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  • 1. 武汉金凰珠宝股 份有限公司Investor Relations Proposal Dragon Gate Investment Partners
  • 2. 目录 CONTENT金凰珠宝股份有限公司基本情况及投资者关系现状分析 Current Status Analysis 投资者关系管理中需要解决的“四大”关键问题 Four “To Do” in IR 龙门财经投资者关系公司管理策略 IR Strategies of Dragon Gate Investment Partners 龙门财经投资者关系公司介绍 Introduction of Dragon Gate Investment Partners
  • 3. 公司基本情况CURRENT STATUS ANALYSIS
  • 4. 基本情况:公司历史沿革COMPANY HISTORY• 武汉金凰珠宝股份有限公司成立于2002年8月,并于2007年 10月整体变更为股份公司。2010年8月18日成功在美国纳斯 达克上市,股票代码:KGJI。金凰股份是集研设计、生 产、制造、批发于一体的大型黄金首饰生产企业,是国内 最大的黄金首饰制造商之一, 是湖北省著名商标• Wuhan Kingold Jewelry Ltd. was established in August 2002, and change to equity joint venture in October 2007. Kingold Jewelry, Inc. is one of the leading professional designers and manufacturers of gold jewelry in the central part of China including Hubei, Hunan, Henan, Jiangxi, Anhui and Sichuan Provinces. According to statistics provided by Gems and Jewelry Trade Association of China, KGJI ranked first and second in the PRC’s gold industry nationwide in total volume of production in 2007 and 2006, respectively.
  • 5. • 8月18日在美国纳斯达克上市首日以7.95美元开 盘, 股票代码为KGJI 。• The company was listed on the NASDAQ via a successful IPO in August 18th 2010. Outstanding 33% Non-outstanding Common Stocks 67% 优先股 已发行股 优先股 额定股
  • 6. 公司展区 COMPANY PICTURES
  • 7. 公司结构 COMPANY STRUCTURE 42.9% Kingold Jewelry, Inc Famous Grow Holding, Ltd. A Delaware corporation A BVI corporation 100% Dragon Lead Group Limited A BVI corporationOutsideChina 100%InsideChina Wuhan Vogue-Show Jewelry Co. Ltd Wuhan Kingold Jewelry, Co. Ltd A PRC WOFE A PRC Company limited by shares VIE 96.83%
  • 8. 基本情况:公司股权结构 OWNERSHIP STRUCTURE2008年其前十大股东名单。“其前十大股东名单近来频繁换人”– China Daily The recent list of top ten shareholders. Source: 163.com
  • 9. 机构投资人TOP INSTITUTIONAL HOLDERS Holder Shares Value* AQR CAPITAL MANAGEMENT, LLC 548,255 1,343,224 KEANE CAPITAL MANAGEMENT, INC. 352,072 862,576 CNH PARTNERS LLC 117,993 289,082 WHITEBOX ADVISORS, LLC 88,415 216,616 Invesco Ltd. 69,536 170,363 Source: Corponline.org
  • 10. 基本情况:公司主营构成OPERATION STRUCTURE 吨 Metric Tons 盈利 Rev ($) Million 盈利/克 Rev($) / Gram Q2-2011 Q2-2010 Q2-2011 Q2-2010 Q2-2011 Q2-2010Customized 4.39 2.77 10.14 7 2.3 2.5 定制 Branded 5.75 2.99 241.98 100.76 42.1 33.7 品牌出售 Total 总数 10.14 5.76 252.11 107.75 24.9 18.7
  • 11. 基本情况:公司主营构成 REVENUE STRUCTURE Total 总数 Total 总数 盈利 Rev ($) Million 吨 Metric Tons Q2- Q2-2011Branded 品牌出售 Branded 品牌出售 2011 盈利 Rev ($) Million 吨 Metric Tons Q2- Q2-2010 2010 Customized 定制 Customized 定制 0 0 200 400 10 20 80Margin: 70 60 50 40 30 盈利/克 Rev($) / Gram Q2-2010 20 盈利/克 Rev($) / Gram Q2-2011 10 0 Customized 定 Branded 品牌 Q2 Financials 制 Total 总数 出售
  • 12. Q2同期营收比较INCOME STATEMENT COMPARISON 2011 2Q 2010 2Q 营业额 (Revenue) 252,110,375 107,843,982 年毛利率(Gross Profit Margin) 12,457,789 6,999,242 纯利润率(Net Profit Margin) 8,789,566 4,502,950 每股收益率(EPS) 0.16 0.1• 公司收益稳定并逐年增长 Earnings stability and growth year after year• 负债率低 Low debt• 今年现金流出量较大,应作更详尽的解释 Large amount of cash outflow this year, more detailed explanation is needed• 财务安全性较好 Financial security is good
