代码：002867 证券简称：周大生 编号：2024-033 周大生珠宝股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | --- | --- | |--------------------|---------------------------------------------------------| | 投资者关系活动类别 | □路演活动 | | | | | | | | | 位投资者（排名不分先后）： | | | | | | 中金公司：宋文慧、宋习缘、杨润渤、庄铭楷 | | | | | | 开源证券：黄泽鹏、骆峥 天风证券：孙海洋、赵予凡、何富丽 | | | 摩根士丹利华鑫基金：陈修竹 利檀投资：毛志伟、焦明远 | | | 兴业证券：张彬鸿、王茗媛 安信基金：张明、郭陈杰 | | | 光大证券：田然、梁丹辉 长江证券：李锦、张彦淳 | | | 申万宏源：赵令伊、李秀琳 | | 参与单位名称 | | | | 东吴证券：谭志千、阳靖 高盛证券：陈凯琦、MiaGu | | 及人员姓名 | | | | 摩根大通：樊荣 太平洋证券：龚书慧 | | | 国金证券：周舒怡 ...

| --- | --- | |--------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 周大生(002867.SZ)24H1 点评：金价大幅波动 | | 公司研究 | 致加盟渠道业绩承压，中报延续高比例分红 | | [Table_ReportType] 公司点评报告 | [Table_ReportDate] 2024 年 8 月 28 日 | | [Table_StockAndRank] 周大生(002867.SZ) | [Table_S 事件：公司ummar ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company faced pressure on terminal sales in Q2, with performance impacted by increased expenses. Revenue for H1 2024 was 8.197 billion yuan, a year-on-year increase of 1.52%, while net profit attributable to shareholders decreased by 18.7% to 601 million yuan. Q2 revenue was 3.126 billion yuan, down 20.9%, and net profit was 260 million yuan, down 30.5% [3][5] - The company plans to distribute a cash dividend of 3.0 yuan for every 10 shares. Due to factors such as gold price fluctuations and a sluggish consumer environment, the profit forecast for 2024-2026 has been revised downwards. Expected net profits for 2024-2026 are 1.252 billion, 1.470 billion, and 1.680 billion yuan, respectively, with corresponding EPS of 1.14, 1.34, and 1.53 yuan. The current stock price corresponds to P/E ratios of 8.8, 7.5, and 6.6 times [3][5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 8.197 billion yuan, with a year-on-year growth of 1.5%. The net profit attributable to shareholders was 601 million yuan, reflecting an 18.7% decline. Q2 results showed revenue of 3.126 billion yuan, down 20.9%, and net profit of 260 million yuan, down 30.5% [3][5] - The comprehensive gross margin for H1 2024 was 18.4%, with a gross profit of 1.507 billion yuan, a 1.1% increase. The gross profit from self-operated offline, online, and franchise businesses was 250 million, 360 million, and 800 million yuan, respectively [5] Business Model and Strategy - The company is expanding its multi-brand matrix and provincial agency model to increase market share. It is actively promoting a systematic approach to its gold product line, which is expected to recover growth elasticity once gold prices stabilize [3][5] - In H1 2024, the company opened 297 new stores, bringing the total to 5,230. It is integrating resources to build a brand matrix, including partnerships with popular IPs like "National Treasure" [6] Market Outlook - The company is expected to face challenges due to weak consumer demand and increased competition in the industry. However, its strategic initiatives in channel expansion and product development may provide a pathway for recovery and growth in the future [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit for Q2 2024 decreased by 30.5%, with a mid-term dividend payout ratio reaching 54.14% [3] - Sales of