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]

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《 ...