代码：002867 证券简称：周大生 编号：2023-035 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计5位投资者（排名不分先后）： 参与单位名称 汇丰前海证券：宋丽华、王维宇、罗燕莎 及人员姓名 博时基金：王佳敏 TT International：Patrick Lin 时 间 2023年10月10日 地 点 周大生总部会议室 上市公司接待人员姓名 董事会秘书及副总经理：何小林 证券事务代表：周晓达 一、 问答环节： 投资者主要就加盟店占比、金价波动的影响、上半年开店结构等内 投资者关系活动 容进行了交流，可参阅前次活动记录表之问答和已披露公告。 主要内容介绍 接待过程中,公司严格按照《信息披露管理制度》等规定,保证信息披 ...

代码：002867 证券简称：周大生 编号：2023-034 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他(电话会议) 参与单位名称 共计3位投资者（排名不分先后）： 及人员姓名 国海证券：周钰筠、余洁 东方红资管：李竞 时 间 2023年9月27日 地 点 周大生总部会议室 上市公司接待人员姓名 证券事务代表：周晓达 一、 问答环节： 投资者主要就公司IP产品、自主研发黄金产品占比情况、开店规划 投资者关系活动 等内容进行了交流，可参阅前次活动记录表之问答和已披露公告。 主要内容介绍 接待过程中,公司严格按照《信息披露管理制度》等规定,保证信息披 露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄露等 ...

代码:002867 证券简称:周大生 编号:2023-033 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计 180 位投资者(排名不分先后): 长江证券:陈亮、罗祎、秦意昂、李锦、张彦淳 高盛证券:陈凯琦 富国基金:李娜 BOCI Research Ltd.:李嘉豪 富瑞金融:裴晶珏 OP Capital:Hans Wang 崇山投资:覃欣 Optimas:王一诺 工银安盛:唐苓 万葵投资:陈亿 平安理财:黄庄鹂 上海理成资产:詹璐琳 广发证券:包晗 上海证券:张洪乐 建信基金:张爽 参与单位名称 东兴证券:魏宇萌 开源证券:黄泽鹏 及人员姓名 东方自营:杨春燕 德邦证券:张望 东方阿尔法:孙振波 思晔投资:尹一 中乾:尤娜 恒泰自营:李文宁 中信建投自营:黎子键 惠升基金管理:严迪超 中信建投证券:王晨宇 方正证券:张其超 中庚基金:王继超 旭松资产:佘鹏 中汇人寿:谢美慧 易方达基金: 张璐婷 中泰证券:袁鸣 星石基金:蒋京杰 中邮证券:杨维维 榕树投资:丁煜 中金公 ...

代码:002867 证券简称:周大生 编号:2023-032 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计 52 位投资者(排名不分先后): 中金公司:宋文慧、杨润渤、李乐珊、庄铭楷、曾令仪 南方基金:恽雷 招商基金:谢今 大成基金:郑少芳、黄博涵 信达澳亚基金:李博 阳光资管:王晓君 中邮保险:曾苧葭 内蒙古鄂尔多斯投资:张迪 雪石资管:周稳 阳光资产:吴烨琳 Taikang Asset :沈琛 思晔投资:尹一 浦银安盛基金:王爽 圆信永丰基金:游懿轩 中泰证券研究所:皇甫晓晗 参与单位名称 理成资产:詹璐琳 兴证全球基金:黄志远 及人员姓名 汇丰晋信基金:金子晴 兴业证券:刘璐丹 西部利得基金:温震宇 上银基金:黄璜 华安基金:刘潇 国寿安保基金:丁博 迎水投资:徐英杰 国华人寿保险:王箫 华泰保兴:赵健 淡水泉:彭皓 合煦智远:张夺 博时基金:郑是春 上海睿亿投资:王鹭卿 上海勤辰:崔莹 中银国际证券:刘航 南银理财:许修竹 景顺长城:路演 中海基金:谢华 合远投资 ...

