2025年06月26日 证券研究报告|公司研究|公司点评 曼卡龙（300945） 差异化珠宝品牌定位，引流黄金年轻化潮流趋势 | 2025年06月25日 | | --- | | 收盘价(元): | | 公司基本数据 | | | --- | --- | | 总股本(百万股) | 262.07 | | 总市值(百万) | 5,561.16 | | 流通股本(百万股) | 238.33 | | 流通市值(百万) | 5.057.43 | | 12 月最高/最低价(元) | 30.12/7.64 | | 资产负债率(%) | 11.78 | | 每股净资产(元) | 6.33 | | 市盈率(TTM) | 52.01 | | 市净率(PB) | 3.35 | | 净资产收益率(%) | 2.59 | 股价走势图 90% 60% | 作者 | | | --- | --- | | 裴伊凡 | 分析师 | | SAC执业证书:S0640516120002 | | | 联系电话:010-59562517 | | | 邮箱:peiyf@avicsec.com | | | 郭念伟 | 分析师 | | SAC执业证书:S06405 ...

Group 1 - The domestic gold jewelry prices remain stable compared to last Friday, with many brands pricing their 24K gold jewelry at 989 CNY per gram [1][6] - Specific brands and their prices include: Zhou Dazheng at 989 CNY/g, Cai Bai at 982 CNY/g, Chao Hong Ji at 989 CNY/g, Xie Rui Lin at 989 CNY/g, Jin Zhi Zun at 989 CNY/g, and Zhou Liu Fu at 969 CNY/g [6]

Core Viewpoint - The company is positioned as a leader in the new consumption of gold and jewelry, focusing on a multi-channel strategy to drive high-quality growth, particularly targeting young urban female consumers [1] Group 1: Business Performance - In 2024, the company achieved a revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-on-year [3] - The company’s revenue for Q1 to Q4 of 2024 was 500 million, 727 million, 447 million, and 684 million yuan respectively, with year-on-year growth rates of 45.12%, 49.91%, 14.86%, and -3.04% [3] - The revenue from the gold jewelry segment reached 2.281 billion yuan, growing 28.91% year-on-year, while the embedded jewelry segment saw a decline of 53.51% [3] Group 2: Online and Offline Strategy - The company has established a comprehensive online and offline retail system, with over 230 stores nationwide and a strong presence on platforms like Tmall, Douyin, and Kuaishou [1] - In Q1 2025, the company reported a revenue of 714 million yuan, a year-on-year increase of 42.87%, with online sales contributing significantly to this growth [4] - The e-commerce business generated 1.293 billion yuan in 2024, a 40.76% increase, accounting for 54.83% of total revenue [4] Group 3: Product and Profitability - The company focuses on gold jewelry, which accounted for 96.76% of total revenue in 2024, with a gross margin of 12.37%, up 0.43 percentage points year-on-year [6] - The company is enhancing its product structure through self-developed products and a "one-price" strategy, which has improved profitability [6] - The gross margin for the embedded jewelry segment decreased to 37.26%, down 5.74 percentage points year-on-year, impacting overall profitability [3] Group 4: Digital Transformation - The company has completed the construction of a digital operation system, integrating sales, channels, supply chain, R&D, finance, and human resources [7] - The product development cycle has been reduced from 1-3 months to 2-3 weeks, enhancing responsiveness and efficiency [8] - The digital operation capability is seen as a core competitive advantage, supporting the company’s rapid expansion and cost control [8] Group 5: Store Expansion - By the end of 2024, the company had 235 stores, with a net increase of 17, focusing on expanding in key markets in East and South China [5] - Revenue from stores outside the home province grew by 87.28%, indicating successful national expansion [5] - The average store gross margin for direct and counter stores increased by 6.15% year-on-year, reflecting improved operational efficiency [5]

Group 1 - The stock of Laopu Gold surged over 15%, reaching a historical high of 1018 HKD on June 30, with a current increase of over 14% [1][2] - Laopu Gold opened its third store in Shanghai at the prestigious IFC Mall on June 28, featuring promotional activities that attracted significant customer interest, with wait times nearing 2 hours [2][3] - The company plans to open additional stores in high-end shopping areas in Shanghai, including Xintiandi and Hang Lung Plaza, by the end of the year, while also focusing on optimizing existing store locations [3] Group 2 - Laopu Gold's first overseas store opened in Singapore at Marina Bay Sands on June 21, with expectations for high sales performance, potentially exceeding that of its Macau store [3] - The product offerings and pricing in the Singapore store are similar to those in China, with promotional discounts aimed at enhancing consumer appeal [3] - The openings in Shanghai and Singapore signify a strategic expansion for Laopu Gold, enhancing its brand presence in both domestic and international high-end markets [3]

