Core Viewpoint - The company reported strong revenue growth in Q3 2025, with a significant year-on-year increase in both revenue and net profit, indicating a successful turnaround from previous losses [1][4]. Revenue Performance - For the first three quarters of 2025, the company achieved a revenue of 1.2 billion yuan, representing a year-on-year increase of 35.95% [1] - In Q3 alone, revenue reached 330 million yuan, up 33.26% year-on-year [1] - Revenue breakdown by product category shows significant growth in embedded diamond jewelry (661 million yuan, +60.73%), steady growth in traditional gold products (434 million yuan, +16.16%), and modest increases in jadeite and other products [2] - Revenue by channel indicates strong performance in franchise (139 million yuan, +89.59%) and steady growth in direct sales (815 million yuan, +45.37%), while online sales saw a slight decline (238 million yuan, -1.37%) [2] - Jiangsu province was the main revenue contributor in Q3, generating 605 million yuan, a 66.44% increase year-on-year [2] Store Expansion and Channel Optimization - As of the end of Q3 2025, the company operated a total of 335 stores, comprising 223 direct stores and 112 franchise stores [3] - In Q3, the company opened 13 new direct stores and closed 46, resulting in a net decrease of 33 stores; franchise stores saw 21 openings and 30 closures, leading to a net decrease of 9 stores [3] - The company aims to optimize store layout and improve operational efficiency [3] Profitability and Future Outlook - Q3 profitability faced short-term pressure due to seasonal factors and non-operating losses, particularly from fair value changes in gold leasing [3] - Despite these challenges, the core business remained profitable, with a net profit of 12 million yuan after excluding non-recurring losses [3] - The company is expected to continue its growth trajectory, with projected net profits of 82 million yuan, 140 million yuan, and 200 million yuan for 2025 to 2027, respectively [4] - The stock price as of October 31 corresponds to a PE valuation of 38.7x for 2025, 23.2x for 2026, and 15.6x for 2027 [4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis indicates a positive outlook based on performance metrics and growth potential. Core Insights - The company reported a revenue of 1.2 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 35.95%, and a net profit of 69 million yuan, marking a return to profitability [1] - The third quarter revenue was 330 million yuan, with a year-over-year growth of 33.26%, and a net profit of 8 million yuan, also indicating a return to profitability [1] - The company is experiencing strong growth in various product categories, particularly in embedded diamond jewelry, which saw a revenue increase of 60.73% [2] - The company is optimizing its channel structure, with a total of 335 stores, including 223 direct-operated and 112 franchised stores, despite some closures [2] - Profitability is under short-term pressure due to seasonal factors and non-operating losses, but the core business remains resilient [2] - The company is expected to continue its growth trajectory, with projected net profits of 82 million yuan, 140 million yuan, and 200 million yuan for 2025, 2026, and 2027 respectively [2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.2 billion yuan, with a year-over-year growth of 35.95% [1] - The net profit for the same period was 69 million yuan, indicating a turnaround from previous losses [1] - The third quarter alone generated revenue of 330 million yuan, reflecting a 33.26% increase year-over-year [1] Product and Channel Analysis - Revenue by product category includes 661 million yuan from embedded diamond jewelry, 434 million yuan from traditional gold products, 38 million yuan from jade products, and 60 million yuan from other products [2] - Revenue by channel shows direct sales at 815 million yuan, franchise sales at 139 million yuan, and online sales at 238 million yuan, with franchise sales experiencing significant growth [2] - The company’s main revenue driver is the Jiangsu region, which generated 605 million yuan in the third quarter, a 66.44% increase year-over-year [2] Store Expansion and Optimization - As of the end of Q3 2025, the company had 335 stores, with 223 direct-operated and 112 franchised [2] - The company opened 13 new direct-operated stores and closed 46, resulting in a net reduction of 33 stores [2] - Franchise stores saw a net decrease of 9, with 21 new openings and 30 closures [2] Profitability and Future Outlook - The company’s profitability is currently under pressure due to seasonal factors and fluctuations in gold prices, but the core business remains profitable [2] - The company is expected to maintain a strong growth trajectory, with significant product innovation and channel optimization planned for the future [2] - Projected net profits for the next three years are 82 million yuan in 2025, 140 million yuan in 2026, and 200 million yuan in 2027, with corresponding P/E ratios of 38.7x, 23.2x, and 15.6x [2]