代码:002867 证券简称:周大生 编号:2023-031 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他(电话会议) 共计 4 位投资者(排名不分先后): 参与单位名称 西部证券:陈腾曦、黄羽沁 摩根士丹利:苏香 及人员姓名 华夏未来:林彦竹 时 间 2023 年 9 月 13 日 地 点 周大生总部会议室 上市公司接待人员姓名 董事会秘书及副总经理:何小林 证券事务代表:周晓达 一、 问答环节: 投资者主要就分红率、金价波动的影响、开店规划等内容进行了交 投资者关系活动 流,可参阅前次活动记录表之问答和已披露公告。 主要内容介绍 | --- | --- | |---------------------------------------------------------------|-------------| | 接待过程中,公司严格按照《信息披露管理制度》等规定 | ,保证信息披 | | 露的真实、准确、完整、及时、公平,没有出现未公开重大信息泄露等 | | | 情况。同时,现场 ...

代码:002867 证券简称:周大生 编号:2023-030 周大生珠宝股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计 9 位投资者(排名不分先后): 参与单位名称 永安国富:王俊韬、王超、李豫宁 及人员姓名 平安资管:范自彬、童飞、张良、邬炜、孙芳、祝利荣 时 间 2023 年 9 月 12 日 地 点 / 上市公司接待人员姓名 证券事务代表:周晓达 一、 问答环节: 1: 今年黄金消费景气度高是否主要是由于投资需求的提升? 答:投资需求是一方面的因素。黄金产品除了具有抗通胀、保值 增值属性外,近年来其工艺不断优化,产品设计越来越精美,应用场 景和覆盖人群不断拓宽,首饰属性增强是主要驱动力。 2: 目前一口价黄金的占比大概是多少? 投资者关系活动 答:从金重的口径来看,2023 年上半年一口价黄金销售占比约达 主要内容介绍 15%。 3: 上半年销售费用上涨的原因? 答:主要由于广告宣传、线上渠道等销售费用随经营业务发展增 长所致。 各方还就分红率等内容进行了交流,可参阅前次活动记 ...

代码:002867 证券简称:周大生 编号:2023-029 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计 25 位投资者(排名不分先后): 天风证券:任美伦 长江证券:陈亮、李锦 平安基金:张聪、杨博茜 华泰柏瑞:张又天 中信资管:李大和 华西证券:许光辉 华泰保兴:李萌 银华基金:朱玮琳、吴思其、张萍 Optimas Capital Limited:Zuo, Zoe Grand Alliance Asset Management Limited:Zhou, Tiana 参与单位名称 Pinpoint Asset Management Limited:Zhou, Austin 及人员姓名 Teng Yue Partners, L.P.:Zang, Lucy | --- | |----------------------------------------------------------| | Averest Capital Limited:WU, Liz | | M ...

代码:002867 证券简称:周大生 编号:2023-028 周大生珠宝股份有限公司 投资者关系活动记录表 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他(电话会议) 共计 3 位投资者(排名不分先后): 参与单位名称 方正证券:张其超 南方基金:尤丹倩 及人员姓名 Kiara Advisor:Ivan Ngoh 时 间 2023 年 8 月 30 日、8 月 31 日 地 点 周大生总部会议室 上市公司接待人员姓名 董事会秘书及副总经理:何小林 证券事务代表:荣欢 一、 问答环节: 投资者主要就 IP产品、毛利率、开店规划、分红政策、产品结构占 投资者关系活动 比等内容进行了交流,可参阅前次活动记录表之问答和已披露公告。 主要内容介绍 | --- | --- | |---------------------------------------------------------------|-------------| | 接待过程中,公司严格按照《信息披露管理制度》等规定 | ,保证信息披 | | 露的真实、准确、完整、及时、公平, ...

