浙商证券股份有限公司 关于曼卡龙珠宝股份有限公司 增加部分募投项目实施主体及使用募集资金 向全资子公司提供借款实施募投项目的核查意见 浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）作为曼卡 龙珠宝股份有限公司（以下简称"曼卡龙"或"公司"）向特定对象发行股票的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监 管要求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等规定，对曼卡龙增加部分募投项目实施主体及使用募集资金向全资子 公司提供借款实施募投项目的事宜进行了核查，核查情况如下： 一、募集资金基本情况 | 序 | 项目名称 | 项目投资总 | 调整前拟投入募集 | 调整后拟投入募集 | | --- | --- | --- | --- | --- | | 号 | | 额（万元） | 资金金额（万元） | 资金金额（万元） | | 1 | "曼卡龙@Z概念店"终端建 设项目 | 53,851.95 | 28,841.95 | 27,400.00 | | 2 | 全渠道珠宝一 ...

Core Viewpoint - The company has approved the establishment of a wholly-owned subsidiary in Hong Kong, which is expected to positively impact its long-term development [1] Investment Details - The company will invest in Hong Kong to set up a wholly-owned subsidiary named Hong Kong Zhihe Industrial Co., Ltd. with a registered capital of 10,000 USD [1] - The total investment amount will not exceed 3.5 million USD, with the actual investment subject to approval by relevant authorities [1] - The funding for this investment will come from the company's own funds [1] Strategic Importance - This investment decision is based on the company's strategic development and international business layout needs [1] - The establishment of the subsidiary is anticipated to have a positive impact on the company's long-term growth [1]

证券代码：300945 证券简称：曼卡龙 公告编号：2025-078 曼卡龙珠宝股份有限公司 关于部分募投项目增加实施主体及使用募集资金向全资子 公司提供借款实施募投项目的公告 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。 曼卡龙珠宝股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召开第 六届董事会第七次会议审议通过了《关于部分募投项目增加实施主体及使用募集 资金向全资子公司提供借款实施募投项目的议案》，同意增加全资子公司江西曼 卡龙珠宝有限公司（以下简称"江西曼卡龙"）、福建曼卡龙珠宝有限公司（以 下简称"福建曼卡龙"）、四川曼卡龙珠宝有限公司（以下简称"四川曼卡龙"） 作为向特定对象发行股票募集资金投资项目中（以下简称"募投项目"）"'曼 卡龙@Z 概念店'终端建设项目"的实施主体，并使用募集资金向上述公司提供 借款以实施募投项目。本次增加部分募投项目实施主体的变更不属于募集资金用 途的变更，不构成关联交易，无需提交公司股东会审议。保荐机构浙商证券股份 有限公司（以下简称"保荐机构"）发表了核查意见。现将有关事项公告如下： 一、募集资金 ...

证券代码：300945 证券简称：曼卡龙 公告编号：2025-080 曼卡龙珠宝股份有限公司 关于对外投资设立香港全资子公司的公告 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。 一、对外投资概述 曼卡龙珠宝股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召开了 第六届董事会第七次会议，审议通过了《关于对外投资设立香港全资子公司的议 案》，同意公司在中国香港投资设立全资子公司香港智合实业有限公司（尚未完 成注册登记，公司名称以最终核准登记为准，以下简称"香港智合"），香港智 合注册资本为 1 万美元，公司持有其 100%股权。本次对外投资总额不超过 350 万美元，实际投资金额以主管部门的审批金额为准，资金来源为公司自有资金。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》的有关规定， 公司本次对外投资属于董事会决策权限范围内事项，无需提交公司股东会审议。 本次投资事项不构成关联交易，亦不构成中国证监会《上市公司重大资产重组管 理办法》规定的重大资产重组。 二 ...

曼卡龙珠宝股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召开了 第六届董事会第七次会议，审议通过了《关于调整公司组织架构的议案》，同时 授权公司管理层负责公司组织架构调整的具体实施及调整后的进一步优化等相 关事宜。 根据公司发展战略目标，结合公司实际经营情况，为了优化内部组织管理流 程，提升管理水平和运营效率，公司对组织架构进行了调整。 调整后的组织架构详见附件。 特此公告。 证券代码：300945 证券简称：曼卡龙 公告编号：2025-077 曼卡龙珠宝股份有限公司 关于调整公司组织架构的公告 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。 曼卡龙珠宝股份有限公司董事会 二〇二五年十二月三日 附件：曼卡龙珠宝股份有限公司组织架构图 ...

证券代码：300945 证券简称：曼卡龙 公告编号：2025-076 曼卡龙珠宝股份有限公司 第六届董事会第七次会议决议公告 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。 曼卡龙珠宝股份有限公司（以下简称"公司"）第六届董事会第七次会议（以 下简称"本次会议"）通知已于 2025 年 11 月 27 日通过邮件及电话方式向各董 事发出，本次会议于 2025 年 12 月 2 日在公司会议室以现场和通讯相结合的方式 召开，本次会议由董事长孙松鹤先生主持，应参加董事 9 人，实际参加董事 9 人（其中：以通讯表决方式出席会议的董事 5 人，为曹斌、瞿吾珍、孙舒云、黄 健峤、郑金都），高级管理人员列席了本次会议。本次会议的通知、召集、召开 及表决程序均符合《中华人民共和国公司法》等有关法律、行政法规、部门规章、 规范性文件及《曼卡龙珠宝股份有限公司章程》的规定。 本次会议以投票表决的方式审议并通过如下决议： 一、审议通过了《关于调整公司组织架构的议案》 具体内容详见公司同日刊登于巨潮资讯网的《关于调整公司组织架构的公 告》。 表决结果：9 票同意、0 票弃权、0 ...

