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议案的情形； 2．本次股东会未涉及变更前次股东会决议的情形。 一、会议召开的情况 证券代码：002867 证券简称：周大生 公告编号：2025-042 周大生珠宝股份有限公司 2025 年第二次临时股东会决议公告 7．股权登记日：2025年9月11日 8．本次会议的召集、召开程序、出席会议人员资格及表决程序符合《中华 人民共和国公司法》、《上市公司股东会规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的有关规定。 二、会议的出席情况 1. 股东出席的总体情况： 参加本次股东会现场会议和网络投票表决的股东及股东代理人共 213 人，代 表股份 715,978,925 股，占公司有表决权的股份总数的 65.9600%。截至股权登记 日 2025 年 9 月 11 日，公司总股本为 1,085,473,893 股，本次股东会享有表决权 的总股份数为 1,085,473,893 股。 2．现场会议出席情况 1．现场会议召开时间：2025年9月17日（星期三）15:00 ...

证券之星消息，9月17日饰品板块较上一交易日下跌0.79%，曼卡龙领跌。当日上证指数报收于3876.34， 上涨0.37%。深证成指报收于13215.46，上涨1.16%。饰品板块个股涨跌见下表： 从资金流向上来看，当日饰品板块主力资金净流出1.8亿元，游资资金净流出1106.43万元，散户资金净流 入1.91亿元。饰品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600735 | 新华锦 | > 929.61万 | 2.20% | -1964.57万 | -4.65% | 1034.96万 | 2.45% | | 600612 | 老凤祥 | 677.03万 | 3.18% | 67.31万 | 0.32% | -744.34万 | -3.50% | | 002867 | 周大生 | 542.58万 | 5.46% | -936.46万 | -9.43% | 393.88万 | 3.97% ...

Core Viewpoint - International gold prices have reached new highs, with spot gold nearing $3,690 per ounce, marking a significant milestone in the market [1][3]. Group 1: Gold Price Movements - Spot gold prices increased by 0.44%, reaching $3,677.2 per ounce, while COMEX gold futures peaked at $3,728, setting a historical record [3]. - Domestic gold jewelry prices have also surged, with brands like Chow Sang Sang and Lao Feng Xiang hitting their highest prices of the year at 1,091 RMB per gram and 1,086 RMB per gram, respectively [4][5]. Group 2: Market Predictions - JPMorgan's report indicates that gold typically performs strongly during Federal Reserve rate-cutting cycles, with average returns often exceeding double digits within nine months of rate cuts [5]. - The bank forecasts that gold prices could average $3,800 per ounce in Q4 of this year and potentially exceed $4,000 per ounce in Q1 of next year, with a scenario predicting prices could surpass $5,000 per ounce if concerns about the Fed's independence escalate [5]. Group 3: Consumer Sentiment - Consumer reactions to rising gold prices reflect a mix of regret for not investing earlier and optimism about continued price increases, with sentiments suggesting that gold prices may only continue to rise [5].

