周大生珠宝股份有限公司 投资者关系活动记录表 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □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 及人员姓名 共计 2 位投资者（排名不分先后）： 广发证券：包晗 人保资产：李爽 时 间 2025 年 5 月 12 日 地 点 线上 上市公司接待人员 姓名 证券事务代表：周晓达 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就 2024 年年报及 2025 年一季报主要财务指标、品牌矩 阵、渠道扩张、金价波动、终端销售情况等问题进行了交流，可参阅前 次活动记录表之问答和已披露公告。 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。 附件清单（如有） 无 日期 2025 年 5 月 12 日 代码：002867 证券简称：周大生 编号：2025-018 ...

Core Viewpoint - The high volatility of gold prices has led to a decline in consumer demand for gold jewelry, with many consumers adopting a wait-and-see attitude regarding purchases [1][2][3] Industry Overview - Gold jewelry consumption in China has been weak, with a reported 5.96% year-on-year decline in gold consumption, and a significant 26.85% drop in gold jewelry consumption in Q1 [1][5] - Major gold jewelry companies such as China Gold, Lao Feng Xiang, and Zhou Da Sheng have reported substantial declines in both revenue and net profit, indicating a challenging market environment [1][5][7] Company Performance - China Gold's net profit decreased by 62.96%, while Lao Feng Xiang and Zhou Da Sheng also experienced declines exceeding 20% in net profit [1][5] - In contrast, Cai Bai Co. has seen growth in revenue and net profit, attributed to an increased focus on gold bar sales, which are more resilient in the current market [2][11] Market Dynamics - The gold price has fluctuated significantly, with a peak of 1082 yuan per gram in late April, followed by a drop to 998 yuan per gram by May 5, reflecting the volatility that affects consumer purchasing behavior [3][4] - The trend of "cold jewelry, hot investment" has emerged, with consumers increasingly favoring investment products like gold bars over traditional jewelry [13][14] Retail Strategies - Many traditional brands are closing underperforming stores to optimize their retail networks, with Zhou Da Fu and Lao Feng Xiang among those reducing their store counts significantly [18][14] - Companies are encouraged to enhance in-store experiences and diversify product offerings to meet changing consumer preferences, including the rise of "she economy" and personalized products [18][19]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].

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Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry is experiencing a slow recovery in social consumption, with overall business pressure on retail enterprises. The report emphasizes the importance of emotional consumption and suggests focusing on high-quality companies in high-growth segments [4][27] - The report identifies key segments within the retail industry, including traditional retail, gold and jewelry, cosmetics, and medical aesthetics, each with unique dynamics and investment opportunities [4][27] Summary by Sections Retail Market Overview - The retail industry index rose by 0.88% during the week of May 6 to May 9, 2025, underperforming the Shanghai Composite Index, which increased by 1.92% [6][15] - The brand cosmetics sector showed the highest growth, with a weekly increase of 2.89% and a year-to-date increase of 15.91% [18][21] Investment Strategy - The report recommends focusing on high-quality companies in segments driven by emotional consumption, including: 1. **Gold and Jewelry**: Emphasizing brands with differentiated products and consumer insights, recommending companies like Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][48] 2. **Offline Retail**: Highlighting companies that are actively transforming and exploring new models, recommending Yonghui Supermarket and Aiyingshi [7][48] 3. **Cosmetics**: Focusing on domestic brands with strong growth potential, recommending brands like Pola, Shangmei, and Juzi Biological [7][49] 4. **Medical Aesthetics**: Suggesting attention to differentiated product manufacturers and leading medical aesthetic institutions, recommending Aimeike and Kedi-B [7][49] Segment Analysis - **Traditional Retail**: The report notes that offline retail must leverage its strengths in customer service and emotional satisfaction to attract consumers back from online channels [4][28] - **Gold and Jewelry**: The industry is shifting from supply-driven to demand-driven, with emotional consumption becoming a key factor. High-end and fashionable gold segments are emerging as significant opportunities [4][36] - **Cosmetics**: The industry is stable in the short term, with a long-term trend favoring domestic brands. Emotional consumption is spreading across various cosmetic categories [4][41] - **Medical Aesthetics**: The industry is experiencing accelerated differentiation, with high-end products showing resilience due to their safety and scarcity [4][44]

