Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on July 8, 2025, in the company meeting room [1] - The event included a presentation by the Vice President and Board Secretary, Xu Tian, regarding the company's operational performance for the fiscal year 2024 and Q1 2025 [1] - Participants included representatives from various funds and securities firms, ensuring a diverse audience [1] Group 2: Compliance and Information Disclosure - The company adhered strictly to its "Information Disclosure Management System" and "Investor Relations Management System" during the event [1] - There were no incidents of undisclosed significant information leaks reported during the reception [1] Group 3: Discussion Topics - The discussions covered topics such as brand building and product development, indicating a focus on strategic growth areas [1] - Attendees were encouraged to refer to the recent "Investor Relations Activity Record" for Q&A and periodic reports for more detailed insights [1]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [13]. Core Views - The company is positioned as a leader in the new consumption of gold jewelry, focusing on young urban female consumers and employing a multi-channel strategy for high-quality growth. It has developed a diverse product system that includes solid gold jewelry, embedded jewelry, and IP co-branded products [4][9]. - The company achieved a revenue of 2.36 billion yuan in 2024, representing a year-on-year growth of 22.55%, with a net profit attributable to shareholders of 96.13 million yuan, up 20.02% year-on-year [4][9]. - The online sales channel has become a core growth engine, with e-commerce revenue reaching 1.29 billion yuan in 2024, a year-on-year increase of 40.76%, accounting for 54.83% of total revenue [7][9]. Summary by Sections Company Overview - The company has a total share capital of 262.07 million shares and a market capitalization of approximately 5.56 billion yuan. The price-to-earnings ratio (TTM) stands at 52.01, and the price-to-book ratio is 3.35 [1]. Financial Performance - In 2024, the company reported a total revenue of 2.36 billion yuan, with a breakdown of revenue from solid gold jewelry at 2.28 billion yuan (up 28.91% year-on-year) and embedded jewelry at 67.95 million yuan (down 53.51% year-on-year) [10]. - The overall gross margin for 2024 was 13.38%, a decrease of 1.26 percentage points year-on-year, primarily due to the decline in the gross margin of embedded jewelry [4][10]. Growth Drivers - The company has expanded its offline presence, reaching a total of 235 stores by the end of 2024, with a focus on high-quality expansion in key markets [7]. - The digital operation system has been established, enhancing efficiency and operational capabilities through AI and big data integration [8]. Future Projections - Revenue is projected to grow to 3.02 billion yuan in 2025, with a net profit of 123.22 million yuan, reflecting a growth rate of 28.20% and 28.19% respectively [9][10]. - The company aims to maintain its focus on solid gold jewelry, which is expected to continue driving revenue growth and improving profit margins [7][10].

Core Viewpoint - The company is positioned as a leader in the new consumption of gold and jewelry, focusing on a multi-channel strategy to drive high-quality growth, particularly targeting young urban female consumers [1] Group 1: Business Performance - In 2024, the company achieved a revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-on-year [3] - The company’s revenue for Q1 to Q4 of 2024 was 500 million, 727 million, 447 million, and 684 million yuan respectively, with year-on-year growth rates of 45.12%, 49.91%, 14.86%, and -3.04% [3] - The revenue from the gold jewelry segment reached 2.281 billion yuan, growing 28.91% year-on-year, while the embedded jewelry segment saw a decline of 53.51% [3] Group 2: Online and Offline Strategy - The company has established a comprehensive online and offline retail system, with over 230 stores nationwide and a strong presence on platforms like Tmall, Douyin, and Kuaishou [1] - In Q1 2025, the company reported a revenue of 714 million yuan, a year-on-year increase of 42.87%, with online sales contributing significantly to this growth [4] - The e-commerce business generated 1.293 billion yuan in 2024, a 40.76% increase, accounting for 54.83% of total revenue [4] Group 3: Product and Profitability - The company focuses on gold jewelry, which accounted for 96.76% of total revenue in 2024, with a gross margin of 12.37%, up 0.43 percentage points year-on-year [6] - The company is enhancing its product structure through self-developed products and a "one-price" strategy, which has improved profitability [6] - The gross margin for the embedded jewelry segment decreased to 37.26%, down 5.74 percentage points year-on-year, impacting overall profitability [3] Group 4: Digital Transformation - The company has completed the construction of a digital operation system, integrating sales, channels, supply chain, R&D, finance, and human resources [7] - The product development cycle has been reduced from 1-3 months to 2-3 weeks, enhancing responsiveness and efficiency [8] - The digital operation capability is seen as a core competitive advantage, supporting the company’s rapid expansion and cost control [8] Group 5: Store Expansion - By the end of 2024, the company had 235 stores, with a net increase of 17, focusing on expanding in key markets in East and South China [5] - Revenue from stores outside the home province grew by 87.28%, indicating successful national expansion [5] - The average store gross margin for direct and counter stores increased by 6.15% year-on-year, reflecting improved operational efficiency [5]

一、股东大会审议通过利润分配方案等情况 1、曼卡龙珠宝股份有限公司（以下简称"公司"或"本公司"）2024年年 度权益分派方案已获2025年5月23日召开的2024年年度股东大会审议通过，具体 为：以公司总股本262,071,629股为基数，向全体股东每10股派发现金红利1.40元 （含税），剩余未分配利润结转下年，不进行资本公积金转增股本。 2、本次利润分配方案实施前，若公司总股本发生变动，将按照总额不变的 原则对分配比例进行调整，自分配方案披露至实施期间公司股本总额未发生变化。 证券代码：300945 证券简称：曼卡龙 公告编号：2025-040 曼卡龙珠宝股份有限公司 2024 年年度权益分派实施公告 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。 本公司2024年年度权益分派方案为：以公司现有总股本262,071,629股为基数， 向全体股东每10股派1.400000元人民币现金（含税；扣税后，境外机构（含QFII、 RQFII）以及持有首发前限售股的个人和证券投资基金每10股派1.260000元；持 有首发后限售股、股权激励限售股及无限售流通股的个人 ...

