格隆汇9月8日丨周大生(002867.SZ)公布，公司拟与无忧传媒集团有限公司(简称"无忧传媒集团")、海南 金生无忧文化产业投资中心(有限合伙)(简称"海南金生无忧")、公司副董事长及副总经理周飞鸣先生共 同投资设立合资公司-三亚周大生无忧共创文化科技有限公司，注册资本为人民币5,000万元。其中公司 以货币方式出资人民币2,250万元，占注册资本的45%；无忧传媒集团以货币出资人民币1,500万元，占 注册资本的30%；海南金生无忧以货币出资人民币950万元，占注册资本的19%；周飞鸣先生以货币出 资人民币300万元，占注册资本的6%。 ...

周大生公告，公司拟与无忧传媒集团、海南金生无忧及副董事长周飞鸣共同投资设立合资公司，注册资 本为人民币5000万元。其中，周大生出资人民币2250万元，占注册资本的45%；无忧传媒集团出资人民 币1500万元，占注册资本的30%；海南金生无忧出资人民币950万元，占注册资本的19%；周飞鸣出资 人民币300万元，占注册资本的6%。此次投资旨在通过"线上线下融合、境内境外联动"打造黄金珠宝产 业新业态，符合公司发展战略和长远利益。 ...

证券代码：002867 证券简称：周大生 公告编号：2025-041 周大生珠宝股份有限公司 关于与关联方共同投资设立合资公司暨关联交易 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。 一、对外投资暨关联交易概述 （一）对外投资基本情况 （三）审议程序 公司于 2025 年 9 月 6 日召开了第五届董事会第八次会议和第五届监事会第 八次会议，分别以 8 票赞成、0 票弃权、0 票反对和 3 票赞成、0 票弃权、0 票反 对的表决结果，审议通过了《关于与关联方共同投资设立合资公司暨关联交易的 议案》；关联董事周宗文、周华珍、周飞鸣对该议案回避表决。在该议案提交董 事会审议前，已经公司董事会独立董事专门会议第四次会议全票通过。 根据《深圳证券交易所股票上市规则》以及《公司章程》等相关规定，本议 案无需提交股东会审议批准。本次与关联方共同投资事项不构成《上市公司重大 资产重组管理办法》规定的重大资产重组，无需经过有关部门批准。 二、关联方及其他交易方基本情况 （一）关联方基本情况 周大生珠宝股份有限公司（以下简称"公司"或"周大生"）拟与无忧传媒 集团有限 ...

证券代码：002867 证券简称：周大生 公告编号：2025-040 周大生珠宝股份有限公司 第五届监事会第八次会议决议公告 1、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 经审议，监事会认为：本次公司与关联方共同投资设立合资公司，符合公司 的战略定位，对公司长期发展具有积极影响。本次交易事项的审议及表决程序符 合相关法律法规的规定。交易各方均以货币出资，交易遵循自愿、平等、公允的 原则，不存在损害公司及全体股东尤其是中小股东利益的情形。因此，同意公司 与关联方共同投资设立合资公司的事项。 《关于与关联方共同投资设立合资公司暨关联交易的公告》（公告编号： 2025-041）同日刊登在《中国证券报》、《证券时报》、《上海证券报》、《证券日报》 及巨潮资讯网（http://www.cninfo.com.cn）。 本公司及监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。 一、监事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届监事会第八次会议于 2025 年 9 月 6 日以现场会议方式召开。公司于 2025 年 9 月 3 日以书面方式向公 ...

周大生珠宝股份有限公司 表决结果：同意4票；反对0票；弃权0票。 经认真审阅，基于独立判断，我们认为：本次公司与关联方共同投资设立合 资公司，符合公司的战略规划，对公司的长期发展具有积极影响。本次关联交易 符合公司及全体股东的利益，不存在向关联方输送利益的情形，不存在损害公司 及其他股东，特别是中小股东利益的情形。 因此，我们一致同意该议案并提交至公司董事会审议。 第五届董事会独立董事专门会议第四次会议决议 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会独立董事专门会 议第四次会议通知于2025年9月3日以通讯及电子邮件等形式送达全体独立董事， 会议于2025年9月6日以通讯方式召开。本次会议应出席独立董事4人，实际出席 独立董事4人。全体独立董事共同推举独立董事徐莉萍女士召集和主持本次会议。 本次会议的召集、召开和表决程序均符合《公司法》、《上市公司独立董事管理 办法》、《公司章程》及《独立董事专门会议工作制度》的有关规定。本次独立 董事专门会议发表相关说明及审核意见如下： 一、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 周大生珠宝股份有限公司 独立董事：陈绍祥、毛健、李启华、徐莉 ...

证券代码：002867 证券简称：周大生 公告编号：2025-039 1、审议通过《关于与关联方共同投资设立合资公司暨关联交易的议案》 董事会认为：结合公司未来的战略发展需求和正常经营需要，提升公司核心 竞争力，同意公司与无忧传媒集团有限公司（以下简称"无忧传媒集团"）、海 南金生无忧文化产业投资中心（有限合伙）（以下简称"海南金生无忧"）、公 司副董事长及副总经理周飞鸣先生共同投资设立合资公司，注册资本为人民币 5,000 万元。其中公司以货币方式出资人民币 2,250 万元，占注册资本的 45%； 无忧传媒集团以货币出资人民币 1,500 万元，占注册资本的 30%；海南金生无忧 以货币出资人民币 950 万元，占注册资本的 19%；周飞鸣先生以货币出资人民币 300 万元，占注册资本的 6%。 关联董事周宗文、周华珍、周飞鸣在审议该议案时已回避表决。该项议案已 周大生珠宝股份有限公司 第五届董事会第八次会议决议公告 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。 一、董事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会第八次会议通 ...

