Summary of the Conference Call on the Gold and Jewelry Industry Industry Overview - The conference call focused on the gold and jewelry industry, particularly during the Qixi Festival in 2025, highlighting sales performance and market trends among various brands [2][4][6]. Key Points and Arguments 1. **Sales Performance During Qixi Festival 2025**: - Traditional brands like Lao Feng Xiang and China Gold saw significant sales growth, with some stores achieving sales over 200,000 yuan, and high-performing stores reaching 500,000 to 600,000 yuan [2][4]. - Gold products overall experienced a 15% growth, with China Gold and Lao Feng Xiang growing approximately 10%, while Chow Tai Fook saw a decline of 5-8% [2][6]. 2. **Market Trends and Brand Performance**: - Chow Tai Fook and other brands did not show significant improvement during the festival, while Chow Hong Ji is expected to perform well in the future, planning to open new stores in Northern Jiangsu [2][7]. - Chow Hong Ji has advantages in lower-tier markets with fashionable products at lower price points, appealing to younger consumers, but higher sales are noted in economically developed Southern Jiangsu [8]. 3. **Data Management and Inventory Control**: - Chow Hong Ji excels in data management, allowing for effective single product management and inventory control, reducing the risk of unsold stock through data analysis rather than relying solely on franchisee experience [9]. 4. **Store Opening and Closing Trends**: - The East China region saw a mix of store openings and closures in 2025, with brands adjusting unprofitable stores in real-time. Franchisees prefer taking over existing stores rather than opening new ones [10][11]. 5. **Impact of Gold Price Fluctuations**: - Fluctuations in gold prices significantly impacted terminal sales, particularly in Q2 2025, but market sentiment improved in July and August, leading to better-than-expected Q3 data [5][13]. 6. **Future Market Expectations**: - Optimism surrounds Chow Hong Ji's future, with plans for expansion in suitable areas, while Lao Feng Xiang benefits from regional protection policies aiding price control [7][15]. 7. **Consumer Behavior and Product Acceptance**: - In economically developed areas, consumers are more accepting of price-tagged products, while in less developed regions, there is a stronger focus on weight, leading to potential price wars [17]. - The acceptance of price-tagged products varies, with traditional brands like China Gold and Lao Feng Xiang having a balanced ratio of price-tagged products, while Chow Tai Fook is increasing its share [18]. 8. **Sales Growth Potential**: - Chow Hong Ji's single-store sales have increased from approximately 5 million yuan to 10-12 million yuan, indicating room for further growth as high-priced product buyers become a larger consumer group [19]. 9. **Wedding Demand Trends**: - Overall wedding demand is declining due to fewer marriages, with a shift in preferences from traditional gold and diamond combinations to gold jewelry [21][22]. 10. **Fourth Quarter Market Predictions**: - The gold and jewelry industry is expected to maintain stable growth in Q4 2025, although weaker operators may be phased out or merged [23][24]. Additional Insights - Some franchisees are considering investments in other retail sectors with lower initial investment and quicker returns, such as small household goods retail, due to the high capital requirement for opening jewelry stores [14]. - Brands like Lai Shen Tong Ling and Man Ka Long are noted for their growth potential in Jiangsu, with Lai Shen Tong Ling focusing on embedded products and Man Ka Long performing well in online sales despite limited store numbers [24][25]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the gold and jewelry industry.

（文章来源：证券日报） 证券日报网讯 9月1日晚间，潮宏基发布公告称，公司于2025年9月1日在公司会议室召开了2025年度临 时职工代表大会，同意选举翁璇晖女士为公司第七届董事会职工代表董事。 ...

（文章来源：证券日报） 证券日报网讯 9月1日晚间，潮宏基发布公告称，公司2025年第二次临时股东会于2025年9月1日召开， 审议通过了《关于变更公司类型并办理工商变更登记的议案》等多项议案。 ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-049 上述职工代表董事符合《中华人民共和国公司法》等法律法规规定的任职条 件。董事会中兼任公司高级管理人员以及由职工代表担任的董事人数总计不超过 公司董事总数的二分之一。 特此公告 广东潮宏基实业股份有限公司董事会 2025 年 9 月 2 日 附件：职工代表董事简历 翁璇晖：女，1991年出生，中国国籍，本科学历。2014年起历任广东潮宏基 实业股份有限公司市场部促销策划主任、总裁秘书、运营发展部经理、总裁办公 室经理、股东代表监事，现任公司臻宝博物馆商务副馆长、汕头市潮宏基臻宝文 化创意有限公司执行董事及经理。 广东潮宏基实业股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为完善公司治理结构，保障广东潮宏基实业股份有限公司（以下简称"公司"） 董事会正常运作，根据《中华人民共和国公司法》《上市公司章程指引》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规、 规范性文件的有关规定，公司于 2025 年 9 月 1 日在 ...

