Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 28, 2025, at the headquarters meeting room [2] - A total of 13 investors participated, including representatives from 招商基金 and 国泰海通 [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, brand positioning, brand matrix, and product gross margin [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 - All participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the event [2]

Investment Rating - The report does not explicitly state the investment rating for Chow Tai Seng, but it emphasizes a focus on transformation and stabilization for the main brand by 2025, indicating a positive outlook for the company's strategic direction [2][3]. Core Insights - Chow Tai Seng is focusing on a four major brands matrix to build a complete system that covers different consumption levels through product upgrades and brand differentiation [2][9]. - The main brand is undergoing a transformation towards a retail-oriented business model, with a priority on the One-Pool Inventory strategy to enhance product structure and profitability [2][3]. - The company aims to create a core model store with annual sales exceeding 100 million RMB through high-end positioning and product quality improvements under the Chow Tai Seng x National Treasure brand [4][11]. - The organizational structure is being optimized to strengthen talent reserves and incentive mechanisms to support the company's transformation [12]. Summary by Sections Brand Strategy - Chow Tai Seng is focusing on four major brands: Chow Tai Seng Consolidated (main brand), Chow Tai Seng x National Treasure, Chow Tai Seng Classic, and Turning Pearl Pavilion, each targeting different consumer segments and emphasizing product differentiation [2][9]. - The main brand is set to enhance its product offerings and shift towards a retail model, while the National Treasure brand aims for high-end positioning with unique product craftsmanship [4][11]. Inventory and Marketing - The One-Pool Inventory strategy is being deepened, with graded management of franchisees and a focus on creating explosive products through enhanced marketing efforts [3][10]. - The company is investing in both online and offline marketing to strengthen brand awareness and drive sales [10]. Organizational Development - The company is optimizing its organizational structure to clarify corporate values and strategic systems, aiming for a win-win situation for all stakeholders [12]. - A focus on leadership development and talent management is being emphasized to support the company's strategic goals [12].

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Seng [1]. Core Insights - Chow Tai Seng focuses on a four major brand matrix to build a complete system that covers different consumption levels through product upgrades and brand differentiation [2][9]. - The main brand emphasizes transformation and stabilization by 2025, shifting its business model towards retail and enhancing the proportion of high-margin products [2][10]. - The company aims to create a core model store with annual sales exceeding 100 million RMB through its high-end brand collaboration with National Treasure [2][11]. - The organizational structure is being optimized to strengthen talent reserves and incentive mechanisms to support the company's transformation [12]. Summary by Sections Brand Strategy - Chow Tai Seng is concentrating on four major brands: Chow Tai Seng Consolidated (main brand), Chow Tai Seng x National Treasure, Chow Tai Seng Classic, and Turning Pearl Pavilion, each targeting different consumer segments and emphasizing unique product offerings [2][9]. - The main brand will implement a One-Pool Inventory Model to enhance product structure and profitability, focusing on high-margin gold and non-gold products [2][10]. Marketing and Sales - The company is increasing its marketing investments both online and offline to create explosive products, with a graded management system for franchisees to enhance execution [3][10]. - The National Treasure brand is undergoing a four-dimensional upgrade to clarify its positioning and enhance brand awareness through content-driven marketing [4][11]. Organizational Development - The company is optimizing its organizational system to clarify corporate values and strategic frameworks, aiming for a win-win situation for all stakeholders [12].

1，整体走势：市场全天震荡调整，三大指数小幅下跌。截止收盘沪指跌0.02%，深成指跌0.26%，创业 板指跌0.31%。 2，行业板块：饮料制造、可控核聚变、垃圾分类、深海科技等板块涨幅居前，电商、化学原料、CRO、 造纸等板块跌幅居前。 3，热门概念：无人物流车概念继续活跃，通达电气、云内动力、劲旅环境等涨停。新消费概念逆势大 涨，水羊股份、明牌珠宝、周大生、均瑶健康等涨停。核电、可控核聚变概念延续强势，合锻智能、融 发核电、雪人股份等涨停。 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up 0.07% and the Shenzhen Component down 0.04%, while the consumer sector, particularly new beverages and new retail, led the gains [1] - The government announced a doubling of the subsidy for the old-for-new replacement program to 300 billion yuan by 2025, expanding the covered categories from 8 to 12, including new appliances like microwaves and water purifiers [1] - During the May Day holiday, home appliance sales exceeded 55 million units, with air conditioners and robotic vacuum cleaners performing particularly well, indicating strong consumer demand [1] Group 2 - The investment logic in the home appliance sector is shifting from "total growth" to "structural upgrade," with short-term support from domestic replacement policies and a gradual pricing in of export chain risks [2] - Long-term trends of smartization, globalization, and greening are expected to reshape the competitive landscape of the industry, highlighting the need for investors to identify value benchmarks amid policy benefits and technological revolutions [2] - The optional consumption ETF closely tracks the CSI All-Share Optional Consumption Index, with top holdings including leading consumer companies such as Midea Group, BYD, Gree Electric, and Haier Smart Home, which together account for over 78% of the portfolio [2]

