格隆汇10月30日丨潮宏基(002345.SZ)公布三季度报告，前三季营业收入62.37亿元，同比增长28.35%， 归属于上市公司股东的净利润3.17亿元，同比增长0.33%，归属于上市公司股东的扣除非经常性损益的 净利润3.14亿元，同比增长1.25%。 ...

文 | 《BUG》栏目 刘丽丽 10月30日， 是老铺黄金计划再次配售 27亿港元H股（732.5港元/股）的截止日期。 在两 天前发布的 2025胡润百富榜 上， 今年新上榜的企业家有 376位，新人之首 就 是 老铺黄 金 的徐 高明、徐东波父子，以 695亿元财富跻身前100 。 根据 此次 配售资金规划，老铺 黄金 拟用 70%资金储备黄金，相比上一次配售时的募资用 途，其加大了囤金的开支比例。 但令人担忧的是，在 过去一周多，黄金现货价格下跌了约 10% 。 而 原本 股价一度 反弹到 800 余港元 的老铺 黄金 ，在配售和金价大跌等因素的 影响下，一路又跌 破了 700港元，虽然略有反弹，但截止10月30日，老铺黄金的 配售价 仍高于股价，形成 倒挂，配售计划尚面临不确定性。 然而在消费市场，老铺黄金的涨价计划如约而至。近日，其官宣年内第三次调价正式执行。 与今年 2月、8月5%-13%的涨幅相比，此次调价力度创下年内新高，多款产品涨幅集中在 18%-25%，部分商品涨幅甚至突破28%。 有消费者直言，一款 "金香囊"吊坠涨价前标价11万元，涨价后价格变成了13万元，"一下 子涨这么多，实在是受 ...

本报讯(记者邬霁霞)10月29日晚间，曼卡龙（300945）珠宝股份有限公司(以下简称"曼卡龙")发布2025 年三季度报告。报告显示，前三季度公司实现营业收入21.64亿元，同比增长29.30%；实现归属于上市 公司股东的净利润1.02亿元，同比增长32.58%。第三季度，公司实现营业收入6.08亿元，同比增长 36.22%；实现归属于上市公司股东的净利润2549.36万元，同比增长25.33%。 此外，曼卡龙还通过优化组织机制，推行合伙人模式和项目制小组等方式，实行扁平化管理，全面提升 全渠道人效。2025年前三季度，曼卡龙销售费用为1.09亿元，销售费用率为5.06%，较上年同期下降 1.02个百分点。公司管理费用为5406.41万元，管理费用率为2.50%，较上年同期下降0.19个百分点。 渠道布局方面，曼卡龙进一步深耕核心优势区域，通过提升精准营销推广，加快电商渠道建设，同时通 过搭建线上新零售平台，赋能线下消费。财报显示，2025年前三季度，公司线上业务收入为11.90亿 元，较上年同期增长39.34%，收入占比54.99%；线下业务收入为9.74亿元，较上年同期增长20.25%，收 入占比45. ...

Core Viewpoint - Longchuan Maoyun Ting Jewelry Co., Ltd. has been established with a registered capital of 500,000 RMB, indicating a new player in the jewelry retail and wholesale market [1] Company Summary - The legal representative of the company is Maung Maung, which may suggest a potential focus on international or regional markets [1] - The company’s business scope includes retail and wholesale of jewelry, as well as various art and craft products, indicating a diversified product offering [1] - The company is also involved in the sale of non-metallic and metallic minerals, which may provide additional revenue streams [1] Industry Summary - The establishment of this company reflects ongoing growth and interest in the jewelry and art market, particularly in the context of e-commerce and internet sales [1] - The inclusion of services such as jewelry recycling and repair, as well as art and collectible appraisal, highlights a trend towards value-added services in the jewelry industry [1] - The company’s operations are not limited to retail but also encompass import and export activities, suggesting a broader market engagement [1]