  • 13. 基本情况:公司战略规划CURRENT BUSINESS STRATEGY Source:10K
  • 14. 基本情况:公司价值分析COMPANY VALUE ANALYSIS 公司价值亮点 Value Points• 拥有广泛的营销网络以及长期以来建立的稳定客户关系 Has an extensive sales network and long-established and stable customer relationships• 对于主要客户的依赖性逐渐减少,增强风险控制能力 For decreasing dependence on major customers, enhance risk control• 中国对黄金市场的需求巨大,且政府近些年出台的政策更加推动了黄金需求 量 China‘s huge market demand for gold, and the Chinese governments recent policy further increased this demand 公司投资风险 Investment Risks• 公司的营收一定程度上受市场和政府调控所影响 the company‘s revenue is affected by the market and government regulation• 与国际品牌比较,产品相对单一 Products could be more diversified to enhance the brand image
  • 15. 与对手公司比较DIRECT COMPETITOR COMPARISON KGJI Chow Sang Sang Tiffany Industry Market Cap: 82.84M N/A 8.39B 25.26M Employees: 507 48,951 9,200 54 Qtrly Rev Growth (yoy): 160.60% N/A 20.10% 55.20% Revenue (ttm): 620.21M 1.50B1 3.21B 2.78M Gross Margin (ttm): 5.70% N/A 59.14% 67.78% EBITDA (ttm): 29.84M N/A 793.38M -1.16M Operating Margin (ttm): 4.60% N/A 20.01% -23.20% Net Income (ttm): 19.51M 98.60M1 385.04M N/A EPS (ttm): 0.43 N/A 3 N/A P/E (ttm): 3.86 N/A 21.89 22.81 PEG (5 yr expected): N/A N/A 1.27 0.84 P/S (ttm): 0.14 N/A 2.71 19.34 Source: Yahoo.com
  • 16. 与对手公司比较COMPETITOR ANALYSIS图表比较周生生,ZALE CORP, Chart compares Chow Sang Sang, ZaleSTERLING JEWELERS INC, Corp, Sterling Jewelry Inc., Tiffany.TIFFANY & CO.等公司。几乎所有 Almost all other companies’ stock的同行公司都呈正增长,但是KGJI increased steadily, but KGJI decreased呈负 sharply.
  • 17. 公司现存问题 CURRENT PROBLEMS 为什么公司同时招这么多人?公司现在的规模是怎样的? Why does the company need to hire so many people at once?
  • 18. 公司现存问题 CURRENT PROBLEMS 门户网站 Official Website –英文网站的样式太过单调,应 - Need a link to connect the Chinese 比照中文网站照片与文字应做些 website and English website 修改。 - English website has less information –中文网站中文选项的位置太不 than the Chinese website 明显 - Both websites could be improved. – 两个网站直接没有相互的链接 公开信息质量有待提高 The quality of public information needs –公司对子公司的披露信息太少 to be improved –缺少有利的内容,比如公司前 - Need to disclose more information of 景的预期 the subsidiaries - The lack of favorable content, such as Plan of operation in the next 12 months /outlook
  • 19. 其他问题 OTHER PROBLEMS 频繁内部交易记录会使投资者有疑问 There is a lot of insider transactions for which investors may call to ask questions 最后5次交易都是CEO在买卖,股票关注度可以提高 The stock awareness could be improved
  • 20. 投资者环境:投资者关注度上升但信心不足INVESTORS PAID MORE ATTENTION, BUT NOT CONFIDENT 虽然中国黄金市场巨大,连续 the Chinese gold market is huge, and 几年的黄金价格都有看涨的趋 the gold price has increased for 势。金凰应注重把黄金价格的 several consecutive years. the 攀升和自身保值,成长性做良 company could integrate the market 好的结合。 condition with the company’s growth story. 并且,金凰虽然一直处于盈利 且稳步增长的势态。但是由于 If the gold price increases further, 公司项目单一,一旦黄金原材 how would the raw material cost 料价格上涨,对公司盈利一定 affect the company’s business? 是积极的影响吗?
