1月16日晚，莱绅通灵发布公告称，公司当日收到《江苏证监局对欧陆之星钻石（上海）有限公司采取出具警示函措施的决定》（简称"《警示函》"）， 欧陆之星钻石（上海）有限公司（简称"欧陆之星"）因未如实披露相关股东代持事项，违反了《上市公司收购管理办法》相关规定。 作为信息披露义务人，欧陆之星上述行为违反了《上市公司收购管理办法》（证监会令第166号）第三条第三款的规定。根据《上市公司收购管理办法》 （证监会令第166号）第七十五条的规定，江苏证监局决定对欧陆之星采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 根据莱绅通灵此前披露的2025年第三季度报告，欧陆之星持有1715.62万股莱绅通灵股票，持股比例为5%。 未真实披露代持 《警示函》内容显示，经查，亿汇通投资实业（上海）有限公司作为欧陆之星名义股东，代Eurostar Diamond International S.A持有欧陆之星41.66%股份。 欧陆之星作为莱绅通灵持股5%以上的股东，在2024年5月、2025年3月公告的《莱绅通灵珠宝股份有限公司简式权益变动报告书》中未真实披露上述代持 事项。 | 股东名称 | 持股比例 | | | -- ...

Core Insights - Recent surge in gold prices, with spot gold exceeding 4300 yuan per ounce on October 17, reaching a historical high [1] - Significant increase in consumer demand for gold jewelry, particularly embedded gold ornaments, with sales on JD.com showing over 200% year-on-year growth since the start of the 11.11 shopping festival [1] - The market is favoring high-craftsmanship gold jewelry styles, including ancient, palace, and national styles, reflecting a growing consumer preference for aesthetic and cultural expression in gold purchases [1] Industry Trends - JD.com collaborates with renowned brands such as Chow Sang Sang, Chow Tai Fook, and Lao Pu Gold to offer a diverse range of embedded gold jewelry, including pendants, rings, bracelets, and earrings, with discounts starting from 15% [1] - The ongoing 11.11 shopping festival on JD.com highlights the trend of consumers seeking quality and variety in gold jewelry, enhancing their shopping experience [3] - Specific product examples include the Palace Museum series pendant inspired by cultural artifacts, showcasing the blend of traditional craftsmanship and modern design [4]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 870 million yuan, a year-on-year increase of 37.0%, and a net profit of 60.61 million yuan, up 263.52% from the previous year [1][2] Financial Performance - Total revenue for Q2 2025 was 499 million yuan, reflecting a 26.99% year-on-year growth [1] - The gross profit margin improved to 36.04%, an increase of 9.66% year-on-year, while the net profit margin reached 6.93%, up 217.97% [1] - The company’s operating expenses decreased significantly, with total selling, administrative, and financial expenses amounting to 211 million yuan, which is 24.2% of revenue, down 35.11% year-on-year [1][2] - Earnings per share rose to 0.18 yuan, a 263.64% increase compared to the previous year [1] Cash Flow and Assets - Operating cash flow per share increased to 0.11 yuan, a 122.73% rise year-on-year, indicating improved cash generation from operations [1][3] - The company experienced a 40.09% decrease in trading financial assets due to the redemption of wealth management products [2] - The net cash flow from operating activities increased by 122.72%, attributed to higher cash receipts from sales [3] Business Model and Market Position - The company’s performance is heavily reliant on marketing-driven strategies, necessitating a thorough examination of the underlying factors driving this approach [4] - The historical return on invested capital (ROIC) has been variable, with a median ROIC of 10.98% since its listing, indicating a mixed investment return profile [4] Fund Holdings - Several funds have newly entered the top ten holdings of the company, with the largest being Western Gain New Direction Mixed A, holding 3 million shares [6]