Core Viewpoint - The company held a successful online performance briefing for the first half of 2025, with full interaction with investors and a 100% response rate to questions asked [1]. Financial Performance - The company has not disclosed specific details about the third quarter's performance, advising investors to refer to the official third-quarter report for accurate information [2][3]. Dividend Policy - The company plans to implement its first interim dividend this year, proposing a cash dividend of 0.6 yuan (including tax) for every 10 shares based on a total share capital of 262,071,629 shares, pending approval from the shareholders' meeting [5]. Market Strategy - The company is expanding its market presence by opening new stores primarily in core cities and shopping centers, with a focus on both direct sales and franchising [8][9]. Product Development - The company aims to enhance its brand positioning through fashionable and personalized designs targeted at young women, with new product series planned for release in the upcoming quarters [8]. - The company has successfully launched several product lines, including the Fenghua 2.0 series, and is committed to continuous innovation to maintain a competitive edge [9]. IP Collaboration - The company views IP collaboration as a long-term strategy to enhance brand value and reach a broader consumer base, with plans for future partnerships [8].

Investment Rating - The report maintains a "Positive" investment rating for the gold and jewelry industry [4]. Core Viewpoints - The jewelry industry is experiencing a trend towards product upgrades and diversification, with a focus on design and cultural elements to attract younger consumers [16][20]. - Investment demand remains strong, with gold bar and coin sales increasing by 18% year-on-year in Q2 2025, despite a 24% decline in gold jewelry sales [9][32]. - The report suggests that the upcoming holiday season may further boost jewelry demand if gold prices stabilize [52]. Industry Prosperity - The industry is witnessing a slow recovery in gold jewelry demand, with Q2 2025 sales down 24% year-on-year, while investment gold continues to show high demand [9][12]. - The number of marriages has seen a positive year-on-year growth for the first time since 2024, which may alleviate some pressure on diamond jewelry sales [12]. Product Trends - The industry is focusing on multi-material designs and cultural integration, with brands increasingly collaborating with IPs to appeal to niche markets [16][21]. - Notable product innovations include lightweight and high-repurchase items like beads and rings, as well as high-end designs featuring diamonds and enamel [17]. Performance Overview of Jewelry Companies - In H1 2025, the average revenue of representative jewelry brands increased by 15% year-on-year, driven by a 39% rise in gold prices [32]. - Companies like Cai Bai and Lai Shen Tong Ling reported revenue growth rates of 50% and 27%, respectively, due to their focus on investment gold [32]. - The gross profit margin for many brands improved, with Lai Shen Tong Ling, Man Ka Long, and Chao Hong Ji showing significant year-on-year growth in gross profit [32][37]. Investment Recommendations - The report recommends focusing on leading brands that are enhancing product offerings and optimizing channels, specifically highlighting Lao Pu Gold, Chao Hong Ji, Cai Bai, Zhou Da Sheng, and Lao Feng Xiang as key players to watch [52].

路演现场，公司方在回复投资者提问时表示，在研发过程中，公司将继续围绕年轻消费群体，坚持时尚 轻奢定位，持续推出覆盖日常穿搭、情感表达与文化创意等多场景的产品。通过深度洞察Z世代偏好， 融合非遗工艺和文化热点，强化"创新工艺+文化传承"的核心竞争力，打造具有差异化优势的产品矩 阵。 曼卡龙（300945）2025年上半年度网上业绩说明会于2025年9月12日（星期五）15:30-16：30在全景路 演举行。 ...