Group 1 - The international gold price has risen significantly, with domestic gold jewelry prices surpassing 1090 CNY per gram for the first time, indicating a strong upward trend in the market [1][6] - As of September 16, 2023, the price of gold jewelry from major brands like Chow Sang Sang and Chow Tai Fook reached 1091 CNY and 1087 CNY per gram respectively, reflecting a daily increase [1][6] - The international gold price has increased over 40% this year, outperforming major assets like the S&P 500 index, driven by factors such as expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [6] Group 2 - Upstream gold mining companies are experiencing positive performance, with Western Gold reporting a 69.01% year-on-year increase in revenue to 5.03 billion CNY and a 131.94% increase in net profit [7] - Shandong Gold International also reported strong results, with a 42.14% increase in revenue to 9.25 billion CNY and a 48.43% increase in net profit [7] Group 3 - Downstream gold jewelry companies are facing significant challenges due to rising raw material costs, leading to a mixed performance across the industry [8] - Lao Pu Gold has seen a remarkable increase in performance, with a 251% year-on-year revenue growth to 12.35 billion CNY and a 290.6% increase in adjusted net profit [8] - Conversely, Zhou Dazheng reported a decline in performance, with a 43.92% decrease in revenue to 4.597 billion CNY and a slight drop in net profit by 1.27% [9]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][27]. Core Insights - In August 2025, domestic retail sales (社零) grew by 3.4% year-on-year, slightly below market expectations, with a total retail sales amounting to 3.97 trillion yuan [5][6]. - The retail sales growth for the textile and apparel sector in the first eight months of 2025 was 2.9%, with a notable increase in sports and entertainment products, which saw a growth of 20.6% [8][10]. - The online retail channel continues to outperform the overall retail market, with a year-on-year growth of 6.4% in physical goods online sales [6][10]. Summary by Sections Retail Performance - In August 2025, the year-on-year growth rates for dining and goods retail were 2.1% and 3.6%, respectively [5]. - The consumer confidence index in July 2025 was 89.0, reflecting a 1.1 point increase [5]. Channel Analysis - Online channels showed a year-on-year growth of 6.4% in physical goods, while offline channels like convenience stores and supermarkets demonstrated stable performance [6]. - For the first eight months of 2025, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand stores grew by 6.6%, 4.9%, 1.2%, 5.2%, and 1.7%, respectively [6]. Sector-Specific Insights - The jewelry sector saw a significant year-on-year growth of 16.8% in August 2025, with gold prices reaching an average of 775.92 yuan per gram, up 36.7% year-on-year [7][11]. - The textile and apparel sector's year-on-year growth was 3.1% in August 2025, with a marginal improvement compared to previous months [7][10]. Investment Recommendations - The report recommends focusing on brands like 361 Degrees, with a noted increase in revenue growth among major sports brands [8][10]. - For the textile manufacturing sector, it suggests tracking the recovery of Nike, which could positively impact overall sector valuations [10].

Core Insights - The rapid development of new media has significantly increased its penetration across various industries, including the gold and jewelry sector, which is actively leveraging new media for brand promotion and marketing [1] - A report titled "2025 New Media Matrix Influence Ranking of Gold and Jewelry Enterprises" was released, analyzing the performance of 129 mainstream gold and jewelry companies on four key platforms: WeChat, Douyin, Video Accounts, and Xiaohongshu [1][6] - The data indicates that these companies collectively operate over 3,500 accounts and have published more than 140,000 pieces of content, achieving over 20 million views, 4.6 million shares, 800,000 comments, and 7.7 million likes in the first half of 2025 [1][6] Industry Analysis - Leading companies such as Zhou Dasheng, Zhou Dafu, and Lao Fengxiang exhibit distinct competitive advantages across various dimensions, including account quantity, content output, reading volume, social sharing, user comments, and likes [3][4] - The top ten brands contribute over 60% of the total content published and account for over 80% of user interactions, indicating a significant head effect in the industry [6] - Nearly 60% of gold and jewelry companies have established a presence on three or more platforms, while only 19% are active on a single platform, showcasing a trend towards multi-platform strategies [6] Ranking Insights - The top ten companies in the new media influence ranking are as follows: 1. Zhou Dasheng - 782.4 2. Zhou Dafu - 770.5 3. Zhou Liufu - 765.5 4. Liufu Jewelry - 747.0 5. Lao Fengxiang - 728.2 6. Lao Miao - 712.9 7. Zhou Shengsheng - 710.2 8. Meng Hui Yuan - 695.8 9. Lin Chao Jewelry - 683.2 10. Liu Gui Fu - 642.4 [4] Strategic Implications - The new media landscape for gold and jewelry in 2025 is characterized by a "full-domain layout with key breakthroughs," where leading brands are not limited to a single platform but are building influence across multiple channels [6] - The ranking serves as a valuable tool for companies to understand their position within the industry and to refine their new media strategies based on their unique resources and market positioning [6]

