智通财经获悉，港股恒生指数跌0.43%，跌109点，报25324点；恒生科技指数跌0.68%。港股早盘成交 957亿港元。 宝济药业-B(02659)首挂上市，早盘大涨124%，旗下三大核心产品即将商业化。 中国波顿(03318)涨超13%，深圳波顿签署征地协议，将获现金补偿22.72亿元人民币。 红星美凯龙(01528)再涨超6%，公司与左右家居深化战略合作，探索新零售转型路径。 碳酸锂期货2605合约今早一度涨超3%，最高见96800元/吨。锂业股早盘走高。赣锋锂业(01772)涨 3.16%，天齐锂业(09696)涨超2%。 中国中冶(01618)续跌3.72%，昨日重挫逾21%，此前宣布拟607亿元出售资产。 中金公司持续看好钨价牛市，佳鑫国际资源(03858)涨超5%。 太平洋航运(02343)跌超9%，波罗的海干散货指数跌至近两周低点。 银诺医药-B(02591)逆市拉升逾18%，近日公司正式入通 GLP-1受体激动剂怡诺轻®成功入保。 思摩尔国际(06969)跌超8%，较年内高点已腰斩，大客户英美烟草预告明年业绩承压。 黄金股普遍走高。美联储决议前贵金属强势，多因素支撑黄金结构性牛市周期。紫金黄 ...

智通财经APP获悉，港股恒生指数跌0.43%，跌109点，报25324点；恒生科技指数跌0.68%。港股早盘成 交957亿港元。 碳酸锂期货2605合约今早一度涨超3%，最高见96800元/吨。锂业股早盘走高。赣锋锂业(01772)涨 3.16%，天齐锂业(09696)涨超2%。 中金公司持续看好钨价牛市，佳鑫国际资源(03858)涨超5%。 红星美凯龙(01528)再涨超6%，公司与左右家居深化战略合作，探索新零售转型路径。 中国中冶(01618)续跌3.72%，昨日重挫逾21%，此前宣布拟607亿元出售资产。 太平洋航运(02343)跌超9%，波罗的海干散货指数跌至近两周低点。 思摩尔国际(06969)跌超8%，较年内高点已腰斩，大客户英美烟草预告明年业绩承压。 银诺医药-B(02591)逆市拉升逾18%，近日公司正式入通 GLP-1受体激动剂怡诺轻®成功入保。 黄金股普遍走高。美联储决议前贵金属强势，多因素支撑黄金结构性牛市周期。紫金黄金国际 （02259）涨超4%；灵宝黄金(03330)涨9%。 宝济药业-B(02659)首挂上市，早盘大涨124%，旗下三大核心产品即将商业化。 中国波顿(03318) ...

智通财经APP获悉，红星美凯龙(01528)再涨超10%，截至发稿，涨9.3%，报1.41港元，成交额4961.03万 港元。 红星美凯龙与左右家居确定了多项具体合作计划：渠道网络优化重点提升浙江、两广、川渝等区域，成 立联合工作组对红星美凯龙前150名商场进行网格化分析，制定左右家居针对性进驻方案。新零售转型 方面，以左右设计家为试点，红星美凯龙开放上海汶水店等样板，2026年打造行业标杆新零售门店。营 销与供应链协同上，红星美凯龙2026年营销规划为左右家居配置专项资源，推进数据驱动精准营销，探 索供应链金融创新。 消息面上，12月9日，红星美凯龙高管团队访问左右家居深圳总部，双方就渠道优化、新零售转型及供 应链协同等议题达成多项合作计划，共同深化战略伙伴关系。 ...

红星美凯龙（601828）(01528)再涨超10%，截至发稿，涨9.3%，报1.41港元，成交额4961.03万港元。 红星美凯龙与左右家居确定了多项具体合作计划：渠道网络优化重点提升浙江、两广、川渝等区域，成 立联合工作组对红星美凯龙前150名商场进行网格化分析，制定左右家居针对性进驻方案。新零售转型 方面，以左右设计家为试点，红星美凯龙开放上海汶水店等样板，2026年打造行业标杆新零售门店。营 销与供应链协同上，红星美凯龙2026年营销规划为左右家居配置专项资源，推进数据驱动精准营销，探 索供应链金融创新。 消息面上，12月9日，红星美凯龙高管团队访问左右家居深圳总部，双方就渠道优化、新零售转型及供 应链协同等议题达成多项合作计划，共同深化战略伙伴关系。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company is experiencing revenue pressure in H1 2025, primarily due to high gold prices leading to conservative inventory purchases by franchisees and store closures. However, the company is actively adjusting its product category structure, increasing the proportion of high-margin products such as IP series, fixed-price gold, embedded products, and bracelets, resulting in a net profit growth of over 30% in Q2 2025 [5][12] - The comprehensive gross profit margin for H1 2025 is 30.3%, an increase of 11.96 percentage points year-on-year. The sales expense ratio is 10.8%, up by 4.34 percentage points year-on-year, and the net profit margin attributable to the parent company is 12.92%, an increase of 5.58 percentage points year-on-year [5][12] Financial Performance Summary - H1 2025 revenue is reported at 4.597 billion, a year-on-year decrease of 43.9%. The net profit attributable to the parent company is 594 million, a decrease of 1.3% year-on-year. In Q2 2025, revenue is 1.924 billion, down 38.5% year-on-year, while net profit is 342 million, up 31.3% year-on-year [11][12] - The company has outlined five strategic directions for the future: brand matrix development, new retail transformation, organizational change, deep digitalization, and brand expansion overseas. Significant investments will be made in these areas over the next two to three years [13] - Revenue forecasts for 2025-2027 are 11.738 billion, 12.971 billion, and 13.943 billion, with corresponding growth rates of -15.5%, 10.5%, and 7.5%. Net profit attributable to the parent company is projected at 1.110 billion, 1.213 billion, and 1.269 billion, with growth rates of 9.9%, 9.3%, and 4.6% respectively [14]

Core Viewpoint - The company is focusing on transforming its supermarket and lifestyle store operations through deep supply chain reforms and enhancing product competitiveness [1] Group 1: Transformation Strategy - The transformation of Wushang Supermarket centers on deep supply chain changes, emphasizing direct procurement and the development of private labels to enhance product cost-performance [1] - The company aims to achieve differentiation in its business model by adopting a membership store format and optimizing the structure of existing stores [1] - The ultimate goal is to build a competitive edge based on "product strength + experience strength + efficiency strength," facilitating the shift from traditional retail to a supply chain-driven new retail model [1] Group 2: Lifestyle Store Positioning - Lifestyle store formats will be positioned as boutique supermarkets, focusing on consumer demand and continuously adjusting category and variety structures [1] - The company intends to create high-end consumption scenarios within these lifestyle stores [1]