豫园股份2025年半年报：加速结构调整把握消费新机遇

Core Viewpoint - Yuyuan Group reported a revenue of 19.112 billion yuan and a net profit of 630 million yuan for the first half of 2025, demonstrating effective cost reduction and efficiency improvement strategies [1][2] Financial Performance - The company achieved a revenue of 19.112 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 630 million yuan [1] - Management expenses decreased by 18% year-on-year, indicating successful cost control measures [1] Business Segments - The jewelry segment, as the core business, generated a revenue of 12.8 billion yuan in the first half, with a second-quarter revenue of 7.6 billion yuan, reflecting a 47% quarter-on-quarter growth [1] - The commercial operations segment saw nearly 20 million visitors to Yuyuan Mall in the first half, with a year-on-year increase of 55% in gross merchandise volume (GMV) [1] Strategic Initiatives - The company is actively adjusting its core business to align with market transformation trends, focusing on the potential of "three new" consumption demands: new formats, new models, and new scenarios [1][2] - In new formats, the brand Laomiao collaborated with the animation IP "Tian Guan Ci Fu" to launch a co-branded product series, achieving over 1 million sales on Tmall on the first day of release [1] - In new models, Yuyuan Group has established a globalization strategy, successfully hosting the Yuyuan Lantern Festival in Bangkok, attracting over 4 million visitors and generating a global reach of nearly 1.2 billion [2] - The company opened its first overseas restaurant in London under the brand Songhe Lou, marking the beginning of its international dining journey [2] - The jewelry brand Laomiao has entered duty-free markets, with plans to open new stores in Macau and Malaysia [2] New Retail Developments - The jewelry fashion segment has deepened its presence in new retail platforms such as Douyin and Kuaishou, achieving a cumulative GMV of 1.755 billion yuan in the first half [2] Future Outlook - The chairman and president of Yuyuan Group emphasized the importance of structural adjustments to adapt to market trends and enhance capabilities, laying a solid foundation for future high-quality development [2]