Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company, Mankalon, has shown significant revenue growth in Q3 2025, with a year-on-year increase of 36.22% and a net profit growth of 25.33% [7] - The company is focusing on a fashion-forward, light luxury positioning, continuously innovating its product lines to attract younger consumers [7] - The integration of online and offline channels is driving sales growth, with online revenue increasing by 39.34% year-on-year in the first three quarters of 2025 [7] Financial Performance Summary - For 2025, the company is projected to achieve a revenue of 29.54 billion RMB, with a year-on-year growth rate of 25.30% [6] - The net profit for 2025 is expected to reach 1.22 billion RMB, reflecting a growth rate of 26.97% [6] - The earnings per share (EPS) is forecasted to be 0.47 RMB for 2025, with a return on equity (ROE) of 7.23% [6] Market Data - As of October 30, 2025, the closing price of the company's stock is 17.68 RMB, with a total market capitalization of 4,633.43 million RMB [3] - The company has a debt-to-asset ratio of 15.36% and a net asset value per share of 6.35 RMB [3]

Core Viewpoint - Mankalon (SZ 300945) announced that on October 30, 2025, it will accept investor research from Guangfa Securities and others, with participation from the company's chairman and general manager, Sun Songhe, who will address investor inquiries [1] Company Summary - For the first half of 2025, Mankalon's revenue composition shows that 99.91% comes from product sales, while other business activities account for only 0.09% [1] - As of the report date, Mankalon's market capitalization stands at 4.6 billion yuan [1]

Financial Performance - In Q3 2025, the company achieved revenue of 608 million CNY, a year-on-year increase of 36.22% [4] - The net profit attributable to shareholders was 25.49 million CNY, up 25.33% year-on-year [4] - For the first three quarters, total revenue reached 2.164 billion CNY, reflecting a 29.30% increase year-on-year, while net profit was 102 million CNY, a 32.58% rise [4] Strategic Initiatives - The company is focusing on optimizing product structure and adjusting channel strategies to drive quality growth [4] - There is a significant push towards enhancing online and offline channel integration, with a focus on e-commerce platforms like Tmall, JD, and Douyin [4] - The company plans to expand its store presence nationwide, with a focus on core business districts and partnerships with quality franchisees [5] Cost Management - The gross margin has remained stable, with effective cost control leading to a decrease in sales and management expense ratios by 1.02% and 0.19% respectively [4] Brand and Product Development - The company is engaging in long-term collaborations with popular IPs, such as a partnership with "Tomb Raider," to enhance brand loyalty and emotional connection with consumers [5] - Product lines are diversified into three categories: a high-end light luxury line, a trendy line for everyday wear, and a cultural heritage line emphasizing traditional craftsmanship [7] E-commerce Trends - E-commerce revenue growth is strong, with a shift from traffic-driven strategies to product-focused operations, leading to an expected increase in gross margins [9] - The company anticipates that the proportion of non-gold products will rise, reflecting changing consumer preferences [9] Market Expansion - The company is accelerating its national expansion, particularly in the North China and Southwest markets, while maintaining a focus on core urban areas for direct sales [8] - Future store openings will prioritize franchise models over direct sales, with a strategy to ensure deeper market penetration through franchise partnerships [8]

Core Insights - Mankalon Jewelry Co., Ltd. reported a revenue of 2.164 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.30% [1] - The net profit attributable to shareholders for the same period was 102 million yuan, an increase of 32.58% year-on-year [1] - In Q3 2025, the company achieved a revenue of 608 million yuan, with a year-on-year growth of 36.22%, and a net profit of approximately 25.49 million yuan, up 25.33% year-on-year [1] Revenue Breakdown - Online business revenue reached 1.19 billion yuan, a year-on-year increase of 39.34%, accounting for 54.99% of total revenue [2] - Offline business revenue was 974 million yuan, growing by 20.25% year-on-year, making up 45.01% of total revenue [2] Marketing and Management Strategies - The company is enhancing its brand development strategy by leveraging big data to understand consumer needs and investing in product research and development [1] - Mankalon is optimizing its organizational structure by implementing a partner model and project-based teams to improve efficiency across all channels [2] - Sales expenses for the first three quarters were 109 million yuan, with a sales expense ratio of 5.06%, down 1.02 percentage points from the previous year [2] - Management expenses totaled approximately 54.06 million yuan, with a management expense ratio of 2.50%, a decrease of 0.19 percentage points year-on-year [2]

