证券代码：600916 证券简称：中国黄金 公告编号：2024-038 中国黄金集团黄金珠宝股份有限公司 关于非独立董事辞职的公告 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。 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）于近日收到 公司非独立董事沈冰洁女士、朱然先生提交的书面辞职报告。沈冰洁女士、 朱然先生因个人原因申请辞去公司第二届董事会非独立董事职务，辞职后不 在公司担任任何职务。 截至本公告披露日，沈冰洁女士、朱然先生未直接或间接持有公司股票， 不存在应当履行而未履行的承诺事项。根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中国黄金集团黄金珠宝股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，沈冰洁女士、朱然先生的辞职未导 致公司董事会成员人数低于法定最低人数，不会影响公司董事会的正常运行， 其辞职报告自送达公司董事会之日起生效。公司将按照《公司法》《公司章 程》的规定，尽快完成公司董事的补选工作。 沈冰洁女士、朱然先生在担任公司董事期间，恪尽职守，勤勉敬业，忠 实诚信地履行了董事的职 ...

据中央纪委国家监委驻国务院国资委纪检监察组、天津市纪委监委消息：中国黄金集团有限公司原党委 委员、副总经理赵占国涉嫌严重违纪违法，目前正接受中央纪委国家监委驻国务院国资委纪检监察组和 天津市监委纪律审查和监察调查。 （中央纪委国家监委驻国务院国资委纪检监察组 天津市纪委监委） ...

财联社12月8日电，据中央纪委国家监委驻国务院国资委纪检监察组、天津市纪委监委消息：中国黄金 集团有限公司原党委委员、副总经理赵占国涉嫌严重违纪违法，目前正接受中央纪委国家监委驻国务院 国资委纪检监察组和天津市监委纪律审查和监察调查。 ...

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]