[Table_Main] 公司研究|可选消费|耐用消费品与服装 证券研究报告 [Table_Summary] 事件： 公司发布 2025 年半年度报告。 点评： 营收稳健增长，利润增长亮眼 2025H1 公司实现营业收入 41.02 亿元，同比增长 19.54%；归母净利润 3.31 亿元，同比增长 44.34%；扣非净利润 3.30 亿元，同比增长 46.14%；毛利 率 23.81%，同比微降 0.34pct。净利率达到 8.11%，同比提升 1.38pct。费 用率方面，25H1 公司销售费用率 9.27%，同比-2.09 pct；管理费用率 1.56%， 同比-0.36pct，研发费用率 1.08%，同比+0.24 pct。 传统黄金产品毛利率明显优化，上新多授权 IP 系列触达年轻消费群体 分业务来看，25H1 时尚珠宝业务实现收入 19.9 亿元，同比增长 20.33%，毛利率 27.43%，同比-1.09pct。传统黄金产品实现收入 18.3 亿 元，同比增长 23.95%，毛利率提升 3.01%至 12.78%。代理品牌授权及加 盟服务实现收入 1.23 亿元，同比微降 0.45%。皮具业务实 ...

潮宏基（002345.SZ）2025 年中报点评 业绩高增，持续破圈 2025 年 08 月 25 日 ➢ 事件：潮宏基发布 2025 年半年报。25H1，实现收入 41.02 亿元，同比 +19.54%，归母净利润为 3.31 亿元，同比+44.34%，扣非归母净利润为 3.30 亿 元，同比+46.14%；25Q2，收入 18.50 亿元，同比+13.13%，归母净利润为 1.42 亿元，同比+44.29%，扣非归母净利润为 1.42 亿元，同比+46.10%。25 年半年 度利润分配方案为：以总股本 8.89 亿股为基数，每 10 股派发现金 1 元（含税）， 共计派发现金股利 8885.13 万元（含税）。 ➢ 珠宝和黄金产品增速亮眼，加盟高增。1）分产品看：25H1，时尚珠宝产品、 传统黄金产品、皮具、品牌授权及加盟服务分别收入为 19.90/18.31/1.23/1.23 亿元，同比+20.33%/+23.95%/-17.43%/-0.45%。2）分渠道看：25H1 公司直 营净关店 37 家，加盟净开店 68 家，自营、加盟代理、批发收入分别为 11.72/22.44/1.01 亿元，同比+4. ...

证券研究报告|公司点评报告 [Table_Title] 持续深耕产品，国内国外齐开花 [Table_Title2] 潮宏基(002345) [Table_Date] 2025 年 08 月 24 日 [Table_Summary] 事件概述 2025H1，公司实现营收 41.02 亿元/+19.54%，归母净利润 3.31 亿元/+44.34%；单 Q2 来看，实现营收 18.50 亿 元/+13.13%，归母净利润 1.42 亿元/+44.29%。 分析判断: ► 持续深耕产品，推动单店业绩提升 分业务来看，2025H1，珠宝业务收入 39.73 亿元/+21.22%，其中，时尚珠宝/传统黄金产品收入同比 +20.33%/+23.95%；公司持续深耕产品，以现代设计语言重新诠释传统非遗工艺，同时增加"东方美学"特色 黄金产品线，巩固"串珠编绳"特色专柜优势，并围绕"年轻化 IP 心智"战略，上半年成功推出布丁狗、人 鱼汉顿、线条小狗、黄油小熊四个 IP 授权系列。2025H1，皮具业务收入 1.23 亿元/-17.77%。 ► 加盟门店持续扩张，国际化布局更进一步 分渠道来看，2025H1，加盟代理/自营/ ...

证券研究报告 纺织服饰 | 饰品 非金融|公司点评报告 投资要点： 风险提示：原材料价格波动风险；公司经营管理风险；新品投入市场不及预期风险。 hyzqdatemark 2025 年 08 月 23 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 08 | | 日 | | 21 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 15.97 | | | | | | 最 低 | 最 | 高 | / | | | | 18.18/4.06 | | 内 | | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 14,189.55 | | | | | | 流通市值（百万元） | | | | | | | 13,850.62 | | | | | | 总股本（百万股） | | | | | ...

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 ...

证券研究报告 | 2025年08月22日 潮宏基（002345.SZ） 优于大市 二季度利润增长超 40%，加盟门店持续扩张 营收增长稳健，利润增速超 40%。公司 2025 上半年实现营收 41.02 亿元，同 比+19.54%，归母净利润 3.31 亿元，同比+44.34%。单二季度看，营收同比 +13.13%至 18.5 亿元，归母净利润 1.42 亿元，同比+44.29%。整体营收在加 盟开店扩张及公司出货的批发业务增长下表现稳健，利润受益费用进一步优 化、珠宝业务中高毛利率定价产品占比提升而表现更优。总体上，虽短期直 营转加盟导致收入增速与利润增速不相匹配，但更轻的渠道模式将助力公司 未来加速门店规模扩张。 珠宝业务增速超 20%，潮宏基主品牌净开 72 家加盟店。分业务看，珠宝业务 收入增长21.22%至39.73 亿元，其中时尚珠宝产品增长20.33%至19.9 亿元， 传统黄金产品增长 23.95%至 18.31 亿元，受益于非遗工艺金饰品的优异表 现。皮具业务受需求下滑影响而营收同比下滑 17.77%至 1.23 亿元。渠道方 面，整体门店净开 31 家至 1542 家，其中潮宏基主品牌净开 ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-034 莱绅通灵珠宝股份有限公司 2025 年半年度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》之第 四号《零售》等相关要求，现将公司 2025 年半年度经营数据披露如下： 一、门店数量、面积及分布 1、分渠道模式门店数量变动情况 | 模式 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- | | | | 新开 关闭 | | 小计 | | | 直营 | 256 | 4 | 31 | -27 | 229 | | 加盟 | 121 | 14 | 24 | -10 | 111 | | 合计 | 377 | 18 | 55 | -37 | 340 | 注：公司期末直营门店中，有 1 家为自有物业，有 93 家为专厅。 2、分渠道模式门店面积变动情况 单位：m² | 模式 | 期初 | 变动 | | | 期末 | | --- ...

