Core Viewpoint - China Gold (600916.SH) expects a significant decline in net profit for the year 2025, projecting a range of 286 million to 368 million yuan, which represents a year-on-year decrease of 55% to 65% [1] Group 1: Financial Performance - The primary reason for the decline in net profit is attributed to the impact of the gold market and new policies, which have affected both investment and consumer gold product sales [1] - There has been a noticeable reduction in customer traffic at retail stores, leading to temporary sales pressure for the company [1] - The company's gold leasing business is facing challenges due to different accounting standards and measurement methods applied to assets and liabilities, resulting in a negative impact on profit from fair value changes [1] Group 2: Market Conditions - The rapid increase in gold prices has outpaced inventory turnover rates, contributing to the temporary negative effects on the company's profits [1]

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, projecting a range of 286 million to 368 million yuan, which represents a year-on-year decrease of 55% to 65% [1] Group 1: Financial Performance - The primary reason for the decline in net profit is attributed to the impact of the gold market and new policies, which have adversely affected sales of both investment and consumer gold products [1] - There has been a reduction in customer traffic at retail stores, leading to temporary sales pressure for the company [1] - The company's gold leasing business is facing challenges due to the application of different accounting standards and measurement methods on the asset and liability sides of the financial statements [1] Group 2: Market Conditions - The rapid increase in gold prices has outpaced the turnover speed of inventory, resulting in a temporary negative impact on profit from fair value changes [1]

Core Viewpoint - The company, China Gold, anticipates a significant decline in net profit for the year 2025, primarily due to adverse market conditions affecting both investment and consumer gold product sales [1] Financial Projections - The expected net profit attributable to the parent company for 2025 is projected to be between 286.40 million yuan and 368.20 million yuan, representing a decrease of 45.02 million yuan to 53.20 million yuan compared to the previous year, which translates to a year-on-year decline of 55.00% to 65.00% [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be between 246.40 million yuan and 328.20 million yuan, reflecting a reduction of 46.16 million yuan to 54.34 million yuan year-on-year, equating to a decrease of 58.44% to 68.80% [1] Market Impact - The decline in net profit is attributed to a combination of factors, including the impact of the gold market and new policies, which have adversely affected sales of both investment and consumer gold products [1] - There has been a noticeable decrease in customer traffic at retail stores, leading to temporary sales pressure for the company [1] Accounting and Financial Reporting - The company's gold leasing business is affected by different accounting standards and measurement methods applied to assets and liabilities on the financial statements [1] - The rapid increase in gold prices has outpaced inventory turnover, resulting in a temporary negative impact on profit due to fair value changes [1]

证券代码：600916 证券简称：中国黄金 公告编号：2026-002 中国黄金集团黄金珠宝股份有限公司 2025 年年度业绩预减公告 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： 一、本期业绩预告情况 （一）业绩预告期间 经公司初步测算，预计 2025 年年度实现归属于母公司所有者的净利润 28,640.00 万元到 36,820.00 万元，与上年同期相比，将减少 45,018.99 万元到 53,198.99 万元，同比减少 55.00%到 65.00%。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利润 24,640.00 万元到 32,820.00 万元，与上年同期相比，将减少 46,157.56 万元到 54,337.56 万元，同比减少 58.44%到 68.80%。 本期业绩预告适用于"实现盈利，且净利润与上年同期相比下降 50% 以上"的情形。 中国黄金集团黄金珠宝股份有限公司（以下简称"公司"）预计 2025 年年度实现归属于母公司所有者的净利润为 28,640.00 ...

Core Viewpoint - The company, China Gold, expects a significant decline in net profit for the fiscal year 2025, projecting a range of 286 million to 368 million yuan, which represents a year-on-year decrease of 55% to 65% [1] Group 1: Financial Performance - The primary reason for the decline in net profit is the impact of the gold market and new policies, which have adversely affected sales of both investment and consumer gold products [1] - There has been a reduction in customer traffic at retail stores, leading to temporary sales pressure for the company [1] - The company's gold leasing business is affected by different accounting standards and measurement methods on the asset and liability sides of the financial statements, contributing to the negative impact on profits [1] Group 2: Market Conditions - The rapid increase in gold prices has outpaced inventory turnover rates, resulting in a temporary negative effect on the fair value changes and profits of the company [1]

Core Viewpoint - China Gold (600916) expects a net profit attributable to shareholders of the parent company for the fiscal year 2025 to be between 286 million to 368 million yuan, representing a year-on-year decrease of 55% to 65% due to impacts from the gold market and new policies [1] Group 1: Financial Performance - The anticipated net profit for 2025 is projected to decline significantly, indicating potential challenges in profitability for the company [1] - The decrease in profit is attributed to reduced sales in both investment and consumer gold products, as well as decreased foot traffic in retail stores [1] Group 2: Market and Operational Challenges - The company faces temporary sales pressure due to a combination of market conditions and policy changes affecting consumer behavior [1] - The gold leasing business is impacted by differing accounting standards and measurement methods on the asset and liability sides, leading to a mismatch in the speed of gold price increases versus inventory turnover [1] - The fair value changes and losses are expected to have a temporary negative impact on the company's profits [1]

