证券代码：002867 证券简称：周大生 公告编号：2025-025 周大生珠宝股份有限公司 2024 年度股东大会决议公告 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．本次股东大会（或"股东会"）未出现否决议案的情形; 2．本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开的情况 1．现场会议召开时间：2025年5月27日（星期二）15:00 2．现场会议召开地点：深圳市罗湖区布心路3033号水贝壹号A座5层多功 能会议室 3．召开方式：现场表决与网络投票相结合 4．会议召集人：周大生珠宝股份有限公司董事会 5. 会议主持人：董事长周宗文先生 6．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具体时间 为2025年5月27日的交易时间，即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开始时间为2025年5月27日上午9:15，结 束时间为2025年5月27日下午15:00。 7．股权登记日：2025年5月21日 8．本次会议的召集、召开程序、出席会议人员资格及 ...

Group 1 - The collaboration between Zhou Dasheng and Mixue Ice City has gained popularity among young consumers, particularly with the launch of the "Couple Certificate" and other lightweight gold products [1][3] - The "Couple Certificate" is a limited edition gold note that includes the holder's information and is issued in collaboration with Mixue Ice City, with only 2,000 pieces available [1][3] - Zhou Dasheng's lightweight gold products, such as the 0.1g gold stickers and gold notes, are priced affordably, appealing to the trend of "small but beautiful" consumption among young consumers [3][5] Group 2 - The pricing of Zhou Dasheng's products, such as the 0.65g gold jewelry priced at over 900 yuan, is lower compared to other gold brand collaborations, leading to increased consumer interest and even stock shortages [5] - The partnership aligns with Zhou Dasheng's brand philosophy of "Born for Love," which resonates with the romantic theme of the 520 festival, enhancing emotional connections with consumers [5] - The collaboration targets the Z generation, showcasing Zhou Dasheng's efforts to modernize its brand image and appeal to younger audiences [5]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 22, 2025, at the company's headquarters and Shenzhen Overseas Chinese Town [2] - A total of 9 investors participated in the event, including representatives from Xiyue Investment, Huashang Fund, and Ping An Pension [2] Group 2: Key Discussion Topics - Investors engaged in discussions regarding industry conditions, the company's business model, brand positioning, brand matrix, product structure, and gross margin [2] - Some investors visited the company's exhibition hall during the event [2] Group 3: Compliance and Information Disclosure - The company adhered to its information disclosure management system, ensuring that all disclosed information was true, accurate, complete, timely, and fair [2] - No significant undisclosed information was leaked during the reception process, and investors signed a commitment letter as required by the Shenzhen Stock Exchange [2]

Core Viewpoint - The collaboration between Mixue Ice City and jewelry brand Zhou Dasheng, featuring the virtual character Xue Wang, has exceeded expectations, showcasing the potential of brand virtual images in cross-industry partnerships [1][18]. Brand Virtual Image Development - Mixue Ice City has successfully transformed its virtual character Xue Wang into a cross-industry IP, leveraging long-term marketing strategies and a relatable persona, unlike many other brands that have struggled to maintain their virtual images [3][10]. - The rise of virtual brand images began around 2021, with various brands exploring this concept, but many failed to sustain interest due to a lack of innovation and emotional connection with consumers [6][9]. Successful Examples and Strategies - Successful virtual characters like Xue Wang and Duolingo's Duo have demonstrated the importance of relatability, humor, and emotional engagement in building a strong brand presence [10][12]. - Xue Wang's character has been developed through various marketing strategies, including viral videos and interactive content, which have helped establish a strong connection with the audience [11][16]. Cross-Industry Collaboration - The recent collaboration between Xue Wang and Zhou Dasheng has resulted in popular products like pendants and charms, indicating the effectiveness of virtual characters in expanding brand reach and appeal [18][21]. - Other brands, such as Peace Elite with its digital spokesperson Jili, have also successfully utilized virtual characters for cross-industry marketing, demonstrating the versatility and potential of this approach [18][19]. Long-term Brand Strategy - Building a successful virtual character requires a long-term commitment to character development and audience engagement, as seen with Mixue Ice City's ongoing efforts with Xue Wang since 2018 [16][21]. - The success of virtual images is closely tied to the brand's overall identity and market understanding, emphasizing the need for a well-thought-out marketing strategy [21].

Group 1: Investor Relations Activity Overview - The investor relations activity involved a site visit with 8 participating investors from various financial institutions [2]. - The event took place on May 21, 2025, in the headquarters meeting room [2]. Group 2: Key Discussion Topics - Investors engaged in discussions regarding industry conditions, the company's business model, brand positioning, brand matrix, product structure, and gross margin [2]. - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2]. Group 3: Compliance and Documentation - The company adhered to its information disclosure management system, preventing any leakage of undisclosed significant information during the event [2]. - All participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [2].

