国内金饰克价较昨日涨12元 金十数据5月24日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格上涨，多家较昨日涨12元/克，报1016元/克。 | | 周大生足金999 | 1016 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 982.00 元/克 | | 酒后具 | 潮宏基足金(首饰摆件) | 1016 元/克 | | TSL 謝瑞顏 | 谢瑞麟足金饰品 | 1016 元/克 | | ਤੋਂ ਦੇ ਜੋ | 金至尊足金999 | 1016 元/克 | | 周六福 | 周六福足金999 | 996 元/克 | @ JIN10.COM 0.C 金十数据 | 一个交易工具 ...

Group 1 - The collaboration between Zhou Dasheng and Mixue Ice City has gained popularity among young consumers, particularly with the launch of the "Couple Certificate" and other lightweight gold products [1][3] - The "Couple Certificate" is a limited edition gold note that includes the holder's information and is issued in collaboration with Mixue Ice City, with only 2,000 pieces available [1][3] - Zhou Dasheng's lightweight gold products, such as the 0.1g gold stickers and gold notes, are priced affordably, appealing to the trend of "small but beautiful" consumption among young consumers [3][5] Group 2 - The pricing of Zhou Dasheng's products, such as the 0.65g gold jewelry priced at over 900 yuan, is lower compared to other gold brand collaborations, leading to increased consumer interest and even stock shortages [5] - The partnership aligns with Zhou Dasheng's brand philosophy of "Born for Love," which resonates with the romantic theme of the 520 festival, enhancing emotional connections with consumers [5] - The collaboration targets the Z generation, showcasing Zhou Dasheng's efforts to modernize its brand image and appeal to younger audiences [5]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 22, 2025, at the company's headquarters and Shenzhen Overseas Chinese Town [2] - A total of 9 investors participated in the event, including representatives from Xiyue Investment, Huashang Fund, and Ping An Pension [2] Group 2: Key Discussion Topics - Investors engaged in discussions regarding industry conditions, the company's business model, brand positioning, brand matrix, product structure, and gross margin [2] - Some investors visited the company's exhibition hall during the event [2] Group 3: Compliance and Information Disclosure - The company adhered to its information disclosure management system, ensuring that all disclosed information was true, accurate, complete, timely, and fair [2] - No significant undisclosed information was leaked during the reception process, and investors signed a commitment letter as required by the Shenzhen Stock Exchange [2]

Investment Rating - The report assigns an "Overweight" (OW) rating to Chow Tai Fook (CTF), an "Equal Weight" (EW) rating to Laopu Gold, and an "Underweight" (UW) rating to both Lao Feng Xiang (LFX) and Chow Tai Seng (CTS) [8][11]. Core Insights - A milder rise in gold prices is expected to support a recovery in gold jewelry demand, particularly for weight-based gold jewelry products, which constitute over 70% of the gold jewelry market. There is an anticipated return of pent-up demand due to a recent decline in gold prices, which fell by 10% from its peak in late April [3][4]. - CTF is projected to benefit the most due to its high exposure to weight-based gold products (over 50%) and a higher proportion of self-operated stores (approximately 30% of sales). The company is seen as having better flexibility in switching between weight-based and fixed-price strategies [4][11]. - Laopu is expected to see solid demand growth, although the growth momentum may moderate due to stabilization in gold prices and a higher year-over-year comparison base. The brand is still in the early stages of consumer penetration, and demand for high-end heritage gold products is structural [5][11]. Summary by Company Chow Tai Fook (CTF) - Price target raised from HK$10.5 to HK$13, with an increase in target PE from 14x to 16x, reflecting the stock's average since 2016. The bull and bear case prices have also been adjusted to HK$17 and HK$7, respectively [6][32]. - Revenue forecasts for 2025-27 have been slightly cut by 2-3% due to macroeconomic uncertainties, while earnings for 2025 are reduced by 4% but increased for 2026 and 2027 by 3% and 0%, respectively, due to better margin outlook [31][32]. Laopu Gold - Price target lowered from HK$980 to HK$865, with a decrease in target PE from 37x to 33x, reflecting a normalization in growth outlook and recent equity fundraising. The bull and bear case prices are now HK$1345 and HK$395, respectively [6][34]. - Revenue estimates for 2025-27 have been slightly adjusted, with a projected revenue of Rmb23,118 million for 2025, reflecting a year-over-year growth of 171.8% [34]. Lao Feng Xiang (LFX) - Price target reduced from Rmb45 to Rmb36, with revenue forecasts for 2025-27 cut by 20-25% and earnings forecasts by 16%, due to severe revenue declines and store closures [6][35]. Chow Tai Seng (CTS) - Price target lowered from Rmb9.5 to Rmb9, with revenue forecasts for 2025-27 cut by 21% and earnings forecasts by 14-25%, reflecting a more severe decline than previously anticipated [6][35].

