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【#黄金销售称金价疯涨只看上去热闹#,#莱绅通灵已连续3年亏损#】这两年的黄金热度飙升,让一些珠宝企业开始布局这一赛道。比如主业曾集中在钻石镶嵌领域的莱绅通灵(603900.SH),在2023年进入黄金首饰领域,拓展黄金品类业务。

彼时莱绅通灵的转型还有另一个背景是钻石销售遇冷。中国珠宝玉石首饰行业协会数据显示,2023年我国珠宝玉石首饰产业的市场规模约为8200亿元,同比增长14%。其中,黄金产品市场规模约为5180亿元,同比增长26.34%;钻石产品市场规模约为600亿元,同比下降26.83%。

随着金价一路上涨,加持黄金业务后确实让莱绅通灵的营收有了大幅增长。莱绅通灵近日发布的2024年年报显示,公司去年营业收入为12.22亿元,同比增长66.81%。但从利润方面看,公司并未实现改善,呈现增收不增利的现象,去年净亏损1.84亿元。

记者梳理公开数据发现,虽然公司作出了业务方面的调整,但已连续三年亏损。2022年-2023年,莱绅通灵净亏损3826万元、7620万元。

对此,莱绅通灵方面表示,营业收入变动原因为:镶嵌黄金饰品及传统黄金产品收入增加。净利润变动原因为:公司产品销售结构变化导致综合毛利率下降。2024年,由于受到全球经济波动以及消费者需求变化等因素影响,钻石镶嵌市场增长持续乏力,内需市场活力不足,消费动力略显疲态,叠加金价高企和消费需求的变化,致使当前黄金珠宝消费呈现谨慎状态。

多位从事黄金销售的从业人员告诉记者,虽然金价持续上涨带来了市场一片繁荣,但这也只是看上去热闹而已。如果翻看各大老牌连锁金店的财报就会发现,行业老大周大福的毛利率大约为22%,而本土的诸如周大生这样的连锁品牌,毛利率为10%左右。

据国信证券测算,按克计价的黄金产品,整体终端毛利率在10%左右。

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