Industry**: Jewelry - **Date of Call**: April 28, 2025 Key Points Financial Performance - In Q1 2025, Mankalon's revenue increased by 42.87% to 714 million yuan, while net profit grew by 33% to 43 million yuan despite a 6% decline in China's gold consumption [2][4] - Online sales surged by 60%, and offline sales rose by 33% [2][4] Growth Drivers - **Product Innovation**: Mankalon focuses on product innovation and has launched over 1,000 new products, with significant exposure on social media platforms [5][6] - **Target Audience**: The company targets the 25-35 age group, enhancing brand perception and establishing a strong market presence [5][6] - **Digital Strategy**: A robust digital strategy utilizing AI and big data supports a multi-channel operational system, enhancing efficiency and customer engagement [6] E-commerce Strategy - The e-commerce channel's growth is attributed to a clear brand positioning and strong product development capabilities [7] - Mankalon plans to increase the proportion of self-developed products to improve online gross margins [3][7] - The company aims to expand its presence on various e-commerce platforms while maintaining high gross margins on traditional platforms like Tmall and JD [7][22] Marketing and Consumer Engagement - The Xiaohongshu platform plays a crucial role in Mankalon's marketing strategy, providing insights into consumer demand and enhancing multi-channel engagement [8] - The company does not focus solely on conversion rates from Xiaohongshu but rather on understanding consumer needs [8][9] Expansion Plans - Mankalon aims to become a leading national jewelry brand within three to five years, planning to enter all provinces and municipalities in China within two years [2][12] - The company has opened 67 new stores in 2024, with a similar trend expected in 2025, focusing on core cities for direct stores and other areas for franchises [25] Product Development - Mankalon's product development process includes consumer insights, product planning, and feedback analysis to ensure alignment with consumer needs [10][11] - The company plans to enhance its self-developed product ratio, particularly in high-margin categories [15][23] Cost Management - Mankalon has optimized its cost structure, leading to improved operational efficiency and stable net profit margins [14][16] - The company focuses on high ROI channels and utilizes digital tools to reduce unnecessary administrative expenses [16][33] Market Trends - The jewelry market is witnessing a shift towards self-purchase motivations among younger consumers, moving away from traditional gifting occasions [24] - Despite fluctuations in gold prices, consumer demand for jewelry remains stable, with Mankalon adapting its product offerings accordingly [17][24] Future Outlook - Mankalon anticipates stable growth in 2025, with ongoing efforts to enhance product offerings and expand market reach [18] - The company is committed to maintaining its pricing strategy in the 3,000 to 4,000 yuan range until nationwide coverage is achieved [36][37] International Expansion - Mankalon is preparing for overseas expansion, having conducted market research in Southeast Asia, North America, and the Middle East [21] Conclusion Mankalon Jewelry demonstrates resilience and growth in a challenging market through strategic product innovation, targeted marketing, and a robust digital presence, positioning itself for future expansion and profitability.

编号：2025-009 | | 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 | | | | | 其他 （电话会议） 现场参观  | | | | 参与单位名称及 | 泰康基金 宋仁杰、郭嘉熙 | | | | 人员姓名 | 华西证券 刘文正、褚菁菁 | | | | 时间 | 年 月 日 2025 | 4 | 28 | | 地点 | 电话会议 | | | | 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 ...