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]

《凤鸣九霄》——老凤祥匠魄，东方薪火 第一财经 预览时标签不可点 微信扫一扫 关注该公众号 继续滑动看下一个 ...

格隆汇10月31日｜东吴证券研报指出，老凤祥2025Q1-Q3实现归母净利14.4亿元，同比-19.1%，单拆 2025Q3实现归母净利2.2亿元，同比-41.6%。25Q3营收同比+16%，业绩动能稳步增长。老凤祥品牌作 为强现金流、高壁垒品牌，25H2迎来业绩拐点，去年同期低基数下有望实现高增，当前估值处于有吸 引力的阶段。维持公司2025-2027年归母净利润预测16.4/18.3/19.6亿元，分别同比-16%/+12%/+7%，最 新收盘价对应PE分别为16/14/14X，维持"买入"评级。 ...

来源：环球网 全平台热搜持续在榜，三亚摩天轮、凤凰岛、机场等地标与商圈被活动视觉全面覆盖——有"红人奥斯 卡"之称的"无忧之夜2025"自10月上旬官宣起便热度高涨，线上线下同步"刷屏"。 10月28日至30日，这场由无忧传媒主办、黄金珠宝上市公司周大生独家冠名的活动在海南三亚举行，通 过芒果TV、抖音、快手、视频号四平台联动直播，话题量预计超100亿；盛典晚会由湖南卫视、芒果 TV联合出品，将于11月2日黄金时段强档播出。 活动设置盛典晚会、红毯大秀、无忧粉丝嘉年华三大核心环节，首次打通线上流量、免税城场景与跨界 资源，吸引上千位内容创作者及红人生态合作伙伴参与，线下带动客流约4万人次，有效拉动三亚消 费，成为线上线下融合的行业案例。 内容创新：观众决定舞台，多维传递行业价值 盛典晚会由汪涵领衔主持，张韶涵、刘宇及吴克群、明道、万妮达等上百位无忧高人气艺人达人同台。 首创"直播间比拼+主舞台展演"模式，设"团播、音乐、舞蹈、助农电商"四组对决，观众通过实时弹幕 投票决定表演者登台，全程互动热烈。 团播赛道@宇宙009胜出表演《AO》点燃首波高潮；音乐组@王乃迎搭档梁汉文演绎《护花使者》，引 发全场跟唱；舞蹈 ...

Core Viewpoint - The article highlights the recent upward trend in gold prices, both in the spot market and futures, indicating a strong demand for gold as a safe-haven asset amid market fluctuations [1]. Group 1: Gold Market Performance - As of the close on October 30, the spot gold price rose by 2.37%, reaching $4023.00 per ounce, with a continuous upward movement throughout the day [1]. - On the morning of October 31, the spot gold price maintained its upward trend, increasing by 0.14% to $4030.145 per ounce, while COMEX gold futures rose by 0.86% [1]. Group 2: Domestic Gold Jewelry Pricing - The rise in gold prices has led to an increase in the retail price of gold jewelry in China, with certain brands seeing their per gram prices exceed 1200 yuan [1]. - Specifically, Chow Sang Sang's gold price reached 1203 yuan per gram, up by 28 yuan; Lao Feng Xiang's price was 1200 yuan, an increase of 17 yuan; and Lao Miao's price was 1192 yuan per gram, rising by 20 yuan [1].

本报讯(记者袁传玺)天眼查App显示，近日，潘多拉珠宝(上海)有限公司发生工商变更，注册资本由1.2 亿元增至8.45亿元。 ...

记者 唐烨 今年，意大利知名珠宝品牌维缇珐将带着444件、货值超103万欧元的意大利珠宝参加进博会。"整 整5个大箱子、重127公斤的珠宝，已经全部进入了位于黄浦区的东浩兰生保税仓库。最近，我们忙着在 保税仓库的高端展台理货、拍摄，第一时间将货品链接发给中国的客户。过几天，我们会将珠宝从这个 保税仓库直发进博会展台。"维缇珐负责人龚利锋说。 记者昨天从黄浦区获悉，上海海关创新服务于第八届中国国际进口博览会的"进博直通车"业务模式 最近在黄浦区开启运行。 "进博直通车"模式，是经海关总署批准，允许在经认定的保税监管场所内存放的货物，以"保税展 示交易"方式直接运至国家会展中心（上海）参展进博会的创新业务。上海海关积极创新第八届进博会 海关便利化政策，位于黄浦区的上海东浩兰生公用型保税仓库试点开展此项业务，搭上首班"直通车"。 上海海关稽查处副处长舒杨介绍，从东浩兰生保税仓库到进博会场馆，速度大大提升，最快只需要 35分钟，而原来绕道至少需要半天到一天；流转效率也显著提高，海关通过优化监管流程，手续简化 50%以上。 ...

