豫园股份(600655)：深化东方生活美学战略 进一步瘦身健体、拥轻合重

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to the overall industry downturn affecting its gold and jewelry business, which is slowly recovering [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 8.782 billion yuan, a year-on-year decrease of 49.0% [1] - The net profit attributable to shareholders was 52 million yuan, down 71.2% year-on-year, while the non-recurring net profit was -179 million yuan, a decline of 322.1% [1] - The gross margin improved to 16.1%, an increase of 2.4 percentage points year-on-year, with various business segments showing gross margin growth [4] Group 2: Business Segment Performance - The jewelry fashion segment generated revenue of 5.179 billion yuan, a decline of 60.2% year-on-year, attributed to structural adjustments in the consumer industry and fluctuations in international gold prices [1] - The restaurant management and service business reported revenue of 262 million yuan, down 23.0% year-on-year, while the food, department store, and craft business generated 288 million yuan, a decrease of 25.9% [3] - The company’s fashion watch segment achieved revenue of 141 million yuan, down 15.1% year-on-year, and the commercial and property service business reported revenue of 734 million yuan, a decline of 33.6% [3] Group 3: Strategic Initiatives - The company is actively adjusting its jewelry fashion business layout by leveraging online platforms, achieving a GMV of over 200 million yuan through live streaming events [2] - The company plans to enhance its product capabilities by focusing on culture, design, craftsmanship, quality, service, and scenarios, aiming for industry transformation [2] - The company is set to initiate the construction of the Shanghai International Jewelry Fashion Functional Zone, which is expected to benefit its jewelry fashion business [3] Group 4: Future Outlook - The company aims to deepen its "Oriental Lifestyle Aesthetics" strategy and enhance operational efficiency while optimizing its business structure [4] - Profit forecasts for 2025-2027 project net profits of 1.06 billion, 1.66 billion, and 2.10 billion yuan, with corresponding PE ratios of 20.6X, 13.2X, and 10.4X [4]