25Q1营收同比上升，盈利能力上升。25Q1实现营收7.14亿元/同比+42.87%，归母净利润同比+33.52%至 0.43亿元，毛利率15.78% 同比-1.39pct，环比+4.23pct，整体费用率7.77%/同比-0.68pct，净利率同 比-0.42pct至6.02%线上渠道增长强劲，内容营销与产品力协同推动盈利提升。2024年公司电商业务实现 收入12.93亿元/同比+40.76%，占总营收比重提升至54.83%，成长为核心增长引擎。其中天猫渠道收入 达8.53亿元同比增长32.23%，继续作为线上主阵地，快手和抖音渠道分别同比增长807.26%和173.68%， 显著扩大社交电商覆盖面。公司通过内容驱动+产品策略"打造多款爆品，其中凤华、黄金戒指、辛德 瑞拉等系列等系列线上销售占比逐年提升。2025年Q1线上收入同比增长6 0%，显示出增长动能持续。 我们认为，公司已构建以自研产品为核心的线上盈利模型，凭借内容运营、品牌认知和产品力协同，有 望进一步释放线上渠道利润弹性。 线下门店高质量拓展，全国化布局提速推进。截至2024年未，公言门店总数达235家，净增17家，其中 直营店54家、专柜60 ...

Group 1 - The local market supervision administration received a complaint regarding a gold recycling store using inaccurate electronic scales, showing a discrepancy of nearly 0.1 grams in the weight of a gold ring compared to a jewelry store [2] - A special inspection of gold jewelry businesses has been conducted, with 6 businesses checked and 6 measuring instruments tested, along with a public lecture on handling complaints related to gold jewelry [2] - The enforcement officers focused on the legality, integrity, and proper labeling of measuring instruments, ensuring no tampering or cheating programs were present [2] Group 2 - Officers checked whether businesses clearly distinguished between "fixed price" and "per gram" gold sales, ensuring proper labeling of product names, specifications, and pricing units [3] - The enforcement team educated businesses on relevant laws and regulations, emphasizing the importance of informing consumers about the differences between pricing methods to prevent misleading practices [3] - The local market supervision administration plans to continue monitoring gold consumption issues to create a safer and more trustworthy shopping environment [3]