Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with four participating investors [2] - The event took place on July 28, 2025, at the company's headquarters [2] - The company representatives included the Board Secretary and Deputy General Manager, He Xiaolin, and Securities Affairs Representative, Rong Huan [2] Group 2: Key Discussion Points - Investors raised questions regarding the impact of gold price fluctuations, industry conditions, and dividend policies [2] - The company ensured compliance with the Information Disclosure Management System, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange requirements during the on-site investigation [2]

Group 1 - The domestic gold jewelry price has decreased by 12 yuan per gram, falling below the 1,000 yuan mark, with many brands now pricing at 998 yuan per gram [1][3] - Several gold jewelry brands, including Zhou Dasheng and Chow Tai Fook, have reported their gold jewelry prices at 998 yuan per gram, while others like Cai Zhi and Zhou Liu Fu are priced at 989 yuan and 990 yuan per gram respectively [3]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes the transformation and upgrading of the industry, highlighting the investment opportunities in companies with genuine brand strength [3][8] - The report notes that the gold jewelry sector is facing challenges due to rising gold prices and declining sales, with a significant drop in gold jewelry consumption [8] - Despite industry pressures, certain leading companies have seen stock price increases due to their differentiated transformation strategies and market expectations [8] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on companies that have begun to establish a brand presence, including: - Chao Hong Ji (002345, Increase) - Lao Pu Gold (06181, Increase) - Chow Tai Fook (01929, Not Rated) - Lao Feng Xiang (600612, Buy) - Zhou Da Sheng (002867, Increase) [3] Industry Overview - The report indicates that gold jewelry consumption in China decreased by 3.54% year-on-year in the first half of 2025, with gold jewelry sales down by 26.00% [8] - The average gold price in China for the first half of 2025 was 725.28 yuan per gram, reflecting a year-on-year increase of 41.07% [8] - The report highlights a shift in consumer demand towards self-purchase and emotional consumption, particularly among younger consumers [8] Future Trends - The report anticipates a trend towards brandization and stratified development in the gold jewelry sector, with investment opportunities emerging from both high-end and light luxury fashion brands [8] - High-end brands are expected to focus on original design and craftsmanship, while light luxury brands will cater to younger consumers with affordable, stylish products [8]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey and a site visit [2] - A total of 8 investors participated, including representatives from various funds and securities firms [2] - The event took place on July 24, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about the impact of gold price fluctuations, industry conditions, and the company's business model [2] - Discussions included the brand matrix, product structure, gross margin situation, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2]

| | 周大生足金999 | 1016 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 996.00 元/克 | | Finis | 潮宏基足金(首饰摆件) | 1016 元/克 | | TSL 甜瑞朗 | 谢瑞麟足金饰品 | 1016 元/克 | | ਤੋਂ ਦੇ ਜੀ | 金至尊足金999 | 1016 元/克 | | 周六福 | 周六福足金999 | 996 元/克 | @ JIN10.COM O.C. 金十数据 | 一个交易工具 国内金饰价格较昨日下跌7元/克 金十数据7月24日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日小幅下跌7元/克，多家报1016元/克。 ...

今日金市震荡：国内金价暴涨，国际金价跳水，投资风险与机遇并存 国内金价今日上演惊险一幕：回收价暴涨7元/克至768元/克（足金999），令不少市民跃跃欲试，准备出手家中闲置黄金饰品。然而，这波涨势背后暗藏玄 机，投资者需谨慎应对。 | 黄金种类 | 回收价格 | 黄金纯度 | 报价时间 | | --- | --- | --- | --- | | 黄金回收价格 | 768元 / 克 | 99.9%-99.999% | 2025 年 07 月 | | 22k 金回收价格 | 680元 / 克 | 91.6% | 2025 年 07 月 | | 18k 金回收价格 | 553元/克 | 75.0% | 2025 年 07 月 | | 14k 金回收价格 | 433元 / 克 | 58.5% | 2025 年 07 月 | | 999 铂金回收价格 | 303元 / 克 | 99.9% | 2025 年 07 月 | | 999 把金回收价格 | 254元/克 | 99.9% | 2025年07月 | 国内金价"独立行情"：今日上海期货交易所黄金期货价格报784.8元/克，现货价格则高达789元/克，两者价差达4.1 ...

