证券日报网12月11日讯嘉曼服饰（301276）在12月11日回答调研者提问时表示，公司发展线上渠道已十 余年，目前在天猫、京东、唯品会、抖音以及其他电商平台等主流电商平台均有布局。现如今线上购物 已经成为消费者日常和高频的消费方式，电商消费也逐渐回归理性。对于品牌公司来说线上渠道既是重 要的销售渠道，也是展示新款、传播产品理念的重要途径，特别是中高端品牌线上线下（300959）同款 同价也将是未来发展趋势。 ...

Core Viewpoint - Yanghe Co., Ltd. emphasizes its commitment to product anti-counterfeiting and rights protection, with dedicated departments handling these issues and encouraging reporting of related leads through a specific hotline [1]. Group 1: E-commerce Presence - Yanghe Co., Ltd. has established official flagship stores on major e-commerce platforms including JD.com, Tmall, and Douyin [1].

Summary of Conference Call Records Industry Overview - The records focus on the gold jewelry industry, specifically the performance of a company referred to as "老铺" (Old Shop) during the 2025 sales period, particularly around the Double Eleven shopping festival. Key Points and Arguments Sales Performance - From July to mid-November 2025, the company's online and offline sales saw significant growth, with online revenue in October increasing by over 600% year-on-year, and online sales in early November surpassing offline sales for the first time, showing a nearly 1,000% increase compared to the previous year [1][5] - In July 2025, online revenue was 123 million yuan, with a year-on-year growth of 179%, while offline revenue was 1.324 billion yuan, growing by 163% [2] - The company experienced a notable drop in daily online sales after price increases in August and October, but sales recovered in November, with expectations for further growth during the Christmas and New Year promotions [1][7] Pricing Strategy - The company implemented price increases in August and October, which had a significant impact on sales volume, particularly after the October price hike [1][7] - Despite the initial drop in sales post-price increase, the company noted a recovery in November, indicating resilience in consumer demand [7] Future Projections - For 2026, the company anticipates a slowdown in membership growth and a reduction in new store openings, with a target sales revenue of 38 to 39 billion yuan [1][7] - The company plans to open five new stores domestically and internationally, focusing on partnerships with established real estate companies to secure policy support [1][9] Product Strategy - The company aims to optimize its product structure by increasing the proportion of gold inlaid products to 63%-65% and reducing the supply of traditional products like the 瑞兽 series [1][8] - High-margin products with religious elements have shown stable sales, while the company plans to enhance its offerings for younger consumers through fashionable designs [1][11][24] Store Performance - The average sales per store are projected to be around 4.663 billion yuan, with expectations of 20%-30% growth in existing stores [3][13] - The company has successfully optimized store layouts to improve efficiency, with some locations seeing sales increases of over 30% [13][14] Market Trends - The jewelry industry is experiencing a trend towards younger and higher-end consumers, with the company recognizing the need to adapt its offerings to attract this demographic [20][29] - The company faces challenges in attracting high-end customers and enhancing brand influence, particularly in comparison to established luxury brands [20] International Expansion - Plans for international market expansion include targeting Asian markets like Singapore and Japan, with potential collaborations with luxury groups for global outreach [24] Financial Metrics - Online gross margins are approximately 43%-45%, while offline margins are around 36%, indicating a strategic focus on enhancing online sales profitability [17] Consumer Behavior - The company noted that fluctuations in gold prices significantly impact consumer interest and purchasing behavior, with a projected overall upward trend in gold prices over the next few years [26] Additional Important Insights - The company is actively working to enhance its brand positioning and product offerings to compete effectively in a rapidly evolving market landscape [20][29] - The records highlight the importance of e-commerce as a growth engine for the jewelry industry, suggesting a shift in traditional retail dynamics [5][29]