Core Viewpoint - The company aims to enhance the unique charm of contemporary young women through fashionable and personalized original designs, with a brand slogan of "Every Day a Highlight" focusing on daily wear and self-satisfaction needs [1] Product Strategy - The company plans to launch new product series quarterly and monthly, with new products set to be introduced in the third and fourth quarters [1]

Group 1 - The cultivated diamond concept rose by 2.73%, ranking fourth among concept sectors, with 14 stocks increasing in value, including Wald, Power Diamond, and Yellow River Wind, which rose by 15.36%, 8.20%, and 6.41% respectively [1][2] - The main funds net inflow into the cultivated diamond sector was 166 million yuan, with 10 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan, led by Yellow River Wind with a net inflow of 160 million yuan [2][3] - The top net inflow ratios were for Yellow River Wind, Boyun New Materials, and Sifangda, with net inflow rates of 14.83%, 9.85%, and 6.55% respectively [3][4] Group 2 - The cultivated diamond sector's performance was highlighted by significant stock movements, with notable increases in stocks like Wald and Power Diamond, while Hengsheng Energy, Jing Sheng Electric, and Guoli Electronics experienced declines [1][4] - The trading volume and turnover rates for stocks in the cultivated diamond sector varied, with Yellow River Wind showing a turnover rate of 16.72% and a significant net inflow of 159.78 million yuan [3][4] - The overall market sentiment for the cultivated diamond sector appears positive, as indicated by the net inflow of funds and the performance of key stocks within the sector [2][3]

Market Overview - The Shanghai Composite Index fell by 0.12% on September 12, with 9 out of the 28 sectors rising, led by non-ferrous metals and real estate, which increased by 1.96% and 1.51% respectively [1] - The sectors that experienced the largest declines were telecommunications and comprehensive, with decreases of 2.13% and 1.95% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 53.64 billion yuan, with 6 sectors seeing net inflows [1] - The non-ferrous metals sector had the highest net inflow of 2.168 billion yuan, followed by the construction and decoration sector, which saw a net inflow of 721 million yuan [1] - The non-bank financial sector experienced the largest net outflow, totaling 8.138 billion yuan, followed by the electronics sector with a net outflow of 7.517 billion yuan [1] Textile and Apparel Sector Performance - The textile and apparel sector fell by 0.12%, with a net inflow of 299 million yuan, comprising 105 stocks, of which 32 rose and 69 fell [2] - The top three stocks with the highest net inflow in this sector were Meibang Fashion (3.19 billion yuan), Huafu Fashion (1.52 billion yuan), and Mankalon (438.79 million yuan) [2] - The stocks with the largest net outflow included Aimer (529.55 million yuan), Nanshan Zhishang (522.00 million yuan), and Tanshan (416.48 million yuan) [2] Textile and Apparel Sector Capital Inflow - The top stocks by capital inflow included: - Meibang Fashion: +10.11%, turnover rate 21.24%, capital flow 319.17 million yuan - Huafu Fashion: +10.06%, turnover rate 6.88%, capital flow 151.54 million yuan - Mankalon: +3.89%, turnover rate 15.00%, capital flow 43.88 million yuan [2] Textile and Apparel Sector Capital Outflow - The top stocks by capital outflow included: - Aimer: -9.96%, turnover rate 4.31%, capital flow -52.95 million yuan - Nanshan Zhishang: -5.05%, turnover rate 8.29%, capital flow -52.20 million yuan - Tanshan: -2.64%, turnover rate 3.75%, capital flow -41.64 million yuan [4]

Group 1 - The company held an online performance briefing for the first half of 2025 on September 12, 2025 [1] - The company emphasized its commitment to investor returns and announced its plan to implement its first interim dividend in the current year's mid-term report [1] - The specific plan involves distributing a cash dividend of 0.6 yuan (including tax) for every 10 shares based on a total share capital of 262,071,629 shares [1] - The profit distribution plan is subject to approval by the shareholders' meeting, and further announcements will confirm the specific timing for the distribution [1]

