Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [2]. Core Insights - The company is advancing its "National Treasure" series strategy, focusing on high-end upgrades and targeting high-net-worth customers, which is expected to contribute significantly to revenue growth in the mid to long term [1]. - The "One Inventory" strategy is being deepened, aiming to optimize channels and store operations, which will enhance brand differentiation and operational efficiency [1]. - The company is projected to see an increase in earnings per share (EPS) from 0.99 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 13 to 10 times [2]. Summary by Sections Company Strategy - The company collaborates with CCTV's "National Treasure" IP to enhance brand positioning and product offerings, aiming to become a leader in high-end gold consumption [1]. - The company is exploring high-end store formats and aims to establish a standardized operational model across 1,000 sample stores [1]. Financial Forecast - The company’s revenue is expected to grow from 14,769 million yuan in 2025 to 17,552 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.7% [9]. - The net profit is projected to increase from 1,074 million yuan in 2025 to 1,429 million yuan in 2027, reflecting a strong growth trajectory [9]. - The return on equity (ROE) is anticipated to rise from 16.4% in 2025 to 19.1% in 2027, indicating improved profitability [9]. Market Position - The company is positioned as a leading brand in the Chinese jewelry sector, with a focus on product, channel, and brand model upgrades to enhance profitability [2]. - The report highlights the potential for significant market share capture in the mid to high-end gold consumption market due to the combination of cultural trends and strategic partnerships [1].

Core Viewpoint - Shandong Commercial Group (鲁商集团) is preparing to showcase its innovative practices and achievements in supply chain construction at the upcoming third China International Supply Chain Promotion Expo, emphasizing its "One Plate of Goods" strategy to create an efficient, transparent, and resilient supply chain ecosystem [1][5]. Group 1: Supply Chain Strategy - The "One Plate of Goods" strategy aims to break down traditional supply chain barriers, integrating resources across various business segments to enhance the seamless flow of information, logistics, and capital [1][2]. - This strategy has significantly reduced redundant processes, lowered circulation costs, and improved the speed and accuracy of market demand responses [1][2]. Group 2: Support for Export Enterprises - In response to tariff pressures, the group has leveraged its "One Plate of Goods" strategy to assist export enterprises in transitioning to domestic sales, exemplified by the support provided to Weifang Sheng'an Food Company [2]. - The group offers a comprehensive, one-stop solution for domestic qualification, brand incubation, product listing, and marketing planning, resulting in 760 sales orders within two months [2]. Group 3: Product Development and Branding - The Shandong Innovation Research Institute is showcasing self-developed products at the expo, including "鲁商舌尖爆汁烤肠" and "鲁商舌尖五常大米," which highlight the integration of quality supply chain resources into brand building [3]. - The group collaborates with various partners to ensure high standards in product quality and safety, reflecting its commitment to brand development [3]. Group 4: Service and Cultural Value - The group extends its supply chain thinking beyond product distribution to service scenario construction and cultural value transmission, exemplified by its smart coffee service solutions [4]. - The integration of traditional art into modern life through cultural products demonstrates the group's ability to create a comprehensive supply chain from resource integration to market promotion [4]. Group 5: Future Outlook - Participation in the expo serves as a platform for the group to present its "鲁商方案" in supply chain construction, highlighting its extensive, efficient, and resilient modern supply chain network [5]. - The group aims to deepen its "One Plate of Goods" strategy, focusing on technological innovation and digital empowerment to build a more competitive and sustainable global supply chain service system [5].