General Information - Leysen Jewellery Inc. was established as a joint-stock company in accordance with the Company Law of the People's Republic of China and registered on February 20, 2012 [1] - The company was approved by the China Securities Regulatory Commission to issue shares to the public on October 26, 2016, and was listed on the Shanghai Stock Exchange on November 23, 2016 [1][2] - The registered capital of the company is RMB 343,023,840 [2] Corporate Governance - The company is governed by a board of directors, with the chairman serving as the legal representative [2][3] - The company has established a Communist Party organization to conduct party activities [3] Business Objectives and Scope - The company's business objective is to become a beloved brand among consumers and a leader in the jewelry industry in China [3] - The business scope includes retail, acquisition, production, processing, and repair of jewelry, as well as management consulting and other related activities [3] Share Issuance and Capital Management - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [5] - The total number of shares issued by the company is 343,023,840, all of which are ordinary shares [5][6] - The company may provide financial assistance for others to acquire its shares under certain conditions, with a limit of 10% of the total issued capital [6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, as well as obligations to comply with laws and the company's articles of association [11][40] - Shareholders holding more than 3% of shares for over 180 days can request to inspect the company's accounting books [12] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [20][21] - Shareholder meetings require a quorum and decisions are made based on majority or two-thirds majority votes depending on the type of resolution [32][33] Financial and Operational Oversight - The board of directors is responsible for reporting to shareholders on the company's performance and addressing shareholder inquiries during meetings [75][76] - The company must disclose significant financial transactions and ensure compliance with legal and regulatory requirements [19][33]

"我也没想到，铂金饰品克价一天就涨了十几块钱！"在深圳水贝从事铂金饰品生意的黄经理也感到意 外，"今天，铂金饰品的克价已经涨到342元"。 6月26日，现货铂金价格盘中跃升至2014年以来的最高水平，一度突破每盎司1400美元，盘中涨幅超过 3%。市场数据显示，今年以来现货铂金价格已经累计上涨近50%，远远超过现货黄金和白银的涨幅。 (受访者提供） 黄经理表示，作为首饰，铂金具有不变色等优势，除了素金款式还多用于镶嵌类首饰，但是因硬度不如 k金加之款式相对单一，在消费市场"失宠"多年。不过，对于铂金的价格，他认为回涨的空间还很大。 世界铂金投资协会的数据显示，今年第一季度全球铂金总供应量同比下降10%，为45.3吨；需求端同比 增长10%，达70.7吨；预计今年将连续第三年出现铂金短缺，缺口达30吨。此外，中国首次超越北美成 为全球最大规模的铂金零售端投资市场。值得注意的是，相比黄金、白银，铂族金属的工业用途更广 泛。有业内人士表示，铂金和黄金都被视为避险资产，受到相似的宏观经济和地缘政治因素的影响以及 大宗商品周期的影响。 BMO资本市场的大宗商品分析师在其第三季展望中表示，随着投资者已适应当前的金价水平， ...

据追风交易台消息， 摩根大通分析师在6月23日至24日对老铺黄金新加坡滨海湾金沙店进行实地调研后，发现其表现超预期。 具体来说，新加坡滨海湾金沙店人流络绎不绝、转化率高达95%以上、每小时成交4-10张订单、消费者画像契合品牌定位，同时店铺整体服务和 陈列水准与内地一线城市旗舰店无异。 摩根大通将老铺黄金目标价从1149港元上调至1249港元，维持增持评级。分析师预计，老铺黄金2025-2027年销售额和净利润复合年增长率分别达 到68%和76%，并将2025-2027年盈利预测上调11-13%。 新加坡首店运营数据亮眼 老铺黄金新加坡滨海湾金沙店于6月21日开业，周末排队时间达2-3小时，工作日排队1-1.5小时。摩根大通表示，店铺销售转化率超过95%，每小 时成交4-10张订单，平均每位顾客停留1小时深入了解品牌和产品。 客户构成中约95%为本地顾客，其中50%为居住在新加坡的华人，40%为新加坡本地人，5%为马来西亚人。 值得注意的是，90%的顾客是首次接触老铺黄金品牌，他们被老铺的设计、工艺和产品象征意义所吸引，并表示在对比了蒂芙尼、梵克雅宝、周 大福等品牌后，最终选择了老铺的产品。 产品定价与服务标 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 水贝黄金市场的天，变了。 作为国内黄金市场风向标，深圳水贝黄金市场被买金人推崇备至。但现在，水贝厂商都转行改做铂金了。 今年以来， 在黄金仍在高位震荡，不少人游移不定之时，有一些投资者已经悄悄盯上了另一种贵金属 —— 铂 金。 从年初至今，铂金的累计涨幅已接近 40% ，高于黄金的 30% 左右的年内涨幅。 放眼国内， 仅 6 月上金所铂金 9995 价格就上涨了近 30% ，涨势何其凶猛！ 01 一线市场对于趋势的洞察，往往比很多投资者都更为敏锐 —— 在金价飞涨之下成为不少人的买金圣地的深圳水贝市场，早已悄悄转向。 不少档口缩小了黄金销售铺位，用更大的面积销售铂金，有的档口甚至直接撤掉了黄金销售摊位，专门销售铂 金。 5 月开始，部分水贝黄金厂商已经开始转型做铂金，想在金价高企之时立场避险。 而更敏锐的卖家，早在 4 月初就已经把做黄金首饰的展厅中的黄金库存换成了铂金。 因为彼时，一公斤黄金价格已达 80 多万元，价格较高，销量却走低。一公斤铂金却仅 20 多万元，铺货压力 小，且铂金价格相对较为稳定，风险相对低。铂金首饰的销 ...

