公司报告 | 半年报点评 潮宏基（002345） 证券研究报告 25H1 归母净利同比高增 44%，加盟拓店超预期 公司发布 2025 年中报： 25H1 实现营收 41.0 亿元、同比增长 19.5%，归母净利润 3.3 亿元、同比增 长 44.3%，扣非净利润 3.3 亿元、同比增长 46.1%。25Q2 实现营收 18.5 亿 元、同比增长 13.1%，归母净利润 1.4 亿元、同比增长 44.3%，扣非净利润 1.4 亿元、同比增长 46.1%。盈利能力方面，25Q2 毛利率 24.9%、同比提升 1.6pct，归母净利率 7.7%、同比提升 1.7pct。 戴维斯双击强化，成长性值得期待： 潮宏基从 24Q4 走出强成长曲线，具备产品差异化、终端运营数字化、加 盟商赋能等多维度优势，业绩增长持续性值得期待，建议关注国内加盟拓 店、新品牌及海外市场的成长空间。根据 25H1 业绩调整盈利预测，预计 25-27 年归母净利润 5.4/6.5/8.0 亿元（前值为 4.7/6.3/8.0 亿元），对应 PE 为 25/21/17X，维持"买入"评级。 风险提示：金价大幅波动，门店扩张不及预期，终端消费偏弱 ...

天眼查App显示，近日，淮南畅忆饰品有限公司成立，法定代表人为武喜灯，注册资本10万人民币，经 营范围为一般项目：珠宝首饰零售；珠宝首饰制造；珠宝首饰批发；珠宝首饰回收修理服务；美发饰品 销售；美发饰品生产；汽车装饰用品销售；日用玻璃制品制造；钟表销售；灯具销售；日用木制品销 售；茶具销售；礼品花卉销售；电子产品销售；家用电器销售；照明器具销售；日用百货销售；文具用 品零售；日用品批发；文具用品批发（除许可业务外，可自主依法经营法律法规非禁止或限制的项 目）。 ...

证券之星消息，8月22日饰品板块较上一交易日下跌0.96%，潮宏基领跌。当日上证指数报收于3825.76， 上涨1.45%。深证成指报收于12166.06，上涨2.07%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600735 | 新华锦 | 8.30 | 1.10% | 15.20万 | | 1.25亿 | | 603900 | 莱细通灵 | 10.62 | 0.66% | 19.37万 | | 2.05亿 | | 000017 | 深中华A | 6.80 | 0.59% | 19.00万 | | 1.28亿 | | 600612 | 老凤祥 | 47.81 | -0.02% | 1.65万 | 7883.63万 | | | 600916 | 中国黄金 | 8.17 | -0.12% | 16.42万 | | 1.34亿 | | 002867 | 周大生 | 13.20 | -0.30% | 8.11万 | | 1.07亿 | | 301177 ...

从资金流向上来看，当日饰品板块主力资金净流出6420.94万元，游资资金净流出2609.23万元，散户资金 净流入9030.17万元。饰品板块个股资金流向见下表： 证券之星消息，8月21日饰品板块较上一交易日上涨1.09%，金一文化领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002721 | 金一文化 | 4.19 | 6.35% | 327.29万 | | 13.77亿 | | 002345 | 測宏基 | 15.97 | 2.44% | 29.00万 | | 4.61亿 | | 002867 | 周大生 | 13.24 | 1.15% | 12.81万 | | 2697 | | 665599 | 菜自股份 | 15.42 | 1.05% | 6.19万 | | 9521.72万 | | 301177 | 迪阿股份 | 30.05 | 0.40% ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, with significant growth driven by brand influence and product optimization [7] - The company continues to expand its offline and online sales channels, achieving remarkable revenue growth [7] - The brand's high-end positioning is validated by increasing customer loyalty and market overlap with luxury brands [7] - The company is well-positioned for future growth due to its unique product offerings and ongoing store expansion [7] Financial Performance - For H1 2025, the company reported revenue of 12.354 billion RMB, a year-on-year increase of 251.0%, and a profit of 2.268 billion RMB, up 285.8% [7] - The company expects net profit for 2025-2027 to be 4.899 billion RMB, 6.607 billion RMB, and 8.466 billion RMB, with growth rates of 232.5%, 34.9%, and 28.1% respectively [8] - The average sales performance per store in a shopping mall reached approximately 459 million RMB, ranking first among all jewelry brands in mainland China [7] Market Position and Strategy - The company has opened 41 self-operated stores across 16 cities, with a focus on high-end shopping centers [7] - The brand's customer base is expanding to include high-net-worth individuals across different age groups [7] - The company plans to adjust product prices to support profit performance, reflecting its high-end brand positioning [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the light industry sector, indicating a positive outlook for their stock performance in the next 6 to 12 months [4][6][11]. Core Insights - The report highlights that Baiya's offline performance has exceeded expectations, with a revenue of 1.764 billion yuan in the first half of 2025, representing a year-on-year increase of 15.1%. The net profit attributable to shareholders was 188 million yuan, up 4.6% [6][7]. - The report emphasizes the strong growth in the e-commerce channel for 361 Degrees, which achieved a revenue of 5.7 billion yuan in the first half of 2025, a year-on-year increase of 11%. The company also reported a significant improvement in operating cash flow, with a net inflow of 520 million yuan, up 227.2% [6][7]. - The report suggests that the light industry index has shown resilience, with a 1.56% increase, ranking 15th among 28 industries, while the textile and apparel index decreased by 1.37%, ranking 26th [6][11]. Summary by Sections Company Performance - Baiya's revenue from offline channels reached 1.13 billion yuan in the first half of 2025, a 39.8% increase, while e-commerce revenue was 590 million yuan, down 9.4% [6][7]. - 361 Degrees reported a revenue of 5.7 billion yuan in the first half of 2025, with a net profit of 860 million yuan, reflecting a year-on-year increase of 9% [6][7]. Market Trends - The light industry index has shown a 1.56% increase, while the textile and apparel index has decreased by 1.37% [6][11]. - The report notes that the packaging and printing sector saw a 2.14% increase, while the paper industry experienced a slight decline of 0.28% [6][11]. Investment Opportunities - The report suggests focusing on companies with strong growth potential in the new materials sector, such as Fuchun Dyeing and Weaving, which is shifting towards semiconductor and medical device applications [6][7]. - It also highlights the potential of companies in the home textiles sector, recommending attention to leading brands like Luolai Home Textile and Fuanna [6][7].

