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].

代码：002867 证券简称：周大生 编号：2025-015 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 11 位投资者（排名不分先后）： 中银基金：张响东、夏宜冰、冯梽、黄珺、王方舟、华旭桥、杨亦 然、杨庆运、丁雅纯 东吴证券：吴劲草、郗越 时 间 2025 年 5 月 7 日 地 点 线上 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 2024 年年报及 2025 年一季报主要财务指标、品牌矩 阵、产品结构、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 7 日 周大生珠宝股份有限公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [7]. Core Views - The surge in gold prices has suppressed demand, leading to a decline in the willingness of franchisees to stock products, which further amplifies the company's performance volatility. Short-term demand will face pressure due to high gold prices, but the company's proactive product structure transformation may alleviate industry pressures [5][6]. - The company has adjusted its revenue forecasts for 2025-2027 to 140.1 billion, 151.3 billion, and 159.1 billion yuan respectively, reflecting a growth of 0.9%, 8.0%, and 5.1%. The net profit attributable to the parent company is projected to be 10.7 billion, 12.0 billion, and 12.8 billion yuan, with growth rates of 6.1%, 12.3%, and 6.4% [5][6]. - The company's performance in 2024 and Q1 2025 was below expectations, with a revenue decline of 14.73% year-on-year in 2024 and a 47.28% decline in Q1 2025. The net profit for 2024 decreased by 23.25% year-on-year, and Q1 2025 saw a 26.12% decline [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 138.9 billion yuan, down 14.73% year-on-year, and a net profit of 10.1 billion yuan, down 23.25% year-on-year. For Q1 2025, revenue was 26.73 billion yuan, down 47.28%, and net profit was 2.52 billion yuan, down 26.12% [5][6]. - The revenue from franchise channels saw a significant decline, with Q1 2025 franchise revenue at 15.84 billion yuan, down 58.63% year-on-year. Offline self-operated channels and online channels also faced declines [5][6]. Market Dynamics - The high gold prices have led to a freeze in terminal demand, negatively impacting franchisees' willingness to open new stores. The company experienced a net reduction of 98 and 177 stores in 2024 and Q1 2025 respectively [5][6]. - The company is undergoing a structural transformation in its product offerings to mitigate the impact of high gold prices and improve its market position in the long term [5][6]. Valuation Metrics - The earnings per share (EPS) for 2025 is projected at 0.98 yuan, with corresponding price-to-earnings (P/E) ratios of 13.6, 12.1, and 11.4 for 2025, 2026, and 2027 respectively [5][6].

芬芳馥郁手链 溯古寻今，周大生经典芬芳馥郁手链灵感同样源于清代咸丰年间青花八宝纹花盆上的卷草纹样。卷草纹 代表生命力，荷花自古便象征着荣华富贵，当卷草纹与清雅荷花互相映衬，二者交融间，华贵气韵自然 流转，仿若一幅徐徐展开的东方画卷，将千年风雅娓娓道来。在工艺传承与创新上，芬芳馥郁手链沿袭 古法制作精髓，从纹样勾勒到造型塑造，每一处细节与工序都经过精心雕琢，使得颗粒均匀饱满，色泽 温润含蓄，再层层施以青花珐琅，将传统珐琅技艺与现代审美完美交融，打造出独一无二的古法珐琅珍 品。 青花飞舞手链 母爱如诗，岁月如画。母亲节来临，在这专属母亲的节日里，周大生经典以青花文物为灵感源泉，匠心 打造青花系列黄金臻品。当温润的足金邂逅幽蓝釉色，传统纹样跃然金面，不仅承载着千年文明的厚重 底蕴，更凝聚着子女对母亲绵长无尽的感恩之情。这些精美的黄金饰品更是化作传递深情的桥梁，成为 传递子女对母亲深深敬爱之情的珍贵载体。 青锁流年挂坠 周大生经典青锁流年挂坠撷取清咸丰青花八宝纹花盆的千年雅韵，将传统艺术之美融入现代珠宝设计之 中。灵动的卷草纹样镌刻于平安锁之上，蜿蜒流转的线条，似生生不息的生命脉络，亦如世代平安的祈 愿，于方寸之间诉 ...

