Meeting Overview - The shareholder meeting of Zhou Dasheng Jewelry Co., Ltd. was held on May 27, 2025, with voting conducted both in-person and via the Shenzhen Stock Exchange internet voting system [1][2] - A total of 206 participants attended the meeting, representing 748,409,653 shares, which is 68.9477% of the total shares with voting rights [1] Voting Participation - 15 shareholders attended the meeting in person, while 191 participated through online voting, representing 44,215,879 shares or 4.0734% of the total voting shares [2] - Among small shareholders, 196 participated, representing 52,054,973 shares or 4.7956% of the total voting shares [2] Proposal Voting Results - The meeting approved various proposals with a total voting result of 748,306,104 shares in favor, accounting for 99.9862% of the valid votes cast [3][4] - The dissenting votes totaled 81,449 shares, representing 0.0109%, while 22,100 shares were abstained [3][4] Small Shareholder Voting - Small investors voted in favor of 51,951,424 shares, which is 99.8011% of the small shareholders' valid votes [3] - Dissenting votes from small shareholders were 81,449 shares, representing 0.1565% [3] Legal Compliance - The legal opinion from Guangdong Xinda Law Firm confirmed that the meeting's procedures, participant qualifications, and voting processes complied with relevant laws and regulations [15]

证券代码：002867 证券简称：周大生 公告编号：2025-025 周大生珠宝股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 ： 1．本次股东大会（或"股东会"）未出现否决议案的情形; 2．本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开的情况 1．现场会议召开时间：2025年5月27日（星期二）15:00 2．现场会议召开地点：深圳市罗湖区布心路3033号水贝壹号A座5层多功 能会议室 3．召开方式：现场表决与网络投票相结合 4．会议召集人：周大生珠宝股份有限公司董事会 5. 会议主持人：董事长周宗文先生 6．网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为2025年5月27日的交易时间，即9:15-9:25，9:30-11:30和13:00-15:00；通过 深圳证券交易所互联网投票系统投票的开始时间为2025年5月27日上午9:15，结 束时间为2025年5月27日下午15:00。 7．股权登记日：2025年5月21日 8．本次会议的召集、召开程序、出席会议人员资格及 ...

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 11/F、12/F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, P.R. CHINA 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 2024年度股东大会的 法律意见书 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供公司本次股东大会相关事项的合法性之目的使用，不得用 作任何其他目的，信达律师同意将本法律意见书随公司本次股东大会决议一起予 以公告，并依法对本法律意见书承担相应的责任。 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 ...

Group 1 - The core point of the article is that the domestic gold jewelry prices have slightly decreased, with several brands reporting a drop of 4 yuan per gram, now priced at 1012 yuan per gram [1][6] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL have their gold jewelry priced at 1012 yuan per gram, while Cai Bai's gold jewelry is priced at 982 yuan per gram [6] - Other brands like Jin Zun and Zhou Liu Fu also have their gold jewelry prices around 996 to 1012 yuan per gram, indicating a general trend of price reduction in the market [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a cumulative increase of 4.7% from January to April 2025. The expectation is for this recovery trend to continue throughout 2025 [4][25] - The report emphasizes the importance of emotional consumption themes, particularly in high-growth sectors such as gold jewelry and cosmetics, driven by consumer insights and product differentiation [4][39] Summary by Sections Retail Market Overview - The retail index for the week of May 19-23, 2025, closed at 2110.59 points, down 1.61%, underperforming the Shanghai Composite Index by 1.04 percentage points [6][15] - The jewelry sector showed the highest growth this week, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - The total retail sales for April 2025 reached 37,174 billion yuan, reflecting a 5.1% year-on-year growth, slightly below the consensus expectation of 5.5% [25][28] - Online retail sales for the first four months of 2025 amounted to 47,419 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Focus on high-quality companies in high-growth sectors driven by emotional consumption themes: - **Gold Jewelry**: Recommend brands with differentiated product offerings and deep consumer insights, such as Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][41] - **Cosmetics**: Highlight domestic brands with strong growth potential, including Proya, Shangmei, and Juzi Biological [39][41] - **Retail**: Suggest retail companies that are actively transforming and exploring new opportunities, such as Yonghui Supermarket and Aiyingshi [7][39] - **Medical Aesthetics**: Recommend companies with differentiated product lines, such as Aimeike and Kedi-B [39][41]

