Group 1 - Recent surge in gold prices, with COMEX gold futures reaching a historical high of $3640.1 per ounce on September 3, 2023, attracting attention to the gold consumption market during the traditional peak season of "golden September and silver October" [1] - The wedding gold jewelry sales season is currently in full swing, with strong consumer purchasing intent for essential items like the "three golds" despite rising gold prices [1] - Consumers are increasingly focusing on product design and cost-effectiveness, leading gold jewelry companies to innovate in both product offerings and market strategies to enhance competitiveness [1] Group 2 - In the first half of 2023, the gold jewelry industry saw a divergence in performance among listed companies due to rising raw material costs, with Lao Feng Xiang reporting a 16.52% decline in revenue to 33.356 billion yuan and a 13.07% drop in net profit to 1.22 billion yuan [2] - Conversely, Lao Pu Gold and Chao Hong Ji experienced significant growth, with Lao Pu Gold's revenue increasing by 251.0% to 12.354 billion yuan and net profit rising by 290.6% to 2.351 billion yuan, while Chao Hong Ji's revenue grew by 19.54% to 4.102 billion yuan and net profit by 44.34% to 0.331 billion yuan [2] - Companies are focusing on product innovation and channel expansion to build competitiveness, with Lao Pu Gold creating over 2100 original designs and expanding its store presence, while Chao Hong Ji launched several IP series and increased its store count to 1540 [3]

摘要2025年9月4日，实物黄金周大生黄金报价1060元/克，相比昨日上涨了7元/克。铂金价格今天报价 575元/克，相比昨日上涨了3元/克。 基本面： 市场消息显示富士通计划在美国开启面向数据中心的先进光网络试点项目。 周大生 黄金价格 铂金价格 金条价格 单位 2025年9月4日 1060 575 - 元/克 2025年9月3日 1053 572 - 元/克 金投网提示：以上报价仅供参考，据此交易，风险自担。 2025年9月4日，实物黄金周大生黄金报价1060元/克，相比昨日上涨了7元/克。铂金价格今天报价575元/ 克，相比昨日上涨了3元/克。 附表： 新浪合作大平台期货开户 安全快捷有保障 ...

Core Viewpoint - The performance of gold jewelry companies is showing significant divergence despite the rising international gold prices, with some brands experiencing substantial growth while others face declines in revenue and profit [1][2]. Group 1: Company Performance - Laopuhuang reported a remarkable increase in revenue and net profit, with growth rates of 251.0% and 285.8% respectively, although its gross margin slightly decreased to 38.1% [1]. - Zhou Dazheng experienced a significant revenue decline of 43.9% year-on-year, with a slight net profit decrease of 1.3% [1]. - Laofengxiang and Zhou Shengsheng also saw revenue declines of 16.5% and 13.1% respectively [1]. - In contrast, Chaohongji and Zhou Liufu reported growth, with Chaohongji achieving a revenue of 4.102 billion yuan, up 19.54%, and a net profit increase of 44.34% [1]. - Zhou Liufu's revenue reached 3.15 billion yuan, growing by 5.2%, with a net profit increase of 11.9% and online sales accounting for 52% of its revenue [1]. Group 2: Market Trends - The overall consumption of gold jewelry in China decreased by 26% year-on-year, while investment demand for gold bars and coins increased by 23.69% [2]. - There is a shift in consumer preferences towards lighter, high-value products, putting pressure on leading brands [2]. - Many companies are reducing the number of franchise stores, with Laofengxiang, Zhou Liufu, and Zhou Dazheng closing 279, 274, and 344 stores respectively, while focusing on online sales and overseas expansion as new growth points [2].

近日，国际金价延续涨势，现货黄金价格于9月2日突破3500美元/盎司，3日收盘报3560.48美元/盎司。品牌首饰金价随之走高，周大福4日金价已达1060元/ 克。 尽管金价持续上涨，黄金饰品企业业绩却呈现明显分化。老铺黄金表现突出，上半年营收和净利润分别大幅增长251.0%和285.8%，但毛利率微降至38.1%。 在新京报贝壳财经记者统计的七家金饰品牌中，老凤祥、周大生和周生生营收出现下滑，其中周大生营收同比下降43.9%，净利润微降1.3%；老凤祥营收、 净利润分别下降16.5%、13.1%。潮宏基和周六福则逆势增长，前者营收41.02亿元、增长19.54%，净利润增长44.34%；后者营收31.5亿元、增长5.2%，净利 润增长11.9%，其线上收入占比高达52%。 渠道方面，多家企业加盟店数量收缩，老凤祥、周六福、周大生分别减少279、274和344家，线上销售与海外扩张成为新增长点。行业消费结构发生转变， 上半年全国黄金首饰消费量同比下降26%，而金条金币等投资需求增长23.69%。消费者偏好转向轻克重、高附加值产品，头部品牌增长承压，行业整体正向 产品创新和自营渠道精细化运营转型。 1200 - ...

