Financial Performance - In Q3 2025, the company achieved revenue of 608 million CNY, a year-on-year increase of 36.22% [4] - The net profit attributable to shareholders was 25.49 million CNY, up 25.33% year-on-year [4] - For the first three quarters, total revenue reached 2.164 billion CNY, reflecting a 29.30% increase year-on-year, while net profit was 102 million CNY, a 32.58% rise [4] Strategic Initiatives - The company is focusing on optimizing product structure and adjusting channel strategies to drive quality growth [4] - There is a significant push towards enhancing online and offline channel integration, with a focus on e-commerce platforms like Tmall, JD, and Douyin [4] - The company plans to expand its store presence nationwide, with a focus on core business districts and partnerships with quality franchisees [5] Cost Management - The gross margin has remained stable, with effective cost control leading to a decrease in sales and management expense ratios by 1.02% and 0.19% respectively [4] Brand and Product Development - The company is engaging in long-term collaborations with popular IPs, such as a partnership with "Tomb Raider," to enhance brand loyalty and emotional connection with consumers [5] - Product lines are diversified into three categories: a high-end light luxury line, a trendy line for everyday wear, and a cultural heritage line emphasizing traditional craftsmanship [7] E-commerce Trends - E-commerce revenue growth is strong, with a shift from traffic-driven strategies to product-focused operations, leading to an expected increase in gross margins [9] - The company anticipates that the proportion of non-gold products will rise, reflecting changing consumer preferences [9] Market Expansion - The company is accelerating its national expansion, particularly in the North China and Southwest markets, while maintaining a focus on core urban areas for direct sales [8] - Future store openings will prioritize franchise models over direct sales, with a strategy to ensure deeper market penetration through franchise partnerships [8]

投资评级:增持(维持) | 基本数据 | 2025-10-29 | | --- | --- | | 收盘价(元) | 50.60 | | 流通股本(亿股) | 5.23 | | 每股净资产(元) | 24.58 | | 总股本(亿股) | 5.23 | 最近 12 月市场表现 -8% -2% 4% 10% 16% 22% 老凤祥 沪深300 门店实现净增，携手迈巴赫发力高端市场 老凤祥(600612) 证券研究报告 饰品 / 公司点评 / 2025.10.30 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《切入银发科技赛道，发布 AI 智能眼镜》 2025-09-01 2. 《短期业绩承压，静待修复》 2025- 08-31 3. 《毛利率有所提升，门店突破 6000 家》 2024-09-05 核心观点 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E ...

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 ...