Group 1: Strategic Adjustments in Response to Market Conditions - The company is adjusting its strategy to boost sales and performance in response to high gold prices affecting consumer demand, particularly for mid to high-weight gold jewelry [2][3] - The brand matrix development plan includes targeting high-end markets with the "Zhou Dasheng X National Treasure" brand and enhancing the main brand's retail approach to focus on customer-centric strategies [3][4] Group 2: Operational Enhancements - In Q1 2025, the direct sales channels contributed nearly 50% to the overall gross profit, indicating a significant improvement in operational efficiency [4] - The company plans to enhance its e-commerce operations by adopting a multi-brand and multi-category approach, aiming for synchronized growth across online and offline channels [4][5] Group 3: Product Structure Optimization - The company is expanding its non-gold product offerings, such as fashion silver jewelry and jade, to mitigate the impact of gold price fluctuations and improve overall gross margins [5][6] - There is a focus on increasing the proportion of high-margin products, including IP collaborations and high-craftsmanship gold items, to enhance profitability [6][9] Group 4: Financial Performance and Cost Management - In 2024, total expenses increased by 23.21% to CNY 1.314 billion, primarily driven by sales expenses related to personnel, rent, and advertising [6][7] - The gross profit margin for Q1 2025 improved to 26.21%, a 10.64 percentage point increase, due to a higher proportion of self-operated business and optimized product structure [8][9] Group 5: Dividend Policy and Future Outlook - The company maintains a high dividend payout ratio, with plans for stable cash dividends as long as cash flow remains strong and no significant capital expenditures arise [10][11] - For 2025, the company projects a revenue growth of 5-15% and a net profit increase of 5-15%, despite a challenging economic environment [12][13] Group 6: Market Positioning and Competitive Strategy - The company aims to enhance its market position by leveraging cultural elements in product design, particularly through collaborations that resonate with the rising interest in traditional Chinese culture [14][15] - The company is strategically adjusting its store layout and structure to improve efficiency and effectiveness, with plans to open new stores in targeted regions while closing underperforming ones [14][15]

Core Viewpoint - International gold prices experienced a significant drop, with London spot gold falling by 2.73% and COMEX gold down by 3.06%, leading to a decrease in domestic gold jewelry prices to below 1000 yuan per gram [1][3]. Group 1: Market Impact - The recent decline in gold prices is attributed to a complex set of factors, including easing trade tensions and geopolitical conflicts, which have reduced safe-haven demand and boosted market confidence in the global economy [3]. - Following the drop in gold prices, several domestic gold retailers have adjusted their prices, with notable reductions from brands like Chow Tai Fook and Lao Miao, reflecting a two-day total decrease of 30 yuan per gram for some products [1][4]. Group 2: Investment Trends - Prior to the recent price drop, there was a surge in gold investment, including risky practices such as using credit cards for gold trading, prompting banks to issue market risk warnings [4]. - Analysts predict that gold prices may continue to fluctuate in the short term, with a potential trading range of 3000 to 3300 dollars per ounce in the coming months, as indicated by a report from Citibank [6]. Group 3: Future Outlook - In the medium to long term, there is an expectation for gold prices to recover, driven by the enduring appeal of gold as a safe-haven asset and inflation hedge, alongside ongoing central bank policies that favor low-interest rates [6]. - The continuous accumulation of gold by central banks to optimize foreign exchange reserves is also expected to provide long-term support for gold prices [6].

5月13日国内金价快报：国内各大金店金价跌下千元大关，目前这个金价大概和4月中旬那会差不多。周六福等金店金价今 日跌了16元/克，最新标价992元/克，还是最高价金店。上海中国黄金下跌24元/克，报价969元/克，再次成为最低价金店。 今日金店黄金价差23元/克，价差稍稍扩大。 具体各大品牌金店最新价格见下表格： | | | 今日金店黄金价格一览(2025年5月13日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 987 | 元/克 | 13 | 跌 | | 六福黄金价格 | 992 | 元/克 | 16 | 時 | | 周大福黄金价格 | 992 | 元/克 | 16 | 联 | | 周六福黄金价格 | 992 | 元/克 | 16 | ま | | 金至尊黄金价格 | 992 | 元/克 | 16 | 時 | | 老凤祥黄金价格 | 995 | 元/克 | 7 | 跌 | | 潮宏基黄金价格 | 992 | 元/克 | 16 | 跌 | | 周生生黄金价格 | 991 | 元/克 | 16 ...

Core Viewpoint - The recent decline in gold prices has led to significant discounts in domestic gold jewelry, with prices dropping below 1,000 yuan per gram, prompting increased sales activity in the market [1] Group 1: Price Changes - As of May 13, the price of 24K gold jewelry in several domestic stores has fallen to below 1,000 yuan per gram, with current quotes around 995 yuan per gram after a reduction of 50 yuan [1] - Prior to this adjustment, gold prices had reached as high as 1,050 yuan per gram, indicating a notable price correction [1] Group 2: Sales Performance - Despite the high costs associated with gold jewelry, with some pieces exceeding 10,000 yuan due to manufacturing fees, sales performance remains strong, with daily sales ranging from tens of thousands to hundreds of thousands of yuan [1] - Many stores report that they successfully meet their monthly sales targets, achieving several million yuan in sales each month [1]