Investment Rating - The industry investment rating is "Outperform the Market" [1][34]. Core Insights - The food and beverage industry is currently experiencing a recovery phase, with October CPI showing a year-on-year increase of 0.2%, indicating a potential for valuation recovery [4][5]. - The overall performance of the food and beverage sector has outperformed the Shanghai Composite Index, with a weekly increase of 2.82% compared to a decrease of 0.18% for the index [5][6]. - The industry is characterized by a significant decline in overall performance for the liquor sector, but there are signs of demand recovery as policy pressures ease and consumption policies are implemented [4][5]. Summary by Sections Liquor Sector - The liquor companies reported a significant decline in third-quarter performance, entering a rapid clearing phase, but demand is expected to show weak recovery due to easing policy pressures [4]. - The top liquor companies are increasing dividend payouts, enhancing their attractiveness for investment [4]. - The e-commerce channel for liquor sales has shown strong growth during the Double Eleven shopping festival, with notable increases in sales for major brands [5]. Consumer Goods - The consumer goods segment is focusing on high-growth areas, with some categories still benefiting from new products and channels, leading to potential valuation premiums for scarce growth targets [4]. - Companies like Wancheng Group and Dongpeng Beverage are highlighted for their strong growth trends [4]. Market Performance - The food and beverage sector's sub-segments have shown varied performance, with pre-processed foods leading gains at +6.93%, while soft drinks lagged at -0.23% [5][10]. - The top-performing stocks in the food and beverage sector include Huanlejia (+43.19%) and Sanyuan Shares (+31.79%) [5][12]. Economic Indicators - October's macroeconomic data supports a trend of marginal improvement in consumer spending, with retail sales growing by 2.9% year-on-year and dining revenue increasing by 3.8% [5]. - The overall consumer goods market is showing positive signs, supported by a stable service sector PMI [5].

Core Insights - The gold jewelry market is experiencing significant challenges, with major brands facing reduced foot traffic in physical stores and a shift towards e-commerce channels [8][10][11] Group 1: Market Dynamics - Major gold brands are suffering from short-term revenue fluctuations due to store closures, employee relocation costs, and restructuring relationships with franchisees [8][10] - The implementation of new tax policies on gold and diamonds has led to increased prices, with gold prices rising from 1198 CNY per gram on November 2 to 1259 CNY per gram on November 6, a difference of 61 CNY per gram [5][9] - Foot traffic in key urban areas has significantly declined, leading to a situation where stores are experiencing low customer visits, with some stores reporting no customers for extended periods [5][8] Group 2: E-commerce Growth - In response to declining physical store performance, leading gold brands are increasingly focusing on e-commerce, with notable revenue growth in this channel [9][10] - For example, Zhou Dasheng reported a 17.68% year-on-year increase in e-commerce revenue, reaching 1.945 billion CNY in the first three quarters of the year [10] - Zhou Dafu's e-commerce retail value in mainland China increased by 28.1% year-on-year, contributing 6.7% to retail value and 15.5% to sales volume [10][11] Group 3: Strategic Adjustments - The closure of underperforming stores, primarily franchise locations, indicates a strategic shift towards optimizing channel structures and improving overall operational efficiency [10] - Major brands are emphasizing "high-quality growth" strategies, focusing on single-store profitability rather than mere expansion [10][11] - Despite the growth in e-commerce, physical stores will not be closed en masse; instead, brands are pursuing a hybrid model that integrates online traffic with offline experiences [11]

Core Viewpoint - The "store closure wave" in the gold and jewelry industry continues, with several companies reporting a decline in retail points and facing operational challenges due to new tax policies and rising gold prices [2][10]. Group 1: Store Closures and Sales Trends - Chow Tai Fook reported a reduction of 603 retail points, from 6,644 to 6,041, with the mainland market seeing a decrease of 611 points [4][6]. - Same-store sales for Chow Tai Fook in the mainland and Hong Kong/Macau fell by 8.6% and 10.0% respectively, although overall sales improved due to price increases [6][7]. - Other companies like Chow Sang Sang and Luk Fook also exhibited similar trends of store closures alongside improved sales performance [8]. Group 2: Financial Performance and Price Trends - Chow Sang Sang's revenue for the first nine months of 2025 was 6.772 billion yuan, down 37.35% year-on-year, but gross profit margin improved to 29.74% due to product mix optimization and rising gold prices [8][9]. - Luk Fook's average selling price for gold products in the mainland increased by 17% to 8,300 yuan, contributing to a retail value increase of 18% and retail income growth of 15% [9]. Group 3: Impact of New Tax Policies - The new tax policy effective November 1 is expected to increase costs for non-investment gold enterprises, potentially leading to further store closures [11][12]. - The market reacted quickly to the new tax policy, with gold prices rising significantly, impacting consumer demand and retail performance [11][12]. Group 4: E-commerce Growth - E-commerce channels have emerged as a growth highlight for several gold and jewelry brands, with Chow Sang Sang's e-commerce revenue increasing by 17.68% year-on-year [12][13]. - The contribution of e-commerce to Chow Sang Sang's revenue rose from 15.29% to 28.72%, indicating a shift in consumer purchasing behavior [12][13]. - Brands are leveraging e-commerce platforms for promotions and collaborations, enhancing customer engagement and driving sales [13][14].