铂金遇冷，黄金热潮：2025年6月28日贵金属市场深度解析 今日国际金价持续走高：伦敦现货黄金价格上涨0.36%，报每盎司3344美元；纽约COMEX黄金期货价格上涨0.43%，报每盎司3357美元。 与此同时，国内 黄金回收价格为每克755元，铂金、钯金和18K金回收价格分别为每克289元、226元和543元。 国内黄金市场则呈现微幅波动。今日金价为768.92元/克，较前一交易日下跌0.58%；开盘价为773.38元/克，收盘价亦为773.38元/克。 不同品牌黄金价格略有 差异，水贝黄金今日售价为778元/克，而周大福、六福珠宝等品牌价格均为998元/克，周生生则微调至996元/克。银行金条方面，工商银行金条价格为 782.04元/克，建设银行为780.90元/克，以此类推，具体价格实时更新。 （此处省略各品牌及银行金条价格的详细列表，仅保留概述） 一、珠宝店怪象：铂金原料暴涨，首饰却无人问津？ 北京朝阳区的金店里，呈现出鲜明的对比。周大福、六福等黄金柜台人头攒动，顾客们排队试戴项链，热闹非凡。反观铂金专区，则冷清异常，导购员比顾 客还多。一位周大福店经理无奈地表示："现在年轻人结婚首选黄金对戒，铂金戒 ...

六福集团 20250627 摘要 六福集团 2025 财年整体毛利率提升 5.9 个百分点至 33.1%，毛利额增 长 5.8%至 44 亿港元，但总经营开支增长 13.7%至 26 亿港元，经营开 支占收入比率增加 4.6 个百分点至 19.6%，部分抵消了毛利率提升带来 的利润增长。 2025 财年，六福集团全球净减少 296 家门店，其中六福品牌门店净减 少 317 家。港澳及海外市场收入同比下降约 20%至 80 多亿港元，占集 团总收入的 60%以上，但若剔除对冲损失，经营溢利同比增长 7.8%至 13 亿港元。 中国内地市场收入基本持平，约为 53 亿港元，但经营溢利同比下降 40%至 5.17 亿港元。零售业务收入同比增长 10%至 32 亿港元，但利 润同比下降 70%以上，品牌授权业务利润贡献超过 90%。 2025 财年，黄金及铂金产品销售额为 88 亿港元，同比下降 15%，但 毛利额增长 16%，毛利率提升 7.1 个百分点至 26%以上。珠宝首饰销 售额为 36 亿港元，同比下降 7.66%，毛利率为 39.4%，同比下降 3 个 百分点。 2025 财年，六福集团的整体营收和净利润 ...

摘要 大消费联合会议 20260629 老铺黄金积极拓展海外市场，首站选择新加坡，并计划进军日本、东南 亚及欧美等地。华人占比高、零售价与国内相近等因素，将支撑其在东 南亚市场的扩张，满足华人区及出境购物需求。 618 大促期间快递行业揽收和派送环比增速约 4%，周度件量近 41 亿件， 与去年同期相似，反映购物节拉长趋势。同比增速低于 15%，属正常现 象，预计未来两月行业增速维持在 10%-15%水平，受去年高基数影响。 京东物流承接京东外卖订单，短期内作为托底方，收入和成本同步增加， 对业绩影响可控。长期来看，旨在降本增效，提升人效，打造同城即时 配送能力，并为 KA 客户提供门店配送服务。 顺丰增发港股和发行可转债，旨在补足去年募资缺口，用于科技和国际 业务发展。短期内维持稳中有降的资本开支计划，优先实现国际业务减 亏，长期仍将国际业务视为第二增长曲线。 2025 年 5 月中国摩托车行业大排量内外销销量超 10 万台，同比增长 30%，前五个月累计 40 万台，同比增长 50%。出口量达 15 万台，同 比增长超 50%，主要由春风、隆鑫等头部企业驱动。 Q&A 老铺黄金近期新开门店的店效水平如何， ...

