投资者可于 2024 年 09 月 12 日(星期四)至 09 月 20 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 8 月 30 日在上海证券交易所网站（www.sse.com.cn）发布 公司《2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024 年 上半年经营成果、财务状况，公司计划于 2024 年 09 月 23 日(星期一)上午 11:00- 12:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动的形式召开，公司将针对 2024 年上半年经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 09 月 23 日(星期一)上午 11:00-12:00 会 议 召 开 地 点 ： 上海证券 ...

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投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-05 | | 收盘价 ( 元 ) | 8.29 | | 流通股本 ( 亿股 ) | 16.80 | | 每股净资产 ( 元 ) | 4.30 | | 总股本 ( 亿股 ) | 16.80 | | 最近 12 月市场表现 | | -23% -17% -11% -6% 0% 5% 中国黄金 沪深300 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《黄金产品销售快增，24Q1 利润同 比+21%》 2024-04-30 2. 《Q3 渠道扩张提速，业绩稳健提升》 2023-11-01 3. 《23H1 黄金销售保持快增，利润同 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------|------------|---------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][11]. Core Views - The company's performance in Q2 2024 was slightly below expectations, driven by the release of investment gold demand, while changes in sales structure impacted profit margins [2][6]. - The company is focusing on expanding its store network steadily, with an emphasis on optimizing its exhibition and franchise policies [1][2][11]. Financial Summary - Revenue for the first half of 2024 reached 35.155 billion yuan, a year-on-year increase of 18.90%, while net profit attributable to shareholders was 594 million yuan, up 10.64% year-on-year [1][3]. - For Q2 2024, revenue was 16.905 billion yuan, reflecting a year-on-year growth of 25.89%, but net profit decreased by 2.58% to 231 million yuan [1][3]. - The company adjusted its EPS forecasts for 2024-2026 to 0.67, 0.77, and 0.89 yuan respectively, down from previous estimates [1][11]. Store Expansion and Business Strategy - In the first half of 2024, the company added a net total of 9 stores, with 12 new franchise stores and a reduction of 3 direct stores [1][2]. - The company plans to add 182 stores in Q3 2024, with 178 being franchise stores [1][2]. - The gold and jewelry business achieved revenue of 16.746 billion yuan in Q2 2024, a year-on-year increase of 26.08% [1][2]. Valuation and Target Price - The target price has been adjusted to 10.39 yuan, down from 13.80 yuan, based on a 15.5 times PE for 2024 [1][11]. - The current price is noted at 8.61 yuan, with a market capitalization of 14.465 billion yuan [6][7]. Profitability Metrics - The gross margin for Q2 2024 was 4.71%, an increase of 0.18 percentage points year-on-year, while the net profit margin decreased to 1.25%, down 0.43 percentage points [1][3]. - The company’s net asset return rate is projected to be 13.7% for 2024, increasing to 14.7% by 2026 [3][11]. Industry Context - The report highlights the competitive landscape and the impact of international gold price fluctuations on the company's performance [1][2]. - The average PE of comparable companies in the industry is noted at 14.80 times for 2024 [11].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 35.155 billion yuan in H1 2024, representing a year-on-year increase of 18.90%, with a net profit attributable to shareholders of 594 million yuan, up 10.64% year-on-year [1]. - The company is actively promoting multi-channel construction, with significant growth in gold jewelry revenue driven by rising gold prices and a doubling of sales in investment gold products [1][2]. - The company is expected to achieve revenues of 66.837 billion yuan, 75.502 billion yuan, and 83.217 billion yuan from 2024 to 2026, with corresponding net profits of 1.132 billion yuan, 1.266 billion yuan, and 1.405 billion yuan, reflecting growth rates of 16.3%, 11.8%, and 11.0% respectively [2][3]. Revenue and Profitability - In H1 2024, the gross margin was 4.39%, an increase of 0.16 percentage points year-on-year, while the net profit margin was 1.70%, a decrease of 0.13 percentage points year-on-year [2]. - The company is optimizing its profitability through improved gross margins and reduced expense ratios, with total revenue growth leading to a dilution of expenses [2]. Financial Forecasts - The company is projected to have total revenues of 66.837 billion yuan in 2024, with a growth rate of 18.58%, and a net profit of 1.132 billion yuan, reflecting a growth rate of 16.31% [3][5]. - The earnings per share are expected to increase from 0.58 yuan in 2023 to 0.67 yuan in 2024, with a price-to-earnings ratio (PE) decreasing from 15 to 13 [3][6]. Channel Expansion - The company is expanding its channels, with a net increase of 12 franchise stores in H1 2024 and plans to add 4 direct stores and 178 franchise stores in Q3-Q4 2024 [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance with a 10.6% year-on-year increase in net profit attributable to shareholders in the first half of 2024, driven by robust sales of gold products [3][4] - The company has adjusted its profit forecasts for 2024-2026 due to factors such as gold price fluctuations and a sluggish consumption environment, with expected net profits of 1.116 billion, 1.298 billion, and 1.498 billion yuan respectively for those years [3][4] - The company is transitioning from a channel-driven to a product-driven strategy, focusing on enhancing the proportion of high-value-added products and initiating a brand renewal campaign [5][6] Financial Performance Summary - In H1 2024, the company achieved revenue of 35.155 billion yuan, up 18.9% year-on-year, and a net profit of 594 million yuan, up 10.6% year-on-year [3][4] - The revenue for Q2 2024 was 16.905 billion yuan, reflecting a 25.9% increase, while net profit decreased by 2.6% to 231 million yuan [3] - The company's comprehensive gross margin for H1 2024 was 4.39%, an increase of 0.16 percentage points year-on-year [4] Product and Channel Development - The company added 9 new stores in H1 2024, bringing the total to 4,266 stores, with a focus on expanding franchise channels [5] - A product development plan for 2024 was announced, emphasizing the launch of new high-value products to meet diverse consumer needs [5] - The company is enhancing its brand influence through large-scale public relations activities and collaborations with cultural events [5]