Core Viewpoint - The collaboration between Mixue Ice City and jewelry brand Zhou Dasheng, featuring the virtual character Xue Wang, has exceeded expectations, showcasing the potential of brand virtual images in cross-industry partnerships [1][18]. Brand Virtual Image Development - Mixue Ice City has successfully transformed its virtual character Xue Wang into a cross-industry IP, leveraging long-term marketing strategies and a relatable persona, unlike many other brands that have struggled to maintain their virtual images [3][10]. - The rise of virtual brand images began around 2021, with various brands exploring this concept, but many failed to sustain interest due to a lack of innovation and emotional connection with consumers [6][9]. Successful Examples and Strategies - Successful virtual characters like Xue Wang and Duolingo's Duo have demonstrated the importance of relatability, humor, and emotional engagement in building a strong brand presence [10][12]. - Xue Wang's character has been developed through various marketing strategies, including viral videos and interactive content, which have helped establish a strong connection with the audience [11][16]. Cross-Industry Collaboration - The recent collaboration between Xue Wang and Zhou Dasheng has resulted in popular products like pendants and charms, indicating the effectiveness of virtual characters in expanding brand reach and appeal [18][21]. - Other brands, such as Peace Elite with its digital spokesperson Jili, have also successfully utilized virtual characters for cross-industry marketing, demonstrating the versatility and potential of this approach [18][19]. Long-term Brand Strategy - Building a successful virtual character requires a long-term commitment to character development and audience engagement, as seen with Mixue Ice City's ongoing efforts with Xue Wang since 2018 [16][21]. - The success of virtual images is closely tied to the brand's overall identity and market understanding, emphasizing the need for a well-thought-out marketing strategy [21].

Group 1: Investor Relations Activity Overview - The investor relations activity involved a site visit with 8 participating investors from various financial institutions [2]. - The event took place on May 21, 2025, in the headquarters meeting room [2]. Group 2: Key Discussion Topics - Investors engaged in discussions regarding industry conditions, the company's business model, brand positioning, brand matrix, product structure, and gross margin [2]. - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2]. Group 3: Compliance and Documentation - The company adhered to its information disclosure management system, preventing any leakage of undisclosed significant information during the event [2]. - All participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [2].

国内金饰克价重回1000元大关 金十数据5月21日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格跟随国际金价上涨，多家较昨日大涨26元/ 克，报1008元/克。 | | 周大生足金999 | 1008 元/克 | | --- | --- | --- | | FILD - | 潮宏基足金(首饰摆件) | 1008 元/克 | | TSL 謝瑞朗 | 谢瑞麟足金饰品 | 1008 元/克 | | ਤੋਂ ਦੇ ਜ | 金至尊足金999 | 1008 元/克 | | 周六福 | 周六福足金999 | 1008 元/克 | @ JIN10.COM 金十数据 | 一个交易工具 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 20, 2025, at the company's headquarters [2] - Two investors participated: Huatai Securities (Hui Pu) and Taiping Asset (Shao Yizhen) [2] Group 2: Main Discussion Points - Investors inquired about the Q1 2025 financial indicators, brand positioning, brand matrix, product structure, gross margin, and store structure [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2] Group 3: Compliance and Documentation - Investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the meeting [2]

市场表现方面，机构买入型评级个股今日平均上涨1.41%，表现强于沪指。股价上涨的有64只，涨停的 有潮宏基等。涨幅居前的有润农节水、一致魔芋、金诚信等，今日涨幅分别为12.36%、8.93%、 6.82%。跌幅较大的个股有隆鑫通用、艾罗能源、杰华特等，跌幅分别为2.85%、2.00%、1.62%。 行业来看，食品饮料行业最受青睐，贵州茅台、洽洽食品等12只个股上榜机构买入评级榜。电力设备、 电子等行业也较受机构关注，分别有11只、11只个股上榜。（数据宝） 90只个股今日获机构买入型评级，15股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布93条买入型评级记录，共涉及90只个股。周大生、贵 州茅台等关注度最高，均有2次机构买入型评级记录。 今日获机构买入型评级个股中，共有19条评级记录中对相关个股给出了未来目标价。以公布的预测目标 价与最新收盘价进行对比显示，共有9股上涨空间超20%，贵州茅台上涨空间最高，5月20日华创证券预 计公司目标价为2600.00元，上涨空间达63.93%，上涨空间较高的个股还有中国电建、博彦科技等，上 涨空间分别为40.04%、35.07%。 从机构评级变动看，今日机 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company's revenue was 13.89 billion yuan, a year-on-year decline of 14.7%, and the net profit attributable to the parent company was 1.01 billion yuan, down 23.2% year-on-year. In Q1 2025, revenue was 2.67 billion yuan, a year-on-year decline of 47.3%, with a net profit of 250 million yuan, down 26.1% year-on-year. The proposed dividend for the 2024 annual report is 0.65 yuan per share, combined with the 2024 interim dividend of 0.3 yuan per share, totaling 0.95 yuan per share [2][6]. Summary by Sections Company Performance - In 2024, the company faced industry demand disruptions, leading to pressure on wholesale business, while self-operated business performed relatively well. The total number of stores in 2024 was 5,008 (net decrease of 98), with 4,655 franchise stores (net decrease of 120) and 353 self-operated stores (net increase of 22). In Q1 2025, the total number of stores was 4,831 (net decrease of 177), with 4,435 franchise stores (net decrease of 220) and 396 self-operated stores (net increase of 43) [12]. Revenue and Profit Analysis - The total revenue in 2024 decreased by 15%, with a gross profit of 2.89 billion yuan, down 2% year-on-year. The decline in gross profit was significantly smaller than the revenue decline. In the wholesale segment, gross profit from wholesale shipments was 600 million yuan (down 13% year-on-year), while self-operated segments showed growth, with offline self-operated gross profit of 500 million yuan (up 29% year-on-year) and online self-operated gross profit of 700 million yuan (up 19% year-on-year) [12][12]. Future Outlook - The company is expected to see EPS of 1.01, 1.11, and 1.26 yuan for 2025, 2026, and 2027 respectively. Despite the pressure on wholesale business due to industry fluctuations, the self-operated channels and e-commerce have achieved gross profit growth. The company is positioned to benefit from high dividend attributes and structural highlights, indicating potential for performance improvement [12][12].