证券代码：600916 证券简称：中国黄金 公告编号：2024-037 中国黄金集团黄金珠宝股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 12 月 2 日(星期一)至 12 月 6 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过中国黄金集团黄金 珠宝股份有限公司（以下简称"公司"）邮箱 zjzb@chnau99999.com 进行提 问。公司将在说明会上对投资者普遍关注的问题在信息披露允许的范围内进 行回答。 公司已于 2024 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）发 布公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 12 月 9 日(星期一)上午 11:00-12:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投 ...

财联社11月19日讯（编辑 胡家荣） 得益于国际金价结束6连跌，港股黄金股多数上涨。截至发稿， 中 国黄金国际(02099.HK)、中国白银集团(00815.HK)、山东黄金(01787.HK)、紫金矿业(02899.HK)分别上 涨12.20%、5.37%、4.32%、4.03%。 消息方面，高盛集团近日表示，受各大央行购买和美国降息推动，黄金价格明年将上涨至创纪录水平。 高盛将黄金列为2025年首选大宗商品交易之一，并预测金价可能在唐纳德·特朗普担任美国总统期间延 续涨势。高盛分析师Daan Struyven等在报告中建议"买入黄金"，并重申到2025年12月金价将达到每盎司 3000美元。 他们认为，这一预测的结构性驱动因素是各央行需求增加，周期性驱动因素则是美联储降息后，资金流 入交易所交易基金(ETF)。 国际金价持续回调的原因是什么？ 尽管高盛长期看好黄金，但近日金价出现了快速下挫，且一度跌2541美元。然而在周一过后，金价出现 持续回暖。 首先，美国重大政治事件的落地导致市场避险情绪降温，黄金的避险吸引力减弱。其次是美股、比特币 等市场得到提振，投资者开始抛售黄金。 此外，美联储持续释放的"鹰派 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 11.419 billion yuan in Q3 2024, a year-on-year decrease of 2.78%, and a net profit attributable to shareholders of 151 million yuan, down 25.71% year-on-year [5][6] - For the first three quarters of 2024, the company achieved a revenue growth of 12.73% to 46.575 billion yuan, with a net profit increase of 0.64% to 746 million yuan [6] - The company plans to open 181 new stores in Q4 2024, including 179 franchise stores and 2 direct stores [6][7] - The company experienced a decrease in gross profit margin to 3.63% in Q3 2024, down 0.6 percentage points year-on-year [6][7] Financial Summary - The company’s revenue for 2024 is projected to be 58.966 billion yuan, with a net profit of 999 million yuan, reflecting a year-on-year growth of 2.6% [8][11] - The gross profit margin is expected to be 4.3% in 2024, with a net asset return rate of 13.1% [11][12] - The company’s total assets are projected to reach 134.44 billion yuan by 2024, with total liabilities of 5.755 billion yuan [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company outperformed the industry in the first three quarters, with Q3 revenue slightly declining by 2.78%. For Q1-Q3 2024, the company achieved revenue of 46.575 billion yuan (up 12.73% year-on-year) and a net profit attributable to shareholders of 746 million yuan (up 0.64% year-on-year) [1][2] - The company's profitability has declined year-on-year, with a gross margin decrease of 0.03 percentage points to 4.20% and a net margin decrease of 0.19 percentage points to 1.61% [2] - In Q3, revenue from gold and jewelry decreased year-on-year, while service fee income surged significantly. The company plans to add 179 franchise stores in Q4 [3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue of 46.575 billion yuan, with a year-on-year growth of 12.73%. The net profit attributable to shareholders was 746 million yuan, reflecting a year-on-year increase of 0.64%. In Q3 alone, revenue was 11.419 billion yuan, down 2.78% year-on-year, and net profit was 151 million yuan, down 25.71% year-on-year [1][3] - The company's gross margin for Q1-Q3 2024 was 4.20%, a decrease of 0.03 percentage points year-on-year, while the net margin was 1.61%, down 0.19 percentage points year-on-year [2] Business Segments - The gold and jewelry segment generated revenue of 46.064 billion yuan in Q1-Q3 