菜百股份：2025年四季度以来饰品销售持续回暖

Core Viewpoint - The company, Caibai Co., Ltd. (605599), has reported a continued positive sales trend since Q4 2025, with jewelry sales recovering and investment products maintaining strong demand driven by market trends [1] Group 1: Sales Performance - Jewelry sales have shown a consistent recovery since Q4 2025, following a strong performance in Q3 [1] - Investment products continue to see high sales activity due to market demand [1] - Cultural products have also experienced steady sales growth, capitalizing on the "Guochao" consumption trend [1] Group 2: Operational Strategy - The company operates a fully direct sales chain model, allowing for efficient market insight and rapid response to changes [1] - A strict "sales-driven procurement" strategy is implemented, along with a precise purchasing mechanism of small batches and multiple batches [1] - Dynamic inventory management is continuously optimized to effectively mitigate potential risks from fluctuations in gold prices, maintaining a stable operational rhythm [1]