gold products showed resilience, while embedded products are undergoing significant adjustments [3] - The increase in gold product sales proportion has led to a decline in overall gross margin, and the growth of self-operated stores has significantly raised the sales expense ratio [3] - The company is steadily expanding its terminal stores and continuously integrating channel resources [3] - The forecast for the company's net profit for 2024-2026 has been revised downwards due to the significant rise in gold prices impacting terminal consumption [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 8.2 billion yuan, a year-on-year increase of 1.5%, and a net profit of 600 million yuan, down 18.7% year-on-year [3] - The company's overall gross margin for H1 2024 was 18.38%, a decrease of 0.08 percentage points year-on-year [3] - The number of channel stores reached 5,230 by the end of June 2024, with a net increase of 124 stores since the beginning of the year [3] - The latest closing price corresponds to a P/E ratio of 8, 7, and 6 times for 2024-2026, indicating a relatively low historical valuation level [4]

合并资产负债表（未经审计） | 编制单位：周大生珠宝股份有限公司 | | | | 2024/6/30 | | 金额单位：人民币元 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 附注 | 2024年6月30日 | 报告期初 | 项目 | 附注 | 2024年6月30日 | 报告期初 | | 流动资产： | | | | 流动负债： | | | | | 货币资金 | | 2,536,969,119.52 | 851,786,659.38 | 短期借款 | | 615,452,109.72 | 200,252,777.78 | | 结算备付金 | | | | 向中央银行借款 | | | | | 拆出资金 | | | | 拆入资金 | | | | | 交易性金融资产 | | - | - | 交易性金融负债 | | 365,110,064.11 | 319,098,952.39 | | 衍生金融资产 | | - | - | 衍生金融负债 | | 127,898,649.54 | | | 应收票据 | | 400,000.00 | 750,000. ...

证券代码：002867 证券简称：周大生 公告编号：2024-047 周大生珠宝股份有限公司 一、监事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届监事会第二次会议于 2024 年 8 月 26 日以现场方式召开。公司于 2024 年 8 月 23 日以书面形式向公司 全体监事发出了会议通知。本次会议应出席监事 3 人，实际出席监事 3 人，本次 会议由监事会主席戴焰菊女士召集及主持。本次会议的召集、召开程序符合《公 司法》、《公司章程》及《监事会议事规则》的有关规定。 二、监事会会议审议情况 1、审议通过《关于<公司 2024 年半年度报告及其摘要>的议案》 表决结果：同意 3 票；反对 0 票；弃权 0 票。 经审核，监事会认为：董事会编制和审核公司 2024 年半年度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 第五届监事会第二次会议决议公告 公司《2024 年半年度报告摘要》同日刊登于《中国证券报》、《证券时报》、 《上海证券报》、《证券日报》及巨潮资讯网（www.cninfo.c ...

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。 证券代码：002867 证券简称：周大生 公告编号：2024-046 周大生珠宝股份有限公司 第五届董事会第二次会议决议公告 本议案已经公司董事会审计委员会审议通过。 2、审议通过《关于 2024 年半年度利润分配方案的议案》 表决结果：同意 11 票；反对 0 票；弃权 0 票。 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"）第五届董事会第二次会议通 知于 2024 年 8 月 16 日以通讯及电子邮件等形式送达全体董事，会议于 2024 年 8 月 26 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、召开和表决程序均符合《公 司法》、《公司章程》及《董事会议事规则》的有关规定。 二、董事会会议审议情况 1、审议通过《关于<公司 2024 年半年度报告及其摘要>的议案》 表决结果：同意 11 票；反对 0 票；弃权 0 票。 公司《2024 年半年度报告摘要》同日刊登于《中国证券报》、《证券时报》、 《上海证券报》、 ...

上市公司 2024 半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金 | | | 占用方与 上市公司 | 上市公司核算 | 2024 年期初 | 2024年半年 度占用累计 | 年半年 2024 度占用 | 年半 2024 度偿还 | 2024 年度 | 年半 占用形 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | | 的关联关 | 的会计科目 | 占用资金余 额 | 发生金额(不 | 资金的利息 | 累计发生金 | 占用资金 | 成原因 | | 占用性质 | | | | | 系 | | | 含利息) | (如有) | 额 | 余额 | | | | | 控股股东、实 | | | | | | | | | | | | | | 际控制人及其 | | | | | | | | | | | | | | 附属企业 | | - | - | - | - | - | - | | - | - | - | - | | 小计 | | - | - | ...