  • 21. 投资者关系现状小结INVESTOR RELATIONS STATUS SUMMARY• 今年现金流出量较大,应作更详尽 • Large amount of cash outflow this 的解释 year, more detailed explanation is needed• 公司的营收上受市场和政府调控所 影响 • the company’s revenue is affected by the market and government regulation• 经营项目单一成长性不显著 • Need to focus on telling the story about future growth• 在网站上招聘引起争议 • Hiring activity invited some questions• 门户网站需做修改 • Official website can be improved • The quality of public information• 公开信息质量有待提高 needs to be improved• 内部交易会使投资者有顾虑 • Insider transactions may cause concerns
  • 22. 目录 CONTENT 金凰珠宝股份有限公司基本情况及投资者关系现状分析 Current Status Analysis 投资者关系管理中需要解决的“四大”关键问题 Four “To Do” in IR 龙门财经投资者关系公司管理策略 IR Strategies of Dragon Gate Investment Partners 龙门财经投资者关系公司介绍 Introduction of Dragon Gate Investment Partners
  • 23. 投资者关系管理中需要解决的 “四大”关键问题 FOUR “TO DO” IN IR
  • 24. 需要解决的“四大”关键问题FOUR KEYS 解决公司业务单一性的问题 Be diversified in operation 公开信息质量有待提高 四大关键 树立投资者对公司长期投资价 值的信心 The quality of public information Four keys needs to be improved Establish the investors’ confidence in the long term 提升投资者对公司主营管理能力, 投资管理能力的认同度 Enhance investor’s recognition of management capability
  • 25. 目录 CONTENT 金凰珠宝股份有限公司基本情况及投资者关系现状分析 Current Status Analysis 投资者关系管理中需要解决的“四大”关键问题 Four “To Do” in IR 龙门财经投资者关系公司管理策略 IR Strategies of Dragon Gate Investment Partners 龙门财经投资者关系公司介绍 Introduction of Dragon Gate Investment Partners
  • 26. 龙门财经投资者关系公司管理策略IR STRATEGIES OF DRAGON GATE INVESTMENT PARTNERS
  • 27. 策略一:合理解读公司战略规划 UNDERSTANDING THE COMPANY’S VISION 突出金凰以24K金为主业,横向多涉及一些其他的 珠宝。纵向可以考虑和顶级品牌合作如 Cartier, Dior, 如果有意开发低端饰品品牌,可以走二线城市的路 线,拓宽市场1. Focus on the 24K golden products as the prominent industry.2. Horizontally expand to other categories3. Develop potential cooperating opportunities with the top brands as Cartier and Dior.4. Consider to have a different brand marketing to second-tier cities.