代码：002867 证券简称：周大生 编号：2023-027 周大生珠宝股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 共计 182 位投资者（排名不分先后）： 中信证券：杜一帆 建信基金：张爽 TCL 基金：尤娜 建银国际（中国）：李彤文 Trivest：王晓亭 弘毅远方：王鹏程 万联证券：李滢 思晔投资：尹一 上市公司邀请：蔡欣 招商基金：李影 上海人寿保险：方军平 摩根士丹利华鑫基金：苏香 上海健顺投资：何荣珩 方正证券：张其超 上海利檀投资：焦明远 方正证券资管：王炳修 参与单位名称 上海同犇投资：董智薇 无锡汇蠡投资：程欧 及人员姓名 上海海宸投资：张晓艳 旭松投资：董非 上海理成资产：詹璐琳 明河投资：姚咏絮 上银基金：黄璜 星泰投资：贾雨朦 东兴基金：高坤 星石投资：蒋京杰 东北证券：杜磊 永赢基金：慎胜杰 东方基金：邵子馨 汉和资本：郑佳林 东方证券：施红梅 泓德基金：马若锦 东海证券资管：陈茜茜 泛海投资集团：姜昊晨 东证融汇资管：刘一霖 泰信基金：王冰倩 东财基金：唐忠 ...

Share Capital and Dividend Distribution - The company's total share capital is 1,095,926,265 shares, with 10,452,372 shares repurchased, resulting in 1,085,473,893 shares eligible for dividend distribution[2] - The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) to all shareholders[2] - The company's cash dividend distribution was based on 1.085 billion shares, after deducting the repurchased shares[91] - The company proposed a cash dividend of RMB 3 per 10 shares, totaling RMB 325.64 million, with a cash dividend ratio of 100% of the total profit distribution[91] - The company paid a cash dividend of 651,284,335.80 yuan, accounting for 59.72% of the net profit attributable to shareholders in the previous year[100] - Since its listing, the company has accumulated dividends of 3.067 billion yuan, which is 2.1 times the net amount of IPO funds raised[100] Subsidiaries and Investments - The company holds a 16.6% stake in Hengxin Xili Industrial Co., Ltd. through Fengchuang Neng[5] - The company's subsidiaries include Shenzhen Zhou Dasheng Famous Brand Management Co., Ltd. and Shenzhen Bi'ai Culture Technology Co., Ltd.[5] - Subsidiary Shenzhen Huliantianxia Information Technology Co., Ltd. achieved revenue of 1.13 billion yuan, a year-on-year increase of 87.98%, and net profit of 79.74 million yuan, a year-on-year increase of 66.26%[83] - Subsidiary Zhou Dasheng Jewelry Sales (Chongqing) Co., Ltd. achieved revenue of 518.72 million yuan and net profit of 109.85 million yuan[82] - Subsidiary Shenzhen Baotongtianxia Supply Chain Co., Ltd. achieved revenue of 39.75 million yuan, a year-on-year decrease of 4.26%, and net profit of 29.35 million yuan, a year-on-year increase of 29.61%[83] - Subsidiary Shenzhen Baotongtianxia Microfinance Co., Ltd. achieved revenue of 11.30 million yuan and net profit of 8.33 million yuan, a year-on-year decrease of 45.85%[83] Business Models and Operations - The company operates under a franchise model, where it authorizes franchisees to open stores in designated areas and charges franchise and management service fees[5] - The company's self-operated model includes both mall counters and direct-operated stores, where it owns the goods and has retail pricing rights[5] - The company's e-commerce model involves retail or agency sales through third-party e-commerce platforms[5] - The company's gold leasing involves borrowing gold raw materials from banks for production and repaying with gold purchased from the Shanghai Gold Exchange or from its own inventory[5] - The company's brand usage fee is charged to franchisees who purchase goods from designated suppliers and sell them under the "Zhou Dasheng" brand[6] - The company focuses on "gold as the main product and diamonds as the advantageous product," with a product line that includes K gold, platinum, jade, pearls, and colored gemstones[21] - The company's diamond products are developed around "happy marriage + fashion charm," targeting young consumers and deepening product scenarios[21] - The company has launched multiple series, including Shining Girl, Bai Mei, and collaborations with the Van Gogh Museum and Monet's Garden[21] - The company has established a complete gold product matrix, including six major product lines, to meet diverse consumer needs[61] - The "Diamond Trend Gold" series and "Romantic Flower Season" series in gold products have been promoted to enhance product differentiation and competitiveness[61] Financial Performance - Revenue for the reporting period reached 8,073,870,687.71 yuan, a year-on-year increase of 58.37%[12] - Net profit attributable to shareholders of the listed company was 739,853,262.10 yuan, up 26.45% year-on-year[12] - Total assets as of the end of the reporting period were 8,063,043,514.51 yuan, an increase of 5.99% compared to the end of the previous year[12] - The company's weighted average return on equity was 11.74%, an increase of 1.91 percentage points year-on-year[12] - The company's operating cash flow was 716,197,975.45 yuan, a slight decrease of 2.57% compared to the same period last year[12] - Total assets at the end of the reporting period were 8.063 billion yuan, an increase of 5.99% compared to the end of 2022[27] - Total liabilities at the end of the reporting