Group 1: Fixed Income Strategy - The central bank has restarted bond purchases, indicating potential short-term opportunities in the bond market [7] - In October, most bond yields declined, with significant decreases in credit spreads and default amounts [7] - The report suggests a structural shift in government policy focus from traditional infrastructure to urban renewal and related service industries [7] Group 2: Food and Beverage Industry - The food and beverage sector's fund holding ratio decreased to 4.73% in Q3 2025, indicating a decline in heavy investment [13][14] - The liquor sector remains the most heavily weighted, but the holding ratio for major brands like Moutai and Wuliangye has decreased [16] - The report highlights a general reduction in fund holdings across various sub-sectors, including soft drinks and snacks [15][16] Group 3: Banking Sector - Changshu Bank reported a revenue of 9.05 billion yuan in the first three quarters of 2025, with a year-on-year growth of 8.15% [17] - The bank's non-performing loan ratio remained stable at 0.76%, with a significant reduction in asset impairment losses [17][18] - The report indicates a slight improvement in loan growth, particularly in personal business loans, although overall retail credit demand remains under pressure [18] Group 4: Potash Industry - Yara International's revenue increased by 55.8% year-on-year in the first three quarters of 2025, driven by both volume and price increases in potash [22] - The average selling price of potash rose to 2,507 yuan/ton, reflecting a 27.9% increase year-on-year [22] - The company is expanding its production capacity, with new projects expected to come online soon, contributing to sustained high demand in the potash market [24][25] Group 5: Oilfield Services - CNOOC Services reported a significant increase in net profit, with a year-on-year growth of 32.09% in the first three quarters of 2025 [28] - The utilization rate of drilling platforms has improved, contributing to higher revenue and profit margins [29] - The report emphasizes the company's strategic shift towards high-return projects and the optimization of its business structure [30] Group 6: Chemical Industry - Hualu Hengsheng's revenue in Q3 2025 was 7.79 billion yuan, showing a year-on-year decline of 5.1% [26] - The company experienced a slight decrease in net profit, attributed to market supply and demand changes for its main products [26][27] - The report notes that the company is focusing on cost control and efficiency improvements amid fluctuating raw material prices [27]

Core Insights - The report highlights a significant acceleration in revenue growth for companies in the AI and cloud computing sectors, driven by increased demand and strategic investments in technology infrastructure [6][23][27] - The commercial aerospace industry is identified as a key growth area, supported by government policies and increasing market visibility for companies involved in satellite and rocket manufacturing [7][14] - The report emphasizes the importance of e-commerce channels for retail companies, showcasing a shift in consumer behavior and the need for businesses to adapt to digital sales strategies [20][22] Industry Commentary - The telecommunications sector is experiencing a convergence of overseas industrial trends and domestic policy support, suggesting a favorable environment for companies to capitalize on the upcoming quarterly reports [5][6] - The AI infrastructure market is seeing substantial investments, with Google committing to supply Anthropic with up to 1 million TPU units, indicating a robust growth trajectory for AI-related businesses [6] - The "14th Five-Year Plan" outlines a clear direction for building a "strong aerospace nation" and "strong network nation," which is expected to catalyze investment opportunities in commercial aerospace and domestic computing sectors [6][7] Company Analysis - Shunluo Electronics reported record-high quarterly performance, with Q3 revenue reaching 18.08 billion yuan, a year-on-year increase of 20.21%, driven by rapid growth in data center business [10][12] - Shen Nong Group's Q3 report indicates a stable gross margin of 36.84%, with a focus on maintaining competitive breeding costs in the pig farming industry, positioning the company favorably within the sector [16][17] - The jewelry company Zhou Dazheng showed a narrowing revenue decline in Q3, with e-commerce channels emerging as a significant growth driver, reflecting a shift in consumer purchasing patterns [20][22] Investment Recommendations - The report suggests a focus on companies involved in high-value sectors such as AI, commercial aerospace, and e-commerce, as these areas are expected to see sustained growth and investment returns [9][18][31] - For Shunluo Electronics, projected net profits for 2025-2027 are estimated at 11.21 billion, 14.32 billion, and 18.19 billion yuan, indicating a strong growth outlook [12] - Shen Nong Group is expected to maintain a steady profit trajectory, with projected net profits of 5.59 billion, 5.90 billion, and 11.20 billion yuan for the same period, reflecting its competitive position in the market [18]