珠宝配饰半年报|黄金配饰高成本致赚钱难？中国黄金毛利率仅4.4%垫底明牌珠宝销售净利率为-4.05%垫底

Core Insights - The jewelry accessories industry is facing a generally pessimistic profitability outlook, particularly in the gold accessories segment where many companies report gross profit margins below 20% [1] - There is a significant performance disparity between gold and diamond accessories, with diamond accessories showing relatively higher gross profit margins due to premium pricing [1] Financial Performance Summary - The top three companies by gross profit margin for the first half of 2025 are Di'A Shares (63.42%), Rebecca (36.93%), and Fiyata (34.99%) [1] - Only four companies reported gross profit margins below 10% [1] - The overall low gross profit margins correspond to low net profit margins, with only Di'A Shares exceeding 10% net profit margin at 10.16% for the first half of 2025 [1] - The bottom three companies in terms of net profit margin are Rebecca (1.59%), China Gold (1.04%), and Mingpai Jewelry (negative due to losses) [1] Dynamic Analysis - Only four companies, including Cuihua Jewelry and Xinhua Jin, have seen simultaneous increases in both gross and net profit margins [1] - Companies like Fiyata, Caibai Shares, and Mingpai Jewelry have experienced declines in both gross and net profit margins [1] - Caibai Shares has shown a continuous decline in both metrics over the last three half-year reports, with gross profit margins dropping from 11.49% in H1 2023 to 7.15% in H1 2025, and net profit margins decreasing from 4.96% to 2.15% in the same period [1]