东方甄选(01797)延续近期强劲走势，早盘再涨超12%，7月初至今股价已累计飙涨逾230%。截至发稿， 涨12.69%，报39.42港元，成交额11.14亿港元。 消息面上，东方甄选将于8月22日（下周五）发布截至2025年5月31日止财政年度的全年业绩。此前新东 方发布25财年第四季度业绩，据华西证券（002926）根据业绩公告与业绩会推算，东方甄选25财年第四 季度收入1.5亿美元，同比下滑约30%，下滑幅度环比收窄；Non-GAAP营业利润约0.79亿元人民币，对 应的营业利润率约7%，环比提升。该行表示，公司在经历剥离与辉同行、头部主播顿顿离职风波后， 盈利能力持续改善。该行建议关注公司由主播驱动向产品驱动的转型。 此外，国信证券指出，东方甄选"山姆范式"引关注。当前消费市场呈现供给多元化、信息透明化、需求 理性化的特点。在此背景下，能够提供高性价比产品并具备成熟会员体系的企业（如山姆、海底捞、东 方甄选等）优势有望更加突出。东方甄选近期经营呈现边际改善，新品类拓展成功，自营业务增长质量 提升。该行认为一定程度上东方甄选经营的边际改善，是这一类企业成长逻辑的印证。 ...

智通财经获悉，东方甄选(01797)涨超9%，值得关注的是，该股近期显著攀升，7月初至今股价累涨1.1 倍。截至发稿，涨9.35%，报25.74港元，成交额5.84亿港元。 本文源自：智通财经网 消息面上，据东方甄选公众号，今年6月16日，东方甄选首款纯棉表层卫生巾正式上线。上线2天时间， 18w+单全部售罄；7月19日上线新系列卫生巾。浙商证券认为，历经两年波折、公司经营逐渐走回正 轨，自营品发展符合新消费趋势且有拓展空间，均是当下开始关注东方甄选的底层逻辑。该行指出，截 止于24年11月底东方甄选付费会员数22.83万人，vs山姆中国900万会员，仍有较大渗透空间。 此外，近日新东方发布FY2025Q4（2025年3-5月）业绩，据华西证券根据业绩公告与业绩会推算，东方 甄选FY25Q4收入1.5亿美元，同比下滑约30%，下滑幅度环比收窄；Non-GAAP营业利润约0.79亿元人 民币（按1美元=7.2元人民币计算），对应的营业利润率约7%，环比提升（FY25Q3约3%）。该行表 示，公司在经历剥离与辉同行、头部主播顿顿离职风波后，盈利能力持续改善。该行建议关注公司由主 播驱动向产品驱动的转型。 ...