Core Viewpoint - The majority of the Shenwan first-level industry sectors experienced gains last week, with traditional sectors lagging behind. Communication, electronics, non-bank financials, and power equipment sectors showed significant increases, driven by AI computing sub-sectors such as CPO, PCB, liquid-cooled servers, and AIDC power supplies [2][2][2]. Industry Performance - Communication, electronics, and power equipment sectors rose due to the performance of AI computing sub-sectors and a rebound in the photovoltaic industry, which also supported the new energy sector [2][2]. - Non-bank financials benefited from improved market sentiment and increased trading volume, leading to a strong performance in brokerage stocks [2][2]. - Traditional sectors such as banking, steel, textiles, and coal saw declines, attributed to price volatility and weakening demand in related commodities [2][2]. Investment Strategy - In the short term, some growth sectors appear overcrowded, suggesting a wait for stabilization before making investment decisions or exploring lagging stocks [2][2]. - Traditional consumer and dividend sectors at low levels may present opportunities for future rebounds [2][2]. - Sectors such as innovative pharmaceuticals, anti-involution, and Hong Kong technology, which have recently adjusted, may experience recovery trends in the future [2][2].

Group 1 - The article highlights a recovery trend in leading companies within the jewelry sector, with a notable increase in volume and a rebound from extreme contraction, indicating a strong foundational characteristic [2] - The gaming industry is identified as part of the new consumption trend, with leading companies showing recent activity after an initial surge [3] - The article discusses the bone injury consumables sector, noting the performance of leading companies within this category [3] Group 2 - A long-term analysis reveals a narrow VCP (Volatility Contraction Pattern) structure on a weekly basis, suggesting a strong underlying trend despite a seemingly sluggish daily performance [4] - Following a significant breakout on the daily level, the stock maintains a floating profit for five days, indicating a robust growth model consistent with high-performing stocks, referred to as "猛兽股" [5] - The article emphasizes the importance of identifying multiple main lines in a bull market, advising investors to carefully manage entry and exit points to avoid market noise [5]

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the jewelry industry was paid by Jinyi Culture to CFO Jiang Xuefu, amounting to 2.122 million yuan [2] - Most listed companies that did not change their CFOs in 2023 and 2024 increased the CFO's annual salary, with Jiang Xuefu's salary seeing the largest increase of 284.42% [1] Group 2 - Jinyi Culture's performance in 2024 was disappointing, with a revenue of 3.373 billion yuan, reflecting a decline [2] - Diya Co. paid its CFO Huang Shuairong an annual salary of 1.2696 million yuan, but the company faced a revenue drop of 32.01% in 2024, reaching a new low of 1.482 billion yuan [2] - Caibai Co. paid its CFO Li Zhuo an annual salary of 1.1737 million yuan, but the company's gross profit margin has been declining, with rates of 11.22%, 10.68%, and 8.94% from 2022 to 2024 [2]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the jewelry industry was 2.122 million yuan paid to Jiang Xuefu of Jin Yi Culture, while the lowest was 128,300 yuan paid to Zhu Jianrui of Ruibeika [1] - Among companies that did not change CFOs between 2023 and 2024, most increased their CFOs' salaries, with Jin Yi Culture's Jiang Xuefu seeing the largest increase of 284.42% [1] Group 2 - Jin Yi Culture's performance in 2024 was poor, with revenue of 3.373 billion yuan, a decrease of 75.25%, and a net profit of 15 million yuan, down 97.81% [3] - Diya Co. paid its CFO Huang Shuorong an annual salary of 1.2696 million yuan, but the company faced a revenue decline of 32.01% in 2024, reaching 1.482 billion yuan [3] - Cai Bai Co. paid its CFO Li Zhuo an annual salary of 1.1737 million yuan, but the company's gross profit margin has been declining, with rates of 11.22%, 10.68%, and 8.94% from 2022 to 2024 [4] Group 3 - Man Ka Long paid its CFO Fu Jie an annual salary of 1.0178 million yuan, but the company's gross profit margin also showed a downward trend, with rates of 16.59%, 14.64%, and 13.38% from 2022 to 2024 [4] - The average return on equity for Cai Bai Co. in 2024 was 18.73%, down 5.5% year-on-year, while Man Ka Long's was 6.08%, down 14.85% [4]