Core Viewpoint - The company, Zhou Dasheng, has received a court ruling that lifts the freeze on its bank account funds amounting to 70,248,979.23 yuan, which had been frozen due to a related lawsuit [1] Group 1 - The court ruling was issued by the People's Court of Luohu District, Shenzhen, Guangdong Province [1] - The frozen bank account funds did not have a substantial impact on the company's main operations during the freeze period [1] - The funds in the bank account have now been restored to a normal usable state [1]

Core Viewpoint - The "store closure wave" in the gold and jewelry industry continues, with several companies reporting a decline in retail points and facing operational challenges due to new tax policies and rising gold prices [2][10]. Group 1: Store Closures and Sales Trends - Chow Tai Fook reported a reduction of 603 retail points, from 6,644 to 6,041, with the mainland market seeing a decrease of 611 points [4][6]. - Same-store sales for Chow Tai Fook in the mainland and Hong Kong/Macau fell by 8.6% and 10.0% respectively, although overall sales improved due to price increases [6][7]. - Other companies like Chow Sang Sang and Luk Fook also exhibited similar trends of store closures alongside improved sales performance [8]. Group 2: Financial Performance and Price Trends - Chow Sang Sang's revenue for the first nine months of 2025 was 6.772 billion yuan, down 37.35% year-on-year, but gross profit margin improved to 29.74% due to product mix optimization and rising gold prices [8][9]. - Luk Fook's average selling price for gold products in the mainland increased by 17% to 8,300 yuan, contributing to a retail value increase of 18% and retail income growth of 15% [9]. Group 3: Impact of New Tax Policies - The new tax policy effective November 1 is expected to increase costs for non-investment gold enterprises, potentially leading to further store closures [11][12]. - The market reacted quickly to the new tax policy, with gold prices rising significantly, impacting consumer demand and retail performance [11][12]. Group 4: E-commerce Growth - E-commerce channels have emerged as a growth highlight for several gold and jewelry brands, with Chow Sang Sang's e-commerce revenue increasing by 17.68% year-on-year [12][13]. - The contribution of e-commerce to Chow Sang Sang's revenue rose from 15.29% to 28.72%, indicating a shift in consumer purchasing behavior [12][13]. - Brands are leveraging e-commerce platforms for promotions and collaborations, enhancing customer engagement and driving sales [13][14].

关于公司银行账户资金解除冻结的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002867 证券简称：周大生 公告编号：2025-052 周大生珠宝股份有限公司 周大生珠宝股份有限公司（以下简称"公司"或"周大生"）于2023年12 月28日披露了《关于公司部分银行账户被冻结的公告》（公告编号：2023-051）， 因公司与深圳市水贝卡信息科技有限公司（以下简称"水贝卡公司"）合同纠纷 一案，水贝卡公司向广东省深圳市罗湖区人民法院提起诉讼并申请财产保全，公 司银行账户部分资金被冻结。上述诉讼已由广东省深圳市中级人民法院作出终审 判决，公司因本次诉讼所冻结的银行账户将会按法定程序解除冻结，详见公司于 2025年10月22日披露的《关于公司收到<民事判决书>暨诉讼进展的公告》（公 告编号：2025-047）。 现公司收到广东省深圳市罗湖区人民法院作出的《民事裁定书》[（2023） 粤0303民初25147号]，裁定解除公司因上述诉讼被冻结的银行账户资金 70,248,979.23元。公司银行账户资金被冻结期间未对公司主要经营产生实质性影 响，目前上 ...

格隆汇11月5日｜周大生公告称，此前因与水贝卡公司合同纠纷，银行账户部分资金被冻结。该诉讼已 由深圳中院作出终审判决，现公司收到罗湖法院《民事裁定书》，裁定解除因该诉讼被冻结的银行账户 资金7024.897923万元，约7024.90万元。账户资金被冻结未对公司主要经营产生实质性影响，目前账户 资金已恢复正常使用。 ...

