Mingpai Jewelry (002574) Limit-Up In-Depth Analysis: Dual Drive from New High in Gold Prices and PV Transformation

Mingpai Jewelry (002574)‘s limit-up is the result of multiple overlapping factors [0]. First, gold prices broke through the $4000/ounce mark in 2025, with a year-to-date increase of 57.93% [6], directly benefiting the company’s core jewelry business. Second, the company is strategically transforming into the new energy sector, investing 10 billion yuan to build a 20GW photovoltaic cell super factory using advanced TOPCon and HJT technologies, with the first-phase project expected to start trial production in September 2025 [2]. In addition, at the policy level, the Ministry of Finance implemented a special campaign to boost consumption, and the Ministry of Commerce issued a plan to improve service consumption quality [1], helping the company’s offline nearly 1,000 stores and online channels to grow sales [0]. Regarding market sentiment, the limit-up seal on the day reached 43.9598 million shares, corresponding to 284 million yuan [5], showing investors’ strong willingness to buy.

Cross-domain synergy effect is significant: The company benefits from both traditional jewelry (gold price rise) and new energy (PV policies and technology trends) two popular tracks, forming a unique investment logic [0][2]. In addition, IP collaborations (Smurfs, My Little Pony, etc.) and improved online and offline channels further enhance the company’s competitiveness [0].

: 1) Potential gains from continued rise in gold prices [6]; 2) Performance growth space after PV project launch [2]; 3) Jewelry sales improvement under consumption recovery policies [1].
: 1) PV project execution risks (e.g., delay, cost overrun) [2]; 2) Short-term fluctuation risk of gold prices [6]; 3) Stock price correction due to market sentiment reversal [5].

Mingpai Jewelry (002574)'s limit-up reflects the market’s recognition of its “gold + PV” dual-drive model. Investors should pay attention to core variables such as gold price trends, PV project progress, and changes in consumption policies to evaluate the company’s long-term value [0][1][2][6].