证券代码：002867 证券简称：周大生 公告编号：2024-049 周大生珠宝股份有限公司 关于 2024 年半年度利润分配方案的公告 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。 周大生珠宝股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开第 五届董事会第二次会议和第五届监事会第二次会议，审议通过了《关于 2024 年 半年度利润分配方案的议案》，现将相关事宜公告如下： 一、利润分配方案的基本情况 根据公司 2024 年半年度财务报告（未经审计），公司合并报表实现归属于上 市公司股东的净利润为 601,454,229.25 元，截至 2024 年 6 月 30 日，公司合并 报表可供分配利润为 3,791,616,063.18 元，母公司报表可供分配利润为 3,079,527,215.71 元。按照孰低原则，以母公司报表中可供分配利润为基数拟 定本次 2024 年半年度利润分配方案。 根据中国证券监督管理委员会鼓励上市公司现金分红，给予投资者稳定、合 理回报的指导意见，公司积极践行尊重投资者、持续回报投资者的理念，在符合 利润分配原则 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥8,196,858,061.77, representing a 1.52% increase compared to ¥8,073,870,687.71 in the same period last year[13]. - Net profit attributable to shareholders decreased by 18.71% to ¥601,454,229.25 from ¥739,853,262.10 year-on-year[13]. - The total revenue for the reporting period was ¥8,196,858,061.77, representing a year-on-year increase of 1.52% compared to ¥8,073,870,687.71 in the same period last year[74]. - The company's gross profit margin for the reporting period was 18.38%, a slight decrease of 0.08 percentage points compared to the same period last year[35]. - The revenue from gold jewelry accounted for 84.94% of total revenue, increasing by 3.43% year-on-year[75]. - The revenue from embedded jewelry decreased by 29.18% to ¥372,430,036.77, reflecting a decline in this product category[75]. - The company reported a significant decline in embedded jewelry sales, with average sales per self-operated store dropping by 40.45% to 131,600 CNY[44]. - The average revenue per self-operated store decreased by 6.72% to 2.85 million CNY, while the average gross profit per store fell by 8.08% to 741,900 CNY[44]. - The average revenue per franchise store declined by 9.4% to 1.23 million CNY, with the average gross profit dropping by 16.67% to 166,200 CNY[44]. - The company reported a net profit attributable to shareholders of CNY 601,454,229.25 for the first half of 2024, with distributable profits amounting to CNY 3,791,616,063.18[103]. Cash Flow and Assets - The net cash flow from operating activities increased significantly by 80.62% to ¥1,293,609,769.08 compared to ¥716,197,975.45 in the previous year[13]. - Cash and cash equivalents at the end of the reporting period totaled 2.537 billion yuan, with a net cash inflow of 1.544 billion yuan during the period[29]. - The total assets at the end of the reporting period reached ¥9,081,285,060.98, a 13.34% increase from ¥8,012,438,337.87 at the end of the previous year[13]. - The total liabilities reached 2.802 billion yuan, reflecting a significant increase of 72.12% from the beginning of the period[27]. - The company's cash and cash equivalents increased to ¥2,536,969,119.52, representing 27.94% of total assets, up from 10.63% last year, a significant increase of 17.31%[78]. - The inventory balance at the end of the reporting period was 4.182 billion yuan, an increase of 14.81% compared to the beginning of the period[27]. - The company's accounts receivable decreased to CNY 199,996,890.96, accounting for 2.20% of total assets, down 16.49% from 18.69% last year, due to a low-risk strategy implemented during the reporting period[78]. - The company's total current liabilities increased to CNY 2,724,008,848.23 from CNY 1,568,830,891.81, marking an increase of about 73.61%[152]. Store Operations and Expansion - The number of stores at the end of the reporting period was 5,230, with a net increase of 495 stores compared to the same period last year[36]. - The company opened 31 new self-operated stores, generating revenue of 46.82 million CNY and a gross profit of 10.96 million CNY during the reporting period[38]. - The company added 266 new franchise stores, contributing 251 million CNY in revenue and a gross profit of 52.16 million CNY[40]. - The company closed 173 stores, which accounted for 3.31% of the total stores, resulting in a revenue loss of 45.72 million CNY, impacting the overall revenue by 1.15%[42]. - The total number of stores at the end of the reporting period was 5,230, with a net increase of 297 stores compared to the previous period[39]. Product Development and Market Strategy - The company continues to focus on developing "scenario-style jewelry" to better meet consumer preferences and market