YYTM(SH:600655) Zheng Quan Shi Bao Wang·2025-10-30 13:58Core Insights - Yuyuan Group (豫园股份) reported a revenue of 28.4 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of approximately 20%, while the third quarter revenue increased by about 9% to 9.29 billion yuan [1] - The company's core jewelry fashion segment saw a gross margin increase of 0.66% year-on-year in the first three quarters [1] Financial Performance - The decrease in revenue is attributed to reduced gains from the disposal of non-core assets compared to the same period last year, impacting net profit and other financial metrics [2] - The jewelry segment, which accounts for over 60% of total revenue, achieved a gross margin of 7.73% in the first three quarters, up from 7.34% in the first half of the year [2] Strategic Adjustments - Yuyuan Group has adopted a strategic adjustment focusing on "core business, balanced offense and defense, and light assets" starting in 2024, transitioning from a diversified model to strengthening its main business [1] - The company has actively divested from projects such as Tomamu and Starlight Plaza Phase II to streamline operations [1] Business Transformation - The jewelry segment's gross margin growth is seen as a result of proactive transformation in product design, pricing strategies, and user expansion [2] - The Yuyuan Mall's innovative consumer experience initiatives, such as the "Mountain and Sea Wonder" themed lantern festival, attracted approximately 4 million visitors and boosted GMV by 62% year-on-year [2] Global Expansion - Yuyuan Group has made strides in global business expansion, with the Yuyuan Lantern Festival in Thailand attracting over 4 million attendees [3] - The company has showcased its lantern designs in countries like Vietnam, Japan, and Singapore, enhancing its global brand influence [3] - The restaurant brand Songhelou opened its first overseas store in London, and the jewelry brand Laomiao opened its first overseas store in Kuala Lumpur, with plans for further expansion in Southeast Asia [3]