信达证券发布莱绅通灵研报：产品转型顺畅，业绩扭亏为盈

Group 1 - The core viewpoint of the report is that Laisentongling (603900.SH) is experiencing a smooth product transformation, particularly with strong performance in gold inlay products [2] - Both offline direct sales and franchise channels have achieved rapid revenue growth, with plans for creating benchmark stores in the million-level range progressing steadily [2] - The gross margin is expected to improve year-on-year by Q2 2025, along with an enhancement in expense ratio [2]