Core Viewpoint - The company, Zhou Dashing, has highlighted its significant tax cost advantage as a member of the Shanghai Gold Exchange under the new gold tax regulations, which positions it favorably in the market [1] Group 1: Company Advantages - As a member of the Shanghai Gold Exchange, the company benefits from a notable tax cost advantage compared to non-member entities [1] - The long-term outlook suggests that the operating environment will become more regulated, leading to market share consolidation among top companies with qualification, scale, and brand advantages [1] Group 2: Industry Outlook - The evolving industry landscape is expected to favor companies that possess competitive advantages, thereby creating a more favorable business environment for the company's development [1]

Group 1 - The new tax regulations on gold trading provide significant tax cost advantages for companies that are members of the Shanghai Gold Exchange compared to non-member companies [1] - Over the long term, the industry operating environment is expected to become more standardized, leading to market share concentration among leading companies with qualification, scale, and brand advantages [1] - This concentration of market share creates a more favorable operating environment for the business development of the company [1]

Core Viewpoint - The company, Zhou Dazheng Jewelry Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 2.50 RMB per 10 shares, totaling approximately 271.37 million RMB to be distributed to shareholders [1][5]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the second extraordinary shareholders' meeting held on September 17, 2025, based on a total share capital of 1,085,473,893 shares as of August 28, 2025 [1][5]. - The cash dividend will be distributed to all shareholders, with a total cash dividend amounting to 271,368,473.25 RMB, with no stock dividends or capital reserve transfers [1][5]. - The distribution will be adjusted if there are changes in the total share capital due to new shares listing, stock options, convertible bonds, or share buybacks during the distribution period [1]. Group 2: Taxation and Dividend Payment - The cash dividend of 2.50 RMB per 10 shares is inclusive of tax, with different tax treatments for various types of shareholders, including a reduced rate for certain foreign investors [5]. - For individual shareholders, the tax will be calculated based on the holding period of the shares, with specific rates applied for different durations [5]. Group 3: Key Dates - The record date for the dividend distribution is set for November 10, 2025, and the ex-dividend date is November 11, 2025 [5][6]. Group 4: Distribution Method - The cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies on the ex-dividend date [8]. - The company will bear all legal responsibilities if there are any discrepancies in the dividend distribution due to changes in shareholders' accounts during the application period [8].

Core Viewpoint - The company, Zhou Dazheng, is experiencing a decline in stock price and is addressing investor inquiries regarding financial reporting and new tax regulations impacting its business operations [1][2]. Group 1: Financial Performance - As of November 4, 2025, Zhou Dazheng's stock closed at 13.08 yuan, down 1.28%, with a turnover rate of 1.05%, trading volume of 113,200 shares, and a transaction value of 149 million yuan [1]. - The company announced a cash dividend distribution of 2.50 yuan per 10 shares (including tax), totaling 271.37 million yuan, with the record date set for November 10, 2025, and the ex-dividend date on November 11, 2025 [4][5]. Group 2: Regulatory Impact - The new gold trading tax regulations provide a tax cost advantage to the company as a member of the Shanghai Gold Exchange compared to non-member entities, potentially enhancing its competitive position in the market [2]. - The regulatory environment is expected to favor leading companies with qualification, scale, and brand advantages, which may create a more favorable business environment for Zhou Dazheng in the long term [2]. Group 3: Market Activity - On November 4, 2025, the main funds experienced a net outflow of 13.28 million yuan, accounting for 8.92% of the total transaction value, while retail investors saw a net inflow of 5.55 million yuan [3][5].

证券日报网讯 11月4日晚间，周大生发布公告称，2025年半年度权益分派方案为向全体股东每10股派2.5 元人民币现金（含税）。股权登记日为2025年11月10日，除权除息日为2025年11月11日。 （编辑 姚尧） ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][32]. Core Insights - The report highlights the recent tax policy changes regarding gold, which exempts value-added tax for standard gold transactions, potentially boosting market activity [3][22]. - The beauty care sector shows mixed performance, with some companies reporting significant revenue growth while others face declines [4][25]. - The report emphasizes the importance of domestic brands in the beauty market, with notable rankings in the Douyin beauty list indicating a shift towards local products [22][23]. Market Performance - During the week of October 27 to October 31, 2025, the retail trade, social services, and beauty care sectors experienced changes of +1.63%, +0.45%, and -2.21% respectively, ranking 8th, 17th, and 30th among 31 primary industries [13][15]. - The cosmetics sector faced a decline of -2.57%, while segments like trade and e-commerce performed well with increases of +3.44% and +2.97% [15][18]. Key Company Announcements - Shanghai Jahwa reported a revenue of 4.961 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.8%, with a net profit growth of 149.1% [25]. - Proya Cosmetics achieved a revenue of 7.098 billion yuan, reflecting a modest growth of 1.89% [25]. - The opening of Pop Mart's first store in the Middle East marks a significant expansion for the brand [29]. Investment Recommendations - The report suggests focusing on companies such as Shiseido, Giant Bio, Marubi, Runben, Proya, Chaohongji, and Furuida as potential investment targets within the recommended sectors [5][32].