智通财经APP获悉，2025年12月23日，深圳西普尼精密科技股份有限公司(股份代号：02583)发布了一份 令市场振奋的正面盈利预告。数据显示，基于截至2025年11月30日止十一个月的未经审核管理账目，集 团录得净利润超过人民币9000万元，预期2025年全年净利润将显著高于2024年约4900万元的水平。 这份近乎翻倍的业绩预告是西普尼长期以来坚持的"双轮驱动"业务模式与"品牌化+智能化"战略升级进 入收获期的有力证明。它清晰地向市场传递了一个信号：公司的财务基本盘正在发生质变，增长更具韧 性、更可持续。 盈利增长的核心驱动：结构性优化取代周期性依赖 公告将增长归因于两点：饰品销售收入的增加与销售手表毛利率的提升。这简单的两点背后，是公司主 动进行产品结构与盈利模型优化的直接成果，标志着其增长动力从过去可能较为依赖黄金价格与单一品 类，转向了更健康、更可控的内生性驱动。 西普尼历史上以足金手表闻名，但管理层早已前瞻性地布局饰品业务线。此次饰品销售收入的显著增 加，正是这一战略的成功体现。饰品类产品具有设计迭代快、消费场景多元、受众更广的特点，与手表 业务形成了完美的协同与互补。它不仅是新的增长曲线，更关 ...

12月24日，西普尼发布预喜公告，1-11月其净利已超9000万元，大幅增长83.67%，相比上年约4900万元 净利，全年盈利有望显著跨越。 董事会主席李永忠在公告中披露，增长来自两大动力：饰品销售收入的稳步提升，手表业务毛利率明显 改善。所谓饰品，有表带、耳环、戒指、项链、金条等配饰及贵金属产品。 （原标题：50亿莆田金表大王 迎来业绩爆发） 卖金表的莆田老板，迎来业绩爆发。 西普尼的强劲势头，早有征兆。 1-6月，其营收达到2.88亿元，增长约27%，饰品增量约9000万元；毛利率上涨约6个百分点，净利 5652.1万元，增幅达到108.8%。 按照现有态势，其全年营收有望达到6亿，利润可能上亿。 此外，李氏也珠宝品牌提供ODM（原始设计制造）服务，如老凤祥、周大生等。 在国内足金贵金属手表领域，西普尼是名副其实的领头羊。据披露，2024年，其在足金手表及镶足金手 表市场的GMV份额，超过27%。 《21CBR》注意到，在天猫旗舰店，西普尼的主力产品，为2000-8000元的足金表圈手表，以及定价在 5000-15000元区间的足金表壳手表。 其中，设计简约、5000元左右的足金表壳款式，尤为畅销，它精 ...

来源：@21世纪商业评论微博 作者：雷 子桐 编辑：陈晓平 图源：视觉中国 卖金表的莆田老板，迎来业绩爆发。 12月24日，西普尼发布预喜公告，1-11月其净利已超9000万元，大幅增长83.67%，相比上年约4900万元 净利，全年盈利有望显著跨越。 西普尼的强劲势头，早有征兆。 | | | Six months ended 30 June | | | | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | | | | Change % | | | | 2025 | 2024 | (Approximate) | | | | 二零二五年 | 二零二四年 | %變動(概約) | | | | RMB'000 | RMB'000 | | | | | 人民幣千元 | 人民幣十元 | | | | | (unaudited) | (unaudited) | | | | | (未經審核) | 未經審核 | | | Statement of profit or loss and other | 攝益及其他全面收入表 | | | | | comprehensive ...

Core Viewpoint - The company, Xipuni, is facing a critical dilemma as it attempts to maintain its brand value of "gold preservation" while reducing the gold content in its products, leading to a paradoxical situation of "double depreciation" in profitability amidst rising gold prices [1][3][5]. Group 1: Business Model and Strategy - Xipuni's rise is attributed to a keen insight into consumer behavior in lower-tier markets, where buying gold is seen as a means of preserving value [3]. - Instead of raising prices in response to soaring gold costs, Xipuni opted for a strategy of "reducing weight without reducing price," which has diluted its core value proposition [5]. - The average gold content in their watches decreased from 5.48 grams in 2022 to 4.32 grams in 2023, a decline of approximately 17.4%, while the average selling price remained stable at 2856 RMB [5][13]. Group 2: Financial Performance - In the fiscal year 2022, Xipuni reported revenues of 323.704 million RMB, which increased to 445.477 million RMB in 2023, and is projected to reach 456.556 million RMB in 2024 [8]. - The gross profit margin improved from 19.8% in 2022 to 27.2% in 2023, despite the challenges posed by high inventory levels [8][17]. - The company's inventory turnover days reached 708 days, significantly higher than industry giants like Chow Tai Fook, indicating poor inventory management [21]. Group 3: Market Position and Risks - Xipuni's business model heavily relies on a concentrated customer base, with the top five clients accounting for over 87% of sales, which poses a risk to its operational stability [12]. - The company has ventured into smart watches to seek new growth, but this has introduced a conflict between the fast-depreciating nature of electronic products and the value-storing characteristic of gold [7]. - Xipuni's online sales accounted for only 3.2% of total sales, reflecting a lack of adaptation to modern sales channels and consumer trends [15]. Group 4: Inventory and Capital Needs - Xipuni has adopted a "gold leasing" model to mitigate rising gold costs, which has helped improve gross margins but has also led to a staggering inventory level of 6.56 billion RMB [17][22]. - The high inventory not only consumes cash flow but also risks obsolescence and value depreciation, prompting the company to pursue an IPO as a means of raising capital to alleviate its financial strain [22].