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 20, 2025, at the company's headquarters [2] - Two investors participated: Huatai Securities (Hui Pu) and Taiping Asset (Shao Yizhen) [2] Group 2: Main Discussion Points - Investors inquired about the Q1 2025 financial indicators, brand positioning, brand matrix, product structure, gross margin, and store structure [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2] Group 3: Compliance and Documentation - Investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the meeting [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company's revenue was 13.89 billion yuan, a year-on-year decline of 14.7%, and the net profit attributable to the parent company was 1.01 billion yuan, down 23.2% year-on-year. In Q1 2025, revenue was 2.67 billion yuan, a year-on-year decline of 47.3%, with a net profit of 250 million yuan, down 26.1% year-on-year. The proposed dividend for the 2024 annual report is 0.65 yuan per share, combined with the 2024 interim dividend of 0.3 yuan per share, totaling 0.95 yuan per share [2][6]. Summary by Sections Company Performance - In 2024, the company faced industry demand disruptions, leading to pressure on wholesale business, while self-operated business performed relatively well. The total number of stores in 2024 was 5,008 (net decrease of 98), with 4,655 franchise stores (net decrease of 120) and 353 self-operated stores (net increase of 22). In Q1 2025, the total number of stores was 4,831 (net decrease of 177), with 4,435 franchise stores (net decrease of 220) and 396 self-operated stores (net increase of 43) [12]. Revenue and Profit Analysis - The total revenue in 2024 decreased by 15%, with a gross profit of 2.89 billion yuan, down 2% year-on-year. The decline in gross profit was significantly smaller than the revenue decline. In the wholesale segment, gross profit from wholesale shipments was 600 million yuan (down 13% year-on-year), while self-operated segments showed growth, with offline self-operated gross profit of 500 million yuan (up 29% year-on-year) and online self-operated gross profit of 700 million yuan (up 19% year-on-year) [12][12]. Future Outlook - The company is expected to see EPS of 1.01, 1.11, and 1.26 yuan for 2025, 2026, and 2027 respectively. Despite the pressure on wholesale business due to industry fluctuations, the self-operated channels and e-commerce have achieved gross profit growth. The company is positioned to benefit from high dividend attributes and structural highlights, indicating potential for performance improvement [12][12].

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted via a telephone conference on May 19, 2025 [2] - A total of 5 investors participated, including representatives from Huatai Securities and浦银安盛 [2] Group 2: Key Discussion Topics - Investors inquired about the Q1 2025 financial indicators, brand matrix, channel expansion, and product structure adjustments [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is expected to achieve double-digit growth in e-commerce channels in 2024, with a significant improvement in gross margin in Q1 2025 [1] - Despite a decline in revenue and net profit in 2024, the company is projected to benefit from improved gross margins in Q1 2025, leading to a smaller decline in performance compared to revenue [10] Financial Performance Summary - In 2024, the company reported revenue of 13.891 billion yuan, a year-on-year decrease of 14.73%, and a net profit of 1.010 billion yuan, down 23.25% [2][4] - For Q1 2025, revenue was 2.673 billion yuan, a decline of 47.28%, with a net profit of 252 million yuan, down 26.12% [2][4] - The gross margin for 2024 improved by 2.7 percentage points to 20.80%, and for Q1 2025, it increased by 10.64 percentage points to 26.21% [6] Channel Performance Summary - In 2024, the online channel revenue grew by 11.42% to 2.795 billion yuan, while the franchise channel revenue fell by 23.26% to 9.187 billion yuan [5] - The self-operated offline channel achieved revenue of 1.744 billion yuan, a growth of 7.8% [5] Future Earnings Projections - The projected EPS for 2025-2027 is 1.02, 1.11, and 1.22 yuan respectively, with corresponding P/E ratios of 13.2, 12.1, and 11.0 times [10][12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.32 CNY based on a 17x PE valuation for 2025 [4][9]. Core Views - The company experienced a significant revenue decline in 2024, with a 14.7% decrease to 13.89 billion CNY, primarily due to high gold prices suppressing demand [8]. - Despite the challenges, the company plans to focus on brand matrix, e-commerce breakthroughs, innovative franchise models, and cross-border brand expansion as key growth drivers for 2025 [8]. - The company is committed to a high dividend policy, with an expected payout ratio of 102.1% for 2024 [8]. Financial Summary - Revenue and Profit Forecasts: - 2025-2027 EPS estimates are 0.96, 1.14, and 1.30 CNY respectively [4][9]. - Revenue projections for 2025, 2026, and 2027 are 14.05 billion, 15.06 billion, and 16.52 billion CNY, reflecting growth rates of 1.2%, 7.1%, and 9.7% respectively [4][8]. - Profitability Metrics: - The company's gross margin is expected to improve to 21.8% in 2025, with net margin projected at 7.5% [4][8]. - The net profit attributable to the parent company is forecasted to be 1.05 billion CNY in 2025, with a growth of 3.8% [4][8]. - Valuation Ratios: - The company’s PE ratio is projected to be 14.1 in 2025, decreasing to 10.4 by 2027 [4][8].