（原标题：国际金价持续上涨！国内金饰价格突破1060元/克） （来源：中国新闻网） 受国际金价持续上涨影响，9月4日，国内足金首饰价格继续上调，并突破1060元/克。其中，周大福、 周大生足金首饰价格涨至1060元/克，周生生足金饰品价格涨至1062元/克。 ...

【#国内多品牌金饰涨至1060元#】#黄金价格七连涨#受国际金价持续上涨影响，9月4日，国内足金首饰 价格继续上调，并突破1060元/克。其中，周大福、周大生足金首饰价格涨至1060元/克，周生生足金饰 品价格涨至1062元/克。（中国新闻网）#黄金# ...

本报告导读： 业绩简述：2025H1 营业收入45.97 亿/-43.92%；归母净利5.94 亿元/-1.27%；扣非净利5.81 亿/-0.66%； 主要受金价高企抑制黄金消费及下游加盟客户补货需求疲软影响。2025Q2 营业收入19.24 亿/-38.47%； 归母净利3.42 亿元/+31.32%；扣非净利3.39 亿/+36.13%。 产品结构持续优化，线上渠道盈利能力提升。黄金产品营收34.15 亿元/-50.94%，占比74.30%，毛利率 16.77%/+6.98pct，显示成本控制能力增强。钻石镶嵌首饰2.86 亿元/-23.08%，占比6.23%,毛利率 30.40%/+4.38pct，反映产品附加值较高。其他首饰营收3.20 亿/+11.11%，占比6.97%,毛利率 52.87%/-4.17pct，表明非黄金产品盈利能力较强。25H1 线上实现营收 11.45 亿/-3.48%，净利润 1.14 亿 元/+ 24.61%，展现出良好的增长动能。主要平台包括天猫（5.40 亿元）、京东（2.49 亿元）、抖音 （1.45 亿元）等。 自营强化加盟收缩，毛利率改善支撑盈利韧性。持续加强自营 ...

Group 1 - The article highlights the rising gold prices, with spot gold reaching $3,545.985 per ounce, marking an increase of over 28% this year [14] - The traditional wedding season is approaching, leading to increased consumer interest in purchasing gold jewelry, particularly among those preparing for marriage [1][20] - Major jewelry brands such as Chow Tai Fook and Luk Fook have adjusted their gold jewelry prices, with prices rising approximately 15-18 yuan per gram recently [16][17] Group 2 - The demand for wedding gold jewelry remains strong despite rising prices, as it is considered a necessity for many consumers [24] - Retailers in the wedding jewelry sector have reported a noticeable increase in foot traffic since July, coinciding with the wedding season [20] - Consumers appear less sensitive to gold price fluctuations when it comes to purchasing wedding-related items, indicating a stable demand in this segment [24]

Core Viewpoint - The gold jewelry market is experiencing a significant divide in performance among companies, driven by high gold prices and changing consumer preferences, leading to both growth and decline in revenues and profits across the industry [5][7]. Group 1: Gold Price Impact - As of September 1, gold prices rose to 800.56 yuan per gram, with several brands' gold jewelry prices exceeding 1,000 yuan per gram [4]. - The high gold prices have led to a cautious consumer approach, with a notable decline in gold consumption, particularly in jewelry, which saw a 26% drop [5][6]. Group 2: Company Performance - Companies like Lao Pu Gold reported explosive growth, with revenue increasing by 251% to 123.54 billion yuan and net profit rising by 285.8% [8][13]. - In contrast, traditional giants like Lao Feng Xiang and Zhou Da Sheng faced revenue declines of 16.52% and 43.92%, respectively, with Zhou Da Sheng's revenue from gold products dropping by 50.94% [7][8]. Group 3: Market Trends and Strategies - The industry is witnessing a shift towards high-value, design-oriented jewelry, with brands increasingly entering the "ancient method" gold segment to differentiate themselves [5][10]. - Many companies are closing underperforming stores to optimize retail networks, with Zhou Da Sheng reducing its store count by 290 in the first half of the year [9][10]. Group 4: Competitive Landscape - The market for "ancient method" gold is becoming crowded, with multiple brands launching similar products, leading to intensified competition [12][13]. - Lao Pu Gold aims to position itself as the "Hermès of gold," but faces risks from increased competition and potential consumer fatigue from price hikes [13].

周大生珠宝股份有限公司 代码：002867 证券简称：周大生 编号：2025-034 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 4 位投资者（排名不分先后）： 安信基金：张明、陈嵩昆、肖璇 国海证券：刘思敏 时 间 2025 年 9 月 3 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 2025 年上半年业绩情况、毛利率情况、黄金租赁情 况、周大生×国家宝藏规划、产品结构等进行了交流，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 9 月 3 日 ...