证券代码：002345 证券简称：潮宏基 公告编号：2025-048 广东潮宏基实业股份有限公司 2、现场会议地点：汕头市濠江区南滨路98号潮宏基广场办公楼公司会议室 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2025年9月1日（星期一）15：00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年9 月1日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为：2025年9月1日9:15-15:00期间的任意时间。 3、会议召开方式：现场投票和网络投票表决相结合 4、会议召集人：公司董事会 5、会议主持人：公司董事长廖创宾先生 6、本次会议的通知及议案的具体内容已于2025年8月15日、2025年8月22日在公 司 指 定 的 信 息 披 露 媒 体 《 中 ...

上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮政编码 200031 电话: (86-21) 5404 9930 传真: (86-21) 5404 9931 关于广东潮宏基实业股份有限公司 2025 年第二次临时股东会的法律意见书 致：广东潮宏基实业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）以及中国证券监 督管理委员会颁布的《上市公司股东会规则》（以下简称"《股东会规则》"）的 规定，北京市竞天公诚律师事务所上海分所（以下简称"本所"）指派律师对广东 潮宏基实业股份有限公司（以下简称"公司"）2025年第二次临时股东会（以下简 称"本次股东会"）进行见证，并就本次股东会的召集和召开程序、召集人资格与 出席会议人员资格、表决程序与表决结果发表法律意见。 为出具本法律意见，本所律师审查了《广东潮宏基实业股份有限公司第七届 董事会第四次会议决议公告》《广东潮宏基实业股份有限公司第七届董事会第五 次会议决议公告》《广东潮宏基实业股份有限公司关于召开2025年第二次临时股 东会的通知》《广东潮宏基实业股份有限公司关于2025年第二次临时股东会增加 临时提案暨补充通知的公告》以及本所律师 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve significant growth in performance, with a focus on brand strength and sustained market demand [9] - The company is expanding its franchise steadily, with traditional gold product revenues showing high growth [9] - The company aims to build a brand narrative centered around "fashionable intangible cultural heritage" [9] - The projected net profits for 2025-2027 are 487 million, 586 million, and 694 million RMB respectively, with corresponding PE ratios of 27.9, 23.2, and 19.6 [9] Financial Performance Summary - Revenue projections (in million RMB): - 2023A: 5,900 - 2024A: 6,518 - 2025E: 7,841 - 2026E: 9,197 - 2027E: 10,615 - Revenue growth rates: - 2023A: 33.6% - 2024A: 10.5% - 2025E: 20.3% - 2026E: 17.3% - 2027E: 15.4% [7][10] - Net profit projections (in million RMB): - 2023A: 333 - 2024A: 194 - 2025E: 487 - 2026E: 586 - 2027E: 694 - Net profit growth rates: - 2023A: 67.4% - 2024A: -41.9% - 2025E: 151.5% - 2026E: 20.3% - 2027E: 18.3% [7][10] Market Performance - The company's market performance over the last 12 months shows a decline of 3%, while the benchmark index (CSI 300) has increased by 58% [4]

Market Overview - The jewelry sector increased by 3.65% on September 1, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Mankalon (300945) closed at 20.07, up 7.21% with a trading volume of 352,600 shares [1] - Chao Hong Ji (002345) closed at 15.79, up 6.98% with a trading volume of 427,000 shares [1] - Diya Co. (301177) closed at 37.19, up 5.89% with a trading volume of 123,300 shares [1] - Other notable performers include Lai Si Tong Ling (603900) up 4.85% and Cai Zi Co. (6655509) up 4.59% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 227 million yuan from institutional investors, while retail investors experienced a net outflow of 120 million yuan [2] - Major stocks like China Gold (600916) had a net inflow of 110 million yuan from institutional investors, but a net outflow from retail investors of 66.43 million yuan [3] - Mankalon also experienced a net inflow of 50.22 million yuan from institutional investors, with retail investors showing a net outflow of 33.41 million yuan [3]

【#品牌金饰每克金价超千元# 】9月1日，各大珠宝品牌黄金足金饰品每克价格集体超过了1020元。 根据各大品牌9月1日最新公开数据，周大福足金（饰品、工艺品类）价格为每克1027元；潮宏基足金饰 品价格也为每克1027元，周大福和潮宏基金价均较前一日均上涨每克12元。 9月1日，周生生足金饰品每克1025元；老庙足金饰品价格为每克1023元；老凤祥足金价格为1025元。以 上品牌足金饰品每克金价均超过1020元，涨幅明显。（第一财经） ...

Core Viewpoint - On September 1, major jewelry brands reported that the price of gold jewelry exceeded 1020 yuan per gram, indicating a significant increase in gold prices across the industry [1] Price Summary - Chow Tai Fook's gold jewelry price was 1027 yuan per gram, reflecting an increase of 12 yuan from the previous day [1] - Chao Hong Ji's gold jewelry also priced at 1027 yuan per gram, with the same daily increase of 12 yuan [1] - Chow Sang Sang's gold jewelry was priced at 1025 yuan per gram [1] - Lao Miao's gold jewelry price was 1023 yuan per gram [1] - Lao Feng Xiang's gold jewelry was priced at 1025 yuan per gram [1] - All mentioned brands reported gold prices exceeding 1020 yuan per gram, showcasing a notable price rise [1]