Core Viewpoint - The article highlights the emergence of Shenzhen's Shui Bei as a global hub for gold and jewelry, showcasing its unique blend of traditional craftsmanship and modern design, which is gaining international recognition and market presence [1][3][10]. Group 1: Industry Overview - Shui Bei, covering only 0.9 square kilometers, is home to nearly 8,000 enterprises and attracts over 100,000 daily visitors, with annual sales from live e-commerce exceeding 400 million yuan [1][3]. - The area is recognized as the largest gold and jewelry distribution center in China, with a professional market area totaling nearly 200,000 square meters, encompassing the entire supply chain from design to retail [10][17]. - The industry is undergoing a transformation towards digitalization, internationalization, and product diversification, aiming to elevate its position in the value chain [10][18]. Group 2: Cultural Integration and Product Innovation - Brands from Shui Bei are increasingly incorporating traditional cultural elements and non-heritage craftsmanship into their products, enhancing both investment value and cultural significance [5][6][8]. - Notable products include the "Cultural Gold" series by Guorun Gold, which integrates ancient techniques and cultural motifs from various Chinese dynasties [5][6]. - The success of brands like Cuihua Jewelry, which has showcased its pieces at international events such as the Cannes Film Festival and Paris Fashion Week, underscores the global appeal of Chinese jewelry design [12][13][14]. Group 3: E-commerce and Live Streaming - Live streaming has become a significant sales channel for Shui Bei, with brands like Zhou Liufu reporting that online sales accounted for 40% of total revenue in 2024 [16][17]. - The area has seen a surge in e-commerce activities, with sales from live streaming reaching 1.3 billion yuan in 2023 and projected to exceed 500 million yuan in 2025 [16][17]. - The integration of traditional craftsmanship with modern e-commerce strategies positions Shui Bei as a competitive player in the global jewelry market [17][18].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a total retail sales amount of 1618.45 billion yuan for the first four months of 2025, reflecting a 4.7% year-on-year growth [4][25] - The report suggests that the overall social consumption is expected to maintain stable growth due to effective policy measures aimed at boosting domestic demand, with a focus on the high-growth segments of gold jewelry and cosmetics [4][31] Summary by Sections Retail Market Overview - The retail industry index closed at 2110.59 points, down 1.61% for the week, underperforming the Shanghai Composite Index, which fell by 0.57% [6][15] - The jewelry sector showed the highest growth among retail segments, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - In April 2025, the retail sales of consumer goods increased by 5.1%, driven by favorable consumption policies and the Qingming holiday effect [28][31] - Online retail sales for the first four months of 2025 reached 4741.9 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Investment focus on high-growth segments under emotional consumption themes, particularly in gold jewelry and cosmetics [7][39] - Recommended companies in the gold jewelry sector include Laopuhuangjin, Chaohongji, and Zhou Dasheng, which are expected to benefit from differentiated product offerings and consumer insights [39][41] - In the cosmetics sector, recommended brands include Proya, Shangmei, and Juzi Biological, which are positioned to capitalize on the ongoing trend of domestic brand growth [39][41] Company Performance Highlights - Proya reported a 28.9% year-on-year increase in net profit for Q1 2025, driven by new product launches [40] - Chaohongji achieved a 25.4% year-on-year revenue growth in Q1 2025, indicating strong brand momentum [40] - Zhou Dasheng's revenue for Q1 2025 was down 47.3% year-on-year, highlighting challenges in the current market environment [40]

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]