证券日报网2月12日讯，莱绅通灵（603900）在接受调研者提问时表示，2025年第四季度经营情况与 2024年同期基本持平。公司自2023年8月转型开展黄金业务以来，2024年四季度实现销售爆发，2025年 四季度业绩延续了同期水平。受11月1日增值税改革影响，金价大幅上涨，对公司线上业务特别是双十 一销售造成冲击，其中对投资金产品受影响尤为明显；线下销售则较2024年同期取得一定增长。为应对 金价波动对终端销售的影响，公司通过推出新产品、联合短剧明星等热门营销方式，积极提升销售与品 牌传播力。此外，四季度行业通常会计提减值准备，减值计提对当期利润产生一定影响。 ...

Group 1 - The core viewpoint of the article highlights the shift of jewelry companies, such as Laishentongling, into the gold jewelry market due to declining diamond sales and rising gold prices [2][3] - Laishentongling entered the gold jewelry sector in 2023, with the gold product market in China reaching approximately 518 billion yuan, a year-on-year increase of 26.34%, while diamond product sales fell by 26.83% [2] - Despite a significant revenue increase of 66.81% to 1.222 billion yuan in 2024, Laishentongling reported a net loss of 184 million yuan, marking three consecutive years of losses [2][3] Group 2 - The increase in revenue is attributed to the rise in sales of gold jewelry and traditional gold products, which accounted for nearly 40% of total revenue in 2024, compared to only 10% in 2023 [3] - The sales structure change led to a decline in overall gross margin, with diamond products' share dropping from 80% in 2023 to 48% in 2024, and their gross margin decreasing from 56.62% to 41.6% [3] - Gold products had a gross margin of 26.23% in 2023, which fell to 18.2% in 2024, indicating lower profitability compared to diamonds [3] Group 3 - Industry insights reveal that while gold prices have risen, many established jewelry brands, such as Chow Tai Fook, have a gross margin around 22%, and local brands like Zhou Dasheng have margins as low as 10% [4] - The overall terminal gross margin for gold products is estimated to be around 10%, with smaller brands relying on price advantages to attract consumers [5] - The rising gold prices may lead to a situation where even increased sales do not translate into higher profits for many jewelry brands [6]