period were 1.927 billion yuan, an increase of 23.67% compared to the end of 2022[27] - Net cash outflow for the reporting period was 75.4317 million yuan, with net cash inflow from operating activities of 716 million yuan[29] - Inventory balance at the end of the reporting period was 3.563 billion yuan, an increase of 6.6% compared to the beginning of the period[27] - The company's weighted average return on equity (ROE) was 11.74%, an increase of 1.91 percentage points compared to the same period last year[27] - The company's cash and cash equivalents at the end of the reporting period were 1.66 billion yuan[27] - The company's accounts receivable at the end of the reporting period were 631 million yuan, a decrease of 22.73% compared to the end of the previous year[27] - The company's net cash outflow from investment activities was 495 million yuan[29] - The company's net cash outflow from financing activities was 297 million yuan[29] - The company's total equity attributable to the parent company at the end of the reporting period was 6.131 billion yuan, an increase of 1.47% compared to the beginning of the period[27] - The company achieved a total operating income of 8.074 billion yuan, a year-on-year increase of 58.37%, with significant growth in gold products and online business[32] - Online business revenue reached 1.155 billion yuan, a year-on-year increase of 91.33%, with gold product revenue in this segment growing by 147.37%[32] - The net cash flow from operating activities was 716 million yuan, a year-on-year decrease of 2.57%, mainly due to changes in net profit and the recovery of receivables and loans[31] - The net cash flow from investment activities was -495 million yuan, a significant year-on-year decrease, primarily due to changes in the purchase and redemption of entrusted wealth management products[31] - The company's net profit attributable to shareholders was 740 million yuan, a year-on-year increase of 26.45%[32] - The number of terminal stores reached 4,735, with 4,453 being franchise stores and 282 being self-operated stores, resulting in a net increase of 119 stores in the first half of the year[34] - Self-operated online (e-commerce) business achieved a gross profit of 289 million yuan, a year-on-year increase of 55.74%[33] - The overall gross profit margin was 18.46%, a year-on-year decrease of 3.69 percentage points, mainly due to changes in the revenue structure of gold and镶嵌类 products[34] - The company opened 268 new franchise stores, generating revenue of 384 million yuan and a gross profit of 77.9892 million yuan during the reporting period[38] - The company's total operating expenses were 448 million yuan, a year-on-year increase of 25.16%, with sales expenses accounting for 398 million yuan, a year-on-year increase of 24.79%[34] - The company added 268 new franchise stores in the first half of 2023, with a total operating area of 24,454.75㎡, generating revenue of 38,409.86 million yuan and a gross profit of 7,798.92 million yuan[39] - In the first half of 2023, the company closed 200 stores, accounting for 4.22% of the total number of stores at the end of the reporting period, with a revenue impact of 8,146.30 million yuan, representing 1.01% of the total revenue[40][41] - The average revenue per self-operated store in the reporting period was 3.0549 million yuan, a year-on-year increase of 26.6%, with an average gross profit per store of 807,100 yuan, up 14.75% year-on-year[42][44] - The average revenue per franchise store in the reporting period was 1.3629 million yuan, a year-on-year increase of 52.47%, with an average gross profit per store of 199,500 yuan, up 28.46% year-on-year[42][44] - Online sales revenue reached 1.155 billion yuan in the first half of 2023, a year-on-year increase of 91.33%, accounting for 14.31% of the total revenue[45] - The company's gold procurement amount in the reporting period was 6.757 billion yuan, a year-on-year increase of 78.03%, accounting for 94.38% of the total procurement amount[47] - The company's diamond procurement amount in the reporting period was 107 million yuan, a year-on-year decrease of 57.12%, accounting for 1.49% of the total procurement amount[47] - The top 10 self-operated stores by revenue generated a total revenue of 12.588 billion yuan in the reporting period[45] - The company's online sales of plain gold products reached 901 million yuan, a year-on-year increase of 111.33%[45] - The company's online sales of silver jewelry and other products reached 172 million yuan, a year-on-year increase of 36.23%[45] - Gold procurement in the first half of 2023 reached 675,654.78 million yuan, accounting for 94.38% of total procurement, a significant increase from 379,523.72 million yuan (89.50%) in the same period last year[48] - Diamond procurement in the first half of 2023 was 10,689.13 million yuan, accounting for 1.49% of total procurement, a decrease from 24,927.09 million yuan (5.88%) in the same period last year[48] - The company's inventory balance at the end of the reporting period was 3.572 billion yuan, an increase of 6.53% compared to the end of the previous year[50] - Raw material inventory at the end of the reporting period was 828.63 million yuan, an increase of 40.24% compared to the end of the previous year, mainly due to higher gold inventory[50] - Finished goods inventory at the end of the reporting period was 2.702 billion yuan, an increase of 1.08% compared to the end of the previous year[50] - Gold procurement through spot trading on the gold exchange in the first half of 2023 was 16,374,744.90 grams, accounting for 92.62% of total gold procurement[49] - Diamond procurement in the first half of 2023 was 12,364.17 carats, a decrease of 53.97% compared to the same period last year[49] Brand and Market Position - The company's brand value increased from 37.685 billion yuan in 2018 to 86.772 billion yuan in 2023, ranking first among domestic jewelry brands[57] - As of June 30, 2023, the company had 4,735 terminal stores nationwide, forming an industry-leading chain network[58] - Diamond inlaid products continue to strengthen the situational style jewelry system, with the introduction of IP co-branding to enhance product differentiation and competitiveness[60] - The company has established a complete gold product matrix, including six major product lines, to meet diverse consumer needs[61] - The "Diamond Trend Gold" series and "Romantic Flower Season" series in gold products have been promoted to enhance product differentiation and competitiveness[61] - Online channel revenue reached 1.155 billion yuan in the first half of 2023, a year-on-year increase of 91.33%[63] - The company's e-commerce team focused on the "short video + live broadcast" content track, achieving high-quality growth in Douyin live sales[63] - The "Everything Hidden Fun·Trendy Zhou Dasheng" event achieved a GMV of over 60 million yuan and a full-domain exposure of over 800 million[63] - The company collaborated with virtual digital human "Tian Yu" to explore new digital marketing methods[63] - The company strengthened the maintenance of brand private domain and platform private domain fans and members, enhancing user stickiness and trust[64] Financial Statements and Accounting - The company's semi-annual financial report has not been audited[108] - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and other relevant regulations[167] - The company's financial statements reflect its financial position, operating results, and cash flows as of June 30, 2023, in compliance with the Chinese Accounting Standards[169] - The company's accounting year runs from January 1 to December 31[170] - The company's operating cycle is 12 months[170] - The company's functional currency is RMB, and all financial data is presented in RMB unless otherwise specified[170] - The company's consolidated financial statements include all subsidiaries, and adjustments are made to align accounting policies and periods with the parent company[173] - Cash and cash equivalents are defined as the company's cash on hand and deposits that can be used for payment at any time, as well as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value[175] - Foreign currency transactions are translated into the functional currency using the spot exchange rate or an approximate spot rate at the transaction date, with adjustments for exchange differences recognized in profit or loss[177] - Financial assets are classified and measured based on the company's business model for managing the assets and the contractual cash flow characteristics, including amortized cost, fair value through other comprehensive income, and fair value through profit or loss[179] - Debt instruments managed with the objective of collecting contractual cash flows are measured at amortized cost, while those managed with both collecting cash flows and selling objectives are measured at fair value through other comprehensive income[179] - Financial assets not classified as amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss, with some designated to eliminate or significantly reduce accounting mismatches[180] - Equity investments without control, joint control, or significant influence are measured at fair value through profit or loss, with those expected to be held for over one year classified as non-current financial assets[181] - Expected credit losses are recognized for financial assets measured at amortized cost, fair value through other