登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600916 证券简称：中国黄金 一、 主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二） 非经常性损益项目和金额 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 √适用 □不适用 单位:元 币种:人民币 单位：股 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的 ...

Core Insights - The company reported a significant increase in third-quarter revenue but a drastic decline in net profit, indicating potential challenges in profitability despite higher sales [1] Financial Performance - Third-quarter revenue reached 14.666 billion yuan, representing a year-on-year increase of 28.43% [1] - Net profit attributable to shareholders for the third quarter was 16.0885 million yuan, showing a year-on-year decrease of 89.37% [1] - For the first three quarters, total revenue was 45.764 billion yuan, reflecting a year-on-year decline of 1.74% [1] - Net profit attributable to shareholders for the first three quarters was 33.5 million yuan, down 55.08% year-on-year [1] Operational Challenges - The primary reason for the performance fluctuations is attributed to discrepancies in measurement methods between inventory (historical cost) and financial liabilities (fair value) related to the company's gold leasing business [1] - The impact of rapidly rising gold prices on the profit statement is not synchronized, leading to the observed profit decline [1]

Core Viewpoint - China Gold, a prominent state-owned enterprise in the gold and jewelry retail sector, has shown strong revenue performance but faces challenges in profitability and debt levels [1][2][3]. Group 1: Company Overview - China Gold was established on December 16, 2010, and listed on the Shanghai Stock Exchange on February 5, 2021, with its headquarters in Beijing [1]. - It is the only platform for the gold and jewelry retail segment of China Gold Group, focusing on the "China Gold" brand [1]. Group 2: Financial Performance - As of Q3 2025, China Gold reported revenue of 45.764 billion yuan, ranking second in the industry, just behind Lao Feng Xiang's 48.001 billion yuan [2]. - The company's net profit for the same period was 340 million yuan, placing it fourth in the industry, below Lao Feng Xiang's 1.838 billion yuan and Zhou Dazheng's 880 million yuan [2]. Group 3: Financial Ratios - China Gold's debt-to-asset ratio stood at 46.82% in Q3 2025, higher than the previous year's 40.00% and above the industry average of 32.06% [3]. - The gross profit margin was reported at 3.75%, down from 4.20% year-on-year and significantly lower than the industry average of 22.10% [3]. Group 4: Leadership - The chairman, Liu Kejun, born in 1977, took office in June 2023, having previously held various positions within the group [4]. - The general manager, Wang Yufei, born in 1980, has extensive experience with Shanghai Gold Company and has been in his current role since January 2025 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.57% to 121,000, while the average number of shares held per shareholder decreased by 2.51% to 13,900 shares [5]. - Hong Kong Central Clearing Limited was the fifth-largest shareholder, holding 17.5866 million shares, a decrease of 6.1263 million shares from the previous period [5]. Group 6: Market Outlook - Guotai Junan Securities maintained a "buy" rating for China Gold, adjusting the EPS forecasts for 2025-2026 due to gold price impacts and setting a target price of 9.62 yuan [5]. - Open Source Securities also revised down the profit forecasts for 2025-2026 while maintaining a "buy" rating, highlighting business improvements and product collaborations [6].

Core Insights - China Gold reported a decline in revenue and profit for the first three quarters of 2025, with total revenue at 45.764 billion yuan, down 1.74% year-on-year, and net profit attributable to shareholders at 335 million yuan, down 55.08% year-on-year [1][2] Financial Performance - The basic earnings per share for the reporting period was 0.20 yuan, with a weighted average return on equity of 4.51% [2] - The company's gross margin for the first three quarters was 3.75%, a decrease of 0.46 percentage points year-on-year, while the net margin was 0.74%, down 0.87 percentage points year-on-year [2] - In Q3 2025, the gross margin was 2.15%, down 1.47 percentage points year-on-year and down 1.72 percentage points quarter-on-quarter, with a net margin of 0.12%, down 1.23 percentage points year-on-year and down 0.82 percentage points quarter-on-quarter [2] Cost Management - Total operating expenses for Q3 2025 were 424 million yuan, a decrease of 54.7475 million yuan year-on-year, with an expense ratio of 0.93%, down 0.10 percentage points year-on-year [2] - Sales expenses decreased by 18.13% year-on-year, while management expenses increased by 8.18%, and R&D expenses increased by 13.89% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 121,000, an increase of 3,032 households or 2.57% from the end of the previous half [2] - The average market value held per household remained at 116,300 yuan [2] Company Overview - China Gold Group Jewelry Co., Ltd. is a major enterprise engaged in the research, design, production, sales, and brand operation of gold jewelry products in China, established on December 16, 2010, and listed on February 5, 2021 [3] - The main business revenue composition includes 98.83% from gold products, 0.67% from brand usage fees, 0.22% from management service fees, 0.15% from other businesses, and 0.13% from K-gold jewelry products [3] - The company is classified under the textile and apparel industry, specifically in the jewelry and watch sector, and is associated with concepts such as gold stocks and state-owned enterprise reform [3]

