[Table_Title] 证券研究报告 / 公司点评报告 业绩拐点持续体现，期待新开店 [Table_Summary] 公司业绩持续兑现拐点逻辑。25H1 营业收入 8.7 亿元，同比增长 37%； 归母净利润 6061 万元，扣非归母净利润 7030 万元，去年同期为亏损状 态。分季度看，Q2 收入为 4.99 亿元、同比增长 27%、在相对淡季的情 况下环比增长 34%，并且连续两个季度保持快速扩张，拐点逻辑持续兑 现；Q2 归母净利润 3227 万元、同比增长 276%、环比增长 14%。 盈利能力全面修复。毛利率：25H1 毛利率为 36.04%，同比提升 3.2pcts， 主要得益于高毛利镶嵌黄金占比提升；费用端控制效果显著，销售+管理 +财务+研发费用合计 2.11 亿元，占营收比 24.3%，24H1 为 37.4%，其中 销售费用为 1.79 亿/-1.4%，管理费用为 0.37 亿/-29.1%；归母净利率为 6.97%、大幅改善。现金流同步好转，经营性净现金流 3689 万元，同比 增长 1.99 亿元，主要因黄金品类热销带动销售回款。资产负债率降至 13.15%，创历史新低，为后续扩张 ...

Group 1 - The core viewpoint of the news is that Dan Yi Investment has conducted research on the listed company Lai Shen Tong Ling, focusing on its future strategies and operational adjustments [1] - Lai Shen Tong Ling plans to complete channel adjustments by the end of 2024 and will not pursue large-scale expansion, emphasizing the quality of individual stores [1] - The company aims to establish 50 direct-operated stores and 15 franchised stores, each generating over 10 million in revenue by 2025 [1] - The franchise system will balance new and existing partners, with selection criteria including shared vision, financial strength, and channel expansion capabilities [1] - Inventory adjustments include a provision for inventory impairment of 32.84 million yuan, primarily for K gold inlaid diamonds, with a total inventory structure of 500 million yuan in gold, 800 million yuan in K gold inlaid and bare diamonds, and 153 million yuan in jade [1] - Starting from August 2023, the company began experimenting with gold, initially focusing on weight-based gold, with plans to shift towards inlaid gold in the second half of 2024 to drive profit growth [1] - The primary customer base consists of existing members, with new customers attracted through referrals from old members; product offerings are differentiated between online and offline channels [1] - The company has a complete design team that launches 5-6 product series annually, with the recent "Zhuan Yun Xing Lun" series receiving positive market feedback [1] - The management structure includes the chairman focusing on strategy and product, while the president oversees operations and brand marketing [1] Group 2 - Dan Yi Investment is a private investment management firm established in April 2015, with a registered capital of 10 million yuan [2] - The firm has a strong team with over ten years of experience in investment research, having previously worked at notable institutions such as Huabao Xingye Fund and Guotou Ruijin Fund [2] - The firm has managed funds totaling several billion yuan and is recognized for its performance in the industry [2]