Group 1 - Mankaron (SZ 300945) announced on October 30 that its sixth board meeting was held on October 29, 2025, to review proposals including adjustments to the implementation locations of certain fundraising projects [1] - For the first half of 2025, Mankaron's revenue composition was 99.91% from product sales and 0.09% from other businesses [1]

Core Points - Mankalon Jewelry Co., Ltd. held its sixth board meeting on October 29, 2025, where it approved the Q3 2025 report and adjustments to certain fundraising project implementation locations [1][2] - The board confirmed that the Q3 2025 report accurately reflects the company's financial status and operational results, with no false statements or significant omissions [2] - The adjustments to fundraising project locations were also approved, with the board's decision supported by the sponsor institution's compliance review [4] Meeting Details - The board meeting was conducted both in-person and via communication, with all nine directors present [2] - The Q3 report was pre-reviewed by the audit committee and received unanimous approval [2][4] - The adjustments to project locations are expected to optimize resource allocation, with further details to be disclosed later [4]

浙商证券股份有限公司 关于曼卡龙珠宝股份有限公司 调整部分募投项目实施地点的核查意见 浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）作为曼卡 龙珠宝股份有限公司（以下简称"曼卡龙"或"公司"）向特定对象发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等规定，对曼卡龙调整"'曼卡龙@Z 概念店'终端建设项目"实施地 点的事宜进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意曼卡龙珠宝股份有限公司向特定对象 发行股票注册的批复》（证监许可〔2023〕554 号）同意，公司获准向特定对象 发行人民币普通股（A 股）股票不超过 61,200,000 股，最终实际发行数量为 57,168,864 股，每股面值 1 元，每股发行价格为人民币 12.08 元，募集资金总额 为人民币 690,599,877.12 元，扣除发行费用总额 9,759,999.34 元（不含增值税） 后，实际 ...

证券代码：300945 证券简称：曼卡龙 公告编号：2025-072 曼卡龙珠宝股份有限公司 关于调整部分募投项目实施地点的公告 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"）于 2025 年 10 月 29 日召开 了第六届董事会第六次会议，审议通过了《关于调整部分募投项目实施地点的议 案》，同意将公司向特定对象发行股票募集资金投资项目中的"'曼卡龙@Z 概 念店'终端建设项目"的实施地点进行调整，本议案无须提交股东大会审议。现 将有关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意曼卡龙珠宝股份有限公司向特定对象 发行股票注册的批复》（证监许可〔2023〕554 号）同意，公司获准向特定对象 发行人民币普通股（A 股）股票不超过 61,200,000 股，最终实际发行数量为 57,168,864 股，每股面值 1 元，每股发行价格为人民币 12.08 元，募集资金总额 为人民币 690,599,877.12 元，扣除发行费用总额 9,759,999.34 元（不含增值税） 后，实际募集资金 ...

证券代码：300945 证券简称：曼卡龙 公告编号：2025-070 曼卡龙珠宝股份有限公司 第六届董事会第六次会议决议公告 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"）第六届董事会第六次会议（以 下简称"本次会议"）通知已于 2025 年 10 月 24 日通过邮件及电话方式向各董 事发出，本次会议于 2025 年 10 月 29 日在公司会议室以现场和通讯相结合的方 式召开，本次会议由董事长孙松鹤先生主持，应参加董事 9 人，实际参加董事 9 人（其中：以通讯表决方式出席会议的董事 3 人，为瞿吾珍、孙舒云、郑金都）， 高级管理人员列席了本次会议。本次会议的通知、召集、召开及表决程序均符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件及《曼 卡龙珠宝股份有限公司章程》的规定。 本次会议以投票表决的方式审议并通过如下决议： 一、审议通过了《关于<2025 年第三季度报告>的议案》 经与会董事审议，认为公司 2025 年第三季度报告公允地反映了报告期内公 司的财务状况和经营成果，保证公司 20 ...

曼卡龙珠宝股份有限公司 2025 年第三季度报告 证券代码：300945 证券简称：曼卡龙 公告编号：2025-071 曼卡龙珠宝股份有限公司 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.董事会及董事、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 曼卡龙珠宝股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | | 年初至报告期末 | 年初至报告期末比上 | | | --- | --- | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | | | 营业收入（元） | 608,221,492.12 ...