Group 1: Event Overview - The investor relations activity took place on February 5, 2026, at the company headquarters, attended by 8 representatives from various financial institutions [1]. - The event included a tour of the company exhibition hall, Zhenbao Museum, and a visit to the Chaohongji jewelry stores and "Zhen" experience center [1]. Group 2: Q&A Session Highlights - Participants engaged in discussions regarding the company's performance forecast, the "One City, One Intangible Cultural Heritage" initiative, store openings, and overseas store status [1]. - Topics also covered included changes in product structure, new product planning, e-commerce operations, women's bag business, and the impact of gold price fluctuations [1]. - The communication adhered strictly to regulations, with no significant undisclosed information reported [1].

Market Performance - The three major indices rebounded during intraday trading on February 6, with the ChiNext Index turning positive after previously dropping nearly 2%. The Shanghai Composite Index rose by 0.04%, and the Shenzhen Component Index increased by 0.18% [1] Precious Metals Sector - The precious metals sector showed signs of recovery, with Hunan Gold rising over 9%, previously hitting the daily limit. Other companies such as Nanmin Group and Chaohongji also reached their daily limit, while companies like Cuihua Jewelry, Xiaocheng Technology, Laisentongling, Fuda Alloy, and Mingpai Jewelry followed suit with gains [1] Stock Performance - Notable stock performances included: - Nanmin Group: +10.00%, current price at 25.52, with a net inflow of 54.93 million [2] - Chaohongji: +9.98%, current price at 13.56, with a net inflow of 78.82 million [2] - Hunan Gold: +9.26%, current price at 35.74, with a net inflow of 548 million [2] - Other companies like Cuihua Jewelry, Xiaocheng Technology, and Laisentongling also reported significant gains [2] Commodity Prices - Spot gold and silver experienced a "V-shaped" rebound, with spot silver rising over 3% to $73.25 per ounce, and spot gold increasing by 1.2% to $4,836.52 per ounce [2]

Group 1 - Precious metals concept shows partial recovery, with Hunan Gold (002155) achieving a remarkable 10 consecutive trading days of gains [1] - Chao Hong Ji (002345) hits the daily limit up, indicating strong market interest [1] - Other companies such as Cuihua Jewelry (002731), Xiaocheng Technology (300139), China Gold (600916), Sichuan Gold (001337), and Huayu Mining (601020) also experience upward movement [1]

Core Viewpoint - The company is experiencing growth driven by the increasing market share of gold jewelry, particularly solid gold pieces, while the share of K-gold is gradually decreasing. The projected net profit for 2025 is expected to be between 440 million to 530 million yuan, representing a year-on-year growth of 125% to 175% [4]. Group 1 - The company initially focused on K-gold jewelry but has shifted towards solid gold jewelry due to rising gold prices and increased consumer demand for gold as a store of value. By 2025, K-gold revenue is expected to account for less than 5% of total revenue [4]. - Historical performance shows that the company's stock price outperformed the Shanghai Composite Index and the Shenwan Secondary Jewelry Index during two periods: 2014-2017 and from 2023 to the present [4]. - The company has undergone a strategic shift, moving from acquisitions in other sectors back to focusing on its core jewelry business, which has shown strong performance since 2023 [4]. Group 2 - The gold consumption market is evolving, with a growing trend towards younger consumers who view gold jewelry as a fashion accessory rather than just for traditional occasions. The market size for classic gold products in China is projected to reach 524.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024 [5]. - The company has developed a differentiated product matrix with a focus on low-weight and IP collaborations to attract younger customers. This includes leveraging cultural elements and unique designs to stand out in the market [6]. - The company is enhancing brand awareness through IP marketing and digital transformation, which has positively influenced the willingness of franchisees to open new stores, leading to an expansion of franchise locations [7].