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 35.16 billion, an increase of 18.90% compared to CNY 29.57 billion in the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 594.17 million, reflecting a growth of 10.64% from CNY 537.02 million year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 580.07 million, up 15.33% from CNY 502.97 million in the previous year[15]. - Basic earnings per share for the first half of 2024 increased by 9.37% to CNY 0.35 compared to the same period last year[16]. - The weighted average return on equity rose by 0.27 percentage points to 7.74% year-on-year[16]. - The total comprehensive income for the first half of 2024 was approximately ¥597.55 million, compared to ¥539.82 million in the same period of 2023[98]. - The company reported a net profit margin improvement, with operating income reflecting a more efficient cost structure despite rising total costs[96]. Cash Flow and Assets - The net cash flow generated from operating activities was CNY 323.86 million, a significant recovery from a negative cash flow of CNY -1.84 billion in the same period last year[15]. - The total assets at the end of the reporting period decreased by 6.39% to CNY 12.27 billion from CNY 13.11 billion at the end of the previous year[15]. - The company's current assets totaled RMB 11,499,867,553.34, down from RMB 12,407,512,049.36 in the previous period[90]. - Cash and cash equivalents were reported at RMB 5,536,233,041.39, compared to RMB 6,033,027,834.70 at the end of 2023, reflecting a decrease of approximately 8.25%[90]. - The ending balance of cash and cash equivalents was CNY 5,451,688,530.59, down from CNY 2,681,700,351.37 at the end of the first half of 2023[104]. Liabilities and Equity - The total liabilities were reported at RMB 4,956,508,879.71, down from RMB 5,639,019,764.80, a reduction of approximately 12.09%[92]. - The company's equity attributable to shareholders decreased to RMB 7,225,033,371.95 from RMB 7,383,578,112.29, a decline of about 2.14%[92]. - The total liabilities at the end of the reporting period were 1,680,000,000 RMB, reflecting a stable financial structure[121]. Research and Development - The company has increased its R&D investment to enhance product innovation and upgrade key projects, including the "Chengfu Gold" series[23]. - Research and development expenses decreased significantly by 52.32% to ¥6,264,133.94 from ¥13,139,209.48, indicating reduced investment in R&D[36]. - The company aims to strengthen product innovation and R&D, focusing on cultural gold products to promote traditional culture and enhance market competitiveness[27]. Market Strategy and Sales - The company aims to expand its market presence through a combination of online and offline sales strategies[22]. - The company’s sales model includes direct sales and distribution channels, with a focus on strengthening brand and channel development[24]. - The company reported a doubling in sales of investment gold products, successfully winning a contract for precious metal processing with Agricultural Bank of China[30]. - The company’s e-commerce platform saw notable performance during the "618" shopping festival, reflecting the effectiveness of its online sales strategy[30]. Environmental and Compliance - The company has implemented strict environmental protection measures, ensuring compliance with local standards and avoiding significant pollution incidents[50]. - The company has established a monitoring system for emissions, with specific frequencies for testing pollutants such as nitrogen oxides and particulate matter[51]. - The company is focusing on risk prevention and compliance management, with a comprehensive upgrade of its compliance management system[33]. Shareholder and Governance - The company has not disclosed any plans for profit distribution or capital reserve conversion into share capital during this reporting period[3]. - The company has elected new board members and management personnel, indicating a potential shift in governance and strategic direction[46]. - The company committed to not engaging in any competitive activities with China Gold and its subsidiaries, ensuring no direct or indirect investments in similar businesses[61]. Legal Matters - The company is involved in a significant lawsuit against Starlight Jewelry Group Co., Ltd. and Hefei Junge Trading Co., Ltd., with a claim amounting to RMB 54,531,800, plus overdue interest and a penalty of 0.066% per day[68]. - The court ruled in favor of the company on June 24, 2020, but enforcement has been stalled due to the defendants lacking assets for execution, leading to a suspension of enforcement as of March 28, 2022[69]. Financial Management - The company has not reported any major guarantees or other significant contracts during the reporting period[72][73]. - The company has not utilized any idle fundraising for temporary working capital during the reporting period[81]. - The company has not made any changes or terminations to fundraising projects during the reporting period[78]. Taxation and Incentives - The company benefits from various tax incentives, including a 15% corporate income tax rate for its subsidiary in Hainan Free Trade Port, which qualifies as an encouraged industry[184]. - The company is subject to various tax rates, including a 6% and 13% VAT rate, a 5% consumption tax, and a corporate income tax rate of 15%, 20%, or 25% depending on the entity[182].

