Jewelry has long been viewed as a one-size-fits-all indulgence. But as precious metal prices surge, fine jewelry has begun to test consumers' credit card limits and retailers' margins. The good news for shoppers on a budget is that more jewelry companies are increasingly redefining affordable luxury by offering high-quality products at more accessible prices. Founded in 1982 in Copenhagen, Denmark, Pandora has grown into the world's largest jewelry brand, selling in more than 100 countries. The company' ...

全球销量最大的珠宝商Pandora周四股价大涨16%，此前该公司宣布将减少对白银的依赖，并推出铂金 镀层珠宝产品。这一战略转向旨在应对白银价格剧烈波动对公司盈利能力的冲击。 Pandora在财报中表示，将通过多元化金属材料组合来降低对单一金属的依赖。De Pablos-Barbier强调， 扩充金属种类将帮助公司摆脱白银价格波动的困扰。 花旗分析师指出："贵金属价格的极端通胀已严重降低了盈利可见度。美国和欧洲市场的波动性宏观背 景（约占销售额的80%），以及品牌疲劳和珠宝消费整体疲软的潜在迹象，进一步削弱了近期信心。" 美国市场需求疲软拖累业绩 第四季度，Pandora有机增长为4%，但占其业务约三分之一的美国市场需求持续疲软。De Pablos- Barbier表示："现实是，我们看到该市场的消费者信心处于60年代以来的最低水平。" 上任仅一个月的首席执行官Berta de Pablos-Barbier在接受CNBC采访时表示，通过引入铂金镀层材料并 扩大产品组合，公司将能够维持利润率在20%以上的水平。她强调，目前约60%的业务依赖白银，"我 们必须让公司与白银交易价格脱钩"。 白银价格在过去一年飙升超过 ...

Group 1 - The core viewpoint of the article highlights the impact of artificial intelligence (AI) on employment, with Nestlé's CEO Phil Navratil stating that AI enables faster and more agile operations, leading to a reduction in workforce needs [2][4] - Nestlé plans to cut approximately 16,000 jobs, which is about 6% of its total workforce, over the next two years, with around 12,000 white-collar positions affected [2][5] - The layoffs will focus on the marketing sector, while the sales sector remains relatively stable [2][5] Group 2 - Nestlé's financial performance shows pressure, with total sales of CHF 65.9 billion for the first nine months of 2025, a year-on-year decline of 1.9% [5] - The organic growth rate for Nestlé was 3.3%, with a negative impact of 5.4% from currency fluctuations [5] - The Greater China region has been a significant drag on performance, with an organic growth rate of -10.4% in Q3 2025, continuing a downward trend [5][6]

Market Overview - The software sector and cryptocurrency experienced a significant downturn, with the S&P 500 index falling by 1.23% to 6798.4 points, the Nasdaq Composite down 1.59% to 22540.59 points, and the Dow Jones Industrial Average decreasing by 1.2% to 48908.72 points, marking the worst three-day sell-off since April of the previous year [1][3] - Bitcoin dropped below $64,000, losing nearly half its value over the past six months, while spot silver saw a single-day decline of nearly 20% [1] Employment Data Impact - The recent weak U.S. employment data has halted the recent sector rotation, with 318 stocks in the S&P 500 declining. December job openings unexpectedly fell to the lowest level since 2020, and the number of layoffs reached the highest January level since the severe recession in 2009 [3] - Allianz's Chief Economic Advisor, Mohamed El-Erian, noted that layoffs are occurring despite GDP growth of approximately 4%, indicating a decoupling of employment from economic growth, which could have profound economic, political, and social implications [3] Company-Specific Developments - Amazon's stock plummeted over 10% after announcing a capital expenditure forecast of $200 billion for the year, significantly higher than the previous year's $130 billion and analyst expectations of $150 billion, which negatively impacted its profit guidance [3] - Nvidia's stock fell by 1.33%, while other major tech companies like Apple, Google, and Microsoft also saw declines, with Microsoft down 4.95% and Amazon down 4.42% [6] AI and Software Sector - The software sector faced pressure following the release of a new flagship model by AI company Anthropic, contributing to a broader sell-off in AI-related stocks. FaceSet dropped 7.21%, reaching its lowest point since March 2020, while Thomson Reuters fell over 5%, hitting a new low since 2021 [6] - Amid concerns over AI capital expenditures, some supply chain stocks performed well, such as Tianhong Technology, which rose 6.9% due to Google's $185 billion capital expenditure guidance [6] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index rising by 0.9%. Notable performances included NIO up 5.86% and Baidu up 0.73%, while Alibaba and JD.com saw slight declines [7] Other Industry News - Pandora, the world's largest jewelry company, surged 16.83% after announcing plans to reduce reliance on pure silver by introducing platinum-plated jewelry in response to rising silver prices [8] - The proposed merger between Rio Tinto and Glencore to form the world's largest mining group collapsed, with Glencore citing undervaluation of its contribution to the merger [9] - Nvidia announced delays in the release of its RTX 50 series graphics cards due to memory shortages, prioritizing AI chip production instead [10] - Hims & Hers Health plans to launch a cheaper generic version of the oral weight loss drug semaglutide, causing a significant drop in the stock price of Novo Nordisk, which had just received approval for its brand product [11]