Core Viewpoint - The article discusses the mixed performance of gold retail companies amid rising gold prices, highlighting both growth in retail values and ongoing challenges with franchise store closures [1][4]. Group 1: Financial Performance - Several gold jewelry brands reported positive retail value growth in Q3, with Chow Tai Fook's retail value increasing by 4.1%, Luk Fook's overall retail value rising by 18%, and Zhou Dasheng's net profit growing by 13.57% [1][4]. - Despite the growth, the "store closure wave" continues, particularly affecting franchise stores, with Chow Tai Fook closing 296 stores and Luk Fook closing 49 stores in Q3 [1][4]. Group 2: Factors Supporting Growth - Three main factors contributed to the retail value growth: high gold prices leading to increased average transaction values, a higher proportion of priced products sold, and strong growth in e-commerce channels [4][6]. - In Q3, Chow Tai Fook's same-store sales in mainland China grew by 7.6%, while same-store sales volume decreased by 8.6%, indicating a shift towards higher-priced products [4][6]. Group 3: E-commerce Performance - E-commerce channels showed significant growth, with Chow Tai Fook's e-commerce retail value increasing by 28.1% in Q3, contributing 6.7% to total retail value and 15.5% to sales volume [6]. - Luk Fook also reported that its retail value in mainland China rose by 20%, driven primarily by e-commerce business [6]. Group 4: Franchise Model Challenges - The franchise model, which allowed rapid expansion of store networks, is now facing challenges as many franchise stores are underperforming and closing [8][9]. - As of September 30, Chow Tai Fook had 6,041 stores globally, with over 4,000 being franchise stores, while Zhou Dasheng had 4,675 stores, with 4,275 being franchises [8]. Group 5: Shift to Self-operated Stores - Despite the reduction in franchise stores, self-operated stores are increasing, with Zhou Dasheng opening 47 self-operated stores in the first nine months of the year [9]. - The gross profit margin for self-operated stores is higher than that of franchise stores, indicating a potential shift in strategy towards more self-operated outlets [9].

Core Insights - The collaboration with e-commerce channels has become an unavoidable topic for liquor companies, as they seek new growth amidst declining traditional sales [1][2] - The rapid growth of online liquor sales is not driven by liquor companies, which have historically undervalued e-commerce, but they can no longer resist the trend of online and offline integration [3][6] Group 1: Market Trends - The liquor industry is experiencing a significant downturn, with major companies reporting varying degrees of sales decline, particularly during the recent holiday seasons [2] - Sales of white liquor during the Mid-Autumn and National Day holidays dropped approximately 25%, primarily due to a significant contraction in group purchases and government-related markets [2] - In contrast, online sales of white liquor have surged, with Meituan reporting an 8-fold increase in sales for white liquor categories, and JD's sales growing by 109% during the holiday period [2] Group 2: E-commerce Dynamics - The entry of major liquor brands into e-commerce platforms marks a shift from resistance to cooperation, as companies like Moutai and Fenjiu have begun to embrace online sales [4] - However, the low-price competition from e-commerce platforms poses a significant challenge to traditional sales channels, with some premium liquor prices dropping below wholesale costs [4][7] - The current pricing chaos in the e-commerce sector is attributed to an oversupply in the liquor market, leading to platforms bypassing traditional controls set by liquor companies [6][7] Group 3: Brand Value and Consumer Perception - White liquor is characterized by information asymmetry, making it difficult for consumers to assess value, which is traditionally established through brand and pricing strategies [5] - The long-term low-price promotions on premium liquor products online threaten to undermine the established brand value and pricing structures of liquor companies [5] - The competition for market share between e-commerce platforms and liquor companies is intensifying, with platforms increasingly disregarding the concerns of liquor brands [7]