Financial Performance - The company's operating revenue for the third quarter was CNY 14,665,532,590.47, an increase of 28.43% compared to the same period last year[4] - The total profit for the quarter was CNY 2,683,655.54, a decrease of 98.50% year-on-year[9] - The net profit attributable to shareholders was CNY 16,088,543.94, down 89.37% from the previous year[10] - The net profit after deducting non-recurring gains and losses was CNY -14,717,360.08, a decline of 112.56% compared to the same period last year[10] - The basic earnings per share for the quarter was CNY 0.01, a decrease of 88.89% year-on-year[5] - The diluted earnings per share for the quarter was also CNY 0.01, reflecting the same percentage decrease[5] - Total operating revenue for the first three quarters of 2025 was CNY 45,763,971,741.07, a decrease of 1.74% compared to CNY 46,574,664,690.52 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was CNY 340,237,312.50, a decline of 54.7% from CNY 751,133,897.43 in the same period of 2024[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.20, compared to CNY 0.44 in 2024, indicating a decrease of 54.5%[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,721,764,133.69, an increase of 6.36% compared to the end of the previous year[5] - The company's total assets amounted to approximately ¥13.72 billion, an increase from ¥12.90 billion as of December 31, 2024, reflecting a growth of about 6.4%[16][17] - The company's cash and cash equivalents decreased to ¥5.29 billion from ¥6.80 billion, representing a decline of approximately 22.1%[16] - Accounts receivable increased significantly to ¥1.23 billion, up from ¥342.09 million, marking a growth of approximately 259.5%[16] - Inventory rose to ¥5.40 billion, compared to ¥3.79 billion, indicating an increase of about 42.5%[17] - Total current liabilities increased to ¥6.00 billion from ¥4.94 billion, reflecting a rise of approximately 21.5%[18] - The company's total liabilities reached ¥6.42 billion, up from ¥5.36 billion, which is an increase of about 19.8%[18] - The retained earnings decreased to approximately ¥2.74 billion from ¥3.06 billion, a decline of about 10.3%[18] - The total liabilities and equity amounted to CNY 13,721,764,133.69 as of the end of the reporting period, compared to CNY 12,900,880,448.50 in the previous year[21] - The company’s total equity attributable to shareholders decreased to CNY 7,197,637,847.08 from CNY 7,449,257,129.31 in the previous year, a decline of 3.4%[21] Cash Flow - The cash flow from operating activities for the year-to-date was CNY -901,829,053.81, indicating a significant cash outflow[5] - The net cash flow from operating activities was -901,829,053.81, a significant decline compared to 433,603,589.53 from the previous period[26] - Cash inflow from operating activities for the first three quarters of 2025 was CNY 48,252,116,292.94, slightly down from CNY 48,360,999,608.55 in 2024[25] - Cash outflow from investing activities totaled 25,167,806.52, down from 64,903,672.46, indicating reduced investment spending[26] - The net cash flow from financing activities was -587,414,619.17, compared to -879,790,423.40 in the prior period, showing an improvement[26] - The total cash and cash equivalents decreased by -1,514,411,479.50, compared to a decrease of -511,090,506.33 previously[26] - Cash paid to employees was 190,487,240.28, down from 203,994,214.53, reflecting cost-cutting measures[26] - Cash paid for taxes was 308,732,264.49, a decrease from 455,698,601.61, indicating potential tax efficiency improvements[26] - Cash paid for dividends and interest was 611,490,973.84, down from 785,577,255.00, suggesting a reduction in shareholder payouts[26] - The beginning balance of cash and cash equivalents was 6,651,954,495.34, compared to 6,004,163,449.17 in the previous period, showing a strong starting position[26] Other Financial Information - The company reported government subsidies of CNY 35,000,000.00 during the quarter, contributing to its financial results[7] - The company reported an investment loss of CNY 40,113,638.24 for the first three quarters of 2025, an improvement from a loss of CNY 297,238,059.69 in the same period of 2024[21] - The company experienced a foreign exchange loss of CNY 853,064,660.33 in the first three quarters of 2025, compared to a loss of CNY 278,843,690.18 in 2024[22] - Research and development expenses increased to CNY 10,956,517.84 in the first three quarters of 2025, up from CNY 9,620,157.86 in 2024, reflecting a growth of 13.9%[21] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[27] - The company is not applying the new accounting standards for the current reporting period, maintaining consistency in financial statements[27] Shareholder Information - The top ten shareholders collectively hold 45.86% of the company's shares, with China National Gold Group being the largest shareholder[14]

证券代码：600916 证券简称：中国黄金 公告编号：2025-041 中国黄金集团黄金珠宝股份有限公司 关于计提资产减值损失及确认公允价值变动的 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。 本期数为 6,696,484.00 元。 二、本次计提资产减值准备及公允价值变动对公司的影响 经评估，上述计提资产减值准备及公允价值变动损益共计-854,855,031.24 元，影响公司 2025 年前三季度合并利润总额-854,855,031.24 元。本次计提各 项资产减值准备和公允价值变动损益符合《企业会计准则》规定，其中公允价值 变动损益波动是公司黄金租赁业务形成的存货和交易性金融负债因计量方式差 异，在金价快速上涨的会计期间对利润表的影响不同步，以上均符合公司目前实 际业务情况，不存在损害公司和全体股东利益的情形，不会影响公司正常经营。 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）根据《企业会计 准则》及公司会计政策、会计估计等相关规定，为真实、准确、公允地反映公司 2025 年前三季度财务状况、资产价值及经 ...