Core Insights - The company reported a third-quarter revenue of 2.135 billion yuan, representing a year-on-year increase of 49.52% [1] - The net profit for the third quarter was a loss of 14.2795 million yuan, a decline of 116.52% [1] - For the first three quarters, the company achieved a revenue of 6.237 billion yuan, which is a year-on-year growth of 28.35% [1] - The net profit for the first three quarters was 317 million yuan, showing a slight increase of 0.33% year-on-year [1]

Core Insights - The recent fluctuations in international gold prices have led to a surge in gold consumption, particularly during the recent holiday season, with significant increases in sales for jewelry and investment gold products [1][3] - The integration of online and offline sales strategies by jewelry brands has enhanced customer engagement and sales performance, leveraging platforms like Douyin for live streaming and promotions [2][3] Group 1: Sales Performance - During the National Day and Mid-Autumn Festival, the sales of jewelry and accessories on Douyin's platform saw a year-on-year increase of 52% [1] - Sales of investment gold products from August to October experienced a remarkable month-on-month growth of 264% [1] Group 2: Consumer Engagement - The holiday season and rising gold prices have fueled consumer enthusiasm for purchases, with festive gifting and seasonal upgrades driving demand [1] - Jewelry brands have utilized live streaming to create a virtual shopping experience, attracting high traffic to their online stores and promoting investment gold products [1] Group 3: Marketing Strategies - Brands like Mengjinyuan, China Jewelry, Jindexin, and Mingpai Jewelry have effectively transitioned the traditional gold shopping experience to mobile platforms through live streaming [1] - The introduction of themed live broadcasts around seasonal events and promotional offers has created a vibrant shopping atmosphere, enhancing consumer interaction and decision-making [1][3] Group 4: Online and Offline Integration - Jewelry brands are increasingly focusing on the online model through Douyin, establishing a seamless "online stocking + offline redemption" sales chain [2][3] - Douyin's management has indicated ongoing efforts to optimize content and product offerings to help merchants accurately reach target customers and enhance the shopping experience [3]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 48.0 billion RMB for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit of 1.44 billion RMB, down 19.1% year-on-year. However, the third quarter showed a revenue increase of 16.0% year-on-year, indicating positive momentum from new product launches and a recovery in net store openings [1][2]. - The company has launched nearly 400 new products in 2025, including the "盛唐风华," "凤祥喜事," and "藏宝金" series, which have contributed to the revenue growth, particularly in the jewelry segment [1][2]. - The gross margin for Q3 2025 was 7.0%, up 0.5 percentage points year-on-year, primarily benefiting from rising gold prices, although this was partially offset by an increase in the proportion of lower-margin gold bars [3]. - The company opened a net of 75 new stores in Q3 2025, with plans to open an additional 31 stores in Q4 2025, indicating a strategic focus on expanding its retail footprint [4]. Summary by Sections Revenue and Profitability - For Q3 2025, the company achieved a revenue of 14.65 billion RMB, with jewelry sales growing by 12.1% year-on-year, driven by new product contributions [2]. - The net profit margin for Q3 2025 was 1.5%, down 1.5 percentage points year-on-year, influenced by increased sales and promotional expenses [3]. Store Expansion - As of September 30, 2025, the company had a total of 5,625 retail outlets, including 187 direct stores and 5,438 franchise stores, with a focus on enhancing brand image and adapting to market trends [4]. Financial Forecast - The report forecasts net profits of 1.65 billion RMB, 1.85 billion RMB, and 2.06 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.5%, +12.6%, and +11.3% [5]. - The target price is set at 63 RMB, corresponding to a 20x PE ratio for 2025 [5].