2024, an increase of 12.57% year-on-year, while service fee income reached 25.8 million yuan, up 171.29% year-on-year. In Q3, the gold and jewelry segment revenue was 11.289 billion yuan, down 3.15% year-on-year, and service fee income was 10.1 million yuan, up 149.52% year-on-year [3] - The company adjusted its store strategy, ending Q3 2024 with a total of 4,215 stores, with a net decrease of 3 direct stores and 39 franchise stores. The company plans to open 2 direct stores and 179 franchise stores in Q4 [3] Earnings Forecast and Investment Advice - The earnings forecast for 2024-2026 has been revised down, with expected EPS of 0.56, 0.66, and 0.73 yuan per share, respectively. The corresponding PE ratios based on the closing price on October 31, 2024, are 16, 13, and 12 times [4] - The company is expected to maintain stable performance as a large state-owned enterprise in the gold and jewelry sector, with plans to launch new products and accelerate store openings in Q4, which may create a second growth curve through the diamond industry chain [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][11]. Core Views - The company's performance in Q3 2024 was slightly below expectations, with revenue driven by investment gold demand, while changes in sales structure impacted profitability [2][11]. - The company anticipates stable store numbers in 2024, awaiting a recovery in consumer confidence [2][11]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 46.575 billion yuan, a year-on-year increase of 12.73%, and a net profit attributable to shareholders of 746 million yuan, a year-on-year increase of 0.64% [1][3]. - In Q3 2024 alone, the company reported revenue of 11.419 billion yuan, a year-on-year decrease of 2.78%, and a net profit of 151 million yuan, a year-on-year decrease of 25.71% [1][3]. - The company adjusted its EPS forecasts for 2024-2026 to 0.63, 0.71, and 0.80 yuan respectively, down from previous estimates of 0.67, 0.77, and 0.89 yuan [1][11]. Sales Structure and Store Operations - The company's gross margin in Q3 2024 was 3.62%, down by 0.60 percentage points, primarily due to changes in product sales structure, with an increased proportion of gold bar sales [1][3]. - The number of stores remained stable, with a net closure of 51 franchise stores in Q3 2024, while plans for Q4 2024 include the opening of 181 new stores [1][3]. Market Valuation - The target price for the company has been adjusted to 10.21 yuan, down from 10.39 yuan, based on a PE ratio of 16.2 times for 2024 [1][11]. - The average PE ratio for comparable companies in 2024 is estimated at 20.14 times [11].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 465.75 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 12.73%. However, the revenue for Q3 2024 was 114.19 billion yuan, showing a decline of 2.78% year-on-year. The net profit attributable to the parent company for the same period was 7.46 billion yuan, up 0.64% year-on-year, while the net profit for Q3 2024 was 1.51 billion yuan, down 25.71% year-on-year [1][4]. - The company plans to increase its direct stores by 2 and franchise stores by 179 in Q4 2024, indicating a steady channel expansion [2][4]. - The gross margin for the first three quarters of 2024 was 4.20%, slightly down by 0.03 percentage points year-on-year, while the net profit margin was 1.61%, down 0.19 percentage