8月27日晚间，菜百股份（605599）发布2025年半年度报告。报告显示，公司2025年上半年实现营业收 入152.48亿元，同比增长38.75%；实现归母净利润4.59亿元，同比增长14.75%，核心经营指标稳中有 进，品牌影响力持续提升。 2025年上半年，全国居民人均可支配收入21840元，为黄金珠宝消费奠定了坚实经济基础。随着我国经 济持续发展和人均收入水平的不断提高，消费者购买力增强，叠加婚庆、悦己、保值等需求因素，以及 促消费等政策支撑，对黄金珠宝的需求有望进一步释放。与此同时，随着消费者对产品品质、设计及文 化内涵要求的不断提高，将推动行业向高端化、个性化、差异化方向发展。 公开资料显示，菜百股份是商务部第一批命名的"中华老字号"企业，构建全品类产品体系，涵盖黄金、 钻翠珠宝等多类产品，通过开发差异化产品，精准覆盖不同消费群体需求，并通过开展包括珠宝订制、 个性化设计、首饰咨询、以旧换新等特色服务，致力于为消费者提供一站式的珠宝购物体验。 菜百股份以"工艺突破、包装升级、展陈赋能"三大媒介为抓手，系统性提升产品附加值与品牌辨识度。 将手工拉丝等前沿工艺融入"浮光蝶影""2025东方花园"等系列 ...

Investment Rating - The investment rating for the company is maintained at a "Buy" level, indicating a strong performance relative to the benchmark [12]. Core Views - The company reported a revenue of 20.23 billion yuan in 2024, representing a year-on-year increase of 22.24%, with a net profit attributable to shareholders of 719 million yuan, up 1.73% [1]. - The performance of investment products has been particularly strong, contributing to 64% of total revenue in 2024 [3]. - The company has maintained a high dividend payout ratio of 77.89% for 2024, with a cash dividend of 0.72 yuan per share [2]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.887 billion yuan, a 17% increase year-on-year, and a net profit of 165 million yuan, up 43% [1]. - For Q1 2025, revenue reached 8.222 billion yuan, reflecting a 30% year-on-year growth, with a net profit of 320 million yuan, an increase of 17% [1]. - The gross margin for Q1 2025 was 8.34%, down 1.67 percentage points year-on-year [1]. Product Performance Summary - In 2024, the revenue from gold jewelry decreased by 11% to 5.473 billion yuan, while precious metal investment products saw a 45% increase to 12.906 billion yuan [3]. - The sales volume of gold jewelry dropped by 26.42% due to rising gold prices, while sales of precious metal investment products grew by 18.64% [3]. Channel Performance Summary - The company reported online sales of 4.818 billion yuan, accounting for 23.8% of total sales, with a significant growth of 60.26% in the e-commerce segment [4]. - The offline channel generated 15.095 billion yuan, representing 74.7% of total sales, with a 16.47% average sales growth in Beijing [4]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 24.122 billion yuan, 27.211 billion yuan, and 29.837 billion yuan, respectively, with year-on-year growth rates of 19%, 13%, and 10% [5]. - The net profit attributable to shareholders is expected to be 808 million yuan in 2025, reflecting a 12% increase [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and dividend yield [1][2]. Core Insights - The company reported a revenue of 20.23 billion yuan in 2024, representing a year-on-year increase of 22.24%, with a net profit attributable to shareholders of 719 million yuan, up 1.73% [1]. - The performance of investment products has been strong, contributing 64% to total revenue in 2024, while sales of gold jewelry have faced challenges due to rising gold prices [3]. - The company maintains a high dividend payout ratio of 77.89%, with a cash dividend of 0.72 yuan per share planned for 2024 [2]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.89 billion yuan, a 17% increase year-on-year, and a net profit of 165 million yuan, up 43% [1]. - For Q1 2025, revenue reached 8.22 billion yuan, a 30% increase, with a net profit of 320 million yuan, up 17% [1]. - The gross margin for Q1 2025 was 8.34%, down 1.67 percentage points year-on-year [1]. Product Performance Summary - In 2024, revenue from gold jewelry decreased by 11% to 5.47 billion yuan, while revenue from precious metal investment products increased by 45% to 12.91 billion yuan [3]. - The sales volume of gold jewelry fell by 26.42% due to consumer hesitation amid rising gold prices, while sales of precious metal investment products grew by 18.64% [3]. Channel Performance Summary - The company reported online sales of 4.82 billion yuan, accounting for 23.8% of total sales, with a significant growth of 60.26% in the e-commerce segment [4]. - The offline channel remains dominant, contributing 74.7% of total sales, with an average sales growth of 16.47% in Beijing [4]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 24.12 billion yuan, 27.21 billion yuan, and 29.84 billion yuan, respectively, with expected growth rates of 19%, 13%, and 10% [5]. - The net profit attributable to shareholders is forecasted to be 808 million yuan in 2025, 885 million yuan in 2026, and 949 million yuan in 2027 [5].