致：香港交易及結算所有限公司 公司名稱: 周大福珠寶集團有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | 本月底法 ...

北京商报讯(记者赵述评刘卓澜)近日，周大福珠宝举行了高级珠宝"天圆地方"臻品文化展，包括私人鉴赏会、文化论坛等一系列活动，并展出重点产品"天圆 地方"系列，结合高品质翡翠与纯净钻石，将中式美学融入现代设计。 据了解，周大福珠宝除了在高级珠宝的作品上应用翡翠，还先后在多个产品系列推出采用翡翠为素材的珠宝产品，如与潮牌CLOT和故宫博物院合作推出的 联名系列、传喜系列及国萃传承系列等，此举将翡翠文化推向全球更广泛的消费者，同时为集团寻求更多增长点。 周大福珠宝董事总经理及世界珠宝联合会(CIBJO)理事会成员黄绍基表示，翡翠业务始终是周大福珠宝战略布局中的重要组成部分。随着"国潮"兴起，越来 越多消费者表现出对中国传统文化的喜爱，而翡翠正是代表符号之一。他表示，基于这一趋势，周大福珠宝将持续通过更具现代感与时尚感的设计与佩戴方 式，推动中国文化的当代输出。 黄绍基指出，一直以来，翡翠市场虽体量庞大，但增长势能受限于命名与标准的不统一，推进翡翠标准化与国际化，将有助于市场透明、规范和公平贸易。 据了解，2003年版中国国家标准《珠宝玉石名称》已将"Fei Cui"定为翡翠英文名称写入标准。从技术层面和现实情况看，由 ...

Group 1 - The core point of the article is that the international gold price increase has led to domestic gold jewelry prices surpassing 1100 yuan per gram, with major brands like Chow Tai Fook, Chao Hong Ji, and Chow Sang Sang raising their prices [1][2] - Chow Tai Fook's staff in Wuhan confirmed that after the National Day holiday, the "one price" jewelry will increase by 20%-30%, although the specific products and their proportions have not been determined [1][2] - Other brands like Longfeng Jewelry and Lao Feng Xiang have not received any price increase notifications, with Longfeng stating that their "one price" products have not increased this year, and Lao Feng Xiang suggesting that it is a good time to buy before any potential price hikes [1][2] Group 2 - The current high selling price of gold jewelry is attracting many customers to exchange their gold, as the selling price is high relative to the gold value [1][2]

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu by transferring 51% of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to the listed company without any payment or obligations, while also offering a loan of 60 million yuan to improve liquidity [1][2]. Group 1: Historical Issues - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 90% of its revenue, is facing severe financial distress, with all nine bank accounts frozen and production lines halted due to multiple legal disputes totaling 146 million yuan, representing 153.31% of the company's net assets [2]. - To mitigate the debt and operational risks associated with Huiyin Wood Industry, Chow Tai Fook Investment is acquiring 51% of its shares and will cover any losses incurred by ST Jinggu related to this subsidiary [2]. Group 2: Current Financial Situation - ST Jinggu is in a precarious financial position, needing to increase its main business revenue to avoid delisting risks, especially after the divestment of Huiyin Wood Industry [2]. - Chow Tai Fook Investment's injection of computing assets aims to establish a dual business model of "computing power + forestry" to enhance ST Jinggu's revenue base [2]. Group 3: Future Prospects - The newly injected asset, Boda Digital Technology, was established on April 28 this year with a registered capital of 300 million yuan and is currently fully owned by Chow Tai Fook Investment [2]. - Boda Digital Technology has generated revenue of 640.61 million yuan and a net profit of 220.07 million yuan from May to July, with a net asset value of 197 million yuan as of the end of July [3][4]. - The company operates 135 computing power devices, primarily leased to a single client under a 60-month contract, indicating a need for further client diversification and operational capacity [4].

Group 1 - The core viewpoint of the articles indicates that domestic gold jewelry prices in China have surpassed 1100 yuan per gram due to rising international gold prices, prompting major brands like Chow Tai Fook and others to initiate price increases [1][4] - A representative from Chow Tai Fook confirmed that after the National Day holiday, the price of their gold jewelry will increase by approximately 20%-30%, although the specific products affected and the proportion of price increases have yet to be determined [1] - The international gold price has seen a significant increase, rising about 9% in September and over 40% year-to-date, with the price surpassing 3800 USD per ounce for the first time on September 23 [4] Group 2 - Staff from Lao Feng Xiang mentioned that due to the substantial rise in gold prices this year, the discounts on fixed-price items cannot be set too low, making it advantageous for customers to purchase fixed-price jewelry before any price hikes [4] - The current high selling price of fixed-price jewelry reflects a high gold value, leading to an increase in customers exchanging gold for new items [4]

Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu, including a 51% stake transfer of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to ST Jinggu without any payment or obligations, alongside a loan application of 60 million yuan to alleviate liquidity issues [2][3][4] Group 1: Historical Context - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 80-90% of its revenue, is currently facing operational challenges, with all nine bank accounts frozen and production lines halted due to multiple civil loan disputes [3][4] - The company has disclosed 26 legal cases with a total amount of 146 million yuan, representing 153.31% of the latest audited net assets attributable to shareholders [4] Group 2: Current Financial Situation - Chow Tai Fook Investment's actions aim to isolate Huiyin Wood Industry's debts and operational risks, while also committing to cover any actual losses incurred by ST Jinggu related to Huiyin Wood Industry until the completion of the stake transfer [4][5] - ST Jinggu is at risk of triggering delisting warnings due to a potential sharp decline in its main business scale after the divestment of Huiyin Wood Industry [4][5] Group 3: Future Prospects - Chow Tai Fook Investment is injecting computing power assets into ST Jinggu to establish a dual business model of "computing power + forestry," which is expected to enhance revenue generation [4][5] - Shanghai Boda Digital Technology Co., Ltd. was established on April 28 this year, with a registered capital of 300 million yuan, and will hold 51% of its shares post-transaction [5][6] Group 4: Financial Performance of Boda Digital - From May to July, Boda Digital reported revenues of 640.61 million yuan and a net profit of 220.07 million yuan, with a net asset value of 197 million yuan as of the end of July [5][6] - The company has signed a five-year contract with a single client, generating an average monthly revenue of over 600,000 yuan [6][7]

Core Insights - The "Heaven and Earth" cultural exhibition by Chow Tai Fook showcases the brand's commitment to integrating Eastern aesthetics with modern design, featuring the new "Timeless Harmony" jewelry collection [1][4][6] - The exhibition emphasizes the philosophical concept of "Heaven and Earth," reflecting the brand's dedication to cultural heritage and artistic expression through jewelry [6][10][16] Group 1: Exhibition Overview - The exhibition is held at the Mandarin Oriental Hotel in Beijing, inspired by the philosophical wisdom of "Heaven and Earth," and features a collection of high-end jewelry [1][4] - Chow Tai Fook aims to convey the essence of Chinese civilization and aesthetics through its jewelry, inviting guests to experience a cultural feast [1][4][24] Group 2: Jewelry Collections - The "Timeless Harmony" series is a highlight of the exhibition, symbolizing the eternal inquiry of Chinese civilization into the universe [6][10] - The exhibition also includes the Chow Tai Fook Palace Museum series, which features new pieces inspired by the cultural heritage of the Forbidden City, such as "Wanhua Ruyi" and "Ping An Ruyi" [16][17][19] Group 3: Cultural Significance - The exhibition serves as a platform for discussing the cultural value of jade, emphasizing its significance in Chinese culture as a symbol of good fortune and happiness [27][29] - Chow Tai Fook's commitment to cultural transmission is evident in its collaboration with industry experts to explore the artistic and cultural dimensions of jade [29][30] Group 4: Artistic Collaboration - The exhibition features a collaboration with contemporary photographer Sun Jun, showcasing a photography art collection that interprets the grandeur of the Forbidden City through a modern artistic lens [30] - This cross-disciplinary approach highlights the integration of traditional aesthetics with contemporary art, further enhancing the cultural narrative of Chow Tai Fook [30]

Core Viewpoint - ST Jinggu (ST景谷) has received support from its major shareholder, Zhou Dafu Investment, which plans to donate 51% equity of Boda Digital Technology Co., Ltd. to the company without any payment or obligations [2][3] Group 1: Company Overview - ST Jinggu's major shareholder, Zhou Dafu Investment, will sign an asset donation agreement to transfer 51% of Boda Digital's equity to ST Jinggu, which will then consolidate Boda Digital into its financial statements [2] - Boda Digital, established in April 2025, has a registered capital of 195 million yuan, fully paid by Zhou Dafu Investment by July 31, 2025 [2] - Boda Digital operates in the computing power industry, possessing a batch of computing power equipment procured in June 2025, and has signed a framework agreement with only one client [2] Group 2: Financial Performance - Boda Digital reported revenue of 6.4061 million yuan and a net profit of 2.2007 million yuan from May to July 2025, with total assets of 278 million yuan and net assets of 197 million yuan as of July 2025 [2] - ST Jinggu's financial performance is struggling, with a revenue of 123 million yuan in the first half of 2025, a year-on-year decline of 45.03%, and a net loss of 124 million yuan [3] - The company has been in a loss position since 2005, with a net loss of 75.1445 million yuan after excluding non-recurring gains and losses [3] Group 3: Financial Position and Risks - The total equity value of Boda Digital is 224 million yuan, reflecting a 13.61% increase over its book value, while the value of the 51% equity is 114 million yuan [3] - ST Jinggu's total assets are 757 million yuan, with total liabilities of 589 million yuan, resulting in an asset-liability ratio of 77.74% and cash reserves of only 25.4104 million yuan [5] - The company is seeking a loan of 60 million yuan from Zhou Dafu Investment to supplement its working capital, with a borrowing rate of 3% per year [5]

