萃華珠寶：百年民族珠寶品牌，高端化打開成長空間

公司是具有百年歷史的民族珠寶品牌

公司誕生於西元1895年，至今有130年歷史，現已成為集珠寶首飾研發、設計、生產、批發、零售、加盟為一體的集團企業。 公司目前實行雙主業並行運營模式，珠寶板塊為公司核心業務，2024年收入佔比達80%以上。 公司通過萃華金店、萃華珠寶和萃聚東方三大品牌矩陣，不斷完善差異化的產品體系，近年來盈利能力不斷提升，2020-2024年公司營業收入/歸母凈利潤CAGR分別為20.4%/65.6%，並持續保持高增。

公司看點：文化壁壘深厚，高端化打開成長空間

1）「工藝+文化」雙驅動內核，打造超強Alpha。 工藝上公司尤為重視非遺技藝傳承，將花絲鑲嵌這一非遺工藝引入古法黃金製作流程。 文化上則依託與北京故宮、瀋陽故宮的深度合作，從宮廷文化中提煉中國美學，將花絲鑲嵌、錾刻等非遺工藝與故宮文物元素融合，構築起不可複製的差異化。

2）品牌2.0升級，完善高端產品矩陣。 公司旗下萃華珠寶品牌依託皇室基因與百年歷史底蘊，以大師系列及故宮文創系列等高端產品為載體，通過不打折策略、極致工藝及與故宮等文化機構的深度合作，塑造“低調奢華”的奢侈定位，目前門店坪效與毛利率均顯著高於行業平均水平。

3）渠道紮實，門店效率逐步優化。 公司採用「直營+加盟」模式，構建線上線下融合的全渠道體系。 2024年底公司擁有460家加盟店，16家直營店，覆蓋全國大部分城市。 未來公司將維持平穩發展基調，通過精細化選址評估與盈利模型測算，使新店拓展與品牌高端定位及盈利目標相匹配。

行業：黃金景氣度向上，情緒消費提升

由於國內金價攀升導致我國金飾消費量下降，但從總價值來看仍處於歷史第三高位，消費需求保持相對穩定。 與此同時，高端珠寶市場保持韌性，推動行業品牌在市場策略等方面進行變革。 消費者需求方面，年輕一代逐步成為市場的主力軍，受益於文化自信、國潮興起等多種因素，市場對古法黃金的接受程度不斷上升，同時消費人群的結構變化和消費理念的更替，催生了黃金非婚慶消費需求，“自戴”已經成為最重要的珠寶消費場景。 供給端看，行業集中度在不斷提高，近年來頭部品牌的份額增長明顯。

We view Cuihua as an alpha stock for its branding and heritage assets. The venerable brand’s filigree inlaid jewelry continue to appeal to its mostly young buyers amid rising emotional demand and Chinese confidence. In view of its defensive premium demand, store efficiencies and omnichannel sales, we initiate coverage with a BUY call and RMB17.67 target price.

The gist: BUY

• Initiation: century-old jeweler’s heritage and craftsmanship drive stock alpha

• Competitive edge: premium products, omnichannel sales, store efficiencies

• Industry drivers: rising gold prices plays off growing emotional demand

Initiation: century-old jeweler’s heritage and craftsmanship drive stock alpha

Profile: From its roots in Shenyang at the end of the 19th century, Chinese jeweler Cuihua has evolved over 130 years to become a conglomerate: covering jewelry R&D, design, production, wholesale, retail, and franchising; as well as the manufacture and sale of lithium salts products. Its main business remains jewelry, which accounts for over 80% of revenue as of 2024. Three key brands—Cuihua Gold, Cuihua Jewelry, and Cuiju Oriental—offer differentiated products that have collectively maintained a robust profit growth trend in recent years, with revenue and net profit tracking CAGRs of 20.4% and 65.6% respectively over 2020-24.

Competitive edge: We believe Cuihua’s stock alpha stems from its product craftsmanship and cultural branding:

• Craftsmanship: The company painstakingly protects its intangible cultural heritage (ICH) and craftsmanship assets, including incorporating the art of filigree inlay into traditional gold production processes.