Group 1: Company Overview - The company’s Vice President and Board Secretary, Xu Tian, introduced the operational status for the year 2024 and the first quarter of 2025 [1]. Group 2: Investor Relations Activities - The company adhered strictly to its "Information Disclosure Management System" and "Investor Relations Management System," ensuring no leakage of undisclosed significant information occurred during the reception [1]. - Discussions included topics on brand building and product development, with references to recent Q&A and periodic reports available in the investor relations activity record [1].

曼卡龙珠宝股份有限公司投资者关系活动记录表 证券代码：300945 证券简称：曼卡龙 1 | | 关系管理制度》规定，没有出现未公开重大信息泄露等情况。各方还 | | | | | --- | --- | --- | --- | --- | | | 就公司品牌建设、产品研发等方面进行了交流，可参阅近期《投资者 | | | | | | 关系活动记录表》之问答及定期报告。 | | | | | 附件清单（如有） | 无 | | | | | 日期 | 2025 6 日 | 年 | 月 | 24 | 2 编号：2025-026 | |  特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 Millennium Zoe、Vicky | （电话会议） 其他 | | | 上海保银张凤涛 | | | | 泰康香港马继博 | | | | OP Capital 王思翰 | | | | AspexEric、颜琰 | | | 参与单位名称及 | Dymon Asia Jianing L ...

Group 1 - The core viewpoint of the news is that Mankalon (300945) has shown significant growth in its financial performance for the first quarter of 2025, with a notable increase in revenue and net profit compared to the previous year [2] - Mankalon's main business involves jewelry retail, focusing on creative design, sales, and brand management [2] - The company reported a main revenue of 714 million yuan for Q1 2025, representing a year-on-year increase of 42.87%, and a net profit attributable to shareholders of 43.01 million yuan, up 33.52% year-on-year [2] Group 2 - The company has maintained a low debt ratio of 11.78% and reported investment income of 1.42 million yuan, with financial expenses recorded at -792,000 yuan [2] - The gross profit margin for Mankalon stands at 15.78% [2] - Recent institutional ratings indicate a positive outlook, with two buy ratings and one hold rating from three institutions in the last 90 days [3]

Group 1: Investor Relations Activity - The investor relations activity was conducted on June 20, 2025, in the company meeting room [2] - The event included a specific audience survey with participation from various investment firms [1] - The company adhered to its information disclosure and investor relations management policies, ensuring no leakage of undisclosed significant information [2] Group 2: Company Overview - The introduction was presented by Xu Tian, the Deputy General Manager and Board Secretary, covering the company's annual and Q1 2024-2025 operational performance [2] - Discussions included topics on brand building and product development, with references to recent investor relations activity records and periodic reports [2] Group 3: Participating Entities - Notable participating investment firms included Guotai Junan, Caitong Fund, and others, with representatives from various sectors [1] - A total of 15 different investment firms and their representatives were involved in the activity [1]

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]

Market Overview - As of June 12, the Shanghai Composite Index closed at 3402.66 points, with a slight increase of 0.34 points, representing a change of 0.01% [1] - The Shenzhen Component Index closed at 10234.33 points, down by 11.69 points, a decrease of 0.11% [1] - The ChiNext Index closed at 2067.15 points, up by 5.29 points, reflecting an increase of 0.26% [1] Trading Activity - A total of 128 A-shares had a turnover rate exceeding 20% on the same day, indicating significant trading activity [1] - Notably, C Haiyang and Zhongke Magnetic had turnover rates exceeding 50%, suggesting a high level of liquidity and interest in these stocks [1] Top Performing Stocks - C Haiyang (603382) had a closing price of 55.97 yuan with a turnover rate of 85.43% and a remarkable increase of 386.70% [1] - Zhongke Magnetic (301141) closed at 68.13 yuan, with a turnover rate of 67.96% and a gain of 3.20% [1] - Yingsite (301622) closed at 97.32 yuan, achieving a turnover rate of 60.53% and a rise of 20.00% [1] - Jiangnan New Materials (603124) closed at 48.20 yuan, with a turnover rate of 57.58% and an increase of 4.83% [1] - Xiongdi Technology (300546) closed at 34.41 yuan, with a turnover rate of 56.64% and a gain of 7.20% [1] Additional Notable Stocks - Kangliyuan (301287) closed at 50.52 yuan, with a turnover rate of 48.58% and a slight decrease of 0.26% [1] - Qingmu Technology (301110) closed at 72.42 yuan, achieving a turnover rate of 46.33% and a rise of 20.00% [1] - Baixinglong (833075) closed at 46.99 yuan, with a turnover rate of 44.54% and an increase of 29.99% [1] - Hengbao Co., Ltd. (002104) closed at 11.82 yuan, with a turnover rate of 44.51% and a gain of 2.34% [1] - Guokang Biochemical (300804) closed at 61.10 yuan, with a turnover rate of 42.76% and a slight increase of 1.08% [1]