comprehensive income, and financial guarantee contracts, based on reasonable and supportable information[181] - Receivables, including notes and accounts receivable, are assessed for expected credit losses based on individual and portfolio evaluations, considering customer credit risk characteristics and historical loss experience[182] - Significant individual receivables are those in the top five by balance or exceeding 10% of total receivables, with specific provisions made for known financial difficulties or doubtful recoverability[182] - Receivables are grouped by business type, credit risk characteristics, and aging, with expected credit loss models applied to each group for provisioning[182] - The company assesses expected credit losses for loans and advances (including interest receivable) and financial guarantee contracts, considering the estimated realizable value of collateral[184] - For other receivables, if credit risk has not increased significantly after initial recognition, the company measures loss provisions based on expected credit losses within the next 12 months[184] - For significant individual receivables or those with known financial difficulties, the company uses the individual assessment method to calculate impairment losses[188] - The company classifies financial liabilities into those measured at amortized cost and those measured at fair value with changes in profit or loss[184] - The company uses observable market data to determine the fair value of financial instruments when available, and uses valuation techniques when observable data is not available[184] - For embedded derivatives in hybrid contracts, the company may choose to measure them at fair value with changes in profit or loss[185] - The company classifies financial instruments as equity instruments if they do not involve obligations to deliver cash or other financial assets under potentially unfavorable conditions[185] - For accounts receivable, the company assesses expected credit losses based on customer credit risk characteristics, business types, and historical loss experience[187] - The company does not provide bad debt provisions for intercompany transactions and employee advances due to low recovery risk[189] - For the deposit and guarantee portfolio, the company provides for bad debts at an expected credit loss rate of 1%[189] - Inventory is classified into raw materials, semi-finished products, finished goods, materials for commissioned processing, and consumables[190] - Inventory is valued using methods such as purchase price plus additional costs, processing fees for commissioned materials, and weighted average or specific identification for issued inventory[190] - Inventory is measured at the lower of cost or net realizable value, with provisions for inventory write-downs made when net realizable value is below cost[190] - Contract assets and liabilities are presented separately in the balance sheet, with net amounts shown based on liquidity[191] - Contract costs are categorized into fulfillment costs and acquisition costs, recognized as assets if they meet specific criteria[192] - Assets held for sale are measured at the lower of their carrying amount or fair value less costs to sell, with any write-down recognized as an impairment loss[194] - Long-term equity investments from business combinations are initially measured at the fair value of the consideration transferred[195] - Long-term equity investments obtained through other means are measured at the actual purchase price or the fair value of equity securities issued[196] - Long-term equity investments are measured using the cost method for controlling investments and the equity method for joint control or significant influence investments[197] - Investment income from cost method investments is recognized when the investee declares dividends or cash distributions[197] - Investment income from equity method investments is recognized based on the share of the investee's net profit or loss at interim or year-end[197] - Gains or losses from disposal of equity investments are recognized as current investment income, with remaining equity continuing under the original accounting method[197] - Joint control is defined as shared control over an arrangement requiring unanimous agreement among controlling parties[197] - Significant influence refers to the ability to participate in financial and operating policy decisions without control or joint control[198] - Long-term equity investments are subject to impairment testing at each reporting period, with impairment losses recognized if recoverable amount is below carrying value[198] - Investment properties are measured using the cost model, with depreciation or amortization applied in