Core Viewpoint - Zhou Liufu successfully listed on the Hong Kong Stock Exchange on June 26, 2023, after a six-year journey, achieving over 700 times subscription and a market capitalization exceeding HKD 10.1 billion, with a first-day surge of 25% to reach HKD 13 billion [1] Group 1: Company Background - Zhou Liufu is a local brand that grew from the Shenzhen Shui Bei International Jewelry Trading Center, founded in 2004 by Li Weipeng [3] - The company operates through a franchise model, leveraging supplier resources from Shui Bei for rapid expansion, and ranks among the top five jewelry brands in China by store count [3] - Zhou Liufu was the only unlisted company among the top five brands, which include Chow Tai Fook, Lao Feng Xiang, Zhou Da Sheng, and China Gold [3] Group 2: IPO Journey - Zhou Liufu attempted to list on the Shenzhen Stock Exchange three times but faced setbacks due to investigations and doubts about its business model, leading to the withdrawal of its A-share application in November 2023 [3][4] - The company shifted its focus to the Hong Kong Stock Exchange, submitting its prospectus in June 2022, which later expired, but successfully re-applied in February 2025 and received approval for overseas listing [4] Group 3: Financial Performance - Zhou Liufu's projected revenues for 2022, 2023, and 2024 are approximately CNY 3.102 billion, CNY 5.150 billion, and CNY 5.718 billion, respectively, with net profits of about CNY 575 million, CNY 660 million, and CNY 706 million during the same period [4] - As of the end of 2024, the company is expected to operate 4,129 stores, with 4,038 being franchise stores, accounting for 97.8% of its total outlets [4] Group 4: Market Considerations - The company acknowledged that significant increases in gold prices negatively impact consumer purchasing willingness for gold jewelry [4]

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. (周六福) successfully listed on the Hong Kong Stock Exchange, closing at HKD 30.00, a 25% increase from the final offering price of HKD 24.00 [1][3]. Group 1: IPO Details - The total number of shares offered was 53,829,200, with 23,404,000 shares allocated for public offering and 30,425,200 shares for international offering [2]. - The total proceeds from the offering amounted to HKD 1,291.9 million, with a net amount of HKD 1,192.7 million after deducting estimated listing fees of HKD 99.2 million [3][4]. Group 2: Use of Proceeds - Approximately 50% of the net proceeds will be used to expand and strengthen the company's sales network [4]. - About 20% will be allocated to enhance brand recognition [4]. - Another 20% will be directed towards improving product supply and design capabilities, while 10% will be used for working capital and general corporate purposes [4]. Group 3: Financial Performance - Zhou Liufu's revenue for 2022, 2023, and 2024 is projected to be RMB 3,101.7 million, RMB 5,149.6 million, and RMB 5,718.2 million, respectively [5][6]. - The net profit for the same years is expected to be RMB 575.2 million, RMB 659.7 million, and RMB 706.3 million, respectively [5][6]. - The gross profit margin has been declining, recorded at 38.7% in 2022, 26.2% in 2023, and 25.9% in 2024 [6][7]. Group 4: Market Challenges - The company faces challenges due to high gold prices, which have affected consumer sentiment and led to a cautious approach among consumers [7]. - There is a trend among some retailers to shift focus from gold jewelry to promoting platinum products in response to fluctuating gold prices [7].