Group 1 - COMEX gold futures experienced a rise and then a pullback, currently trading at $3301, with related ETFs showing volatile movements [1] - The consumer confidence index in the US rose from 85.7 in April to 98 in May, ending a five-month decline, influenced by trade developments [1] - US stock markets rose on May 27 due to President Trump's announcement to delay imposing 50% tariffs on EU goods [1] Group 2 - Recent gold price rebound is attributed to a shift from short-term "tariff easing" trades to medium-term "deficit concerns," alongside heightened geopolitical tensions in the Middle East [2] - The outlook for gold prices remains strong, with expectations of continued volatility reduction, influenced by upcoming economic data and Federal Reserve actions [2] - Geopolitical factors, including the ongoing Russia-Ukraine conflict and tensions in the Middle East, are expected to support gold prices in the short term [2]

Group 1 - The core point of the article highlights a significant movement in the gold stock sector, with Zhou Dasheng hitting the daily limit up [1] - Other gold jewelry stocks such as Lao Fengxiang, Mingpai Jewelry, Cuihua Jewelry, and Caibai Co. also experienced gains [1] - The Hong Kong-listed gold and jewelry stock, Laopu Gold, saw an intraday increase of nearly 7%, reaching a historical high [1]

Group 1: Investor Relations Activities - A total of 33 investors participated in the event, including representatives from various funds and securities firms [2] - The event took place on May 27, 2025, at the multifunctional conference room in Shenzhen [2] Group 2: Company Leadership - Key personnel present included Chairman and General Manager Zhou Zongwen, Vice Chairman Zhou Feiming, and other board members [3] - The company emphasized the importance of a strong leadership team to drive high-end brand development [4] Group 3: Brand Strategy - The main brand, Zhou Dazheng, aims to transform from wholesale to retail, focusing on product structure adjustments to improve single-store gross margins [3] - The "Zhou Dazheng X National Treasure" initiative seeks to position the brand as a leader in cultural collectible gold products, with a focus on innovation in craftsmanship and design [3] - The "Zhou Dazheng Classic" brand is being repositioned to focus on non-heritage cultural sectors, enhancing online and product marketing strategies [3] Group 4: Technological Advancements - The company has established an AI project team to enhance industry and corporate recognition, improving responsiveness across product development, marketing, and customer service [4] - A focus on digital transformation is aimed at improving organizational and product distribution efficiency [4] Group 5: Store Development and Challenges - The company plans to carefully design and plan the National Treasure stores, with an initial goal of establishing two flagship stores generating over 100 million [4] - Challenges in high-end brand development are primarily related to team capabilities and the need for a strong cultural foundation [4]

中国 深圳 福田区 益田路6001号 太平金融大厦11、12楼 邮政编码：518038 电话（Tel.）：（86-755) 88265288 传真（Fax.）：（86-755）88265537 网站（Website）：www.sundiallawfirm.com 广东信达律师事务所 关于周大生珠宝股份有限公司 法律意见书 信达会字（2025）第176号 致：周大生珠宝股份有限公司 广东信达律师事务所（以下称"信达"）接受周大生珠宝股份有限公司（以 下称"公司"）的委托，指派信达律师出席公司2024年度股东大会（以下称"本 次股东大会"），对本次股东大会的合法性进行见证。 信达律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《上 市公司股东会规则》（以下称"《股东会规则》"）等法律、法规和规范性法律 文件以及《周大生珠宝股份有限公司章程》（以下称"《公司章程》"）的规定， 就公司本次股东大会的召集、召开程序、出席会议人员的资格、召集人的资格、 表决程序和表决结果等有关事宜出具本法律意见书。 信达及信达律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业 ...