• Heritage design: Its close collaborations with the Palace Museum in Beijing and the Shenyang Palace Museum have helped Cuihua distill Chinese aesthetics from palace culture into its products. The integration of ICH techniques like filigree inlay and engravings of elements from Palace Museum cultural relics have led to unique and differentiated jewelry creations.

Competitive edge: premium products, omnichannel sales, and store efficiencies

Premium collections: The Cuihua Jewelry brand leverages the company’s royal heritage in premium products like its Master collection, as well as the Palace Museum Cultural and Creative lines. The brand upholds its low-key luxury positioning through a no-discount strategy, exceptional craftsmanship, and close collaborations with cultural institutions like the Palace Museum. Currently, both its store sales per square meter and gross profit margin far outdo the industry average.

Channel and store efficiencies: Cuihua’s business model incorporates both direct and franchised sales in an omnichannel network of online and offline operations. It has 460 franchised stores and 16 directly operated stores as of end-2024, covering most cities across China. Going forward, the company intends to maintain growth through new store expansions that align with its high-end brand positioning, and to meet profitability targets by ensuring meticulous scrutiny of premium locations and profitability modeling.

Industry drivers: rising gold prices plays off growing emotional demand

Demand factors:

• Defensive demand: While rising gold prices in China have reduced gold jewelry consumption, total sales value is at its third highest historically, indicating stable demand. In particular, resilience in high-end jewelry has driven brands to leverage this defensive segment through innovative marketing strategies and other means.

• Younger buyers: We also see a shift in demand demographics to younger buyers—they are becoming the main market—with growing Chinese confidence alongside a rise in domestic trends, among other factors. As a result, market interest in traditional gold is actually increasing.

• Gold for me: We also observe changes in demographics and purchase philosophies have wrought shifts in consumer behavior, driving non-wedding gold demand scenarios, where self-appreciation is becoming the most prevalent jewelry scenario.

Supply factors: Meanwhile, the jewelry supply market is getting more and more concentrated, with leading brands gaining chunks of market share in recent years.

本文件由天風國際證券集團有限公司, 天風國際證券與期貨有限公司（證監會中央編號：BAV573）及天風國際資產管理有限公司（證監會中央編號：ASF056）（合稱“天風國際集團”）編制，所載資料可能以若干假設為基礎，僅供作非商業用途及參考之用途，會因經濟、市場及其他情況而隨時更改而毋須另行通知。任何媒體、網站或個人未經授權不得轉載、連結、轉貼或以其他方式複製發表本檔及任何內容。已獲授權者，在使用本檔或任何內容時必須注明稿件來源於天風國際集團，並承諾遵守相關法例及一切使用的國際慣例，不為任何非法目的或以任何非法方式使用本檔，違者將依法追究相關法律責任。本檔所引用之資料或資料可能得自協力廠商，天風國際集團將盡可能確認資料來源之可靠性，但天風國際集團並不對協力廠商所提供資料或資料之準確性負責。且天風國際集團不會就本檔所載任何資料、預測及／或意見的公平性、準確性、時限性、完整性或正確性，以及任何該等預測及／或意見所依據的基準作出任何明文或暗示的保證、陳述、擔保或承諾而負責或承擔任何法律責任。本檔中如有類似前瞻性陳述之內容，此等內容或陳述不得視為對任何將來表現之保證，且應注意實際情況或發展可能與該等陳述有重大落差。本檔並非及不應被視為邀約、招攬、邀請、建議買賣任何投資產品或投資決策之依據，亦不應被詮釋為專業意見。閱覽本文件的人士或在作出任何投資決策前，應完全瞭解其風險以及有關法律、賦稅及會計的特點及後果，並根據個人的情況決定投資是否切合個人的投資目標，以及能否承擔有關風險，必要時應尋求適當的專業意見。投資涉及風險。敬請投資者注意，證券及投資的價值可升亦可跌，過往的表現不一定可以預示日後的表現。在若干國家，傳閱及分派本檔的方式可能受法律或規例所限制。獲取本檔的人士須知悉及遵守該等限制。