Core Viewpoint - The company is positioned as a leader in the new consumption of gold and jewelry, focusing on a multi-channel strategy to drive high-quality growth, particularly targeting young urban female consumers [1] Group 1: Business Performance - In 2024, the company achieved a revenue of 2.357 billion yuan, a year-on-year increase of 22.55%, and a net profit attributable to shareholders of 96 million yuan, up 20.02% year-on-year [3] - The company’s revenue for Q1 to Q4 of 2024 was 500 million, 727 million, 447 million, and 684 million yuan respectively, with year-on-year growth rates of 45.12%, 49.91%, 14.86%, and -3.04% [3] - The revenue from the gold jewelry segment reached 2.281 billion yuan, growing 28.91% year-on-year, while the embedded jewelry segment saw a decline of 53.51% [3] Group 2: Online and Offline Strategy - The company has established a comprehensive online and offline retail system, with over 230 stores nationwide and a strong presence on platforms like Tmall, Douyin, and Kuaishou [1] - In Q1 2025, the company reported a revenue of 714 million yuan, a year-on-year increase of 42.87%, with online sales contributing significantly to this growth [4] - The e-commerce business generated 1.293 billion yuan in 2024, a 40.76% increase, accounting for 54.83% of total revenue [4] Group 3: Product and Profitability - The company focuses on gold jewelry, which accounted for 96.76% of total revenue in 2024, with a gross margin of 12.37%, up 0.43 percentage points year-on-year [6] - The company is enhancing its product structure through self-developed products and a "one-price" strategy, which has improved profitability [6] - The gross margin for the embedded jewelry segment decreased to 37.26%, down 5.74 percentage points year-on-year, impacting overall profitability [3] Group 4: Digital Transformation - The company has completed the construction of a digital operation system, integrating sales, channels, supply chain, R&D, finance, and human resources [7] - The product development cycle has been reduced from 1-3 months to 2-3 weeks, enhancing responsiveness and efficiency [8] - The digital operation capability is seen as a core competitive advantage, supporting the company’s rapid expansion and cost control [8] Group 5: Store Expansion - By the end of 2024, the company had 235 stores, with a net increase of 17, focusing on expanding in key markets in East and South China [5] - Revenue from stores outside the home province grew by 87.28%, indicating successful national expansion [5] - The average store gross margin for direct and counter stores increased by 6.15% year-on-year, reflecting improved operational efficiency [5]

Group 1 - The local market supervision administration received a complaint regarding a gold recycling store using inaccurate electronic scales, showing a discrepancy of nearly 0.1 grams in the weight of a gold ring compared to a jewelry store [2] - A special inspection of gold jewelry businesses has been conducted, with 6 businesses checked and 6 measuring instruments tested, along with a public lecture on handling complaints related to gold jewelry [2] - The enforcement officers focused on the legality, integrity, and proper labeling of measuring instruments, ensuring no tampering or cheating programs were present [2] Group 2 - Officers checked whether businesses clearly distinguished between "fixed price" and "per gram" gold sales, ensuring proper labeling of product names, specifications, and pricing units [3] - The enforcement team educated businesses on relevant laws and regulations, emphasizing the importance of informing consumers about the differences between pricing methods to prevent misleading practices [3] - The local market supervision administration plans to continue monitoring gold consumption issues to create a safer and more trustworthy shopping environment [3]