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with a notable recovery in Q2, driven by improved profit margins despite challenging market conditions [1][4]. Revenue Summary - For H1 2025, the company generated revenue of 4.6 billion yuan, a year-on-year decrease of 43.9%, with a gross profit of 1.39 billion yuan, down 7.4%, and a net profit attributable to shareholders of 590 million yuan, down 1.3% [1]. - In Q2 2025, revenue reached 1.92 billion yuan, a year-on-year decline of 38.5%, while gross profit was 690 million yuan, down 3.2%. However, net profit for Q2 increased by 31.3% to 340 million yuan, exceeding expectations [1]. Revenue Breakdown - In Q2 2025, revenue from product categories showed a decline, with gold products at 1.3 billion yuan (down 46.9%) and embedded products at 160 million yuan (down 35.2%) [2]. - Revenue by channel indicated a positive trend in self-operated offline sales at 360 million yuan (up 9.1%) and online sales at 630 million yuan (up 2.6%), while franchise income fell to 840 million yuan (down 60.0%) [2]. - The decline in franchise revenue was attributed to high gold prices leading to store closures and reduced restocking frequency, with a shift towards designated suppliers [2]. Profitability Analysis - The gross margin for Q2 2025 improved to 36.1%, an increase of 13.1 percentage points year-on-year and 9.9 percentage points quarter-on-quarter, driven by rising gold prices and changes in revenue structure [3]. - The company's expense ratios for sales and management were 12.7% and 1.2%, respectively, with both showing year-on-year increases, but the absolute amounts decreased by 13% and 18% [3]. - The net profit margin for Q2 2025 was 17.7%, reflecting a 9.4 percentage point increase year-on-year, indicating strong profit performance [3]. Market Outlook and Valuation - The gold market experienced fluctuations, with jewelry and gold bar consumption down 24% and up 18% year-on-year, respectively. Despite challenges, the company adapted to high gold prices and changing consumer trends, achieving unexpected profit growth [4]. - The company is expected to see net profits of 1.11 billion yuan and 1.29 billion yuan for 2025 and 2026, respectively, with current stock prices reflecting a PE ratio of approximately 14x and 12x for those years, alongside a dividend yield of about 6% [4]. - The company is positioned for growth with a focus on expanding its direct sales channels and optimizing product structure, which is anticipated to outperform the industry as market conditions improve [4].

Group 1 - The core viewpoint of the article highlights the rising prices of gold jewelry in China, with specific brands like Chow Sang Sang and Lao Miao showing significant price increases [1] - As of September 6, the price of gold jewelry has surpassed 1060 RMB per gram, with Chow Sang Sang priced at 1068 RMB per gram, up 9 RMB from the previous day [1] - Lao Miao's gold jewelry is priced at 1062 RMB per gram, also reflecting a 9 RMB increase from the previous day, indicating a general trend of high prices across various brands [1] Group 2 - The article notes that several gold jewelry companies have released their mid-year financial reports, revealing varying performance metrics [1] - Lao Pu Gold maintains a leading gross profit margin, although it has seen a slight decline, while companies like Zhou Dazheng and Chow Sang Sang have experienced an increase in their gross profit margins [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company is experiencing revenue pressure in H1 2025, primarily due to high gold prices leading to conservative inventory purchases by franchisees and store closures. However, the company is actively adjusting its product category structure, increasing the proportion of high-margin products such as IP series, fixed-price gold, embedded products, and bracelets, resulting in a net profit growth of over 30% in Q2 2025 [5][12] - The comprehensive gross profit margin for H1 2025 is 30.3%, an increase of 11.96 percentage points year-on-year. The sales expense ratio is 10.8%, up by 4.34 percentage points year-on-year, and the net profit margin attributable to the parent company is 12.92%, an increase of 5.58 percentage points year-on-year [5][12] Financial Performance Summary - H1 2025 revenue is reported at 4.597 billion, a year-on-year decrease of 43.9%. The net profit attributable to the parent company is 594 million, a decrease of 1.3% year-on-year. In Q2 2025, revenue is 1.924 billion, down 38.5% year-on-year, while net profit is 342 million, up 31.3% year-on-year [11][12] - The company has outlined five strategic directions for the future: brand matrix development, new retail transformation, organizational change, deep digitalization, and brand expansion overseas. Significant investments will be made in these areas over the next two to three years [13] - Revenue forecasts for 2025-2027 are 11.738 billion, 12.971 billion, and 13.943 billion, with corresponding growth rates of -15.5%, 10.5%, and 7.5%. Net profit attributable to the parent company is projected at 1.110 billion, 1.213 billion, and 1.269 billion, with growth rates of 9.9%, 9.3%, and 4.6% respectively [14]

Group 1 - The jewelry sector increased by 1.72% on September 5, with Lao Fengxiang leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the jewelry sector showed significant price increases, with Lao Fengxiang rising by 5.12% to a closing price of 50.74 [1] Group 2 - The trading volume for Lao Fengxiang was 105,900 hands, with a transaction value of 529 million yuan [1] - Other notable performers included Feiya and Mankalon, which rose by 3.08% and 2.94%, respectively [1] - The jewelry sector experienced a net inflow of 9.56 million yuan from main funds, while retail investors contributed a net inflow of 37.96 million yuan [2]