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。 证券代码：600916 证券简称：中国黄金 公告编号：2024-028 中国黄金集团黄金珠宝股份有限公司 第二届监事会第三次会议决议公告 一、监事会会议召开情况 根据公司 2024 年上半年生产经营情况，公司 2024 年半年度报告的内容真 实、准确、完整地反应了公司实际经营情况，不存在虚假记载、误导性陈述或重 大遗漏。 表决结果：赞成票 5 票，反对票 0 票，弃权票 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2024 年半年度报告》全文及摘要，以及刊登于《上海证券报》《中国证券报》 《证券时报》《证券日报》《经济参考报》的《2024 年半年度报告摘要》。 （二）审议通过《关于公司<2024 年半年度募集资金存放与实际使用情况的 专项报告>的议案》。 公司已及时、真实、准确、完整的披露了关于募集资金的使用及管理等应披 露的信息，不存在募集资金管理违规的情形。公司对募集资金的投向和进展情况 均如实履行了披露义务。 中国黄金集团黄 ...

以上变更信息自本公告发布之日起正式启用，敬请广大投资者关注以上信息 变更，若由此给您带来不便，敬请谅解。 中国黄金集团黄金珠宝股份有限公司 关于办公地址变更的公告 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"）办公地址已于近 日由"北京市东城区东四南大街 249 号北计大楼（南楼）"变更为"北京市东城 区安外大街柳荫公园南街 1 号"，邮政编码由"100006"变更为"100011"。除 上述变更外，公司联系电话、传真、电子信箱及注册地址等其他基本信息均保持 不变。 本次变更后公司最新联系方式如下： 证券代码：600916 证券简称：中国黄金 公告编号：2024-026 特此公告。 中国黄金集团黄金珠宝股份有限公司董事会 2024 年 8 月 23 日 办公地址：北京市东城区安外大街柳荫公园南街 1 号 联系电话：010-84115629 邮政编码：100011 传真：010-84115629 电子信箱：zjzb@chnau99999.com 注册地址：北京市北京经济技术开 ...

证券代码：600916 证券简称：中国黄金 公告编号：2024-025 中国黄金集团黄金珠宝股份有限公司 关于股东宿迁涵邦投资管理有限公司 减持股份计划公告 本公司董事会、全体董事及相关股东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： 1 股东持股的基本情况：截至本公告披露日，宿迁涵邦投资管理有限公司 （以下简称"宿迁涵邦"）持有中国黄金集团黄金珠宝股份有限公司（以 下简称"公司"）43,338,400 股股份，约占公司总股本的 2.58%。 减持计划的主要内容：经宿迁涵邦内部决策，宿迁涵邦拟通过集中竞 价、大宗交易的方式合计减持其所持有的公司股份不超过 43,338,400 股、减持比例不超过公司总股本的 2.58%。其中，通过集中竞价交易方 式减持的股份不超过 16,800,000 股，占公司总股本比例不超过 1%；通 过大宗交易方式减持的股份不超过 26,538,400 股，占公司总股本比例 不超过 1.58%。采用大宗交易减持的，减持期间为自本减持计划披露之 日起 3 个交易日后的 3 个月内，且在任意连续 90 个自然日 ...