  • 28. 策略二:打造“金凰”品牌CREATE THE BRAND NAME FOR KINGOLD 从实践经验看,树立公司品牌形象,实现企业形象、品牌形象及产品形象 的统一,会有效地提升公司品牌价值,获得品牌溢价。 From the practical experience, build brand image and achieve corporate image, will effectively enhance the companys brand value, and increase the market share 以下因素请公司予以考虑: Some Suggestions Utilize the corporate image, brand 将企业形象、品牌形象及产品形象 image and product image can enhance 统一,能够充分提高品牌辩识度, brand identification, and reduce the 降低品牌建设成本 cost of brand building Suggest to use “Kingold” as the 建议将“金凰”确定为公司形象、 company’s image, brand image and 品牌形象和产品形象的名称,尽早 product name, and achieve the level of 进行“金凰”品牌建设,早日实现 premium brands 产业市场与资本市场的品牌溢价
  • 29. 组合模式 IR FUNCTIONNov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct11月 12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月
  • 30. 整体建议 OVERALL PROPOSAL加强与分析师及媒体的联络,提升公司受关注程度,并鼓励分析师跟踪评估Increase the contact with analysts and media to enhance the companys publicity, andto encourage analysts to track assessment建立常年投资者关系管理活动框架,建立与投资者持续稳定的沟通渠道 establishthe investor relations management framework, and set up a stable channel tocommunicate with investors完善投资者关系管理体系,包括公司定位、制度建立、人员培训以及长期投资者关系管理战略目标的确定improve the investor relations management system, including the companyspositioning, system set up, training and determining the long-term strategic objectivesof investor relations management高管的高度重视参与,将投资者关系管理作为战略行为长期考虑Executives pay great attention, and consider investor relations management as along-term strategy加强与机构投资者的沟通,选择优质机构投资者成为公司股东,有利于公司股价的稳定 to increase communication with institutional investors , and select high-qualityinstitutional investors to become shareholders, which is conducive to companys stockprice stability
  • 31. 目录 CONTENT 金凰珠宝股份有限公司基本情况及投资者关系现状分析 Current Status Analysis 投资者关系管理中需要解决的“四大”关键问题 Four “To Do” in IR 龙门财经投资者关系公司管理策略 IR Strategies of Dragon Gate Investment Partners 龙门财经投资者关系公司介绍 Introduction of Dragon Gate Investment Partners
  • 32. 附录:龙门财经投资者关系公司介绍INTRODUCTION TO DRAGON GATE INVESTMENT PARTNERS
  • 33. 独特的优势 UNIQUE ADVANTAGES 全美投资者关系协会(NIRI)的会员 National Investor Relations Institute (NIRI) members •优秀的咨询团队:龙门财经拥有阵容强大的国际金融服务团队,其中不乏 特许金融分析师(CFA)和工商管理硕士(MBA)。作为一个群体,龙门对 中美文化和国内外企业现实情况有深刻的认知。 Excellent Consulting Team •广泛的信息渠道: 龙门财经利用华尔街的资源优势和专家顾问多年从事 资本市场公关管理的经验优势,构建了广泛的信息渠道,努力为客户提供 最权威、最具公信力的数据与信息,帮助客户做出正确的决策。 Wide Range of Information Sources •务实的服务方式:龙门财经坚持将国际先进的管理理论与中国企业的实际 相结合,秉承“行胜于言”的务实风格,紧贴客户提供服务,真正帮助客 户解决企业实际问题。 A Pragmatic Approach to Service
  • 34. 广泛的资源网络 EXTENSIVE RESOURCES 业界声誉 The industrys Reputation Dragon Gate被评为“中国企业美国上市最佳金融服务机构” Dragon Gate was named "Best financial services institution for the U.S.-listed Chinese companies 合作媒体(举例) Media Resource(example) 商务通讯社,彭博社,路透社,中央电视台,21世纪经济报道,环球企 业家杂志社 Business News Agency, Bloomberg, Reuters, CCTV, 21st Century Economic Report, Global Entrepreneur Magazine 关系公司(举例) Company Resources (example) Piper Jaffray & Co. Buckman Buckman & Reid Rodman & Renshaw Baytree Capital
  • 35. 严格的品质保证 QUALITY ASSURANCE• 工作进度评估报告 Progress Assessment Report 我们会按月向公司CFO汇报工作进度,并获取评估意见 品牌建立及行业监控 We will report monthly progress to the companys CFO, and access to assessments• 在行业系统风险稳定的前提下,我们会定期提出股票的目标价格, 使IR工作有一个客观的定量标准 100%客户满意原则 Under the premise of remaining the stability of the industry, we regularly set a target stock price to have an objective quantitative criteria 100% customer satisfaction principles
  • 36. 感谢!THANKS! 希望我们双方合作愉快!WE ARE LOOKING FORWARD TO CORPORATE WITH YOU! 万甜甜TIANTIAN WAN 龙门财经投资者关系管理公司 DRAGON GATE INVESTMENT PARTNERS