[Table_Title] 证券研究报告|商贸零售 [Table_StockRank] 珠宝业务增长亮眼，加盟渠道持续发力 [Table_StockName] ——潮宏基（002345）点评报告 [Table_ReportDate] [Table_Summary] 投资要点: 剔除商誉减值影响，前三季度业绩高增。2025Q1-Q3，公司实现营收 62.37 亿元（同比+28.35%），归母净利润 3.17 亿元（同比+0.33%），若 剔除菲安妮计提商誉减值的影响，则前三季度归母净利润为 4.88 亿元 （同比+54.52%），单 Q3 归母净利润 1.57 亿元（同比+81.54%），业绩增 长主要源于核心业务"潮宏基"珠宝的贡献。2025Q1-Q3 经营活动产生 现金流净额 6.02 亿元（同比+35.30%）。 产品迭代+IP 联名扩充，Q3 珠宝业务增长亮眼。公司持续创新和迭代 "非遗花丝"品牌印记系列，Q3 推出新一代"花丝风雨桥"、"花丝福 禄"、"臻金芳华"等系列新品；同时进一步拓展 IP 联名版图，Q3 推出 黄油小熊、猫福珊迪 IP 授权系列。2025Q3，珠宝业务收入/归母净利润 分别大幅 ...

以下文章来源于有数DataVision ，作者黄茜琳 有数DataVision . 数据表象与商业真相 来源丨有数DataVision（ycsypl） 作者丨黄茜琳 编辑丨李墨天 图源丨Midjourney 去年七夕，一种名为"黄金大饼"的首饰窜上淘宝十大热门礼品榜。 此黄金大饼有两个特点： 一是体积比巴掌大但含金量极其感人。0.1克算是天花板水平，大部分得按毫克来标，约等于肉馅包 子里没有肉，只留下了一抹肉香。 二是虽然含金量低但单价也低，定价通常在一两百到上千元不等，买不了吃亏买不了上当。比如下图 中巴掌大的金饼实际含金量1克： 每个收到礼物的人都 哭了 这类含金量奇低的首饰统称为 小克重金饰 ，由于克重低、单价低，深受投资意愿强烈、但资金实力 有限的年轻群体欢迎。 开创这一先河的是广东珠宝公司潮宏基。通过小克重路线，潮宏基把卖不动的黄金首饰批量打造成现 象级爆款，也给抄不会老铺黄金的同行指了条转型思路： K金 首饰 潮宏基早年走的是施华洛世奇路线，用高频上新的款式、亮瞎眼球的设计鼓励人激情下单。相比黄 金，珠宝首饰利润空间高很多，潮宏基毛利水平也常年高出老凤祥、周大福一个头。 随着公司经营蒸蒸日上，廖创 ...

别看这一百多一克的波动不大，但对于爱买金的人来说，分分钟都是"真金白银"的区别。 二、为啥金价老是跌？这背后有门道 一个是国际形势，比如美元强弱、全球经济情况；再一个是市场情绪，大家都看好黄金的时候，金价自然涨；一旦大家开始抛售，价格就得往下掉。 "哎，老刘，你看今天金价又掉了没？""掉了，我媳妇昨儿刚去问，周大福那边金价降到一千一百多一克了，心疼啊，早知道再等等再买戒指就好了。" 最近这段时间，金价的事成了不少人茶余饭后的话题。有人笑说"金子也不保值了"，也有人说"趁跌赶紧入手"。到底是涨是跌，怎么买更划算？咱今天就好 好唠唠这事。 一、金价又降了，这次真不小 10月30日的金价一更新，不少人都眼前一亮——好像比上周便宜了不少。周六福的黄金价格1129元一克，金条1056元；中国黄金稍微便宜点，1112元一克； 菜百首饰那边略贵，1162元一克；而像潮宏基、金至尊、六福、周大福这些品牌的零售价都在1198元左右一克。 一听这数字，很多人可能还得掐指算算："一克便宜个十几块，那要是买个几十克的金饰，不就差好几百了吗？"确实，现在不少人买金子都变得精明了，买 前对比、货比三家，甚至有的年轻人专门查实时金价，等到 ...