more than 9% on Tuesday after Jeffre downgraded it to hold. Berta de Pablo Barbier is the CEO of Pandora and joins us now. Very good to see you.Um, what do you think consumers will make of this uh alternative looking to platinum instead of silver as uh one of your main sources for jewelry. >> Yeah, good morning and thank you. Very happy to be uh with you today.Um what we know is that uh for consumers platinum is a high precious metal. Actually the fact that we are launching and expanding the platinum plated ...

Core Viewpoint - The jeweler is implementing a strategy to reduce its dependence on silver under the leadership of its newly appointed Chief Berta de Pablos-Barbier [1] Company Strategy - The new strategy focuses on diversifying materials used in products to lessen reliance on silver [1]

Core Viewpoint - Pandora, the world's largest jeweler by volume, is addressing investor concerns regarding its reliance on silver by introducing platinum-plated jewelry and guiding for flat organic growth in 2026 [1][2] Group 1: Company Performance - Copenhagen-listed shares of Pandora rose by as much as 7% following the announcement of its quarterly earnings report [1] - The company reported guidance for largely flat organic growth in 2026 [1] Group 2: Market Strategy - In response to the volatility of silver prices, which have more than doubled over the past year, the company plans to decouple its operations from silver trading [2] - CEO Berta de Pablos-Barbier emphasized the need to address the company's reliance on silver in order to stabilize its business [2]

Core Viewpoint - Jewellery brand Pandora is shifting towards platinum-plated products to mitigate risks associated with the volatile silver market following a significant increase in silver prices [1] Company Strategy - The introduction of platinum-plated products is a strategic move by Pandora's new CEO to distance the brand from the fluctuations in the silver market [1]

Core Insights - Pandora is shifting its focus from silver to platinum by introducing platinum-plated versions of its popular bracelets in 2026 to mitigate the risks associated with volatile silver prices [1][2] - The decision comes in response to the significant price increases of silver and gold over the past year, with the aim of maintaining high-quality jewelry offerings at accessible price points [2] Company Overview - Founded in Copenhagen in 1982, Pandora operates approximately 2,400 stores across more than 100 countries [3] - The company's stock price has decreased by about 63% over the past year [3] Industry Trends - Analysts from Jefferies noted that Pandora's strategy reflects a broader trend in the jewelry industry, where companies are reassessing their product offerings and supply chains due to increasing volatility in precious metal markets [4] - Other luxury brands, such as LVMH, are also moving away from silver, with Tiffany & Co. being directed to focus more on gold and fine jewelry [5] Market Conditions - Silver prices have experienced extreme fluctuations, surging by as much as 70% in January and reaching a record high above $121 per troy ounce before a significant drop of 36% [6] - As of the latest data, spot silver was trading around $77 per troy ounce, reflecting a year-to-date increase of about 25% [6] - Platinum prices have also risen sharply, increasing approximately 165% last year and about 8.4% so far this year, adding to the cost pressures faced by jewelry manufacturers [7]

Please find the Annual Report for 2025 enclosed. Attachments Pandora Annual Report 2025 PAND-2025-12-31-en ...