菜百股份 20251216 摘要 2025 年菜百股份营收和利润均增长 20%以上，受益于金价平稳和饰品 消费复苏，四季度黄金税改刺激投资类产品需求，推动业绩增长。 黄金税改对饰品影响较小，因行业普遍面临税费增加，且金价基数高； 投资类产品方面，菜百直营模式具优势，消费者提前释放需求，饰品发 展平稳，投资类产品波动较大。 菜百投资类产品手续费维持在 12-18 元，暂未调价，正评估是否需提高 手续费以应对税改影响，确保销售不受影响，或带来短期利好。 菜百电商子公司发展迅速，上半年销售占比超 20%，天猫店已恢复售卖 投资金条，双十一表现良好，内部正优化子公司间发票等问题。 祥云小镇门店运营良好，客群与总店不同，饰品占比更高，投资类产品 占比低，是总店外最大门店，菜百对开设大规模新店持谨慎态度。 菜百采取以销定产策略，根据消费调整库存，春节备货周期灵活，推出 马年贺岁金条等新品，细分市场，通过品牌矩阵发展，探索新的增长点。 菜百正制定"十五五"规划，预计 2026 年发布初步版本，坚持稳健经 营，应对金价波动和税改，对未来经营业绩持乐观态度，并积极回报投 资者，维持分红稳定。 Q&A 电商子公司发展情况如何？双 ...

Core Viewpoint - The launch of the Year of the Horse commemorative gold bars by Beijing Caibai Jewelry Store has attracted significant consumer interest despite high gold prices, indicating a strong market for collectible gold investments [1] Group 1: Market Trends - The current gold prices are at a high level, yet this has not deterred consumer enthusiasm, as evidenced by large crowds at the store [1] - Many customers have been purchasing these gold bars for over ten years, highlighting a trend of long-term investment in gold as a collectible [1] Group 2: Consumer Behavior - The purchase of commemorative gold bars has become a fixed annual investment target for many individuals, reflecting a cultural trend towards collecting zodiac-themed gold [1] - Completing a set of zodiac gold bars has emerged as a specific investment goal for collectors [1]