Core Viewpoint - The company has approved a proposal to provide guarantees for its downstream franchisees in Heilongjiang Province to facilitate their financing needs through a partnership with Guangfa Bank, which is expected to enhance the stability and sales capabilities of the regional channels [3][6][13]. Group 1: Board Meeting Details - The fifth board meeting of the company was held on November 25, 2025, with all 11 directors present, and the meeting complied with relevant regulations [2]. - The board unanimously approved the proposal regarding external guarantees, with a voting result of 11 in favor, 0 against, and 0 abstentions [3][13]. Group 2: Guarantee Proposal - The company plans to sign a cooperation agreement with Guangfa Bank to recommend franchisee clients for loans, with a total loan limit not exceeding RMB 30 million [6]. - The financing will be specifically used for purchasing goods from Heilongjiang Hengrun Jewelry Co., which is a designated supplier for the company [6]. Group 3: Guarantee Details - The company will provide a maximum guarantee amounting to 10% of the total loan, capped at RMB 3 million, to support the financing of eligible franchisees [7][10]. - The guarantee period is set from December 1, 2025, to November 30, 2028 [10]. Group 4: Risk Management Measures - The company has established a three-tier review mechanism to ensure the quality of franchisee clients, which includes preliminary recommendations by Hengrun Jewelry, a strict review by the company, and final approval by Guangfa Bank [11]. - To mitigate risks, the company will enter into a counter-guarantee agreement with Hengrun Jewelry and its actual controllers, ensuring that equivalent amounts are secured [12]. Group 5: Financial Impact - After this guarantee, the total amount of external guarantees by the company and its subsidiaries will account for 1.78% of the latest audited net assets [14]. - As of the announcement date, there are no overdue guarantees or any legal issues related to guarantees [14].

Core Viewpoint - The company plans to provide a guarantee for its franchisees in Heilongjiang Province to help them reduce financing costs and meet their operational procurement needs, thereby enhancing channel stability and sales capabilities [2][7][10]. Summary by Sections 1. Overview of Guarantee Situation - The company intends to sign a cooperation agreement with Guangfa Bank to recommend franchisee clients for loans, with a total loan limit not exceeding RMB 30 million [2]. - The loan proceeds will be specifically used for purchasing goods from Heilongjiang Hengrun Jewelry Co., Ltd., the company's designated supplier in the region [2]. 2. Guarantee Agreement Main Content - The maximum guarantee amount will be 10% of the total loan amount, capped at RMB 3 million [6]. - The guarantee period is set from December 1, 2025, to November 30, 2028 [6]. 3. Board of Directors' Opinion - The board believes that providing this guarantee aligns with the company's business development strategy and will positively impact the growth of the franchise business [7][10]. - The company has established a three-tier review mechanism to ensure the quality of clients eligible for loans, thereby reducing default risks [8]. 4. Risk Assessment and Mitigation Measures - The company will sign a counter-guarantee agreement with Hengrun Jewelry and its actual controllers to mitigate risks associated with the guarantee [9]. - A monitoring mechanism will be established to track the operational data of borrowing franchisees, allowing for timely risk alerts and adjustments to credit limits if necessary [9]. 5. Cumulative External Guarantee Amount - After this guarantee, the total external guarantee amount will account for 1.78% of the company's latest audited net assets, with no overdue guarantees or litigation issues reported [12].

Core Viewpoint - Zhou Dasheng (002867) announced that as of the date of the announcement, the company and its controlling subsidiaries do not have any overdue guarantees, guarantees involved in litigation, or losses incurred due to being judged against in guarantees [1] Summary by Relevant Categories - Company Status - The company confirmed the absence of overdue guarantees [1] - There are no guarantees involved in any litigation [1] - The company has not been judged against in any guarantee-related cases, thus incurring no losses [1]

Group 1 - Company announced that its fifth board meeting was held on November 25, 2025, via telecommunication, where it reviewed the proposal regarding external guarantees [1] - As of the report, the company's market capitalization is 14.1 billion yuan [3] Group 2 - For the first half of 2025, the company's revenue composition is 100% from jewelry [2]