Core Insights - The company is experiencing a shift from K gold to pure gold jewelry, with K gold revenue expected to account for less than 5% by 2025, driven by rising gold prices and increased brand strength [1] - The company's net profit for 2025 is projected to be between 440 million to 530 million yuan, representing a year-on-year growth of 125% to 175% [1] Group 1: Market Trends - Gold consumption is evolving beyond traditional occasions, becoming a fashion item for younger consumers, with the market size for classic gold products expected to reach 524.2 billion yuan in 2024, growing at a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024 [2] - The market is projected to reach 692 billion yuan by 2029, with a CAGR of 5.7% from 2025 to 2029 [2] Group 2: Company Strategy - The company has developed a differentiated product matrix with a focus on low-weight and IP collaborations to attract younger consumers, leveraging its long-term R&D capabilities [3] - The company is expanding its brand recognition through IP marketing and digital enhancements, leading to increased franchisee interest and store openings [3] Group 3: Financial Projections - Revenue forecasts for 2025 to 2027 are 8.131 billion, 9.699 billion, and 11.484 billion yuan, with year-on-year growth rates of 24.8%, 19.3%, and 18.4% respectively [4] - Net profit estimates for the same period are 483 million, 700 million, and 838 million yuan, with growth rates of 149.3%, 45.0%, and 19.6% respectively [4] - The target price for the company's stock is set at 16.77 yuan, with a projected price-to-earnings (PE) ratio of 23, 16, and 13 for the years 2025 to 2027 [4]

| 当日价 | 1566 | | --- | --- | | 日涨幅 | 4.75% | | 最高价 | 1566 | | 最低价 | 1489 | | 顶位差 | 0 | | 底位差 | 77 | | 平均值 | 1517 | 2月4日，潮宏基黄金价格报1566元/克，与昨日（1495元/克）相比，上涨了71元/克，涨幅4.75%，与本 月初（1489元/克）相比，上涨了77元/克，涨幅5.17%。较本月最高价相差0元/克，较本月最低价相差77 元/克，均价1517元/克。 潮宏基黄金价格月度统计（2月2日-2月4日，单位：元/克） ...

Market Overview - The jewelry sector experienced a slight decline of 0.03% on February 4, with China Gold leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Notable gainers included: - Caizhi Co., Ltd. (605599) with a closing price of 25.23, up 5.43% and a trading volume of 305,900 shares, totaling 773 million yuan [1] - Shenhua A (000017) closed at 7.53, up 1.62% with a trading volume of 178,300 shares, totaling 134 million yuan [1] - Major decliners included: - China Gold (600916) closed at 12.17, down 6.31% with a trading volume of 2,423,000 shares [2] - Xinghua Jewelry (002731) closed at 11.05, down 0.90% with a trading volume of 307,700 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 465 million yuan from institutional investors, while retail investors contributed a net inflow of 464 million yuan [2] - The main capital flow for selected stocks showed: - Zhou Dazheng (002867) had a net inflow of 15.87 million yuan from institutional investors, while retail investors had a net outflow of 608,600 yuan [3] - Diya Co., Ltd. (301177) experienced a net inflow of 7.01 million yuan from institutional investors, with a net outflow of 68,700 yuan from retail investors [3]

Core Viewpoint - The report highlights the similarities between the current gold price fluctuations and the "gold rush" of 2013, emphasizing the potential for concentrated consumer demand during initial price declines and the impact of sustained price weakness on investment-driven consumption [1][3]. Group 1: Historical Context and Market Response - In April 2013, a significant drop in gold prices led to a surge in consumer purchases, with retail sales growth for gold and jewelry reaching 72.16% compared to the previous month [2][5]. - Major companies like Luk Fook Group and Chow Tai Fook reported record revenues and profits during this period, driven by the increased demand for gold products [6][7]. - The subsequent decline in gold prices from 2013 to 2015 resulted in a depletion of consumer demand, with retail sales growth slowing to 0.04% in 2014 [7]. Group 2: Current Market Dynamics - The current gold price fluctuations are characterized by a long-term investment behavior focused on asset allocation and wealth preservation, rather than short-term speculative buying [3][8]. - Companies with strong brand narratives and product differentiation, such as Lao Pu Gold and Chow Sang Sang, have shown resilience and growth despite high gold prices, indicating a shift in consumer preferences towards quality and cultural identity [9][10]. - The demand for gold jewelry remains robust, with significant year-on-year growth reported by major retailers, suggesting that short-term price volatility may not significantly impact consumer purchasing behavior [10][11]. Group 3: Investment Recommendations - The report suggests focusing on companies that can leverage the current market dynamics, such as Cai Bai Co., which combines investment gold bars and jewelry, and Luk Fook Group, which has competitive advantages in pricing and operations [11]. - Additionally, attention is drawn to leading companies with strong product design and differentiation capabilities, including Lao Pu Gold, Chao Hong Ji, and Chow Tai Fook, as they are expected to perform well in the evolving market landscape [11].