Core Viewpoint - ST Jinggu (600265) announced that its controlling shareholder, Zhou Dafu Investment Co., Ltd., will gift 51% of its stake in Shanghai Boda Digital Technology Co., Ltd. to the company without any compensation or obligations, which will be included in ST Jinggu's consolidated financial statements [2][4] Group 1: Asset Transfer and Financial Support - Zhou Dafu Investment also provided ST Jinggu with a loan of 60 million yuan, marking another effort to support the company financially after taking control seven years ago [4][10] - On the day of the announcement, ST Jinggu's stock price rose by 4.94%, with a trading volume of 50.42 million yuan, significantly increasing by 300% compared to the previous trading day [4][10] Group 2: Company Background and Financial Data - Boda Digital was established on April 28, 2025, with a registered capital of 300 million yuan and paid-in capital of 195 million yuan, solely owned by Zhou Dafu Investment [6] - The company reported revenue of 6.41 million yuan and a net profit of 2.20 million yuan from May to July 2025, but has a limited customer base, currently only having a framework agreement with one enterprise [7][8] Group 3: Operational Challenges and Risks - ST Jinggu acknowledged its current liquidity issues and lack of personnel and technical capabilities to match the digital server business, indicating significant cross-industry operational risks [8] - Boda Digital's financial data shows a negative cash flow from operating activities of -83.48 million yuan for the first seven months of 2025, suggesting limited contribution to ST Jinggu's financial performance [9][10] Group 4: Historical Context and Market Reactions - Zhou Dafu Investment has been continuously injecting capital into ST Jinggu since acquiring a 30% stake in June 2018, totaling 2.325 billion yuan for a 55% ownership [11] - Despite ongoing financial support, ST Jinggu has not resolved its operational challenges, with multiple lawsuits and significant debt pressure, leading to skepticism about the effectiveness of these interventions [11][12]

Core Viewpoint - ST Jinggu (600265) announced that its controlling shareholder, Zhou Dafu Investment Co., Ltd., plans to donate 51% of its stake in Shanghai Boda Digital Technology Co., Ltd. to the company without any compensation or obligations attached [1][3]. Group 1: Asset Donation and Financial Support - Zhou Dafu Investment is providing a loan of 60 million yuan to ST Jinggu alongside the asset donation, continuing its support for the company over the past seven years [3][10]. - Following the announcement, ST Jinggu's stock price rose by 4.94%, with trading volume increasing by 300% compared to the previous day, and the stock hit the daily limit on the next trading day [3][13]. Group 2: Company and Financial Overview of Boda Digital - Boda Digital was established on April 28, 2025, with a registered capital of 300 million yuan and paid-in capital of 195 million yuan. The sole shareholder is Zhou Dafu Investment [4]. - The company’s core asset consists of intelligent computing servers purchased in June 2025, and its business model primarily revolves around equipment rental [6]. - From May to July 2025, Boda Digital reported revenues of 6.4061 million yuan and a net profit of 2.2007 million yuan, but it has a limited customer base, having signed only one framework agreement with a single enterprise [6][7]. Group 3: Operational Challenges and Risks - ST Jinggu acknowledged its current liquidity issues and lack of personnel and technical capabilities to support the intelligent computing server business, indicating significant cross-industry operational risks [7]. - Boda Digital's financial data shows minimal employee compensation and a lack of personnel reserves, further highlighting its operational limitations [7][8]. - ST Jinggu's ongoing operational difficulties are compounded by legal disputes and frozen bank accounts of its core subsidiary, which has led to production halts [10][11]. Group 4: Historical Context and Market Reactions - Zhou Dafu Investment has been a significant investor in ST Jinggu since June 2018, acquiring a 55% stake for a total investment of 2.325 billion yuan [9]. - Despite continuous financial support, ST Jinggu has not resolved its operational challenges, leading to abnormal stock price movements prior to major announcements, raising concerns about market speculation [13].