航民股份：黄金饰品业务包含来料加工和批发两项业务

Core Viewpoint - The company, Hangmin Co., stated that its gold jewelry business consists of processing and wholesale segments, with processing accounting for approximately 80% and wholesale for about 20% of the business [1] Summary by Category Business Segments - The processing business generates design and processing fees, which have a relatively high gross margin [1] - The wholesale business includes gold prices, which negatively impacts the overall gross margin [1]