Group 1: Investor Relations Activity Overview - The investor relations activity was conducted via a telephone conference on May 19, 2025 [2] - A total of 5 investors participated, including representatives from Huatai Securities and浦银安盛 [2] Group 2: Key Discussion Topics - Investors inquired about the Q1 2025 financial indicators, brand matrix, channel expansion, and product structure adjustments [2] - The company ensured compliance with the information disclosure management system, maintaining the accuracy and completeness of disclosed information [2]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is expected to achieve double-digit growth in e-commerce channels in 2024, with a significant improvement in gross margin in Q1 2025 [1] - Despite a decline in revenue and net profit in 2024, the company is projected to benefit from improved gross margins in Q1 2025, leading to a smaller decline in performance compared to revenue [10] Financial Performance Summary - In 2024, the company reported revenue of 13.891 billion yuan, a year-on-year decrease of 14.73%, and a net profit of 1.010 billion yuan, down 23.25% [2][4] - For Q1 2025, revenue was 2.673 billion yuan, a decline of 47.28%, with a net profit of 252 million yuan, down 26.12% [2][4] - The gross margin for 2024 improved by 2.7 percentage points to 20.80%, and for Q1 2025, it increased by 10.64 percentage points to 26.21% [6] Channel Performance Summary - In 2024, the online channel revenue grew by 11.42% to 2.795 billion yuan, while the franchise channel revenue fell by 23.26% to 9.187 billion yuan [5] - The self-operated offline channel achieved revenue of 1.744 billion yuan, a growth of 7.8% [5] Future Earnings Projections - The projected EPS for 2025-2027 is 1.02, 1.11, and 1.22 yuan respectively, with corresponding P/E ratios of 13.2, 12.1, and 11.0 times [10][12]

Group 1: Gold Price Trends - Recent international gold prices have declined, with COMEX gold futures dropping from $3329.10 per ounce on May 9 to $3180.70 on May 14, a decrease of approximately 4.46% [2] - The decline in gold prices is attributed to reduced market risk aversion following unexpected progress in US-China trade negotiations, which has led to a potential drop in COMEX gold prices below $3000 per ounce [2][3] - Short-term outlook suggests a fluctuating trend for gold prices, while long-term support factors remain intact, including increased inflation risks in the US and strong central bank demand [3] Group 2: Consumer Behavior and Market Dynamics - Consumer interest in gold jewelry remains strong, with many brands offering significant discounts; for instance, some gold jewelry prices have been reduced to below 1000 yuan per gram [1] - The market for traditional gold jewelry is expanding, with the ancient method gold jewelry market in China growing from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, reflecting a compound annual growth rate of 64.6% [4] - Companies are adapting to changing consumer preferences by enhancing product offerings, such as introducing unique designs and high-quality craftsmanship to attract customers [5][6] Group 3: Strategic Initiatives by Companies - Companies like Chow Tai Fook and others are focusing on high-end product strategies, optimizing product structures, and enhancing craftsmanship to stimulate demand in the premium gold jewelry market [6][7] - The introduction of culturally inspired product lines, such as the "Dunhuang" series by Luk Fook Jewelry, indicates a trend towards integrating cultural elements into product offerings [4] - Brands are increasingly targeting specific consumer segments with personalized and high-quality service, indicating a shift towards niche marketing strategies in the gold jewelry sector [7]

国内金饰价格继续回落 多数报976元/克 金十数据5月15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较昨日下跌16元/克，报976元/克；周生生足金 饰品跌17元至975元/克；菜百首饰足金999饰品报965元/克。 | 間 大 女 | 周大生足金999 | 976 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 965.00 元/克 | | 附近其 | 潮宏基足金(首饰摆件) | 976 元/克 | | TSL 謝瑞朗 | 谢瑞麟足金饰品 | 976 元/克 | | ਤੇ ਦੇ ਛੇ | 金至尊足金999 | 976 元/克 | | 周六福 | 周六福足金999 | 976 元/克 | @ JIN10.COM 0.COM 金十数据 | 一个交易工具 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.32 CNY based on a 17x PE valuation for 2025 [4][9]. Core Views - The company experienced a significant revenue decline in 2024, with a 14.7% decrease to 13.89 billion CNY, primarily due to high gold prices suppressing demand [8]. - Despite the challenges, the company plans to focus on brand matrix, e-commerce breakthroughs, innovative franchise models, and cross-border brand expansion as key growth drivers for 2025 [8]. - The company is committed to a high dividend policy, with an expected payout ratio of 102.1% for 2024 [8]. Financial Summary - Revenue and Profit Forecasts: - 2025-2027 EPS estimates are 0.96, 1.14, and 1.30 CNY respectively [4][9]. - Revenue projections for 2025, 2026, and 2027 are 14.05 billion, 15.06 billion, and 16.52 billion CNY, reflecting growth rates of 1.2%, 7.1%, and 9.7% respectively [4][8]. - Profitability Metrics: - The company's gross margin is expected to improve to 21.8% in 2025, with net margin projected at 7.5% [4][8]. - The net profit attributable to the parent company is forecasted to be 1.05 billion CNY in 2025, with a growth of 3.8% [4][8]. - Valuation Ratios: - The company’s PE ratio is projected to be 14.1 in 2025, decreasing to 10.4 by 2027 [4][8].

