Core Viewpoint - The article provides detailed guidelines for member units and clients of the Shanghai Gold Exchange regarding the purchase and handling of standard gold for both investment and non-investment purposes, emphasizing the importance of proper invoicing and tax deduction procedures [3][4][6][7]. Group 1: Investment Purpose Gold Transactions - Member units purchasing standard gold for investment purposes must receive a special VAT invoice from the exchange, indicating "Member Unit Investment Gold" [3]. - Prior to physical delivery, member units must specify the investment purpose on the withdrawal order submitted to the exchange [3]. - Member units can deduct input VAT based on the special invoice issued by the exchange [3]. - If the gold is sold or processed into investment gold products, a regular invoice must be issued to the buyer, and a special VAT invoice cannot be provided [3]. Group 2: Non-Investment Purpose Gold Transactions - For gold purchased for non-investment purposes, the exchange issues a regular invoice marked "Member Unit Non-Investment Gold" [4]. - Member units must indicate the non-investment purpose on the withdrawal order before physical delivery [4]. - General VAT taxpayers can deduct input VAT based on the regular invoice issued by the exchange [4]. - If the non-investment gold is processed and sold, a special VAT invoice can be issued to the buyer [4]. Group 3: Client Transactions - Clients purchasing standard gold from the exchange will receive a regular invoice marked "Client Standard Gold" [6]. - General VAT taxpayers among clients can also deduct input VAT based on the regular invoice [6]. - Clients must issue a special VAT invoice if they sell or process the standard gold [6]. Group 4: Record Keeping and Accounting - Member units and clients should retain invoices from the exchange as accounting vouchers for financial records [7]. - It is essential to maintain a separate account for input VAT related to standard gold purchased and physically delivered [7]. - Documentation supporting the actual use of purchased gold, such as sales contracts and payment records, should be kept for tax authority verification [8]. - A ledger should be established to record the time, quantity, and amount of gold purchases and sales [8].

Group 1: Investor Relations Activity Overview - The investor relations activity took place on November 19, 2025, with participation from 12 entities including East Wu Securities and Quartet Capital [1] - The event included a company tour of the exhibition hall, Zhenbao Museum, and jewelry stores [1] Group 2: Key Discussion Points - The new gold tax policy implemented on November 1, 2025, is expected to have a significant impact on the industry, but the company has not observed any noticeable effects on its terminal sales [1][2] - Discussions covered the company's store openings, overseas store status, product structure changes, new product planning, e-commerce business, and women's bag business [2] - The company ensured compliance with regulations during the discussions, with no significant undisclosed information leaks [2]