证券代码：002867 证券简称：周大生 公告编号：2025-058 周大生珠宝股份有限公司 对外担保公告 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。 一、担保情况概述 为助力黑龙江省下游加盟商降低融资成本，满足其经营采购的资金需求，赋 能渠道终端经营，提升区域渠道的稳定性与销售能力，周大生珠宝股份有限公司 （以下简称"公司"或"周大生"）拟与广发银行股份有限公司哈尔滨分行（以 下简称"广发银行"）签署《广发银行个人贷款业务合作协议》，向广发银行推 荐加盟商客户贷款名单。广发银行将针对符合贷款条件的公司加盟商客户名单， 核定不超过人民币 3,000 万元的专项贷款额度。加盟商融资款项将专项用于支付 向哈尔滨恒润珠宝有限公司（以下简称"恒润珠宝"）采购商品的货款，且实行 受托支付。恒润珠宝为公司黑龙江省省级服务商，同时为公司指定供应商之一。 为推动加盟业务发展，保障上述业务顺利进行，公司拟与广发银行签署《最 高额保证金合同》，按照专项贷款总额度的 10%，为黑龙江省符合条件的下游加 盟商在广发银行的融资授信业务提供最高额保证金担保，保证金金额合计不超过 人民 ...

证券代码：002867 证券简称：周大生 公告编号：2025-057 周大生珠宝股份有限公司 第五届董事会第十次会议决议公告 根据中国证券监督管理委员会《上市公司监管指引第 8 号--上市公司资金往 来、对外担保的监管要求》、《深圳证券交易所股票上市规则》、《公司章程》、 《对外担保管理制度》等有关规定，公司本次为加盟商提供担保事宜在董事会的 审议权限之内，不需经过公司股东会及其他有关部门的批准。 《对外担保公告》（公告编号：2025-058）同日刊登在《中国证券报》、《证 券时报》、《上海证券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 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。 一、董事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会第十次会议通 知于 2025 年 11 月 22 日以通讯及电子邮件等形式送达全体董事，会议于 2025 年 11 月 25 日以通讯方式召开。本次会议应出席董事 11 人，实际出席董事 11 人。本次会议由董事长周宗文先生主持。本次会议的召集、召 ...

Market Overview - The jewelry sector increased by 0.64% on November 25, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - ST Xinhua Jin (600735) closed at 6.15, up 4.24% with a trading volume of 326,600 shares and a turnover of 196 million yuan [1] - Other notable performers include: - Cai Zi Co. (605599) at 15.22, up 2.98% [1] - XD Laisentong (603900) at 9.17, up 2.80% [1] - Ruibeka (600439) at 3.04, up 2.36% [1] - Mankalon (300945) at 17.45, up 1.81% [1] Capital Flow - The jewelry sector experienced a net outflow of 58.72 million yuan from institutional investors, while retail investors saw a net outflow of 73.45 million yuan [2] - Conversely, speculative funds recorded a net inflow of 132 million yuan [2] Individual Stock Capital Flow - Cai Zi Co. (6655609) had a net inflow of 13.72 million yuan from institutional investors, while retail investors faced a net outflow of 13.78 million yuan [3] - Ruibeka (600439) saw a net inflow of 7.34 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - China Gold (600916) had a net outflow of 4.84 million yuan from institutional investors, despite a net inflow of 11.09 million yuan from speculative funds [3]

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Insights - On November 22, domestic retail gold prices showed varying trends among different brands, with significant price differences observed among leading brands [1][3] - The top brands, Chow Tai Fook and Chow Sang Sang, quoted a uniform price of 1305 CNY per gram, while Lao Feng Xiang priced at 1298 CNY per gram and Chow Sang Sang at 1295 CNY per gram [1][3] - More affordable brands demonstrated a price advantage, with Chinese Huang prices ranging from 1210 to 1242 CNY per gram, and the wholesale price for 999 gold in Shenzhen's Shui Bei market at 1078 CNY per gram, excluding processing fees [1][3] - In terms of gold recovery prices, the recovery price for 999 gold ranged from 913 to 917 CNY per gram, with brand gold stores offering around 913 CNY per gram [1][3] - The recovery prices for 18k gold and 22k gold were 663 CNY per gram and 805 CNY per gram, respectively, indicating significant impacts from purity differences [1][3]

Core Insights - The domestic retail gold prices show significant price differences among leading brands, with Chow Tai Fook and Chow Sang Sang both quoting 1305 CNY per gram, while Lao Feng Xiang is at 1298 CNY per gram and Chow Sang Sang at 1295 CNY per gram [1] - More affordable brands have a competitive edge, with China Gold pricing between 1210-1242 CNY per gram, and the Shenzhen Shui Bei market offering a wholesale price of 1078 CNY per gram for 999 gold (processing fees not included) [1] - The gold recycling prices indicate a range for 999 gold at 913-917 CNY per gram, with brand stores also offering around 913 CNY per gram; 18k gold recycling price is 663 CNY per gram, and 22k gold is at 805 CNY per gram, highlighting the significant impact of purity differences [1]