Core Viewpoint - The company expects a significant decline in net profit for the year 2025, with projections indicating a decrease of 4.5 billion to 5.32 billion yuan compared to the previous year, representing a year-on-year reduction of 55.00% to 65.00% [1] Financial Projections - The anticipated net profit attributable to the parent company for 2025 is estimated to be between 286 million and 368 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 246 million and 328 million yuan, reflecting a decrease of 4.62 billion to 5.43 billion yuan year-on-year, which corresponds to a decline of 58.44% to 68.80% [1] Reasons for Profit Decline - The primary reasons for the decline in net profit include the impact of the gold market and new policies, which have adversely affected sales of both investment and consumer gold products [1] - A reduction in customer traffic at retail stores has led to temporary sales pressure for the company [1] - Additionally, discrepancies in accounting standards and measurement methods for the company's gold leasing business have resulted in a negative impact on profits due to the faster increase in gold prices compared to inventory turnover [1]

Core Viewpoint - China Gold is leveraging technology to drive the intelligent transformation of the gold and jewelry industry as part of its "internationalization, technological advancement, and specialization" strategy [1] Group 1: Technological Initiatives - In 2025, China Gold plans to collaborate with Tsinghua University to develop the "Xunli" gold jewelry generation model, integrating AI technology into product design to blend traditional cultural elements with modern craftsmanship [1] - The company is also partnering with China University of Geosciences (Beijing) to host a design competition, promoting the application of the large model through a "consumer co-creation" approach [1] Group 2: Digital Transformation - In December of the same year, China Gold launched its self-developed official app, creating a digital ecosystem that connects "online ordering + offline pickup + gold repurchase," accelerating its transition from a traditional product seller to a digital service provider [1] - The company is optimizing its organizational structure by establishing two major research and design centers in the north and south, enhancing R&D investment to empower the entire chain with technology [1]

Market Overview - The jewelry sector increased by 0.69% on January 13, with Mingpai Jewelry leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Mingpai Jewelry (002574) closed at 6.99, up 10.08% with a trading volume of 487,400 shares and a transaction value of 336 million [1] - Chao Hong Ji (002345) closed at 12.98, up 4.01% with a trading volume of 443,000 shares and a transaction value of 579 million [1] - Mankalon (300945) closed at 17.66, up 1.67% with a trading volume of 191,100 shares and a transaction value of 340 million [1] - Other notable performances include Ying Shen Tong Ling (603900) up 1.57%, Jin Yi Culture (002721) up 1.23%, and Benhua Jewelry (002731) up 0.86% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 34.46 million from institutional investors, while retail investors saw a net inflow of 28.50 million [2] - The overall capital flow indicates that retail investors are more active in the sector compared to institutional investors [2] Detailed Capital Flow for Key Stocks - Mingpai Jewelry had a net inflow of 52.62 million from institutional investors, but a net outflow of 34.70 million from retail investors [3] - Mankalon saw a net inflow of 13.14 million from institutional investors, with a net outflow of 20.44 million from retail investors [3] - Jin Yi Culture had a net inflow of 8.88 million from institutional investors, while retail investors experienced a net outflow of 15.44 million [3] - Other stocks like China Gold (600916) and Lao Feng Xiang (600612) also showed mixed capital flows with varying levels of institutional and retail investor activity [3]

Group 1 - On January 12, China Gold's stock increased by 0.49% with a transaction volume of 213 million yuan [1] - The financing data shows that on the same day, China Gold had a financing purchase amount of 23.20 million yuan and a net financing purchase of 10.55 million yuan, with a total financing and securities balance of 388 million yuan [1] - The current financing balance of China Gold is 386 million yuan, accounting for 2.79% of its market capitalization, which is above the 80th percentile level over the past year [1] Group 2 - China Gold Group Gold Jewelry Co., Ltd. was established on December 16, 2010, and listed on February 5, 2021, focusing on the research, design, production, and sales of gold jewelry products [2] - The main business revenue composition includes 98.83% from gold products, with minor contributions from brand usage fees (0.67%), management service fees (0.22%), and others [2] - As of September 30, 2025, China Gold reported a revenue of 45.76 billion yuan, a year-on-year decrease of 1.74%, and a net profit of 335 million yuan, down 55.08% year-on-year [2] Group 3 - Since its A-share listing, China Gold has distributed a total of 2.52 billion yuan in dividends, with 1.84 billion yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest shareholder, holding 17.59 million shares, a decrease of 6.13 million shares from the previous period [3] - The Gold Stock ETF (517520) is the ninth-largest shareholder, holding 9.67 million shares as a new shareholder [3]