KAIYUAN SECURITIES·2025-06-02 10:45Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with significant growth in specific segments such as gold and jewelry, driven by consumer sentiment and differentiated product offerings [6][33] - The report highlights the importance of consumer insights and supply chain responsiveness in driving brand competitiveness, particularly in the gold and jewelry sector [28][33] Summary by Sections Retail Market Overview - The retail index reported a weekly increase of 0.69%, outperforming the Shanghai Composite Index, which decreased by 0.03% [5][12] - The jewelry sector showed the highest growth, with a weekly increase of 6.93% and a year-to-date increase of 27.06% [14][17] New Product Launches - Laopuhuang launched the "Seven Sons Gourd" series, which resonates with the nostalgia of the 80s and 90s generations, utilizing high-temperature blue burning technology for durability [23][28] - Chaohongji introduced the "Lunar Phase" series, integrating traditional lunar culture into jewelry design, showcasing a unique aesthetic [23][28] Investment Recommendations - Focus on high-quality companies in the gold and jewelry sector with differentiated product capabilities, recommending Laopuhuang, Chaohongji, and Zhou Dazheng [6][35] - Emphasize retail companies that are actively transforming and exploring new strategies, recommending Yonghui Supermarket and Aiyingshi [6][34] - Highlight opportunities in the cosmetics sector, recommending brands like Maogeping and Pola [6][34] Company Performance Highlights - Laopuhuang achieved a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) in FY2024 [35] - Chaohongji reported a revenue of 6.518 billion yuan (+10.5%) and a net profit of 194 million yuan (-41.9%) in 2024, with a strong Q1 performance in 2025 [41] - Zhou Dazheng's revenue for 2024 was 13.891 billion yuan (-14.7%) with a net profit of 1.010 billion yuan (-23.2%) [45]