points year-on-year [3][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 621.22 billion yuan, 685.97 billion yuan, and 741.51 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.2%, 10.4%, and 8.1% [4][5]. - The forecasted net profit attributable to the parent company is 10.15 billion yuan, 11.36 billion yuan, and 12.60 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 4.3%, 11.9%, and 11.0% [4][5]. Financial Metrics - The company’s PE ratio is projected to be 15, 15, 13, and 12 for the years 2024, 2025, and 2026, respectively [5][8]. - The PB ratio is expected to be 2.0, 1.9, 1.9, and 1.8 for the same years [5][8]. - The net profit margin is forecasted to be 1.63%, 1.66%, and 1.70% for the years 2024, 2025, and 2026, respectively [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 465.75 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.7%, while the net profit attributable to the parent company was 7.46 billion yuan, up 0.6% year-on-year. However, the performance in Q3 2024 showed a revenue decline of 2.8% to 114.19 billion yuan and a net profit drop of 25.7% to 1.51 billion yuan. Due to factors such as gold price fluctuations and a sluggish consumption environment, the profit forecasts for 2024-2026 have been revised downwards [1][2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 465.75 billion yuan, with a year-on-year growth of 12.7%. The net profit attributable to the parent company was 7.46 billion yuan, reflecting a slight increase of 0.6%. In Q3 2024, revenue was 114.19 billion yuan, down 2.8%, and net profit was 1.51 billion yuan, down 25.7% [1][2] - The company’s comprehensive gross margin for Q3 2024 was 3.6%, a decrease of 0.6 percentage points, and the net profit margin was 1.3%, down 0.4 percentage points [2] Regional Performance - Revenue performance varied significantly across regions in Q1-Q3 2024, with North China, East China, South China, Central China, Southwest, Northeast, and Northwest regions achieving revenues of 74.48 billion, 258.83 billion, 47.21 billion, 26.88 billion, 25.68 billion, 13.82 billion, and 16.31 billion yuan respectively, with year-on-year changes of +3.4%, +32.2%, +5.6%, -18.2%, -9.4%, -12.7%, and -20.6% [2] Strategic Initiatives - The company is actively seeking channel expansion despite market challenges, having closed 42 stores in Q1-Q3 2024, with a total of 4,215 stores at the end of the period. The focus is on franchise channels and enhancing product capabilities [3] - New product lines were launched at the China International Jewelry Exhibition, including the Snake Year Zodiac series and the Master Gold series, aimed at enriching the product matrix and increasing the proportion of self-developed products [3] - The company is also enhancing its brand presence through collaborations with sports events, such as being a strategic partner for the World Table Tennis Professional League in China during the Paris Olympics [3]

证券代码：600916 证券简称：中国黄金 公告编号：2024-035 中国黄金集团黄金珠宝股份有限公司 关于公司调整部分募投项目内部投资结构的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第二届董事会第四次会议及第二届监事会第四次会议，分别审议通 过了《关于公司调整部分募投项目内部投资结构的议案》。 本次调整部分募投项目内部投资结构事项符合公司实际经营状况和未来发 展需要，有利于募集资金投资项目顺利实施。不影响募集资金投资项目的实施内 容，未改变募集资金的投资方向及内容，不会对募集资金投资项目产生实质性影 响，不存在变相改变募集资金投向和损害公司股东利益的情况，不会对公司经营、 财务状况产生不利影响。 该事项无需提交公司股东大会审议。 一、募集资金的基本情况 （一）募集资金金额及到位时间。 根据中国证券监督管理委员会《关于核准中国黄金集团黄金珠宝股份有限公 司首次公开发行股票的批复》（证监许可[2020]30 ...