Market Overview - The jewelry sector increased by 2.75% on February 3, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Cai Bai Co., Ltd. (605599) closed at 23.93, up 10.02% with a trading volume of 125,100 shares and a transaction value of 292 million [1] - ST XinHuaJin (600735) closed at 6.33, up 4.98% with a trading volume of 195,800 shares and a transaction value of 122 million [1] - Chao Hong Ji (002345) closed at 12.70, up 4.44% with a trading volume of 214,600 shares and a transaction value of 268 million [1] - Man Ka Long (300945) closed at 19.33, up 4.26% with a trading volume of 349,200 shares and a transaction value of 665 million [1] - Other notable stocks include Shen Zhonghua A (000017) at 7.41, up 4.07%, and Mingpai Jewelry (002574) at 6.47, up 3.69% [1] Capital Flow - The jewelry sector experienced a net outflow of 555 million from institutional investors, while retail investors saw a net inflow of 392 million [2] - The net inflow from speculative funds was 162 million [2] Individual Stock Capital Flow - Cai Bai Co., Ltd. had a net inflow of 65.33 million from institutional investors, but a net outflow of 46.25 million from retail investors [3] - Zhou Da Sheng (002867) had a net inflow of 13.05 million from institutional investors, with a net outflow of 7.68 million from retail investors [3] - Lao Feng Xiang (600612) saw a net inflow of 12.57 million from institutional investors, while retail investors had a net outflow of 17.84 million [3] - Other stocks like ST XinHuaJin and Di A Co., Ltd. also showed varied capital flows with both inflows and outflows from different investor types [3]

马年新春前夕，一场关于时尚非遗与新年祥瑞的对话，在合肥城市地标万象城内启幕。品牌于合肥以全 新"花丝世家"主题概念空间落地，重磅揭幕由非遗花丝镶嵌与合肥国家级非遗"三河羽扇"的共创艺术 品，展现了一场融合匠心、美学与节日仪式的立体叙事。 活动当日，品牌代言人宋轶以一袭新中式礼服搭配潮宏基非遗花丝首饰优雅亮相，在万众瞩目下为非遗 花丝与非遗羽扇共创艺术品"金翎合扇"揭幕。社交平台相关话题热度高涨，活动总曝光突破2亿，全网 总互动量超30万，#宋轶人比花娇、#宋轶鎏金女神 等4个相关话题登上微博、抖音双平台热搜，带动品 牌声量持续攀升。活动现场，宋轶通过趣味游戏将承载新春祝福的"潮宏基五福马串珠"赠予现场幸运来 宾，不仅传递出珍贵的心意，更将"五福驾到，好运报道"的节日祝福，化为随身陪伴的温暖寓意。此次 活动亦转化为扎实的销售助推力：合肥万象城门店当日销售同比飙升1775%，成功将文化热度转化为消 费认同。 新春前夕，辞旧迎新之际，人们既有对过去一年的疲惫进行释放的冲动，也有对未来一年寄予美好期待 的集体无意识。消费，尤其是对"新装备"的消费，就成为这种心理最直接的出口。潮宏基精准地抓住了 这一情绪刚需，并为其注 ...