Core Viewpoint - In 2024, despite a booming gold price market, the jewelry industry faced a wave of store closures, while the jewelry company Chaohongji (002345.SZ) achieved a net increase of 158 franchise stores, resulting in a revenue of 6.518 billion yuan, a year-on-year growth of 10.48%. However, the company's profitability sharply declined in the second half of 2024, with a net loss of 122 million yuan in Q4, a year-on-year decrease of 698.93% [2]. Group 1: Franchise Performance - Chaohongji operates three main brands: "CHJ Chaohongji," "VENTI Vandi," and "FION Fianie," with over 90% of revenue coming from the jewelry sector. In 2024, the national gold consumption dropped by 9.58% to 985.31 tons due to suppressed consumer demand from rising gold prices, leading to diminishing returns from the previous rapid expansion strategy through franchise stores [4][5]. - The number of franchise stores increased to 1,505 by the end of 2024, with 1,268 being franchise stores. The revenue from franchise contributions reached 3.284 billion yuan, a year-on-year increase of 32.35%, marking a historical high. However, the gross margin for this sales model fell to 17.25%, down from 23.97% in 2020, significantly lower than the self-operated model's 31.57% [5][6]. Group 2: Revenue and Profitability Challenges - From 2020 to 2024, the revenue from Chaohongji's fashion jewelry showed instability, with a 10.6% decline in 2022 and a negative growth in 2024. In contrast, traditional gold products consistently showed positive growth during the same period, with a 30.21% increase in 2024 [8]. - The gross margin for traditional gold products remained low, fluctuating around 9% from 2020 to 2024, necessitating volume growth to support profitability. The company aims to increase its store count to 2,000 by 2025, but the actual net increase in 2024 fell short of expectations, posing a significant challenge [8][9]. - The company's leather goods segment, particularly the brand "FION Fianie," has underperformed, leading to multiple goodwill impairment provisions totaling 1.77 billion yuan in 2024 due to unmet performance expectations. The revenue from this segment dropped by 27.38% to 324 million yuan [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company reported a revenue of 6.518 billion yuan for 2024, a year-on-year increase of 10.48%, while the net profit attributable to the parent company was 194 million yuan, a decrease of 41.91% [2]. - In Q1 2025, the company achieved a revenue of 2.252 billion yuan, representing a year-on-year growth of 25.36%, and a net profit of 189 million yuan, up 44.38% year-on-year [2]. - The company has focused on differentiated product categories, including "intangible cultural heritage," "beads," and "popular IP," which have driven growth in its jewelry brand business [3]. Revenue and Profit Analysis - The company's jewelry brand business revenue grew by 13.34% year-on-year, with operating profit increasing by 12.83% [3]. - Traditional gold products saw a revenue increase of 30.21% year-on-year, while fashion jewelry products experienced a slight decline in revenue of 0.63% [3]. - The company reported a gross margin of 22.93% in Q1 2025, reflecting an improvement from the previous quarter [2]. Channel and Market Expansion - The franchise business generated revenue of 3.284 billion yuan in 2024, a growth of 32.35%, with a total of 1,272 franchise stores by the end of the year [4]. - The company has expanded its presence in Southeast Asia by opening stores in Kuala Lumpur and Bangkok [4]. Financial Forecast - The company is projected to achieve earnings per share (EPS) of 0.55, 0.64, and 0.76 yuan for the years 2025, 2026, and 2027, respectively [5]. - The expected price-to-earnings (P/E) ratios for the same years are 18, 15, and 13 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][8]. Core Views - The company reported a revenue of 2.3 billion in Q1 2025, a year-on-year increase of 25%, with a net profit attributable to shareholders of 190 million, up 44% [1]. - For 2024, the company anticipates a revenue of 6.5 billion, a 10% increase, but a decrease in net profit attributable to shareholders by 42% due to goodwill impairment [1]. - The company is focusing on its core strategy of "focusing on the main business, 1+N brand, all-channel marketing, and internationalization" to adapt to market changes and seize development opportunities [3]. Revenue Breakdown - The company's self-operated revenue is projected to be 3 billion, a decrease of 7%, with a gross margin of 32% [1]. - Franchise revenue is expected to reach 3.3 billion, an increase of 32%, with a gross margin of 17% [1]. - Wholesale revenue is anticipated to be 200 million, up 7%, with a gross margin of 7% [1]. - Fashion jewelry product revenue is expected to be 3 billion, a decrease of 1%, while traditional gold product revenue is projected to be 2.9 billion, an increase of 30% [2]. User Base and Digital Management - The company has attracted over 20 million members, with 85% of its core consumer group being born in the 1980s, 1990s, and 2000s, indicating strong appeal among younger demographics [5]. - The company has made significant advancements in digital management, optimizing supply chain structures and enhancing operational efficiency through digital retail applications [6]. Financial Forecasts - The adjusted profit forecast for the company indicates net profits of 470 million, 630 million, and 800 million for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53, 0.71, and 0.90 [13]. - The company expects a revenue growth rate of 26.1% in 2025, followed by 25.9% in 2026 and 27.2% in 2027 [14].