Group 1: Company Insights on Haitai New Light - Haitai New Light's endoscope repair business grew by 14% year-on-year in Q1 2024, with major customer demand increasing by over 25% [1] - The company is progressing with production line construction in the US and Thailand, with the US subsidiary expected to be certified by July 2024 and the Thailand subsidiary completed by the end of 2024 [1] - The company plans to establish a national marketing team of over 50 experienced members in 2024, with a focus on transitioning to complete machine sales [1] - The optical business is expected to see a slight decline in 2024, while the medical optical business is projected to grow by 23% in 2024 and 71% in Q1 2025 [1] - The company maintains a gross margin above 60%, with a good product yield rate of over 98% for complete machine products [1] Group 2: Company Insights on Zhou Dashing - Investors engaged in discussions regarding the 2024 annual report and Q1 2025 financial indicators, brand matrix, product structure, and terminal sales during a conference call [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [2] Group 3: Institutional Overview of Hongshang Asset - Hongshang Asset was established in October 2013, created by a team from public funds and Sequoia Capital, serving as Sequoia's only equity securities asset management platform in China [3] - The company focuses on absolute return equity investment strategies, driven by fundamental research, and has received multiple industry awards for its performance [3] - The investment research team includes experienced professionals from large fund companies and top analysts, ensuring robust management and industry influence [3]

Group 1: Core Insights - The retail industry is experiencing a slow recovery in social consumption, with overall business pressure on retail enterprises [27][28] - The report emphasizes the importance of emotional consumption, suggesting that companies should focus on enhancing consumer service experiences and emotional satisfaction to drive positive accumulation [28][32] - The investment strategy highlights four main themes: gold and jewelry, offline retail, cosmetics, and medical aesthetics, each with specific recommendations for companies to watch [4][7][49] Group 2: Industry Dynamics - Traditional retail is facing challenges as online traffic growth approaches its peak, and issues like e-commerce tax audits arise, making offline experiences more valuable [4][28] - The gold and jewelry sector is shifting from supply-driven to demand-driven, with emotional needs like self-appreciation and national pride becoming significant [4][36] - The cosmetics industry is witnessing a rise in domestic brands, with emotional consumption trends spreading to various segments, including functional skincare and home fragrances [41][49] Group 3: Company Recommendations - For gold and jewelry, companies like Lao Pu Gold, Chao Hong Ji, and Zhou Da Sheng are recommended for their differentiated product offerings and consumer insights [7][48] - In offline retail, companies such as Yonghui Supermarket and Ai Ying Shi are highlighted for their proactive transformation and exploration of new business models [7][48] - In the cosmetics sector, brands like Pechoin, Mao Ge Ping, and Juzi Biological are noted for their strong performance and ability to adapt to market trends [7][49] Group 4: Market Performance - The retail industry index rose by 0.88% in the week of May 6-9, 2025, but has decreased by 5.81% since the beginning of the year, underperforming the broader market [6][15] - The brand cosmetics sector showed the highest growth, with a weekly increase of 2.89% and a year-to-date increase of 15.91% [18][21] - Individual stocks such as Huazhi Wine and New Xunda saw significant weekly gains of 13.4% and 12.2%, respectively [24][25]

