本报记者 孟珂 2月25日，国际金价高位波动，现货黄金盘中突破5200美元/盎司。同时，国内消费市场热度也持续高涨，《证券日报》记 者走访多家黄金饰品门店了解到，春节期间高端古法黄金、一口价产品、投资金等受到消费者关注。 东方金诚研究发展部高级副总监瞿瑞对《证券日报》记者表示，美国关税风波再起、贸易政策不确定性加剧，以及地缘政 治风险升级带来的避险需求集中爆发，共同推动金价大幅上扬。 春节期间，北京、上海、杭州等多地黄金消费市场均呈现火热态势。在北京菜百总店四层投资金条专区，不少投资者专程 前来配置实物黄金。其中，10克、20克等小克重投资金条、马年生肖金条最受顾客青睐。多位投资者对记者表示，选择小克重 既能分批入场、控制成本，也能满足家庭小额资产配置与节日收藏需求。 一位刚购买10克马年投资金条的消费者告诉记者，金价持续走高，手里持有实物黄金更安心，小克重门槛低，适合长期小 额积累。 与此同时，首饰金柜前的人气也持续火爆，叠加北京市西城区"金马迎春·乐购西城"春节消费券与门店自身的工费折扣、满 减活动，购金性价比显著提升，吸引了众多市民前来选购。 南开大学金融学教授田利辉表示，春节作为黄金珠宝消费传统旺季， ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 12.35 billion RMB in H1 2025, representing a year-on-year increase of 251.0%, and a net profit of 2.27 billion RMB, up 285.8% year-on-year [7]. - The company plans to distribute an interim dividend of 9.59 RMB per share and aims to maintain a high dividend payout ratio of 50% of the accumulated undistributed profits each year [7]. - The company is experiencing significant growth across all channels, with offline store revenue increasing by 243.2% year-on-year and online platform revenue rising by 313.3% [7]. - The company has rapidly expanded its membership base, reaching 480,000 loyal members, which enhances its high-end brand positioning [7]. - The company is expected to achieve net profits of 4.545 billion, 6.348 billion, and 8.422 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 209%, 40%, and 33% respectively [7]. Financial Data and Valuation - The total revenue for the company is projected to reach 25.214 billion RMB in 2025, with a gross profit margin of 40.5% [10][11]. - The company’s return on equity (ROE) is forecasted to be 78.6% in 2025, indicating strong profitability [11]. - The company’s price-to-earnings (PE) ratio is expected to be 26.5 in 2025, suggesting a favorable valuation compared to its growth prospects [11].