trends[21]. - The company has launched 18 brand series in its gold product line, emphasizing innovation and market adaptability[21]. - The company is enhancing its investment in IP cultural products and original product series to cater to evolving consumer demands[21]. - The company continues to deepen its product matrix with a focus on traditional Chinese culture, launching new series inspired by national treasures, including "青花瓷色" and "敦煌色" products, which received positive market feedback[22]. - The diamond-inlaid products remain a core strength, with the introduction of the "LOVE100" diamond cut, enhancing market recognition and brand competitiveness, and the company has established a strategic partnership with the Natural Diamond Council for 2024-2025[23]. - The company has adjusted its supply chain strategy, transitioning to direct supply for classic bestselling products to improve supply efficiency and market responsiveness[25]. - The company is focusing on product research and development, optimizing product structure, and enhancing brand core capabilities to navigate the challenging market environment[26]. - New product series targeting younger consumers, such as the "国家宝藏·藏宝阁" and "国家宝藏·国风" collections, aim to attract a broader demographic[22]. - The international art jewelry line, led by renowned designer Loretta Baiocchi, has launched collections inspired by famous artworks, catering to both new middle-class women and Gen Z consumers[22]. Marketing and Consumer Engagement - The company is actively exploring digital marketing strategies to enhance consumer engagement and adapt to changing market dynamics[26]. - The company has established a multi-channel approach in e-commerce, enhancing operational efficiency and market penetration[64]. - The company has improved its online marketing strategies, utilizing "live streaming + short videos" to enhance brand penetration and effectively target consumer needs[66]. - The company has emphasized the importance of understanding consumer behavior and preferences to drive product design and marketing strategies[63]. - The company plans to optimize its product mix in response to declining consumer demand for gold products[47]. Dividend and Profit Distribution - The company plans to distribute cash dividends of 3 RMB per 10 shares, totaling approximately 325.64 million RMB, with an overall cash dividend amount for 2024 expected to reach 1.03 billion RMB, a 5.56% increase from 2023[113]. - The proposed cash dividend for the first half of 2024 is CNY 3 per 10 shares, totaling CNY 325,642,167.90, which represents 54.14% of the net profit[103]. - The total distributable profit for the current period is approximately 3.08 billion CNY, with cash dividends accounting for 100% of the profit distribution[102]. - The company aims to maintain a profit distribution policy where at least 50% of the cumulative distributable profits over three years will be distributed[98]. - The company has established a systematic arrangement for profit distribution to ensure stability and continuity in shareholder returns over the next three years (2024-2026)[98]. Governance and Shareholder Structure - The company completed the election of the board of directors on June 18, 2024, with a 100% shareholding by the controlling shareholders[135]. - The controlling shareholder, Shenzhen Zhou's Investment Co., Ltd., holds 55.57% of the shares, totaling 609,018,750 shares[138]. - The company’s shareholding structure indicates a significant concentration of ownership among a few major shareholders[138]. - The top 10 shareholders collectively hold 80% of the company's shares, indicating a high concentration of ownership[142]. - The company has not engaged in any significant asset or equity sales during the reporting period[86]. Compliance and Risk Management - The company has established a comprehensive quality control system to ensure product quality and compliance with industry standards[92]. - The company has no significant environmental penalties or issues reported during the period[110]. - The semi-annual financial report has not been audited[118]. - The company has not faced any major litigation or arbitration matters during the reporting period[118]. - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[118].