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-039 莱绅通灵珠宝股份有限公司 2025 年第三季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》第 四号《零售》等要求，现将公司 2025 年前三季度（1-9 月）经营数据披露如下： | 模式 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- | | | | 新开 关闭 | | 小计 | | | 直营 | 256 | 13 | 46 | -33 | 223 | | 加盟 | 121 | 21 | 30 | -9 | 112 | | 合计 | 377 | 34 | 76 | -42 | 335 | 注：公司期末直营门店中，有 1 家为自有物业，有 88 家为专厅。 2、分地区门店数量变动情况 | 地区 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- ...

莱绅通灵所属申万行业为：纺织服饰-饰品-钟表珠宝。所属概念板块包括：黄金股、新零售、小盘、网 红经济等。 9月12日，莱绅通灵盘中上涨2.01%，截至10:36，报11.68元/股，成交1.26亿元，换手率3.22%，总市值 40.07亿元。 资金流向方面，主力资金净流入205.54万元，特大单买入385.79万元，占比3.05%，卖出154.63万元，占 比1.22%；大单买入2106.95万元，占比16.68%，卖出2132.57万元，占比16.88%。 莱绅通灵今年以来股价涨111.21%，近5个交易日跌5.88%，近20日涨13.40%，近60日涨1.48%。 今年以来莱绅通灵已经13次登上龙虎榜，最近一次登上龙虎榜为7月15日，当日龙虎榜净买入-7319.61 万元；买入总计3022.20万元 ，占总成交额比10.07%；卖出总计1.03亿元 ，占总成交额比34.46%。 资料显示，莱绅通灵珠宝股份有限公司位于江苏省南京市雨花台区花神大道19号，成立日期1999年11月 22日，上市日期2016年11月23日，公司主营业务涉及从事钻石珠宝首饰的品牌运营管理、产品设计研发 及零售。主营业务收入构成为： ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-034 莱绅通灵珠宝股份有限公司 2025 年半年度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》之第 四号《零售》等相关要求，现将公司 2025 年半年度经营数据披露如下： 一、门店数量、面积及分布 1、分渠道模式门店数量变动情况 | 模式 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- | | | | 新开 关闭 | | 小计 | | | 直营 | 256 | 4 | 31 | -27 | 229 | | 加盟 | 121 | 14 | 24 | -10 | 111 | | 合计 | 377 | 18 | 55 | -37 | 340 | 注：公司期末直营门店中，有 1 家为自有物业，有 93 家为专厅。 2、分渠道模式门店面积变动情况 单位：m² | 模式 | 期初 | 变动 | | | 期末 | | --- ...

证券代码：603900 证券简称：莱绅通灵 公告编号：2025-019 莱绅通灵珠宝股份有限公司 2025 年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露》之第 四号《零售》等相关要求，现将公司 2025 年第一季度经营数据披露如下： 一、门店数量、面积及分布 1、分渠道模式门店数量变动情况 | 模式 | 期初 | 变动 | | | 期末 | | --- | --- | --- | --- | --- | --- | | | | 新开 关闭 | | 小计 | | | 直营 | 256 | 2 | 15 | -13 | 243 | | 加盟 | 121 | 2 | 13 | -11 | 110 | | 合计 | 377 | 4 | 28 | -24 | 353 | 注：公司期末直营门店中，有 1 家为自有物业，有 100 家为专厅。 2、分渠道模式门店面积变动情况 单位：m² | 模式 | 期初 | 变动 | | | 期末 | | -- ...