Group 1 - The domestic gold jewelry price has increased by 8 yuan per gram compared to the previous day, with many brands now pricing at 1023 yuan per gram [1][4] - Various brands have reported their gold prices, including Zhou Dasheng at 1023 yuan per gram, Cai Bai at 996 yuan per gram, and others like TSL and Jin Zun at 1023 yuan per gram [4]

Group 1 - The domestic gold jewelry prices have slightly increased by 7 yuan per gram compared to the previous day, with many brands reporting a price of 1015 yuan per gram [1][4] - Various brands' prices for 999 gold jewelry are as follows: Zhou Dasheng at 1015 yuan per gram, Caibai at 996 yuan per gram, Chao Hong Ji at 1015 yuan per gram, TSL at 1015 yuan per gram, Jin Zun at 1015 yuan per gram, and Zhou Liu Fu at 995 yuan per gram [4]

Domestic Gold Market - The overall gold prices in domestic brand stores remained stable compared to last Friday, with Chow Sang Sang experiencing a two-day price increase, reaching 1012 CNY per gram, the highest among gold stores [1] - Shanghai China Gold quoted the lowest price at 969 CNY per gram, resulting in a price difference of 43 CNY per gram between the highest and lowest priced stores [1] - The latest gold prices from various brands are as follows: Lao Miao 1004 CNY, Liu Fu 1008 CNY, Chow Tai Fook 1008 CNY, and others, with no significant changes except for Chow Sang Sang [1] Platinum Prices - Platinum prices rebounded after a significant drop on Saturday, with Chow Sang Sang's platinum jewelry price increasing by 3 CNY to 581 CNY per gram [1] Gold Recycling Prices - The gold recycling price saw a slight increase of 3.3 CNY per gram, with significant price differences among brands: the average recycling price is 765.20 CNY per gram, while Lao Feng Xiang offers the highest at 778.20 CNY [2] International Gold Market - Last Friday, spot gold prices rose, peaking at 3361.05 USD per ounce before closing at 3349.42 USD, marking a 0.31% increase [4] - As of the latest update, spot gold is trading at 3367.69 USD per ounce, reflecting a 0.55% increase [4] - The rise in gold prices is attributed to increased demand for safe-haven assets due to U.S. tariff policies and geopolitical tensions in the Middle East and Ukraine [4] - Concerns over the expanding U.S. debt and potential tariff escalations are expected to continue driving the gold market [4] - Recent U.S. inflation expectations and consumer confidence data have influenced market sentiment, with inflation expectations dropping to 4.4% from a previous 5.0% [4]

Core Viewpoint - Zhou Dasheng Jewelry Co., Ltd. has disclosed the establishment of new self-operated stores in June 2025, indicating an expansion strategy in the jewelry retail sector [1][2]. Group 1: New Store Openings - The company opened several new self-operated stores in June 2025, including locations in Beijing, Shantou, Chengdu, Shenzhen, and Hangzhou [1]. - The new stores are primarily specialty stores, focusing on the sale of jewelry products [1]. - The total investment for these new stores includes initial inventory, renovations, props, and fixed assets, with the investment amount being planned [1]. Group 2: Store Details - Specific store names and locations include: - Zhou Dasheng Classic Beijing Zhongjun World City - Zhou Dasheng National Treasure Shantou Longhu Wanxiang City - Zhou Dasheng National Treasure Beijing Blue Harbor - Zhou Dasheng National Treasure Chengdu Jinniu Wanda Plaza - Zhou Dasheng Shenzhen Luohu Jinguanghua - Zhou Dasheng Beihai Heanning Spring City - Zhou Dasheng National Treasure Hangzhou West Silver Tai [1]. - The area of each store is measured in square meters, although specific area figures are not provided in the announcement [1].