Market Overview - The jewelry sector experienced a decline of 1.45% on September 15, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Mankalon (300945) saw a significant drop of 4.76%, closing at 21.61 with a trading volume of 249,400 shares and a turnover of 542 million yuan [2] - Other notable declines include: - Cuihua Jewelry (002731) down 3.76% to 13.30 [2] - Laixitongling (603900) down 2.96% to 11.16 [2] - Diya Co. (301177) down 2.43% to 36.54 [2] - Conversely, Lao Fengxiang (600612) increased slightly by 0.42% to 55.18 [1] Trading Volume and Capital Flow - The jewelry sector experienced a net outflow of 284 million yuan from main funds, while retail investors saw a net inflow of 328 million yuan [2] - The trading volume for key stocks included: - Mankalon: 249,400 shares [2] - Cuihua Jewelry: 125,600 shares [2] - Gold China (600916): 378,400 shares [2]

周大生作为黄金珠宝行业知名上市企业，拥有4700+门店、2000万会员及"国家宝藏"等文化IP，与无忧 的合作，有利于其放大供应链、产品和线上线下渠道优势。 9月14日，周大生（002867）在深圳举行四大IP暨品牌矩阵超级新品发布会，同步发布了吉祥布达拉、 如意普陀、平安泰山、福运国宝四大系列新品，并正式启动与无忧传媒的战略合作。 此前在9月8日，周大生发布公告称，公司拟与无忧传媒集团有限公司、海南金生无忧文化产业投资中心 (有限合伙)、公司副董事长及副总经理周飞鸣共同投资设立合资公司，注册资本为5000万元。其中，周 大生以货币方式出资2250万元，占注册资本的45%。周大生表示，本次共同投资设立合资公司有利于公 司通过"线上线下（300959）融合、境内境外联动"打造黄金珠宝产业新业态。 在周大生与无忧传媒的系列战略合作中，周大生还官宣成为"无忧之夜2025"的独家冠名合作伙伴。据了 解，将于10月底在三亚举办的"无忧之夜2025"，将作为无忧传媒与周大生战略合作的重要落地场景，双 方将通过红毯、晚会等重点环节深度联动。 "这不是简单的流量合作，而是供应链与内容生态的深度绑定。"无忧传媒创始人&CEO雷 ...

Core Viewpoint - Zhou Dasheng's stock price has shown fluctuations, with a recent decline of 2.03% and a year-to-date increase of 0.68%, indicating mixed market sentiment towards the company [1]. Group 1: Stock Performance - As of September 15, Zhou Dasheng's stock price was 13.98 CNY per share, with a market capitalization of 15.175 billion CNY [1]. - The stock has experienced a 2.03% decline over the past five trading days but a 7.37% increase over the last 20 days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of -39.3006 million CNY on June 5 [1]. Group 2: Company Overview - Zhou Dasheng Jewelry Co., Ltd. was established on October 15, 2007, and listed on April 27, 2017, focusing on the design, promotion, and chain operation of "Zhou Dasheng" brand jewelry [2]. - The company's revenue composition includes 74.30% from gold jewelry, 8.27% from brand usage fees, and smaller percentages from other jewelry types and services [2]. - As of June 30, 2025, the number of shareholders increased by 13.49% to 33,400, with an average of 32,281 circulating shares per shareholder, a decrease of 12.73% [2]. Group 3: Financial Performance - For the first half of 2025, Zhou Dasheng reported a revenue of 4.597 billion CNY, a year-on-year decrease of 43.92%, while the net profit attributable to shareholders was 594 million CNY, down 1.27% [2]. - The company has distributed a total of 5.246 billion CNY in dividends since its A-share listing, with 2.714 billion CNY distributed in the last three years [3]. Group 4: Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and Jiashi New Consumption Stock A, with varying changes in their holdings [3]. - The third-largest circulating shareholder, Hongli Low Volatility, increased its holdings by 4.1435 million shares [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]