Core Viewpoint - The company, 景福集团, has entered into an agreement with its wholly-owned subsidiary, 景福珠宝集团有限公司, to purchase diamond jewelry from 万雅珠宝有限公司, with a total annual cap of 20 million HKD from December 15, 2025, to September 14, 2026 [1] Group 1 - The agreement is structured on a cost-plus basis, allowing the company to expand its diamond jewelry product range to meet market demand [1] - The seller, 万雅珠宝有限公司, is fully owned by Mr. 冼 and his mother, with Mr. 冼 serving as a non-executive director of the company [1] - The company has already initiated purchases from the seller, starting with a transaction worth 433,700 HKD on September 15, 2025, followed by another purchase totaling 934,000 HKD [1]

智通财经APP讯，景福集团(00280)发布公告，买方景福珠宝集团有限公司(本公司的全资附属公司)于 2025年12月15日订立一项协议，以成本加成约定利润率方式，于该协议日期起至2026年9月14日期间向 卖方万雅珠宝有限公司购买钻石首饰，全年上限为2000万港元。 卖方是一间由冼先生及其母亲实益全资拥有的公司。冼先生是本公司的非执行董事。 为满足市场需求，本集团决定扩大钻石珠宝产品范围，并开始寻求更多钻石珠宝供应商。经比较各潜在 供应商的产品，本集团发现卖方提供的钻石首饰品质及设计符合其要求，并于2025年9月15日开始向卖 方采购钻石首饰，总价为43.37万港元。本集团对首次交易感到满意，并之后向卖方采购钻石首饰，总 价为93.4万港元。本集团计划在其业务运营需要时继续采购，以满足其存货的部份需求，因此订立该协 议。 ...

Group 1 - The core point of the article is that Jingfu Group (00280.HK) has entered into an agreement with Wan Ya Jewelry Co., Ltd. for the purchase of diamond jewelry, with a profit margin based on cost plus, for a total cap of HKD 20 million for the year [1] Group 2 - The buyer, Jingfu Jewelry Group Co., Ltd., will purchase diamond jewelry from the seller, Wan Ya Jewelry Co., Ltd., from December 15, 2025, to September 14, 2026 [1] - The seller, Wan Ya Jewelry Co., Ltd., is fully owned by Xian Ya En and her mother, with Xian Ya En serving as a non-executive director of the company [1]

手机号 15769519125 2025 年 中国黄金珠宝行业市 场研究报告 主编：雷静兰 编辑：张潞玮 商业合作： collaboration@shuoyuanconsulting.com 1 / 32 1.行业概述 1.1 行业定义与分类 1.1.1 黄金珠宝行业定义 黄金珠宝行业是指以黄金、钻石、翡翠等贵重金属和宝石为主要原材料，通过 设计、加工、制造、销售等多个环节，最终形成具有装饰、美学、投资及文化 价值的产品的产业集合。该行业不仅涵盖了黄金的开采、冶炼和提纯，还包括 将其加工成各种款式精美的饰品的全过程。同时，钻石、翡翠等宝石的采购、 鉴定、切割、抛光、设计及销售环节同样是该行业的重要组成部分。 作为一个横跨传统工艺与现代科技的综合性行业，黄金珠宝产业集中了丰富的 资源优势和工艺技术。黄金的纯度控制、宝石的切割工艺、设计师的创意表现 以及销售渠道的拓展，都是推动行业不断发展的关键因素。此外，随着现代消 费者对个性化、高品质产品需求的提升，定制珠宝和智能制造技术如 3D 打印、 激光切割等也逐渐被广泛应用，极大丰富了产品的多样性和附加值。 在全球经济波动时，黄金更被视为避险资产，进一步凸显了该行业的 ...

"外企坟场"，来了一位新客人。 公开数据显示，我国市场并没有不爱钻石，只是爱的不再是戴比尔斯。2025上半年，国产高定钻石品牌 柘光全渠道销售额破1000万，定制业务占比超90%；过去不久的双11，京系、淘系一小时成交6位数，凭 精湛工艺坐稳国内高定钻石头把交椅。 （该图为柘光品牌授权使用） 相比之下，戴比尔斯的市场份额跌至35%，2025年公司估值砍半只剩40亿美元，仓库里堆着 约20亿美元的滞销钻石，折合146亿人民币。 在相继逼走通用汽车、小米之后，印度市场得到了戴比尔斯的青睐，"曾经"全球最大的钻石商。 据印媒报道，戴比尔斯为了开拓印度钻石市场，承诺将在印度境内投入"有史以来最庞大的营销费用"， 包括2025年开设15家"永恒印记"（Forevermark）的品牌零售门店，8家在新德里，7家在孟买…… 印度媒体Mint评论称，此举标志着戴比尔斯对印度是"全球第二大钻石消费国"的认可，市场规模约100亿 美元，仅次于美国。 值得注意的是，对于此次"战略调整的深层动因"，戴比尔斯印度高层避而不谈，反而公开拉踩中· 国消费 者，暗示"中· 国人穷，消费不起钻石这类奢侈品。" 戴比尔斯高层阿米特·普拉蒂哈里在 ...

Company Overview - Hemei Group (SZ 002356) announced a temporary board meeting on August 25, 2025, to discuss investment projects related to its subsidiaries [1] - As of the report, Hemei Group has a market capitalization of 4.3 billion yuan [1] Revenue Composition - For the first half of 2025, Hemei Group's revenue composition is as follows: - Energy sales and refueling accounted for 75.15% - Diamond jewelry sales accounted for 24.34% - Shared bicycle operations accounted for 0.34% - Other revenues accounted for 0.17% [1]

Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]

Group 1: Market Overview - The Chinese jewelry market has shown significant growth, with the market size increasing from 580 billion yuan in 2018 to 820 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 7.2%. The market is expected to exceed 920 billion yuan in 2024 [1] - The gold price has surged, reaching historical highs, with international spot gold prices hitting $3,500.16 per ounce on April 22, 2023 [5][6] - Despite rising gold prices, the overall consumption of gold in China is projected to decline, with a total consumption of 985.31 tons in 2024, down 9.58% year-on-year [5] Group 2: Company Profile - Wanbang Jewelry, established in 2010, operates as a jewelry retailer and wholesaler based in Hong Kong, with five retail stores targeting the mid-market segment [3] - The company plans to go public on NASDAQ under the ticker MPJS, aiming to issue 1.5 million shares at a price range of $4 to $5, with an expected market capitalization of $130 million [1] Group 3: Financial Performance - For the fiscal year 2023-2024, Wanbang Jewelry reported revenues of 71.64 million HKD and 111.98 million HKD, with net profits of 5.05 million HKD and 5.98 million HKD respectively [4] - The company's gross profit margin has declined significantly, from 25.70% in 2023 to 18.94% in 2024, primarily due to a drop in the gross margin of pure gold products from 16.68% to 11.55% [6] Group 4: Market Challenges - The surge in gold prices has led to a decrease in consumer demand, impacting sales across the jewelry sector, as evidenced by a 15% drop in revenue for a competitor, Chow Sang Sang [6] - Wanbang Jewelry's cash flow from operating activities was negative at -158,300 HKD, necessitating reliance on external financing for business growth [7] - The jewelry market in Hong Kong is characterized by high concentration, with a few large retailers holding over 60% market share, posing competitive challenges for Wanbang Jewelry [9]