YYTM(SH:600655) Zheng Quan Ri Bao Wang·2025-10-31 12:48Core Viewpoint - Yuyuan Group has reported a revenue decline of approximately 20% year-on-year for the first three quarters of 2025, but a 9% increase in revenue for the third quarter, indicating a potential recovery trend in the business [1] Financial Performance - Total revenue for the first three quarters of 2025 reached 28.4 billion yuan, with the third quarter contributing 9.29 billion yuan [1] - The jewelry segment, which accounts for over 60% of total revenue, achieved a gross margin of 7.73%, an increase of 0.66 percentage points year-on-year [1] Strategic Adjustments - The company has shifted its strategy from diversification to focusing on core businesses, emphasizing "strengthening key industries" [1] - Yuyuan Group's jewelry brands, including Laomiao, are undergoing transformations in product design, pricing strategies, and user expansion to adapt to new consumer trends [2] Consumer Engagement and Market Expansion - The company is innovating new consumer scenarios, with significant events like the "Mountain Sea Qi Yu Record" lantern festival attracting around 4 million visitors and boosting GMV by 62% [3] - Collaborations with popular domestic animation IPs have successfully reached younger consumer demographics [3] - The company is expanding its global presence, with successful overseas events and store openings in countries like Thailand, the UK, and Malaysia [4] Future Outlook - The strategic adjustments are showing early signs of effectiveness, with a mild recovery in the consumer market and ongoing developments in the Shanghai International Jewelry Fashion Zone [4]