KGJI Research

武汉金凰珠宝股份有限公司

Dragon Gate

Investment Partners

Investor Relations

Proposal

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

公司基本情况

CURRENT STATUS ANALYSIS

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.

• 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.

优先股已发行股

优先股额定股

Non-outstanding

Common Stocks

67%

Outstanding

33%

公司展区 COMPANY PICTURES

公司结构

COMPANY STRUCTURE

Wuhan Vogue-Show Jewelry Co. Ltd

A PRC WOFE

Dragon Lead Group Limited

A BVI corporation

42.9% Famous Grow Holding, Ltd.

A BVI corporation

Kingold Jewelry, Inc

A Delaware corporation

100%

100%

Outside

China

Inside

China

VIE

96.83%

Wuhan Kingold Jewelry, Co. Ltd

A PRC Company limited by shares

基本情况：公司股权结构

OWNERSHIP STRUCTURE

2008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

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

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 Q2-2010

Customized

定制 4.39 2.77 10.14 7 2.3 2.5

Branded

品牌出售 5.75 2.99 241.98 100.76 42.1 33.7

Total 总数 10.14 5.76 252.11 107.75 24.9 18.7

基本情况：公司主营构成

REVENUE STRUCTURE

010

20

Customized 定制

Branded 品牌出售

Total 总数

吨 Metric Tons Q2-

2011

吨 Metric Tons Q2-

2010

0200

400

Customized 定制

Branded 品牌出售

Total 总数

盈利 Rev ($) Million

Q2-2011

盈利 Rev ($) Million

Q2-2010

0

10

20

30

40

50

60

70

80

Customized 定制 Branded 品牌

出售 Total 总数

盈利/克 Rev($) / Gram Q2-2010

盈利/克 Rev($) / Gram Q2-2011

Margin:

Q2 Financials

Q2同期营收比较

INCOME STATEMENT COMPARISON

• 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

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

基本情况：公司战略规划

CURRENT BUSINESS STRATEGY

Source：10K

基本情况：公司价值分析

COMPANY VALUE ANALYSIS

公司价值亮点 Value Points

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

• 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 government's

recent policy further increased this demand

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

http://finance.yahoo.com/q?s=KGJI

http://biz.yahoo.com/ic/149/149707.html



http://finance.yahoo.com/q?s=TIF

http://finance.yahoo.com/q/in?s=KGJI

与对手公司比较

COMPETITOR ANALYSIS

Chart compares Chow Sang Sang, Zale

Corp, Sterling Jewelry Inc., Tiffany.

Almost all other companies’ stock

increased steadily, but KGJI decreased

sharply.

图表比较周生生，ZALE CORP，STERLING JEWELERS INC，TIFFANY & CO.等公司。几乎所有的同行公司都呈正增长，但是KGJI

呈负

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?

公司现存问题 CURRENT PROBLEMS

门户网站

–英文网站的样式太过单调，应

比照中文网站照片与文字应做些修改。

–中文网站中文选项的位置太不明显

– 两个网站直接没有相互的链接

公开信息质量有待提高

–公司对子公司的披露信息太少

–缺少有利的内容，比如公司前景的预期

Official Website

- Need a link to connect the Chinese

website and English website

- English website has less information

than the Chinese website

- Both websites could be improved.

The quality of public information needs

to be improved

- Need to disclose more information of

the subsidiaries

- The lack of favorable content, such as

Plan of operation in the next 12 months

/outlook

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

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，连续几年的黄金价格都有看涨的趋势。金凰应注重把黄金价格的攀升和自身保值，成长性做良好的结合。

并且，金凰虽然一直处于盈利且稳步增长的势态。但是由于公司项目单一，一旦黄金原材料价格上涨，对公司盈利一定是积极的影响吗？

the Chinese gold market is huge, and

the gold price has increased for

several consecutive years. the

company could integrate the market

condition with the company’s

growth story.

If the gold price increases further,

how would the raw material cost

affect the company’s business?

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

的解释

• 公司的营收上受市场和政府调控所影响

• 经营项目单一成长性不显著

• 在网站上招聘引起争议

• 门户网站需做修改

• 公开信息质量有待提高

• 内部交易会使投资者有顾虑

• Large amount of cash outflow this

year, more detailed explanation is

needed

• the company’s revenue is affected by

the market and government regulation

• Need to focus on telling the story

about future growth

• Hiring activity invited some questions

• Official website can be improved

• The quality of public information

needs to be improved

• Insider transactions may cause

concerns

目录 CONTENT









投资者关系管理中需要解决的

“四大”关键问题

FOUR “TO DO” IN IR

需要解决的“四大”关键问题

FOUR KEYS

四大关键

Four keys

解决公司业务单一性的问题

Be diversified in operation

树立投资者对公司长期投资价值的信心

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

公开信息质量有待提高

The quality of public information needs to be improved

目录 CONTENT










IR STRATEGIES OF DRAGON GATE INVESTMENT

PARTNERS

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

categories

3. Develop potential cooperating

opportunities with the top brands as

Cartier and Dior.

4. Consider to have a different brand

marketing to second-tier cities.

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 company's brand value, and increase the

market share

以下因素请公司予以考虑：

将企业形象、品牌形象及产品形象统一，能够充分提高品牌辩识度，降低品牌建设成本

建议将“金凰”确定为公司形象、品牌形象和产品形象的名称，尽早进行“金凰”品牌建设，早日实现产业市场与资本市场的品牌溢价

Some Suggestions

Utilize the corporate image, brand

image and product image can enhance

brand identification, and reduce the

cost of brand building

Suggest to use “Kingold” as the

company’s image, brand image and

product name, and achieve the level of

premium brands

组合模式 IR FUNCTION

11月 12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

整体建议 OVERALL PROPOSAL

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 a

long-term strategy

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 company's

positioning, system set up, training and determining the long-term strategic objectives

of investor relations management

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-quality

institutional investors to become shareholders, which is conducive to company's stock

price stability

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 company's publicity, and

to 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 establish

the investor relations management framework, and set up a stable channel to

communicate with investors

目录 CONTENT









附录：龙门财经投资者关系公司介绍 INTRODUCTION TO DRAGON GATE INVESTMENT

PARTNERS

独特的优势 UNIQUE ADVANTAGES

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

全美投资者关系协会(NIRI)的会员

广泛的资源网络 EXTENSIVE RESOURCES

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

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

Piper Jaffray & Co.

Buckman Buckman & Reid

Rodman & Renshaw

Baytree Capital

业界声誉 The industry's Reputation

合作媒体（举例） Media Resource(example)

关系公司（举例） Company Resources (example)

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 company's 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

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

KGJI Research

Economy & Finance

Transcript of KGJI Research