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].

中信证券股份有限公司 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]3063 号）核准，公司于 2021 年 1 月 27 日采用网下配售方式向询价对象公开发行人民币普通股（A 股）12,600.00 万股（启动回拨机制后最后发行数量 1,800.00 万股），于 2021 年 1 月 27 日采 用网上定价方式公开发行人民币普通股（A 股）5,400 万股（启动回拨机制后最 终发行数量 16,200.00 万股），共计公开发行人民币普通股（A 股）18,000.00 万 股，每股面值人民币 1.00 元，每股发行价格为人民币 4.99 元，经瑞华会计师事 务所（特殊普通合伙）出具的瑞华验字【2021】01500001 号验资报告验证，募 集资金总额为 89,820.00 万元，扣除发行费用 6,723.95 万元，募集资金现金金 额为 83,096.05 万元，并于 2021 年 2 月 2 日汇入公司开立于兴业银行股份有限 公司北京分行营业部的募集资金专用账户（账号为 326660100100442779）及 中信银行北京中粮广场支行的 ...

证券代码：600916 证券简称：中国黄金 公告编号：2024-033 （一）审议通过《关于公司<2024 年第三季度报告>的议案》。 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，不存在虚假记载、误导性陈述或重大遗漏。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 此议案经审计委员会全体审议同意后提交董事会审议。 中国黄金集团黄金珠宝股份有限公司 第二届董事会第四次会议决议公告 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 四次会议于 2024 年 10 月 29 日（星期二）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 2024 年 10 月 23 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 ...

| 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 | 102.00 | | 华北 | 零售 | 1 | 37.00 | | 华东 | 零售 | 28 | 2,544.00 | | 华南 | 零售 | 9 | 360.00 | | 华中 | 零售 | 1 | 30.00 | | 西北 | 零售 | 4 | 103.00 | （一） 2024年1-9月，公司增加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 5 439.99 华东 零售 1 90.00 华南 零售 2 162.00 华中 零售 1 90.00 合计 9 781.99 （二） 2024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 6 839.81 华东 零售 3 120.10 华中 零售 1 124.00 西南 零售 2 129.00 合计 12 1,212.91 （三） 2024年1-9月，公司增加的加盟店 ...

证券时报网讯，中国黄金协会最新统计数据显示，2024年前三季度，上海黄金交易所全部黄金品种累计 成交量双边4.65万吨（单边2.32万吨），同比增长47.49%，成交额双边24.98万亿元（单边12.49万亿 元），同比增长80.23%；上海期货交易所全部黄金品种累计成交量双边12.95万吨（单边6.48万吨）， 同比增长40.49%，成交额双边57.46万亿元（单边28.73万亿元），同比增长62.89%。 前三季度，受金价上涨预期提振，国内黄金ETF持有量上升至91.39吨，较2023年底增长29.93吨，增长 幅度为48.69%。 校对：王朝全 ...

好的 尊敬的各位投资者 大家下午好我是海通有事的陈先龙那么本场电话会呢是由我和我们同事那个张涵浩一起为大家介绍那么这个我们最近外发的这个黄金那个专题报告对中国黄金公司这个对发展的和对比的一些数理啊就是整体上是这样一个情况那我想重点介绍这样几个情况吧第一呢是大家比较关心的 请不吝点赞 订阅 转发 打赏支持明镜与点点栏目 黄金股投资的话可能还是和传统的这个商品就是有一批这个或有一批这个市场的参与者他可能还是秉持着之前这种商品投资的一些框架就是在这个价格在高位的话可能会对整个这个股票的话就是说会有一些担心可能也就是说他就在上这个新高的过程当中 逐步在减持这个黄金股当然前期市场也不是太好真正来讲黄金股的话今年在这个板块里面就是在这次上涨之前的话应该来讲还是有差不多收益那么站在目前这个时间点来看的话我们认为黄金股的话基本上来讲逐步调整到有相对有这个估值吸引力的一个位置这是第一点在这个金融属性和货币属性共振的一个情况下其实 金价的话我认为会继续处于这样在走强然后还能再创立新高的这样的一个情况那么整体上所以我们在理解就是A股 鹏金股的话向这个金价回归的话实际上只是时间的问题那么具体的这个标记的一个数据的话这边有请我们同事张 ...