本报讯 （记者李昱丞）10月29日晚间，迪阿股份有限公司（以下简称"迪阿股份"）披露2025年三季报。公司业绩延续企稳 回升态势，经营韧性持续彰显。报告显示，第三季度公司实现营业收入3.70亿元，同比增长11.17%；实现归母净利润2653.70万 元，同比扭亏。前三季度公司实现营业收入11.56亿元，同比增长4.03%；实现归母净利润1.03亿元，同比增长407.97%，营收规 模及盈利实现双增长。 在渠道升级方面，迪阿股份根据市场动态持续优化渠道布局，推进线下空间形象焕新。今年，DR新版红金高级形象店先 后落地深圳湾万象城及西安赛格两大头部商圈，通过更具品牌辨识度的空间形象与运营模式的迭代，提升消费者的情感体验， 带动终端效能的持续提升。2025年前三季度，公司单店收入达264.56万元，同比增长30.77%。 线上渠道也同样展现出较强发展态势。数据显示，今年前三季度，迪阿股份线上自营实现营业收入达2.26亿元，较上年同 期增长45.79%，营收占比从13.96%提升至19.56%。截至2025年上半年，DR在国内全平台粉丝数超3000万，海外全平台粉丝数 达96万，海外曝光量达6.89亿次。 （编辑 张 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported better-than-expected performance for Q1-Q3 2025, with total revenue of 20.472 billion yuan, a year-on-year increase of 33.41%, and a net profit attributable to shareholders of 647 million yuan, up 16.74% year-on-year [9] - The demand for gold jewelry has rebounded, with retail sales reaching 51.90 billion yuan in Q3 2025, a year-on-year increase of 20.03%, driven by rising gold prices and a diversified product range [9] - The company's gross margin improved in Q3 2025, reaching 9.15%, up 0.48 percentage points year-on-year, indicating enhanced profitability due to optimized product structure [9] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 25.137 billion yuan, with a year-on-year growth rate of 24.2% [8] - Net profit attributable to shareholders is projected to be 804 million yuan for 2025, reflecting an 11.8% year-on-year increase [8] - The company’s gross margin for Q1-Q3 2025 was 7.7%, with an expected stable margin in the upcoming quarters due to seasonal demand [9]

Core Insights - The A-share market saw collective gains on Wednesday, with the Shanghai Composite Index rising by 0.7%, the Shenzhen Component Index by 1.95%, and the ChiNext Index by 2.93%. The total trading volume in the Shanghai and Shenzhen markets reached 22,557.74 billion yuan [2][8] - Key sectors leading the market included power equipment, non-ferrous metals, and non-bank financials, while banks, comprehensive sectors, and food and beverage sectors lagged behind [2][8] - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average down by 0.16%, the S&P 500 unchanged, and the Nasdaq up by 0.55% [2][8] Industry Analysis Capital Market Reform and Long-term Industry Outlook - The ongoing capital market reforms are expected to enhance the long-term fundamentals of the industry. The "15th Five-Year Plan" emphasizes high-quality development, focusing on domestic demand and consumption-driven growth [10][16] - The China Securities Regulatory Commission (CSRC) is implementing measures to protect small investors and optimize the Qualified Foreign Institutional Investor (QFII) system, which is anticipated to benefit the investment banking sector [16][18] - The IPO market is showing signs of recovery, with 78 IPOs raising 77.3 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 13% and 61%, respectively [17][18] Pharmaceutical Industry Focus - The "15th Five-Year Plan" highlights the importance of public health and innovation in the pharmaceutical sector, aiming to improve the healthcare system and promote the development of innovative drugs and medical devices [20][21] - Key initiatives include enhancing the multi-tiered medical insurance system, optimizing drug procurement policies, and promoting the integration of traditional Chinese medicine with modern healthcare practices [21][22] Consumer Goods Sector Performance - The consumer goods sector, particularly in the food industry, is experiencing growth, with companies like Lihai Foods reporting a 14.82% year-on-year increase in revenue for Q3 2025 [27][28] - The company has successfully expanded its product offerings in high-end segments, with significant growth in cream and sauce products, indicating a positive response to its high-end strategy [28][29] Cosmetics Industry Challenges - The cosmetics sector is facing short-term revenue and profit pressures due to product iterations and reduced online traffic, with a reported revenue decline of 7.34% year-on-year for Q1-Q3 2025 [31][32] - Despite these challenges, there is potential for recovery as new products are launched, and the company is focusing on optimizing its product mix to enhance profitability [31][33]