Core Viewpoint - The collaboration with e-commerce channels has become an unavoidable topic for liquor companies, as they seek new growth opportunities amidst declining traditional sales, while also facing challenges from aggressive low-price competition in the e-commerce space [1][2]. Group 1: Industry Trends - The liquor industry is undergoing deep adjustments, with major companies reporting varying degrees of sales decline in their half-year reports. The overall sales of white liquor during the recent Mid-Autumn and National Day holidays dropped by approximately 25%, primarily due to a significant contraction in group purchases and government-related markets [2]. - E-commerce platforms have shown strong growth in white liquor sales, with Meituan's white liquor category sales increasing by about 800% year-on-year during the last weekend before the holidays, and JD's overall white liquor sales during the holiday period rising by 109% year-on-year [2]. - The rapid growth of online liquor sales is not directly driven by liquor companies, which have historically undervalued e-commerce. However, the trend towards online and offline integration in liquor distribution is now evident [3]. Group 2: Pricing and Competition - The shift in liquor brands' attitudes towards e-commerce has moved from rejection to cooperation, as companies like Moutai and Fenjiu have begun to engage with e-commerce platforms to find new sales channels [4]. - Despite the desire to find new growth through e-commerce, the issue of low-price promotions disrupting offline markets remains unresolved, creating a core conflict between liquor companies and e-commerce platforms [4]. - Recent promotional activities have led to significant price drops for well-known liquor brands, with Moutai's price falling below 1700 yuan per bottle and Fenjiu's price dropping below 700 yuan per bottle, raising concerns among distributors about profitability [4]. Group 3: Market Dynamics - The current pricing chaos in the e-commerce liquor market is attributed to an oversupply in the industry, leading to a situation where e-commerce platforms can bypass liquor companies' control and offer low prices [6]. - E-commerce platforms are competing for market share by leveraging low prices, which has become a primary strategy in the industry. However, this approach is not sustainable without better cooperation between platforms and liquor companies [7]. - As online liquor sales continue to grow, the balance of power may shift towards e-commerce platforms, especially if liquor companies do not adapt to the changing market dynamics [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company experienced a slight pressure on its Q2 performance, with revenues and profits declining by 3.12% and 42.05% year-on-year, respectively, due to a weak downstream restaurant sector and intensified competition [1][6]. - The company is actively expanding its new retail and e-commerce channels, with expectations for improvement in the second half of the year, particularly in the baking and dish product segments [1][6]. - Adjustments have been made to the net profit forecasts for 2025-2027, now projected at 0.77 billion, 0.92 billion, and 1.09 billion, respectively, with corresponding EPS of 0.80, 0.95, and 1.12 yuan [1][6]. Financial Data and Valuation - Total revenue for 2023 is projected at 1,901 million yuan, with a slight decrease to 1,868 million yuan in 2024, followed by a recovery to 1,923 million yuan in 2025 [2][14]. - The company’s total market capitalization is approximately 2.8 billion yuan, with a current share price of 29.2 yuan [3][6]. - The return on equity (ROE) stands at 3.2%, with a debt-to-asset ratio of 19.0% [3][6]. Quarterly Performance - In Q2 2025, the company reported revenues of 415 million yuan, a decrease of 3.12% year-on-year, and a net profit of 14 million yuan, down 42.05% year-on-year [1][8]. - The gross profit margin for Q2 was 22.66%, reflecting a decline of 2.29 percentage points compared to the previous year, attributed to increased competition and fluctuations in raw material prices [1][6]. Product and Channel Analysis - The company’s revenue from direct sales and distribution channels for the first half of 2025 was 4.34 billion and 4.45 billion yuan, respectively, with direct sales showing a year-on-year increase of 5.31% [1][6]. - The revenue breakdown for H1 2025 indicates that staple foods, snacks, baked goods, and frozen dishes generated 4.13 billion, 1.97 billion, 2.05 billion, and 0.65 billion yuan, respectively, with notable growth in baked goods and frozen dishes [1][6].