消息面上，据东方甄选公众号，今年6月16日，东方甄选首款纯棉表层卫生巾正式上线。上线2天时间， 18w+单全部售罄；7月19日上线新系列卫生巾。浙商证券认为，历经两年波折、公司经营逐渐走回正 轨，自营品发展符合新消费趋势且有拓展空间，均是当下开始关注东方甄选的底层逻辑。该行指出，截 止于24年11月底东方甄选付费会员数22.83万人，vs山姆中国900万会员，仍有较大渗透空间。 此外，近日新东方发布FY2025Q4（2025年3-5月）业绩，据华西证券根据业绩公告与业绩会推算，东方 甄选FY25Q4收入1.5亿美元，同比下滑约30%，下滑幅度环比收窄；Non-GAAP营业利润约0.79亿元人 民币（按1美元=7.2元人民币计算），对应的营业利润率约7%，环比提升（FY25Q3约3%）。该行表 示，公司在经历剥离与辉同行、头部主播顿顿离职风波后，盈利能力持续改善。该行建议关注公司由主 播驱动向产品驱动的转型。 智通财经APP获悉，东方甄选(01797)涨超9%，值得关注的是，该股近期显著攀升，7月初至今股价累涨 1.1倍。截至发稿，涨9.35%，报25.74港元，成交额5.84亿港元。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the jewelry retail industry [2][40]. Core Insights - The jewelry retail industry is expected to continue its steady growth, driven by rising consumer income and increasing demand for products that retain value [2][29]. - The market size of China's jewelry industry is projected to reach 728 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3.6% since 2019 [29]. - The competitive landscape is becoming more concentrated, with the top five companies holding a market share of 41.4% in terms of revenue from gold and jewelry products [34]. Summary by Sections Company Overview - The report focuses on Zhou Li Fu, a company established in 2004, specializing in gold jewelry retail, with a market share ranking in the top ten of the industry [9][10]. - As of 2024, Zhou Li Fu's revenue is projected to be 5.718 billion yuan, representing a year-on-year growth of 11.04% [10][12]. Revenue Structure - Zhou Li Fu's revenue is primarily generated through a franchise model, with online sales rapidly increasing, accounting for 40% of total revenue in 2024 [12][13]. - The company’s revenue from gold jewelry products is expected to reach 4.378 billion yuan in 2024, making up 76.56% of total revenue [17]. Industry Overview - The jewelry market in China has shown robust growth, with gold jewelry becoming increasingly popular, accounting for 73% of the market by 2024 [29][33]. - The growth drivers include diversified consumer needs and rising disposable income, with the average annual disposable income increasing from 30,700 yuan in 2019 to 41,300 yuan in 2024 [33]. Competitive Landscape - The top companies in the gold jewelry sector include Zhou Da Fu, China Gold, and Lao Feng Xiang, with Zhou Da Fu leading in both revenue and store count [34][35]. - The report highlights that the industry is characterized by a high concentration of market share among leading players [34]. Investment Recommendations - The report suggests focusing on companies with differentiated branding and product positioning, such as Lao Pu Gold and Chao Hong Ji, which are expected to achieve accelerated growth [38]. - It also recommends established leaders like Zhou Da Fu and Zhou Da Sheng, which are successfully transforming their product strategies and service capabilities [38].

Investment Rating - The investment rating for the gold and jewelry industry is "Outperform the Market" (maintained) [1][5][41] Core Insights - The gold and jewelry industry is experiencing a transformation towards product-driven growth, with a greater emphasis on single-store efficiency at the retail level [1][2] - In 2024, the total retail sales of gold and silver jewelry reached 329.98 billion yuan, showing a year-on-year growth of 3.1%, while the first quarter of 2025 saw a rebound with a growth rate of 6.9% due to seasonal demand and changes in consumer preferences [4][8] - The industry is witnessing a significant divergence in performance among listed companies, influenced by factors such as product category structure and channel expansion models [2][8] Summary by Sections Industry Overview - The gold price has been on a long-term upward trend, which is expected to enhance the value retention attributes of gold, positively impacting terminal sales [2] - Consumer demand for design attributes is increasing, prompting companies to shift from traditional channel expansion to product-driven strategies [2][22] Channel Dynamics - The past year has seen a strategic contraction in the number of stores, particularly franchise outlets, due to weakened demand and franchisee exits [2][34] - Companies are focusing on enhancing the operation of self-owned stores and upgrading existing store images to align with consumer preferences for brand and shopping experience [2][34] Performance Divergence - The first quarter of 2025 has shown accelerated performance divergence among companies, with some brands achieving significant growth due to differentiated product positioning and strong brand identity [10][12] - For instance, Chao Hong Ji reported a revenue increase of 25.36% to 2.252 billion yuan and a net profit growth of 44.38% to 189 million yuan in Q1 2025 [10][12] Consumer Behavior Trends - Young consumers (aged 18-34) are increasingly contributing to gold jewelry retail sales, with a demand for innovative designs and emotional expression through products [28][31] - The preference for one-price products over traditional weight-based pricing is growing, as these products offer better perceived value during periods of high gold prices [22][25] Store Strategy Adjustments - Traditional franchise models are contracting, while companies are expanding self-owned stores to strengthen brand presence and improve customer experience [34][37] - Companies are also upgrading store designs and layouts to enhance consumer engagement and brand identity [34][37] Investment Recommendations - The report suggests focusing on two investment directions: traditional gold and jewelry leaders with low valuation recovery potential and companies with differentiated brand positioning that can leverage online and offline synergies for growth [38][41]