Investment Rating - The report assigns an "Outperform" rating for Lao Feng Xiang, indicating an expected total return exceeding the relevant market benchmark over the next 12-18 months [18]. Core Insights - In Q3 2025, Lao Feng Xiang experienced a sequential revenue growth acceleration, with a 16.0% year-on-year increase in revenue, reaching RMB 14.646 billion, compared to a 10.5% increase in Q2 2025 [2][8]. - The company is focusing on optimizing its product mix and pricing strategy in response to high gold prices, resulting in a gross margin increase of 0.49 percentage points year-on-year to 7.01% in Q3 2025 [2][8]. - The company is expanding its store network, with a total of 5,625 stores as of Q3 2025, including a net increase of 76 franchised stores [3][9]. - A strategic partnership with Maybach Luxury Asia Pacific aims to enhance the brand's image and market presence in the luxury segment, targeting mid-to-high-end consumers [4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, Lao Feng Xiang reported operating revenue of RMB 48.001 billion, down 8.71% year-on-year. The revenue breakdown includes RMB 37.965 billion from jewelry and accessories, RMB 9.727 billion from gold trading, and smaller contributions from other segments [2][8]. - The attributable net profit for the first nine months was RMB 1.438 billion, a decline of 19.05% year-on-year, with Q3 2025 net profit at RMB 217 million, down 41.6% year-on-year [2][8]. Store Expansion and Optimization - The company is actively optimizing its store structure, focusing on themed stores such as "Cang Bao Jin" and "Feng Xiang Wedding," with a total of 5,625 stores as of Q3 2025 [3][9]. - The domestic sales revenue for the first nine months was RMB 47.373 billion, down 8.91% year-on-year, but showing improvement in Q3 2025 with revenue of RMB 14.50 billion [3][9]. Strategic Initiatives - The partnership with Maybach involves a USD 24 million investment for a 20% stake in Maybach Luxury Asia Pacific, aiming to enhance Lao Feng Xiang's brand value and market share in luxury goods [4][10]. - The company is also focusing on cultural storytelling and collaborations with popular IPs to attract younger consumers, launching new collections that resonate with contemporary trends [4][10].

Group 1 - The A-share market showed mixed performance in October, with the Shanghai Composite Index rising by 1.85% to close at 3954 points, briefly surpassing 4000 points, marking a ten-year high and achieving a cumulative increase of nearly 18% this year [1] - The Shenzhen Component Index fell by 1.1% to 13378 points, with a cumulative increase of 28.46% this year, while the ChiNext Index decreased by 1.56% to 3187 points, with a cumulative increase of 48.84% this year [1] - The STAR 50 Index dropped by 5.33%, while the North Exchange 50 Index increased by 3.54% during the same period [1] Group 2 - The top five performing sectors over the past 20 trading days included Energy Metals (+15.55%), Coal Mining and Processing (+12.6%), Industrial Metals (+12.25%), Steel (+10.52%), and Insurance (+9.86%) [1] - Conversely, the sectors with the largest declines were Gaming (-8.28%), Black Home Appliances (-5.96%), Communication Equipment (-4.07%), Film and Cinema (-3.77%), and Kitchen and Bathroom Appliances (-3.66%) [1] Group 3 - The top five individual stocks with the highest gains in October were Chaoying Electronics (+330.8%), C He Yuan-U (+325.15%), Daosheng Tianhe (+279.6%), Aomeisen (+276.36%), and Changjiang Nengke (+247.09%) [1] - The stocks with the largest declines included *ST Yuancheng (-56.67%), Guomai Culture (-42.2%), Fujie Environmental Protection (-31.09%), Jiyou Co., Ltd. (-29.47%), and Yitian Intelligent (-27.62%) [1]

Group 1 - The core viewpoint of the article highlights a significant increase in gold prices, with domestic gold jewelry prices rising back to around 1200 yuan per gram after a period of decline [1] - On October 31, the gold price per gram for various brands was reported as follows: Chow Sang Sang at 1203 yuan (up 28 yuan from 1175 yuan), Lao Feng Xiang at 1200 yuan (up 17 yuan from 1183 yuan), and Lao Miao at 1193 yuan (up 14 yuan from 1179 yuan) [1] - This price increase marks the end of a four-day downward trend in gold prices for these brands [1] Group 2 - On October 30, COMEX gold futures prices rose by 2.45%, closing at 4038.3 USD per ounce, also ending a four-day decline [3]