Group 1: Investor Relations Activity - The investor relations activity was conducted via a telephone conference on May 14, 2025 [2] - Two investors participated: Bao Han from GF Securities and Wang Xiaoying, Wang Xuran, and Zhang Yingjun from Baodao Fund [2] Group 2: Main Discussion Topics - Investors inquired about key financial indicators from the 2024 annual report and the Q1 2025 report [2] - Topics included product structure, brand matrix, channel expansion, and fluctuations in gold prices [2] Group 3: Compliance and Disclosure - The company adhered to the "Information Disclosure Management System" to ensure the accuracy, completeness, and timeliness of information disclosed [2] - No significant undisclosed information leakage occurred during the meeting [2]

关于公司 2025 年 4 月份新增自营门店情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2025 年修订）》第四章第八节珠宝相关业务的要求，周大生珠宝股份有限公 司现将 2025 年 4 月份公司新增自营门店概况披露如下： | 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 地区 | | 形式 | (m2 ) | 额（万元） | 类别 | | 1 | 周大生长沙环宇城购物中心 | 华中 | 2025.4.1 | 专卖 | 144 | 535 | 素金、镶嵌 | | | 专卖店 | | | 店 | | | | | 2 | 转珠阁天津环宇城专卖店 | 华北 | 2025.4.1 | 专卖 | 30.6 | 80 | 素金、镶嵌 | | | | | | 店 | | | | | 3 | 转珠阁天津水游城专卖店 | 华北 | 2 ...

国内金饰价格较昨日维持不变 金十数据5月14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较昨日基本维持不变，报992元/克。 | 周大生 | 周大生足金999 | 992 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 980.00 元/克 | | HI 附近半 | 潮宏基足金(首饰摆件) | 992 元/克 | | TSL 甜點歸 | 谢瑞麟足金饰品 | 992 元/克 | | 공 군 군 대 | 金至尊足金999 | 992 元/克 | | 周六福 ZHOLI LILI PL | 周六福足金999 | 992 元/克 | | 用用 113 | STATINIO.COM THE COM THE COMIT SUNIO SO 一般的一些一般提出 | | @ JIN10.COM O.C. 金十数据 | 一个交易工具 ...

代码：002867 证券简称：周大生 编号：2025-019 周大生珠宝股份有限公司 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 参与"聚势湾区·智领消费——2024 年度大消费行业集体业绩说明会" 的全体投资者。 时 间 2025 年 5 月 13 日 地 点 深圳市全景网路演厅、"全景路演"网站（http://rs.p5w.net） 上市公司接待人员姓名 董事及副总经理：郭晋 董事会秘书及副总经理：何小林 独立董事：毛健 财务总监：许金卓 投资者关系活动 主要内容介绍 一、问答环节： 1：金价高位攀升抑制消费需求，公司如何在后期战略和策略上 进行调整，以提振销售和公司业绩？ 答：去年金价急涨，对终端金饰的消费造成明显干扰，尤其是对 中高克重的金饰，冲击明显。在此背景下，终端客群的消费倾向和偏 好也发生一些转变，这让我们看到一些积极机会。去年我们部署了三 大战役，目前处于市场反击战，通过品牌矩阵和全域经营去抢夺市场 份额，把丢掉的利润和市场份额抢回来。下面我就从品牌矩阵发 ...

周大生珠宝股份有限公司 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 2 位投资者（排名不分先后）： 广发证券：包晗 人保资产：李爽 时 间 2025 年 5 月 12 日 地 点 线上 上市公司接待人员 姓名 证券事务代表：周晓达 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、渠道扩张、金价波动、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 12 日 代码：002867 证券简称：周大生 编号：2025-018 ...