近期国际金价震荡下跌，6月24日创下本月新低。而在黄金"退热"之际，沉寂多年的铂金却异军突起：国内铂金 9995价格强势突破300元/克大关，创下五年新高；截至6月25日发稿前，现货铂金一度触及1327.49美元/盎司，今 年以来累计涨逾40%，远超现货黄金28%的涨幅。 铂金首饰价格随之"水涨船高"，周生生、六福珠宝等品牌铂金首饰报价已超500元/克。 不过，黄金价格飙升，反而让黄金首饰销量下滑。这波价格强势上涨，对于"失宠"多年的铂金首饰来说，究竟能 助力其打一场翻身仗，还是因价格高企令其本就不温不火的市场处境雪上加霜？铂金的这轮"逆袭"，究竟是消费 复苏的信号，还是昙花一现的行情？ 十年蛰伏迎涨势，铂金柜台仍遇冷 "年初想买条铂金项链，每克300多元时没下手，突然就涨到500多元了。"近期，随着铂金价格上涨，也引起了消 费者对铂金首饰的关注。在社交媒体，有网友晒出铂金手链或者项链，声称是十年前以600元/克高位买入的"大怨 种"。的确，早在2014年前后，铂金首饰比黄金首饰更贵，也更时髦。有网友称，"2012年结婚，我们定制了一对 铂金戒指，那时没人买黄金的，觉得土，今年侄女结婚，婚戒就变成黄金的了。" ...

Group 1 - The overall gold price in the domestic market remains stable, with slight increases in some gold stores and a rise in gold recycling prices [1][2] - The highest gold price among brand stores is from Zhou Sheng Sheng at 1006 CNY per gram, while Shanghai China Gold remains the lowest at 981 CNY per gram, maintaining a price difference of 25 CNY per gram [1] - Platinum prices are also on the rise, with Zhou Sheng Sheng's platinum jewelry increasing by 18 CNY per gram to 553 CNY per gram [1] Group 2 - The gold recycling price has seen a minor increase of 0.7 CNY per gram, with significant price differences among various brands [2] - The current gold recycling prices range from 755.70 CNY per gram for Zhou Sheng Sheng to 764.60 CNY per gram for Lao Feng Xiang [2] Group 3 - International gold prices showed a V-shaped trend, with a drop to 3311.69 USD per ounce before recovering to close at 3331.90 USD per ounce, reflecting a 0.25% increase [4] - The recent rise in gold prices is attributed to expectations of a potential interest rate cut by the Federal Reserve and a weaker US dollar, alongside geopolitical tensions involving Iran [4] - The market is anticipating further news and data that could influence gold prices, indicating a potential for continued upward movement [4]

Core Viewpoint - The domestic gold jewelry prices remain stable at 998 CNY per gram, with several brands maintaining this price level [1][5]. Price Summary - Zhou Dazheng's gold jewelry is priced at 998 CNY per gram [5]. - Cai Bai Jewelry's gold jewelry is priced at 989 CNY per gram [5]. - Chao Hong Ji's gold jewelry (including ornaments) is priced at 998 CNY per gram [5]. - TSL's gold jewelry is priced at 998 CNY per gram [5]. - Jin Zun's gold jewelry is priced at 998 CNY per gram [5]. - Zhou Liu Fu's gold jewelry is priced at 978 CNY per gram [5].

Core Viewpoint - Zhou Li Fu has successfully completed its long-awaited IPO journey, officially listing on the Hong Kong Stock Exchange, marking a significant milestone for the company founded by the Li brothers [1][3]. Company Overview - Zhou Li Fu, established in 2004, is a prominent Chinese jewelry brand engaged in the research, design, production, and sales of jewelry, operating through both offline stores and online channels [5][9]. - The company originated from the Shenzhen Luohu area, known for its concentration of jewelry businesses, and has grown to become a major player in the industry [5][9]. IPO Details - The IPO price was set at 24 HKD per share, with the stock opening at 26.7 HKD, reflecting a rise of over 10% [3]. - As of 10:37 AM on the listing day, the stock price reached 27.45 HKD, marking a 14.38% increase and a total market capitalization exceeding 118.73 billion HKD [3]. Financial Performance - Zhou Li Fu's revenue has shown strong growth, with figures of 31.02 billion RMB in 2022, 51.50 billion RMB in 2023, and 57.18 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 35.8% [13][17]. - The net profit for the same years was 5.75 billion RMB, 6.60 billion RMB, and 7.06 billion RMB, with a CAGR of 10.8% [13][17]. - Despite the growth, the company experienced a significant slowdown in revenue growth from 66% to approximately 11% in 2024, indicating a potential decline in growth momentum [17]. Business Model - Zhou Li Fu primarily operates through a franchise model, with 97.8% of its 4,129 stores being franchisee-operated, which contributes to 90.5% of its total revenue [17][18]. - The company has been adjusting its business structure to reduce reliance on franchise income, with online sales contributing significantly to its revenue [18]. Market Position - Zhou Li Fu is the only major jewelry brand among its peers, such as Chow Tai Fook and Lao Fu Huang, that has not been publicly listed until now [20]. - The current market environment for gold and jewelry is favorable, with rising consumer demand, positioning Zhou Li Fu to potentially become a standout stock in the market [21].