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 3 位投资者（排名不分先后）： 高毅资产：王治璇 国泰海通：李宏科、张冰清 时 间 2025 年 7 月 8 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、国家宝藏、毛利率情况、分红等问题进行 了交流，并参观了公司展厅，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。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2025 年 7 月 8 日 代码：002867 证券简称：周大生 编号：2025-030 ...

Group 1 - Domestic gold prices are rising, with Chow Sang Sang leading the increase by 8 CNY to 1007 CNY per gram, reclaiming the highest price position [1][3] - The price difference between the highest and lowest gold stores has expanded to 38 CNY per gram, with Shanghai China Gold maintaining the lowest price at 969 CNY per gram [1] - Other major brands' gold prices include Lao Miao at 1000 CNY per gram, Liufuk at 1005 CNY per gram, and Zhou Dafu at 1005 CNY per gram, all showing minimal changes [1][3] Group 2 - The gold recovery price has seen a slight increase of 4.3 CNY per gram, with significant price differences among brands [4] - The recovery prices for various brands are as follows: Cai Bai at 762 CNY, Zhou Sang Sang at 766.1 CNY, Zhou Dafu at 769.5 CNY, and Lao Feng Xiang at 775 CNY [4] - International gold prices experienced a V-shaped movement, with the lowest at 3296.09 USD per ounce and closing at 3336.35 USD per ounce, reflecting a 0.04% increase [6] Group 3 - The market is currently influenced by U.S. tariff announcements and geopolitical tensions, which are affecting investor sentiment towards gold [6] - China's central bank reported an increase in gold reserves to 7390 million ounces (approximately 2298.55 tons), marking the eighth consecutive month of accumulation, which strengthens confidence in gold's long-term value [6] - The overall expectation is for gold prices to remain volatile as the market observes developments regarding U.S. tariffs and Middle Eastern tensions [6]

Group 1 - Domestic gold jewelry prices remain stable compared to last Friday, with multiple brands reporting a price of 1005 CNY per gram for 24K gold jewelry [1][3] - Specific brands and their prices include: Zhou Dasheng at 1005 CNY per gram, Caibai Jewelry at 982 CNY per gram, and Chao Hong Ji at 1005 CNY per gram [3] - Other brands such as TSL, Jin Zun, and Zhou Liu Fu also report prices of 1005 CNY and 985 CNY per gram for their gold jewelry [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Core Viewpoint - Domestic gold jewelry prices remain stable, with several brands reporting a price of 1005 CNY per gram for 24K gold jewelry [1] Price Summary - Zhou Dasheng 24K gold jewelry: 1005 CNY/gram [5] - Caibai Jewelry 24K gold jewelry: 982 CNY/gram [5] - Chao Hongji 24K gold (jewelry ornaments): 1005 CNY/gram [5] - TSL 24K gold jewelry: 1005 CNY/gram [5] - Jin Zun 24K gold jewelry: 1005 CNY/gram [5] - Zhou Liufu 24K gold jewelry: 985 CNY/gram [5]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on July 3, 2025, at the headquarters meeting room [2] - A total of 6 investors participated in the event, including representatives from Yin Hua Fund, Qian Hai Kai Yuan, Nan Fang Fund, and others [2] Group 2: Main Content of the Activity - Investors engaged in discussions regarding industry conditions, product structure, terminal sales, and dividends [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2] - Investors signed a commitment letter as per the requirements of the Shenzhen Stock Exchange [2]

Group 1 - The domestic gold jewelry price has increased by 7 yuan per gram compared to the previous day, with multiple brands reporting a price of 1005 yuan per gram [1][4] - Major brands such as Chow Tai Seng, Chao Hong Ji, and TSL have their gold jewelry priced at 1005 yuan per gram, while Cai Bai's gold jewelry is priced at 982 yuan per gram [4]

Group 1 - The domestic gold jewelry prices remain stable compared to last Friday, with many brands pricing their 24K gold jewelry at 989 CNY per gram [1][6] - Specific brands and their prices include: Zhou Dazheng at 989 CNY/g, Cai Bai at 982 CNY/g, Chao Hong Ji at 989 CNY/g, Xie Rui Lin at 989 CNY/g, Jin Zhi Zun at 989 CNY/g, and Zhou Liu Fu at 969 CNY/g [6]

Group 1 - The domestic gold jewelry price remains stable at 998 CNY per gram as reported by multiple brands [1][5] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL maintain their gold jewelry prices at 998 CNY per gram [5] - Other brands like Cai Bai and Zhou Liu Fu have slightly lower prices, with Cai Bai at 989 CNY per gram and Zhou Liu Fu at 978 CNY per gram [5]

Price Trends - Platinum prices have significantly increased by approximately 40% since the beginning of the year, with retail prices for platinum jewelry exceeding 500 RMB per gram [1][2] - The current price for platinum bars ranges from 310 RMB to 330 RMB per gram, with various weights available [1][2] - Despite the rising prices, the recovery price for platinum remains low, generally below 270 RMB per gram, indicating potential losses for immediate resale [2] Market Dynamics - The World Platinum Investment Council suggests that platinum prices are still historically undervalued compared to gold, driven by market fundamentals and investor sentiment [2][3] - The global platinum market is expected to face a supply deficit of 30 tons in 2025, marking the third consecutive year of short supply, with total demand projected to reach 247.7 tons [3] - The demand for platinum in the jewelry sector is anticipated to grow by about 5% due to a recovery in Chinese consumption, while automotive demand is expected to decline by 2% [3] Industrial Applications - Platinum is recognized for its critical role in various industrial applications, particularly in the petrochemical industry and as a catalyst in hydrogen energy systems [4][3] - The unique properties of platinum, such as high melting point and resistance to corrosion, make it valuable in manufacturing high-end chemical vessels and catalysts [2] Investment Considerations - Platinum is increasingly viewed as an alternative investment to gold, especially as gold prices remain high [5] - However, the market for platinum is smaller and less liquid than that of gold, which may pose challenges for investors, particularly regarding purity assessment and recovery market dynamics [4][3]