证券代码：600916 证券简称：中国黄金 公告编号：2025-042 中国黄金集团黄金珠宝股份有限公司 2025 年 1-9 月主要经营数据公告 | | | 区域 经营业态 直营门店 门店数量（个） 建筑面积（平米） 华北 零售 1 20 华东 零售 3 210.68 华中 零售 1 119 合计 5 349.68 一、 报告期内门店变动情况 （二） 2025年1-9月，公司关闭的直营店面情况如下： 区域 经营业态 直营门店 门店数量（个） 建筑面积（平米） 华北 零售 3 357.28 华东 零售 1 54 西南 零售 1 102.11 合计 5 513.39 （三） 2025年1-9月，公司增加的加盟店面情况如下： 区域 经营业态 加盟门店 门店数量（个） 建筑面积（平米） 东北 零售 2 257 华北 零售 2 195 华东 零售 6 353 华中 零售 4 275 合计 14 1080 （四） 2025年1-9月，公司关闭的加盟店面情况如下： | | | 门店数量（个） | 建筑面积（平米） | | --- | --- | --- | --- | | 东北地区 | 零售 | 27 | 3363.56 ...

证券代码：600916 证券简称：中国黄金 公告编号：2025-040 经会议有效审议表决形成决议如下： 中国黄金集团黄金珠宝股份有限公司 第二届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）第二届董事会第 十三次会议于 2025 年 10 月 30 日（星期四）以现场结合通讯形式在北京市东城 区安外大街柳荫公园南街 1 号召开，会议通知于 2025 年 10 月 20 日以邮件方式 向全体董事发出。会议应参会董事 9 人，实际参会 9 人。会议由董事长刘科军先 生主持。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、董事会会议审议情况 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）披露并 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《2025 年第三季度报告》。 特此公告。 中国黄金集团黄金珠宝股份 ...

Core Insights - The jewelry sector experienced a decline of 2.13% on October 30, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Market Performance - The jewelry sector's main stocks showed varied performance, with ST XinHua Jin rising by 4.97% to a closing price of 6.97, while Chao Hong Mu fell by 4.66% to 13.51 [2] - The trading volume for ST XinHua Jin was 106,000 shares, with a transaction value of 72.87 million yuan, while Chao Hong Mu had a trading volume of 166,200 shares and a transaction value of 228 million yuan [2] Capital Flow - The jewelry sector saw a net outflow of 104 million yuan from main funds, while retail investors contributed a net inflow of approximately 95.4 million yuan [2] - The main funds showed a net inflow in stocks like Di A shares and ST XinHua Jin, while significant outflows were noted in stocks like Rui Bei Ka and Ming Pai Jewelry [3]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant rally, driven by favorable factors such as the Federal Reserve's interest rate cuts, with the Copper ETF (159652) seeing substantial inflows and price increases [1][3]. Group 1: Market Performance - The non-ferrous 50 ETF (159652) has surged over 2%, attracting over 20 million yuan in capital inflows during the trading session [1]. - Key components of the non-ferrous 50 ETF, including lithium and other industrial metals, have shown strong price increases, with notable gains from Tianqi Lithium and Ganfeng Lithium [3]. - The London Metal Exchange (LME) copper price reached an all-time high of 11,200 points, indicating strong market demand [3]. Group 2: Supply and Demand Dynamics - Citic Securities forecasts that copper and cobalt prices will continue to rise due to supply constraints, while lithium prices will benefit from unexpected increases in energy storage demand [5]. - The supply side is facing significant constraints, with global copper mine supply expected to enter negative growth in Q4 2024 due to production disruptions and reduced output guidance from major producers [5]. - Emerging demand from AI data centers is projected to significantly increase copper consumption, with a compound annual growth rate of 26% expected from 2023 to 2027 [6]. Group 3: Macroeconomic Factors - The current geopolitical tensions and dollar credit risks are enhancing the financial attributes of copper, positioning it as a key reserve asset for countries [10]. - The Federal Reserve's recent interest rate cut to a target range of 3.75%-4% is expected to support the price of physical assets like copper [10]. - Citic Jin Investment predicts that copper prices may return to a range of $10,000 to $12,000 per ton by Q4 2025, supported by supply-demand fundamentals and liquidity conditions [11]. Group 4: Investment Opportunities - The non-ferrous 50 ETF (159652) is highlighted for its high copper and gold content, with a leading position in the market [11]. - The ETF's index has shown a cumulative return of 116.5% since 2022, driven by earnings rather than valuation expansion, indicating strong growth potential [13]. - The projected compound annual growth rate for net profit over the next two years for the ETF's index is 16.28%, suggesting superior growth compared to peers [13].