周大生(002867) - 2024年1月16日投资者关系活动记录表

Group 1: Store Operations - The increase in net new stores in Q4 2023 is attributed to several factors: a high number of new store openings and fewer closures, adjustments in shopping center channels, and franchisees typically opening stores before peak sales seasons like the Spring Festival [2][3] - The closure rate in the industry is generally within a normal range of 5%-10% of total scale, which includes relocations and changes in business entities [3] Group 2: Product Distribution - Currently, the product distribution in stores is approximately 85% gold and 15% diamonds and other accessories, with an increase in the proportion of gold sold by weight [3] - Franchisees are expected to restock before the Spring Festival [3] Group 3: Competitive Advantages - The company has several advantages over traditional gold brands, including flexible distribution, strong R&D capabilities, a rich variety of products, and a higher fashion appeal that resonates with younger consumers [3] Group 4: Market Trends - The frequency of shopping center adjustments has increased, leading to a higher rate of store closures due to location changes [3] - The overall quality of stores has improved, with closer collaborations with major shopping centers, optimizing store locations, sizes, and appearances [3]