2、受国际金价跳水影响，13日国内多家金店足金饰品价格下调至千元以下。其中，周大福、周六福足 金饰品下调至992元/克。 智通财经5月13日午间新闻精选 3、印度向世界贸易组织(WTO)表示，印度拟对美国生产并出口至印度的部分产品征收关税，以对抗美 国对印度钢铝制品征收关税的做法。 1、智通财经记者从某头部硅料厂获悉，业内确有厂商提出对存量硅料产能、存货进行类似于"收储"计 划，以这种方式来实现产能的整合。路径可能是通过主管部门引导下成立专项基金进行操作，待硅料价 格回暖后资金再退出。该人士表示，头部几家硅料厂有意联合推动，目前还处于早期商议阶段，细节还 未完善。 4、截至午间收盘，沪指涨0.08%，深证成指跌0.24%，创业板指跌0.23%。恒生指数跌1.67%，恒生科技 指数跌2.99%。 ...

国内多家品牌金饰价格较昨日跌16元/克 金十数据5月13日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日继续走低，多家价格下跌16元/克至992 元/克。 @ JIN10.COM O.CUM 金十数据 | 一个交易工具 | 間 大 生 | 周大生足金999 | 992 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 980.00 元/克 | | H 南危基 | 潮宏基足金(首饰摆件) | 992 元/克 | | TSL 謝瑞麟 | 谢瑞麟足金饰品 | 992 元/克 | | 3 ਦੇ ਜੀ | 金至尊足金999 | 992 元/克 | | 周六福 | 周六福足金999 | 992 元/克 | ...

智通财经5月13日电，受国际金价跳水影响，13日国内多家金店足金饰品价格下调至千元以下。其中， 周大福、周六福足金饰品下调至992元/克，较前日每克下跌16元，两天每克共下跌30元；老庙足金饰品 价格下调至987元/克，较前日每克下跌13元，两天每克共下跌32元。 (中新网) 国内足金饰品跌破千元大关 ...

华金证券认为，短期A股延续震荡偏强走势，可能突破上行。1)A股短期震荡偏强的趋势可能进一步加 强，基本面预期的改善可能导致A股突破上行。一是近期A股震荡偏强的核心驱动因素可能进一步加 强：首先，政策和流动性宽松是A股"五一"节后走强的主要驱动因素；其次，中美缓和带来的风险偏好 改善是推动近期走势偏强的另一个核心因素，本次超预期降低关税对这个因素有进一步的更强的推动。 二是A股短期持续维持偏低的成交额，主要还是对经济基本面的担心导致保险、基金及外资等机构资金 和增量资金未入市，本次降低关税可能大幅改善机构的风险偏好，一旦A股成交额放大，可能开启突破 上行的行情。2)中期强化A股慢牛逻辑。一是政策发力导致信用筑底进而提升A股估值的逻辑进一步强 化。二是牛市形成需要的基本面条件可能进一步满足。 东莞证券认为，周一，A股市场全天高开高走，创业板指领涨。盘面上，市场热点集中在军工、机器人 等方向，个股涨多跌少。短期来看，随着财报季结束，以及外部关税利空因素逐步消退，市场进入阶段 性风险偏好回升阶段，5、6月市场风格有望逐步回归科技成长。在经济维持韧性与政策工具箱蓄力的支 撑下，市场短期或延续震荡向上格局。 中原证券认为 ...

周大生珠宝股份有限公司 投资者关系活动记录表 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他(电话会议) 参与单位名称 及人员姓名 共计 2 位投资者（排名不分先后）： 广发证券：包晗 人保资产：李爽 时 间 2025 年 5 月 12 日 地 点 线上 上市公司接待人员 姓名 证券事务代表：周晓达 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就 2024 年年报及 2025 年一季报主要财务指标、品牌矩 阵、渠道扩张、金价波动、终端销售情况等问题进行了交流，可参阅前 次活动记录表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。 附件清单（如有） 无 日期 2025 年 5 月 12 日 代码：002867 证券简称：周大生 编号：2025-018 ...

Group 1: Cai Bai Co., Ltd. (菜百股份) - Cai Bai Co., Ltd. plans to open approximately 10 new stores in 2024, with over half already opened, including the largest flagship store in Beijing Shunyi Xiangyun Town [1] - The company reported a slight decrease in revenue contribution from its main store despite an increase in overall store scale, with growth in chain stores and online business, as well as strong performance in bank channels [1] - Sales of precious metal investment products have seen significant growth, while gold jewelry sales remain stable, and cultural products related to precious metals have performed well; however, sales of diamond and jade jewelry have declined [1] - The company adheres to a pricing principle of "selling genuine goods at fair prices" and plans to distribute a cash dividend of 7.20 yuan per 10 shares (including tax) for the 2024 fiscal year [1] Group 2: Ri Fa Precision Machinery Co., Ltd. (日发精机) - Ri Fa Precision Machinery has a strong competitive advantage in the bearing equipment sector, ranking high in market share [2] - The company completed the R&D of a CNC thread grinding machine in 2023, designed for processing lead screws and nuts in industries such as new energy vehicles and humanoid robots, with initial deliveries made to select customers [2] - However, large-scale production has not yet been achieved due to some downstream industries still being in early stages, and continuous capacity release for CNC grinding equipment has not been realized [2] - The company is in discussions regarding compensation for five aircraft detained by Airwork, with negotiations ongoing with Russian clients and insurance companies [2]