Leysen(SH:603900) Zheng Quan Ri Bao Wang·2026-02-12 11:44Core Viewpoint - The company expects its operating performance in Q4 2025 to be roughly in line with Q4 2024, following a significant sales surge in Q4 2024 after transitioning to gold business in August 2023 [1] Group 1: Business Performance - The company reported a sales explosion in Q4 2024 due to its new focus on gold business [1] - The performance in Q4 2025 is anticipated to maintain the same level as Q4 2024 [1] Group 2: Market Impact - The company's online sales were significantly impacted by a sharp increase in gold prices following the VAT reform on November 1, particularly affecting investment gold products [1] - In contrast, offline sales showed a certain growth compared to Q4 2024 [1] Group 3: Strategic Response - To mitigate the impact of gold price fluctuations on terminal sales, the company is launching new products and collaborating with popular marketing strategies, such as partnering with short drama stars [1] - The company typically accounts for impairment provisions in Q4, which may affect current profits [1]