Group 1 - The Hurun Research Institute released the "2025 Global Unicorn List," which includes 1,523 non-listed companies valued at over $1 billion, with China having 343 unicorns, ranking second globally [3] - The number of global unicorns increased by 5% compared to last year, with 70 new additions, while 143 companies saw a decline in valuation, and 64 unicorns exited the list due to various reasons [3] - In terms of city distribution, San Francisco and New York lead with 199 and 142 unicorns respectively, while Beijing, Shanghai, and Shenzhen rank third, fourth, and sixth in China [3] Group 2 - Anker Innovations announced a recall of over 710,000 products due to safety risks associated with common battery cells, following a similar recall by Romoss of 491,700 units [4] - Anker stated that the recall's impact on overall profits is limited, as the mobile power category accounts for only about 10% of its total revenue [4] - The company has recently formed a strategic partnership with CATL to enhance its battery supply chain [4] Group 3 - Glory Technology has initiated its IPO process, marking a significant step since its independence from Huawei in 2020, aiming to become the first A-share company focused on AI terminal ecosystems [8] - The company faces challenges in maintaining market share in its core smartphone business, which adds uncertainty to its IPO narrative [8] Group 4 - The jewelry brand Zhou Li Fu successfully listed on the Hong Kong Stock Exchange, with a 25% surge on its first trading day, achieving a market capitalization of HKD 12.98 billion [9] - The brand's franchise model, which constitutes 97.8% of its stores, has led to high profit margins but also increased pressure on franchisees, resulting in significant store closures in recent years [10]

【导读】 二季度消费主题基金申报数量激增 中国基金报记者 张燕北 二季度，A股、港股消费板块热度飙升，新消费概念强势崛起。基金公司把握行情机会积极布 局，消费主题基金申报数量环比大幅上升。 业内认为，外围不确定性因素加强，使市场交易主线从出口驱动转向内需驱动，伴随提振消 费的政策利好持续落地，消费板块有望迎来基本面业绩和估值的"戴维斯双击"，未来传统和 新兴消费领域都有值得关注的细分投资机会。 从基金类型来看，其中8只为指数基金，5只为混合型基金，还有1只股票型基金和2只QDII基 金。进一步细分来看，其中10只产品聚焦港股消费主题，包括8只指数基金和2只QDII基金； 从名称看，指向"国证港股通消费""恒生消费""港股通恒生消费""港股消费"等方向。 对于基金公司加速布局消费主题基金的现象，华南一位公募人士表示："二季度以来消费板块 尤其新消费赛道多点开花，多家新消费企业涨幅突出。而港股消费板块的亮眼表现不仅折射 出中国消费市场的变迁，更凸显出港股消费板块的独特魅力，引发了机构的一致关注。基于 对板块配置价值的看好和上涨逻辑的认同，基金公司加快了布局步伐。" 另一位业内人士称，消费板块的上涨体现出价值体系的 ...

六福集团2025财年业绩表现凸显出黄金珠宝企业在金价急剧上行期面临的挑战。尽管受益于金价上涨带 来的毛利率提升，但销量大幅下滑导致零售额收缩，黄金对冲损失也对业绩造成冲击。加上六福集团自 身的营运效率短板和保守的财务策略，资产回报率显著低于同行标杆企业。未来，公司需在库存管理和 财务杠杆合理运用等方面寻求突破。 6月27日盘前，香港老牌珠宝企业六福集团（0590.HK）披露了2025财年（截至3月31日）业绩报告，较 原定发布计划时间6月26日延迟了一晚。 数据来源：公司公告 财报显示，六福集团2025财年营收达133亿港元，同比下滑12.9%；年度溢利10.68亿港元，同比下降 39.3%。 六福集团曾在6月17日发布的盈利预警中预计，2025财年年内溢利将同比下降约四成。这一预警引发市 场担忧，导致6月17日至19日三个交易日内公司股价累计下挫13%。 6月27日业绩公布后，市场反应呈现"利空出尽"特征。由于实际业绩与预警相符，叠加黄金珠宝板块整 体走强，六福集团股价早盘一度冲高至9%，但随后涨幅逐步收窄，最终收涨4.36%。 数据来源：同花顺 横向比较来看，业绩发布后六福集团的涨幅虽不及新近上市的周六福 ...