Core Viewpoint - The rapid increase in gold prices has frozen end-user demand, leading to weakened purchasing intentions among franchisees, which further amplifies the company's performance volatility [1] Financial Performance - In 2024, the company achieved revenue of 13.89 billion, a year-on-year decline of 14.73%, and a net profit attributable to the parent company of 1.01 billion, down 23.25% year-on-year [2] - In Q1 2025, the company reported revenue of 2.673 billion, a year-on-year decline of 47.28%, and a net profit of 252 million, down 26.12% year-on-year [2] - The overall performance aligns with market trends, with Q1 2025 gold jewelry consumption tonnage decreasing by 26.85% [2] Channel Performance - Franchise channel revenue in Q1 2025 was 1.584 billion, a significant year-on-year decline of 58.63% [3] - Revenue from offline self-operated channels in Q1 2025 was 527 million, down 16.29% year-on-year, while online channel revenue was 534 million, down 6.71% year-on-year [2] - Sales of gold products through franchise and offline self-operated channels in Q1 2025 were 1.28 billion and 485 million, respectively, reflecting year-on-year declines of 63.31% and 19.12% [3] Store Performance - Due to poor terminal performance, the company experienced a net reduction of 98 and 177 stores in 2024 and Q1 2025, respectively [4] - Short-term performance growth is subject to fluctuations, but the long-term investment value remains unchanged [4] - The company is expected to mitigate industry pressures through proactive product structure transformation strategies, maintaining strong investment value at current valuation levels [4]

Core Insights - The report emphasizes the emergence of "emotional consumption" as a significant trend in the retail industry, particularly benefiting brands that resonate with consumers' emotional needs [2][3][28] - The retail sector is experiencing a slow recovery, with varying performance across different segments, highlighting the resilience of brands linked to emotional value [3][10][39] Industry Review - In Q1 2025, social consumption showed a slow recovery, with retail businesses facing overall pressure. However, segments related to "emotional value" consumption, particularly leading brands, performed significantly better than the industry average [3][10][39] - The jewelry sector is under pressure due to high gold prices, while cross-border e-commerce remains stable but with profit pressures. The medical beauty and cosmetics sectors are facing intense competition, and offline retail is still exploring transformative models [3][6][39] Segment Analysis Jewelry - The jewelry industry is experiencing a shift in brand competition, with traditional brands facing challenges from differentiated product brands that are rapidly emerging and achieving high growth [6][39] - In Q1 2025, the jewelry sector's revenue was 431.6 billion yuan, down 25.9% year-on-year, with net profit also declining [39][64] Cosmetics - The cosmetics sector is benefiting from the rise of emotional consumption, with a focus on high-demand segments such as high-end beauty and differentiated personal care brands [5][39][64] - Brands like Mao Ge Ping and Proya are highlighted for their strong performance in this evolving market [5][39] Medical Beauty - The medical beauty sector is expected to recover as domestic demand increases, with a focus on differentiated product lines [5][39] - Companies like Ai Meike and Kedi-B are recommended for their unique offerings [5][39] Offline Retail - Offline retail is leveraging emotional consumption to regain market share, with companies like Yonghui Supermarket and Aiyingshi being recommended for their proactive transformation efforts [5][39] - The report notes that the shift towards a direct-to-consumer (DTC) model is crucial for offline retailers to enhance customer experience and emotional satisfaction [69] Investment Recommendations - For the jewelry sector, brands with differentiated product capabilities and deep consumer insights are recommended, including Lao Pu Gold and Chao Hong Ji [5][66] - In the cosmetics space, the report suggests focusing on high-demand segments and brands that can continuously innovate [5][66] - The medical beauty sector is advised to consider companies with unique product lines, such as Ai Meike and Kedi-B [5][66] - The report highlights the importance of emotional value in driving consumer preferences, suggesting that brands that can effectively tap into this trend will outperform their peers [5][66]

Core Viewpoint - The domestic gold jewelry prices continue to rise, with several brands reporting an increase of 7 yuan per gram, reaching 1033 yuan per gram for certain products [1]. Group 1: Price Increases - Multiple gold jewelry brands in China have announced an increase in the price of 24K gold jewelry, with prices now at 1033 yuan per gram for brands like Zhou Dasheng, TSL, and others [1][5]. - Cai Bai Jewelry's 24K gold products are priced at 1005 yuan per gram, indicating a competitive pricing strategy within the market [5]. Group 2: Brand Pricing - Zhou Dasheng's 24K gold jewelry is priced at 1033 yuan per gram, aligning with several other brands [5]. - TSL's gold products also reflect the same price point of 1033 yuan per gram, showcasing consistency across major brands [5]. - Jin Zun's 24K gold jewelry is similarly priced at 1033 yuan per gram, indicating a trend among leading jewelry brands [5].