Core Insights - The company held a performance briefing on September 12, 2025, to discuss product development, market expansion, and IP collaborations with investors [1] Product Development and Market Feedback - In the first half of the year, the company launched the Fenghua 2.0 series, Jiaoyu series, and Weilan series, targeting both Eastern fashion and modern aesthetics. Future plans include focusing on the young consumer demographic with a light luxury positioning and multi-scenario products. The company aims to enhance its competitive edge through "innovative craftsmanship + cultural heritage" by integrating non-heritage craftsmanship and cultural trends [1] - The Fenghua and Jiaoyu series, along with collaborations with IPs like Deshou Palace, have successfully reached younger audiences and increased brand value [1] Store Expansion and Market Layout - The company is in a national development phase, with expectations to open more stores in the second half of the year compared to the first half. The strategy involves opening direct stores in core urban areas and franchising in other locations, with a focus on shopping centers and provinces outside the current market [2] IP Collaboration and Brand Strategy - IP collaboration is a long-term strategy for the company, which will select suitable IPs based on brand positioning and product strategy to broaden its target consumer base and enhance brand recognition and quality. The brand aims to showcase unique charm through fashionable and personalized original designs, with the slogan "Everyday Highlights," focusing on daily wear and self-satisfaction needs. New product series are set to be launched in the third and fourth quarters [3] Other Key Points - The company plans to implement its first interim dividend, proposing a cash dividend of 0.6 yuan (including tax) for every 10 shares based on a total share capital of 262,071,629 shares, pending approval from the shareholders' meeting [4] - To mitigate risks associated with fluctuations in gold prices, the company is accelerating inventory turnover [4] - Investors are advised to pay attention to the company's regular reports and publicly disclosed information regarding the operational situation in the second half of the year and the third quarter [4]

Group 1: Product Development and Market Strategy - The company launched the Fenghua 2.0 series and other product lines, significantly increasing the proportion of R&D products [2] - The focus is on young consumers, with a strategy to integrate traditional craftsmanship and cultural trends to enhance product differentiation [2] - Collaborations with IPs like "Daomu Biji" and others have helped reach younger demographics and enhance brand value [2] Group 2: Financial Performance and Market Position - The company's total market value is reported at 5.9 billion yuan, which is significantly lower than competitors despite better fundamentals [3] - The company plans to implement its first interim dividend, proposing a cash dividend of 0.6 yuan per share based on a total share capital of 262,071,629 shares [4] Group 3: Expansion Plans - The company is in a nationwide expansion phase, expecting to exceed the number of new stores opened in the first half of the year during the second half [3] - The strategy includes opening stores in key urban areas and shopping centers, with a focus on both direct and franchise models [3] Group 4: Risk Management and Market Conditions - Fluctuations in gold prices impact revenue and costs; the company mitigates risks by speeding up inventory turnover and adjusting production based on sales [4] - The company emphasizes adherence to information disclosure regulations, ensuring no significant undisclosed information was leaked during investor interactions [4]

Market Overview - The jewelry sector increased by 0.38% on September 12, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Key Performers - Mankalon (300945) closed at 22.82, up 4.49% with a trading volume of 284,900 shares and a transaction value of 6.42 billion [1] - Other notable performers include: - Deep China A (000017) at 7.27, up 1.96% [1] - Cai Zhi Co. (665509) at 14.69, up 1.94% [1] - Ying Xitong Ling (603900) at 11.58, up 1.14% [1] - China Gold (600916) at 8.68, up 1.05% [1] Fund Flow Analysis - The jewelry sector saw a net inflow of 93.53 million from institutional investors, while retail investors experienced a net outflow of 27.79 million [2] - Mankalon had a net outflow of 43.11 million from institutional investors, indicating a shift in investment sentiment [3] - Deep China A experienced a net inflow of 23.93 million from institutional investors, suggesting strong interest [3] Summary of Individual Stocks - Mankalon: - Closing Price: 22.82, Change: +4.49%, Net Institutional Inflow: -43.11 million [1][3] - Deep China A: - Closing Price: 7.27, Change: +1.96%, Net Institutional Inflow: 23.93 million [1][3] - China Gold: - Closing Price: 8.68, Change: +1.05%, Net Institutional Inflow: 736.78 million [3]