出品：新浪财经公司研究院 截至2025年8月31日，饰品上市公司已完成2025年上半年财报的披露，对此我们挑选了12家具有代表性的上市公司进行业绩比对分析。在各项财务指标中，销售毛利率、销售净利率作为两项较 报告期内，珠宝配饰行业行业的盈利能力普遍不容乐观，这主要表现在两方面：一方面，黄金配饰领域由于高昂的销售成本致使多数细分领域上市公司销售毛利率便低于20%（中国黄金的销售毛 黄金配饰、钻石配饰这两个细分领域除了业绩表现分化较为严重外，其盈利能力也是大不相同，仅从销售毛利率水平来看，钻石配饰因溢价较高，其销售毛利率也处于相对较高的水平。 从销售毛利率来看，迪阿股份、瑞贝卡（维权）、飞亚达的销售毛利率位列前三，2025年上半年该三家公司的销售毛利率分别为63.42%、36.93%、34.99%。销售毛利率低于10%的公司仅有4 整体毛利率水平较低也就对应着相对较低的行业销售净利率，2025年上半年，行业内销售净利率仅有迪阿股份一家超过10%为10.16%，明牌珠宝销售净利率更是因业绩亏损而为负值。 按排名来看，迪阿股份、潮宏基、莱绅通灵的销售净利率位列前三，分别为10.16%、8.22%、7.13%；而瑞贝卡 ...

Core Insights - The jewelry accessories industry is facing significant challenges in profitability, with many companies reporting low gross and net profit margins [1][4]. Group 1: Financial Performance - As of the first half of 2025, the jewelry accessories industry shows a general decline in profitability, particularly in the gold accessories segment, where gross profit margins for most companies are below 20% [1]. - Among the analyzed companies, Di'A shares, Rebecca, and Feiyada have the highest gross profit margins at 63.42%, 36.93%, and 34.99% respectively [2]. - Four companies, including China Gold, have gross profit margins below 10%, with China Gold at 4.4%, the lowest in the sector [2]. Group 2: Net Profit Margins - The overall low gross profit margins correlate with low net profit margins across the industry, with only Di'A shares exceeding 10% at 10.16% [4]. - Companies like Mingpai Jewelry reported negative net profit margins due to losses, highlighting the financial struggles within the sector [4]. - The lowest net profit margins were recorded by Rebecca, China Gold, and Mingpai Jewelry, at 1.59%, 1.04%, and -4.05% respectively [4]. Group 3: Trends in Profitability - Only a few companies, including Cuihua Jewelry and Xinhua Jin, have seen simultaneous increases in both gross and net profit margins [6]. - Companies such as Feiyada, Caibai, and Mingpai Jewelry have experienced declines in both gross and net profit margins, with Feiyada's gross margin dropping by 1.81 percentage points and net margin by 2.47 percentage points [6][7]. - Caibai's gross margin has decreased from 11.49% in H1 2023 to 7.15% in H1 2025, indicating a continuous downward trend [7].

黄金配饰、钻石配饰这两个细分领域除了业绩表现分化较为严重外，其盈利能力也是大不相同，仅从销 售毛利率水平来看，钻石配饰因溢价较高，其销售毛利率也处于相对较高的水平。 从销售毛利率来看，迪阿股份、瑞贝卡（维权）、飞亚达的销售毛利率位列前三，2025年上半年该三家 公司的销售毛利率分别为63.42%、36.93%、34.99%。销售毛利率低于10%的公司仅有4家，分别为中国 黄金、菜百股份、明牌珠宝、老凤祥，2025年上半年该四家公司的销售毛利率分别为4.4 %、6.3%、 6.9%、7.77%。值得关注的是，毛利率低于10%的四家上市公司主要从事黄金配饰的销售等。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年8月31日，饰品上市公司已完成2025年上半年财报的披露，对此我们挑选了12家具有代表性 的上市公司进行业绩比对分析。在各项财务指标中，销售毛利率、销售净利率作为两项较为核心的盈利 能力考核指标，倍受市场投资者关注。 报告期内，珠宝配饰行业行业的盈利能力普遍不容乐观，这主要表现在两方面：一方面，黄金配饰领域 由 ...

Group 1: Market Trends - The spring lingerie market is experiencing three major trends: functional verticalization, scene precision adaptation, and value-based marketing [4] - Brands like Ubras, Catman, and Youkeshu are focusing on specific scenarios such as workplace, regional protection, and sports yoga with their unique selling propositions [4][5] - Ubras launched a "No-Bound Workplace" series for Women's Day, utilizing size-free technology to address the fit issues of women's undergarments in professional settings [4] Group 2: Consumer Preferences - Consumers are seeking not only functional attributes like moisture-wicking and high elasticity but also cultural identity and emotional value in lingerie, transforming the category from mere clothing to lifestyle solutions [5] - Brands are engaging in value-based marketing, with Ubras redefining lingerie consumption meaning by emphasizing "self-appreciation" for women [4] Group 3: Product Innovations - The luggage market is shifting towards lightweight and smart designs, driven by increased travel demand during the spring season [6] - Brands like Horizon 8 are promoting lightweight carry-on luggage with high durability and minimalist design, catering to young consumers' spontaneous travel needs [6] Group 4: Jewelry Market Dynamics - The jewelry brand China Gold is leveraging a dual strategy of investment attributes and cultural rituals to attract consumers during the wedding season amidst fluctuating gold prices [7] - New Chinese design elements are being incorporated into gold jewelry to appeal to younger consumers seeking a sense of ritual and cultural identity [7] Group 5: Index Reports - The Consumer Index Report by Shiyan Index aims to objectively present trends in the consumption world, helping industries and brands track market trends and enhance competitive strength [8] - The report continuously monitors 12 major industries, including 3C digital, apparel accessories, and beauty products [9]