Leysen(SH:603900) Shang Hai Zheng Quan Bao·2025-09-28 17:08Core Viewpoint - The company has successfully transformed its strategy from focusing on gold as a material to emphasizing art and emotional value, leading to significant growth in sales and brand recognition as "art jewelry" [2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 870 million yuan, a year-on-year increase of 37%, and a net profit of approximately 60.61 million yuan, marking a significant turnaround [3]. - Revenue from the gold category has risen to 80% of total sales, with embedded gold sales surging by 200% year-on-year, becoming the strongest driver of overall revenue and profit growth [3]. Strategic Focus - The company has firmly invested in the "art gold" strategy, integrating Eastern and Western classic art elements with gold craftsmanship since the launch of the "Heritage Gold" series in 2023 [3]. - The product matrix includes two differentiated systems: "Heritage Gold" and "Embedded Jewelry," catering to various consumer needs from collectible art pieces to everyday wear [4]. Competitive Advantages - The company has established a three-tiered competitive moat through the deep integration of art, craftsmanship, and emotional insights [5]. - The first barrier is the deep deconstruction and re-creation of art IP, enhancing brand competitiveness in the high-end jewelry market [5]. - The second barrier involves continuous investment in craftsmanship, with R&D expenses increasing by 47.46% year-on-year, focusing on gold embedding technology and artistic expression [6]. - The third barrier is the precise capture of consumer emotional needs, shifting gold consumption from "value preservation" to "self-expression" and "emotional resonance" [7]. Sustainable Growth Path - The company is optimizing its channels by reducing the number of underperforming stores, with a net decrease of 27 direct stores and 10 franchise stores, focusing resources on core business areas [8]. - A comprehensive terminal operation quality improvement system has been established to enhance the performance of benchmark stores and optimize underperforming ones [8]. - The company plans to create 50 direct stores and 15 franchise stores with annual sales exceeding 10 million yuan, laying a solid foundation for future growth [8]. Future Outlook - The company aims to continue deepening its art gold strategy through ongoing product innovation, channel optimization, and brand building, aspiring to become a benchmark brand in Chinese art jewelry [9].