国际金价的震荡，迅速传导至国内市场，周大福等金店的一口价饰品首当其冲。据报道，周大福门店足金饰品价格已高达每克932元，并且店员明确表示，4 月份一口价饰品还将再次涨价，涨幅可能达到10%至20%，这意味着购买一件首饰可能要多花费数百甚至数千元。 金价犹如脱缰野马，一路狂奔后又骤然跳水，这惊险刺激的行情牵动着无数人的心。周大福等金店的一口价饰品更是水涨船高，令人咋舌。此时此刻，贸然 抄底黄金，真的明智吗？ 不妨先将目光投向喧嚣的市场之外。想象一下，熙熙攘攘的商场里，金店门口人头攒动，阿姨们戴着老花镜，在琳琅满目的金饰中仔细挑选；年轻情侣则对 着标价牌唉声叹气，原本计划好的甜蜜礼物，如今看来却有些囊中羞涩。就连小区超市的老板也在感叹，昨日还坚挺在每克818元的金条，今天就已悄然攀 升。黄金，就这样成为了街头巷尾热议的话题。 那么，这轮金价狂潮究竟从何而来？ 一、国际金价：一场惊心动魄的过山车之旅 让我们将视线投向国际市场。数据显示，2024年全年，以美元计价的黄金累计涨幅高达惊人的26%，一年之内竟连续40次刷新历史纪录，伦敦金现和 COMEX黄金期价全年涨幅均超过27%，创下自2010年以来的最大年度涨幅。 ...

Group 1 - The core point of the news is the increase in precious metal prices, with specific increases noted for gold, platinum, and gold bars on October 31, 2025 [1][2] - The price of gold from Chow Tai Fook is reported at 1198 CNY per gram, an increase of 19 CNY per gram from the previous trading day [1][2] - Platinum prices have risen to 650 CNY per gram, up by 7 CNY per gram compared to the previous day [1][2] - The price of gold bars is now 1058 CNY per gram, reflecting an increase of 18 CNY per gram from the day before [1][2] Group 2 - The fundamental aspect highlights Poland's decision to postpone the opening of border crossings with Belarus, originally planned for early November, in support of Lithuania [3]

证券研究报告 潮宏基 (002345 CH) 2025 年 10 月 31 日│中国内地 可选消费 潮宏基公布三季报：1-3Q25 实现收入 62.4 亿元，同比+28.3%；归母净利 润 3.17 亿元，同比+0.3%，其中，三季度末公司对女包业务计提商誉减值 1.71 亿元，剔除商誉减值后归母净利润为 4.88 亿元，同比+54.5%。单季度 看，3Q25 收入 21.3 亿元，同比+49.5%；剔除商誉减值后归母净利润 1.57 亿元，同比增长 81.5%，增速环比提一步提速，反映出公司核心业务"潮宏 基"珠宝产品力和品牌力持续提升，以及精细化运营显效。公司围绕"聚焦 主品牌、延展 1+N、全渠道营销、国际化"的核心战略，持续优化产品与服 务，我们看好公司在差异化的产品竞争优势、品牌势能提升以及积极布局海 外市场的驱动下，不断扩大市场份额。维持"买入"评级。 终端门店稳步扩张，珠宝业务收入和利润同比高增 潮宏基持续推进产品创新，紧扣"东方美学"和"年轻化 IP 联名"两大主 线，将传统文化、非遗工艺与现代时尚融合，不断抢占消费者心智。同时， 品牌终端动销亮眼，进一步驱动加盟商拓店情绪高涨，截至 2025 ...

Core Viewpoint - Chao Hong Ji reported a significant revenue increase of 49.5% year-on-year in Q3 2025, reaching 2.13 billion yuan, despite a minor net profit loss due to goodwill impairment from Fion [1] Financial Performance - The company achieved a net profit of 160 million yuan in Q3 2025, reflecting an 81.5% year-on-year increase, excluding the impact of Fion's goodwill impairment [1] - The jewelry segment's net profit grew by 86.8% year-on-year, indicating strong performance in the core business [1] Growth Drivers - Revenue growth is primarily driven by same-store sales increases and proactive store openings by distributors [1] - The significant net profit growth, excluding Fion's impairment, is attributed to the strong sales of high-margin brand products and adjustments in direct sales channels alongside accelerated franchise expansion [1] Strategic Adjustments - The company engaged a third-party asset evaluation firm to assess the goodwill related to the acquisition of Fion, leading to a goodwill impairment provision that alleviates future goodwill pressure [1] - The company is optimizing its channel structure and product mix, resulting in a decrease in expense ratios under a light asset operation model [1] Market Position and Outlook - Chao Hong Ji is positioned to benefit from the rise of Eastern aesthetics and the national trend, with ongoing brand momentum [1] - Compared to leading industry brands, Chao Hong Ji has substantial room for growth in revenue scale and store count, with strong certainty in channel expansion, suggesting a potential for sustained rapid growth [1]