Core Viewpoint - The company has announced the establishment of a wholly-owned subsidiary in Hong Kong to enhance its international market presence and competitiveness [1] Group 1: Company Investment - The board of directors will convene on December 2, 2025, to approve the establishment of Hong Kong Zhihui Industrial Co., Ltd [1] - The registered capital of the new subsidiary is set at $10,000, with the company holding 100% equity [1] - The total investment amount will not exceed $3.5 million, funded by the company's own resources [1] Group 2: Strategic Objectives - The investment aims to expand the company's international market reach and improve its global layout [1] - The initiative is expected to enhance the company's scale, industry competitiveness, and market share in overseas markets [1]

Market Overview - The jewelry sector experienced a decline of 0.78% on December 2, with ST Xinhua Jin leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Notable gainers included: - Cai Zi Co., Ltd. (605599) with a closing price of 15.56, up 1.77% on a trading volume of 56,200 shares [1] - Shenhua A (000017) closed at 7.88, up 1.42% with a trading volume of 386,000 shares [1] - Major decliners included: - ST Xinhua Jin (600735) with a closing price of 5.76, down 4.95% on a trading volume of 203,300 shares [2] - Man Ka Long (300945) closed at 16.98, down 2.30% with a trading volume of 51,400 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 97.37 million yuan from institutional investors, while retail investors contributed a net inflow of 134 million yuan [2][3] - The capital flow for key stocks showed: - Zhou Dazheng (002867) had a net inflow of 14.17 million yuan from institutional investors, but a net outflow of 27.60 million yuan from speculative funds [3] - China Gold (600916) experienced a net inflow of 5.58 million yuan from institutional investors, with a net outflow of 3.92 million yuan from speculative funds [3]

Market Overview - The jewelry sector increased by 0.27% on December 1, with Chao Hong Ji leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 13.18, up 3.05% with a trading volume of 187,700 shares and a turnover of 247 million yuan [1] - Fei Ya Da (000026) closed at 15.50, up 0.98% with a trading volume of 39,500 shares and a turnover of 61.44 million yuan [1] - China Gold (600916) closed at 8.11, up 0.87% with a trading volume of 153,500 shares and a turnover of 124 million yuan [1] - Other notable performances include Deep China A (000017) up 0.78%, and Mingpai Jewelry (002574) up 0.65% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 116 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow by Stock - China Gold saw a net inflow of 5.32 million yuan from institutional investors, while retail investors had a net inflow of 760,400 yuan [3] - Di A Shares (301177) had a net inflow of 1.49 million yuan from institutional investors, but a net outflow of 294,700 yuan from retail investors [3] - ST Xin Hua Jin (600735) faced significant outflows, with a net outflow of 9.41 million yuan from institutional investors [3]

Core Insights - The company reported a strong revenue growth of 36.2% year-on-year in Q3 2025, reaching 610 million, with online business revenue growing by 73.8% to 320 million, while offline revenue increased by 12.9% to 290 million [1] - The recent tax reform in the gold market is expected to create short-term challenges but will accelerate the industry's transformation towards innovation in craftsmanship and design [1] Group 1: Financial Performance - The company's Q3 2025 net profit attributable to shareholders was 25 million, reflecting a year-on-year increase of 25.3%, while the net profit excluding non-recurring items was 22 million, up 20.8% [1] - The net profit margin for Q3 2025 was 3.7%, showing a slight decrease of 0.5 percentage points, indicating stable profitability amidst rapid revenue growth [1] - The company successfully reduced sales and management expense ratios by 1.3 and 0.1 percentage points, respectively, optimizing cost efficiency [1] Group 2: Market Trends - The gold jewelry market in China experienced a demand of 84 tons in Q3 2025, which is a decline of 18% year-on-year and the weakest performance for the third quarter since 2007, highlighting a shift from volume growth to brand and craftsmanship focus [2] - The industry is witnessing a transformation towards differentiation, lightweight, and high-end products, driven by changing consumer preferences, particularly among younger demographics [2] - The company is targeting young consumers with innovative product designs, such as the recent collaboration with "盗墓笔记," which aligns with the trend of personalized and fashionable jewelry [2] Group 3: Investment Outlook - The company is positioned for sustained revenue and profit growth due to its strategic adjustments in product structure and channel strategies, alongside its transition from a regional to a national brand [3] - The projected net profits for 2025 and 2026 are estimated at 130 million and 160 million, respectively, with corresponding price-to-earnings ratios of approximately 36x and 28x, indicating a strong investment recommendation [3]