（一）审议通过《关于公司<2024 年第三季度报告>的议案》。 证券代码：600916 证券简称：中国黄金 公告编号：2024-034 中国黄金集团黄金珠宝股份有限公司 第二届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）第二届监事会第 四次会议于 2024 年 10 月 29 日（星期二）以现场结合通讯方式在北京市东城区 安外大街柳荫公园南街 1 号召开，会议通知于 2024 年 10 月 23 日以电子邮件方 式向全体监事发出。会议应出席监事 5 名，实际出席监事 5 名。会议由监事会主 席卢月荷女士主持。会议的召开符合有关法律、行政法规、部门规章、规范性文 件及《中国黄金集团黄金珠宝股份有限公司章程》的规定。 二、监事会会议审议情况 经会议有效审议表决形成决议如下： 表决结果：赞成票 5 票，反对票 0 票，弃权票 0 票。 公司第三季度报告的内容真实、准确、完整地反应了公司 2024 年前三季度 的经营情况，不存在虚 ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥11.42 billion, a decrease of 2.78% compared to the same period last year[3]. - The net profit attributable to shareholders for the same period was approximately ¥151.40 million, down 25.71% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥117.21 million, a decline of 33.41% year-on-year[3]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.09, a decrease of 25% compared to the previous year[4]. - The weighted average return on equity was 2.07%, down 0.82 percentage points year-on-year[4]. - The company experienced a decline in sales volume and profit of its main product, gold, which contributed to the decrease in net profit[7]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥12.45 billion, a decrease of 5.03% from the end of the previous year[4]. - The company's current assets totaled approximately RMB 11.65 billion, down from RMB 12.41 billion at the end of 2023, indicating a decrease of around 6.14%[13]. - Cash and cash equivalents were reported at approximately RMB 5.65 billion, a decrease from RMB 6.03 billion, representing a decline of about 6.43%[13]. - Inventory decreased to approximately RMB 4.20 billion from RMB 4.48 billion, reflecting a reduction of about 6.02%[13]. - The total liabilities of the company were approximately RMB 4.98 billion, down from RMB 5.64 billion, indicating a decrease of around 11.66%[15]. - The company's equity attributable to shareholders was approximately RMB 7.38 billion, slightly down from RMB 7.38 billion, showing a marginal decrease of about 0.02%[15]. - The company's accounts receivable stood at approximately RMB 1.22 billion, a slight decrease from RMB 1.24 billion, reflecting a decline of about 1.06%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was approximately ¥433.60 million, primarily due to a reduction in operating receivables[7]. - The net cash flow from operating activities for Q3 2024 was ¥433,603,589.53, a significant improvement compared to a net outflow of ¥1,156,885,107.06 in the same period last year[24]. - The net cash flow from investing activities was -¥64,903,672.46, compared to -¥168,922,114.77 in Q3 2023, indicating a reduced cash outflow[24]. - The company raised ¥3,600,000,000.00 through borrowings in Q3 2024, contributing to a total cash inflow from financing activities of ¥3,600,000,000.00[24]. - Total cash outflow from financing activities was ¥4,479,790,423.40, which includes ¥785,577,255.00 in dividend payments and interest[24]. - The net cash flow from financing activities was -¥879,790,423.40, compared to -¥574,265,511.38 in the previous year[24]. - The ending balance of cash and cash equivalents was ¥5,493,072,942.84, down from ¥3,345,281,036.99 in Q3 2023[24]. Shareholder Information - The top ten shareholders include China National Gold Group Corporation, holding 646,050,000 shares, representing 38.46% of the total shares[8]. - The company reported a total of 45.72% of its shares held by related parties, indicating a significant level of ownership concentration[10]. - The company has not reported any significant changes in its major shareholders or their participation in financing activities during the reporting period[10]. Government Support and Other Income - The company received government subsidies amounting to approximately ¥44.86 million during the reporting period[5]. - The company reported a significant increase in commission income, reaching CNY 45.15 billion in Q3 2024, compared to CNY 40.10 billion in Q3 2023, which is an increase of approximately 12.5%[18]. - The total revenue for Q3 2024 reached CNY 46.57 billion, an increase from CNY 41.31 billion in Q3 2023, representing a growth of approximately 12.5%[18]. - The net profit for Q3 2024 was CNY 751.13 million, slightly up from CNY 744.40 million in Q3 2023, indicating a year-over-year increase of about 0.99%[20]. - The operating profit for Q3 2024 was CNY 904.51 million, compared to CNY 835.65 million in the same period last year, reflecting a growth of approximately 8.25%[20]. - The company’s tax expenses for Q3 2024 were CNY 158.97 million, down from CNY 163.96 million in Q3 2023, reflecting a decrease of about 3.5%[20]. - The company’s investment loss for Q3 2024 was CNY -297.24 million, worsening from CNY -200.41 million in Q3 2023[18]. Accounting Standards - The company did not adopt new accounting standards for the year 2024, maintaining consistency in financial reporting[25].