公司25Q3 收入146.5 亿/+16.0%，归母净利润2.2 亿元/-41.6%，扣非归母净利润2.2 亿元/-7.5%。归母与 扣非归母间增速差异主要在于政府补贴项错期所致（去年政府补贴主要在Q3、今年在Q2），但从扣非 利润看年内降幅持续收窄。 投资建议：金价经历5-8 月的横盘后，自9 月开启新一轮急涨后回落，消费者产生部分观望情绪。但对 H2 而言整体处于低基数下逐步回暖的态势。 公司作为国资黄金珠宝龙头，品牌具备深厚历史底蕴，当下结合中华文化与多维度热点联名，开发新产 品年内已取得一定成效，本身也有底气虽慢但稳的持续前行。预计公司25-26 年归母净利润16.2、17.7 亿元，当下股息率为4%具备一定安全边际，维持公司"推荐"评级。 风险提示：行业竞争加剧；终端零售环境疲软；金价持续高位波动 高金价下顺应消费趋势变化，积极调整产品结构。金价经历5-8 月的高位横盘后，自9 月开启新一轮急 涨后回落，消费者产生部分观望情绪。高金价下行业逐步由过往渠道增长转变为品牌/产品驱动增长， 在此背景下行业向差异化/轻量化/高端化转型趋势愈发明显，传统婚庆克重类黄金饰品较为承压。根据 世界黄金协会数据，25 ...

Core Viewpoint - The first "Super Jewelry Release" event for the Taobao Tmall jewelry industry was successfully launched, showcasing traditional craftsmanship and modern design in gold jewelry, with significant consumer engagement and sales performance [1][3][5]. Group 1: Event Highlights - The event featured nearly a hundred traditional gold jewelry pieces from Lao Feng Xiang, including hairpins, necklaces, and pendants, emphasizing Chinese aesthetics and craftsmanship [1]. - The live broadcast attracted over one million viewers, with the brand achieving a sales record of over ten million yuan in a single day [1]. - A highlight of the event was the display of the "Golden Carriage," crafted using over ten traditional techniques, weighing more than 2400 grams, symbolizing Lao Feng Xiang's dedication to craftsmanship [1]. Group 2: Product Innovations - The "Ming Tang Feng Hua" series was introduced, inspired by Tang Dynasty artifacts, featuring unique designs that blend traditional culture with modern fashion [3]. - Other series showcased included "Feng Wu Jiu Tian" and "Cang Bao Jin," designed by national-level artisans, integrating various traditional craftsmanship techniques [3]. Group 3: Market Strategy - Lao Feng Xiang is exploring IP collaborations to attract younger consumers, launching the "Golden Saint Seiya" series, which incorporates elements from popular anime [5]. - The brand plans exclusive discounts and promotions for the upcoming 618 shopping festival on Tmall, aiming to enhance sales performance [5]. - The "Super Jewelry Release" initiative aims to host monthly events with different brands, focusing on innovative product launches and enhancing brand recognition [5].