Group 1: Investor Relations Activities - A total of 54 investors participated in the investor relations activities, including representatives from various funds and securities firms [2] - The activities included a telephone conference, with no other specific events listed [2] Group 2: Key Participants - Notable participants included representatives from China International Capital Corporation, Guotai Junan Securities, and various private equity funds [2][3] - Specific names mentioned include Chen Junfeng from CCB Fund and Bao Han from GF Securities [2] Group 3: Meeting Details - The meeting took place online on May 9, 2025 [3] - Key company representatives included He Xiaolin, the Secretary of the Board and Deputy General Manager, and Zhou Xiaoda, the Securities Affairs Representative [3] Group 4: Discussion Topics - Investors primarily discussed the 2024 annual report and the Q1 2025 financial indicators, brand matrix, product structure, gross profit margins, and terminal sales conditions [3] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [3]

Group 1: Investor Relations Activities - The investor relations activity included a telephone conference with a total of 50 investors participating [2] - Notable participants included representatives from 百年资管, 东吴证券, and 华安基金 among others [2][3] Group 2: Meeting Details - The event took place online on May 8, 2025 [3] - Company representatives included securities affairs representatives 周晓达 and 荣欢 [3] Group 3: Discussion Topics - Investors primarily discussed the 2024 annual report and the first quarter report of 2025, focusing on key financial indicators, brand matrix, product structure, gross profit margins, and terminal sales conditions [3] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [3]

Core Viewpoint - The company reported a decline in revenue and profit for the year 2024 and Q1 2025, with a focus on maintaining brand strength and expanding direct sales channels despite industry challenges [1][3][6]. Financial Performance Summary - **2024 Full Year Results**: Revenue was 13.89 billion, down 14.7% YoY; gross profit was 2.89 billion, down 2.2% YoY; net profit attributable to shareholders was 1.01 billion, down 23.2% YoY. The company distributed a dividend of 0.95 per share, with a payout ratio of 102.1% [1]. - **Q4 2024 Results**: Revenue was 3.08 billion, down 18.8% YoY; gross profit was 0.67 billion, down 2.1% YoY; net profit attributable to shareholders was 0.16 billion, down 29.7% YoY [2]. - **Q1 2025 Results**: Revenue was 2.67 billion, down 47.3% YoY; gross profit was 0.70 billion, down 11.3% YoY; net profit attributable to shareholders was 0.25 billion, down 26.1% YoY [3]. Revenue Breakdown - **2024 Revenue by Product**: Solid gold products generated 11.44 billion, down 16.6%; embedded products generated 0.76 billion, down 17.4%; other jewelry (silver and jade) generated 0.60 billion, up 66.7%. By channel, self-operated offline revenue was 1.74 billion, up 7.8%; online revenue was 2.79 billion, up 11.4%; franchise revenue was 9.19 billion, down 23.3% [4]. - **Q1 2025 Revenue by Product**: Solid gold products generated 2.12 billion, down 53.2%; embedded products generated 0.13 billion, up 0.2%; other jewelry generated 0.15 billion, up 36.5%. By channel, self-operated offline revenue was 0.53 billion, down 16.3%; online revenue was 0.53 billion, down 6.7%; franchise revenue was 1.58 billion, down 58.6% [4]. Profitability Analysis - **Gross Margin**: The gross margin for 2024 was 20.8%, up 2.7 percentage points; for Q1 2025, it was 26.2%, up 10.6 percentage points, attributed to rising gold prices and changes in revenue structure [5]. - **Expense Ratios**: In 2024, the sales and management expense ratios were 8.4% and 0.8%, respectively, both up YoY. For Q1 2025, these ratios increased by 4.5 percentage points and 0.5 percentage points [5]. - **Net Profit Margin**: The net profit margin for 2024 was 7.3%, down 0.8 percentage points; for Q1 2025, it was 9.4%, up 2.7 percentage points [6]. Strategic Outlook - The company aims for a revenue and net profit growth of 5-15% in 2025. Profit forecasts for 2025 and 2026 are 1.11 billion and 1.29 billion, respectively, with a P/E ratio of approximately 13x for 2025 and a dividend yield of about 7% [7].