K white gold cufflinks are the mix the gold and palladium

In 2012, the company will continue to actively brand development and market coverage strategy, an annual increase of 100 franchise operators 1-2 new boutique operated stores in each major city to increase its market share, and in the traditional old products based on gold, silver, platinum, diamond four main categories to enhance the "emerald, pearls, jade, Po," the new four categories of products the level of sales and improve profitability. K white gold cufflinks are the mix the gold and palladium, nickel, silver and zinc.  Figure 42 Figure 43 Old Phoenix expense ratio, Old Phoenix gross margin and net interest margin Source: WIND, Sealand Securities Institute Source: WIND, Sealand Securities Institute Yuyuan Yuyuan Garden Mall cufflinks jewelry business in sales volume behind the Old Phoenix ranked market, cufflinks sales income of 9.198 billion yuan in 2010, accounting for more than the limit cufflinks jewelry market share of 6.33%. Company to operate a wide range of cufflinks jewelry total revenue (77.99%), the main business is more concentrated.
 The company owns two gold jewelry brand "gold" of the old temple and Asia a gold ", revenues and profits are sure to read the text Disclaimer and rapid growth of the Article 19 Securities research report. 2011 first three quarters of the company to achieve operating income of 13.407 billion yuan, an increase of 50.28%, net profit attributable to parent company 699 million yuan, an increase of 36.59%, equivalent to earnings per share of 0.49 yuan. We also call the white gold cuff links as gold. Figure 44, Figure 45 the Yuyuan income constitute, the Yuyuan operating income, net profit growth rate Source: WIND, Securities Institute of the China Sea Source: WIND, Sealand Securities Institute of the cost of corporate expenses decreased significantly, margin slightly have slipped.
The third quarter 2011 sales expense ratio 2.25 percent, down 0.66 percent over the same period last year, management fee of 2.72 percent, down 1.10 percent, have a greater decline. The company's 2011 third quarter gross margin was 11.08%, net profit margin of 5.54% than the same period last year decreased. Figure 46, the Yuyuan expense ratio Figure 47, the Yuyuan Tourist Mart gross margin and net interest margin Source: WIND, and Securities Research Institute of the China Sea Source: WIND, Sealand Securities Institute of gold cufflinks jewelry margins overall level is not high, there was a downward trend. The yellow color of the gold mens cufflinks is bleached by the palladium, nickel, silver, zinc and other metals.
2010 gold cufflinks jewelry margin 7.97% 1.71% lower than the same period, mainly due to the company cufflinks jewelry business are basically traditional gold jewelry processing, limiting profit margins. Platinum cufflinks are a rare metal.  Equity investment gains as the company's profits grow bright spot. With the Group's advantage, with a large amount of cash flow, and actively participate in the equity investment, Zhaojin Mining Nadu securities held shares in listed companies (sold in January 2010), the stake of 26.18% and 32.73%, respectively, and shares of non-listed enterprises in Zhejiang International Travel and Wuyuan, more than equity investments in more than 40% contribution to net profit in 2010.
 Be sure to read the text Disclaimer section 20 Securities Research Reporting Form 6, the cost of equity investment Zhaojin Mining billion Debon Securities Wuyuan, Jiangxi, Zhejiang CITS 5.7 5.1 0.47 0.78 26.18% stake of 32.73% 13.4% 16 2010 investment income 3.14 0.15 accounted for 44.0% of the company's net profit ratio of 2.1% - Source: Shanghai Yuyuan Tourist Mart Annual Report 2010, Sealand Securities Institute of winning numbers cufflinks winning numbers cufflinks cufflinks jewelry business in 2010 sales revenue of 4.826 billion Yuan, cufflinks market share of 3.20% above limit. The annual production of the cufflinks is also less than the gold and more valuable.