Price Increase of Gold Jewelry - Major gold jewelry brands such as Lao Pu Gold and Chow Tai Fook have raised the price of gold jewelry, with prices exceeding 1260 RMB per gram, reaching a historical high [1][2] - As of November 4, 2023, Chow Tai Fook's gold jewelry is priced at 1265 RMB per gram, while other brands like Lao Feng Xiang and Liu Fu Jewelry also report similar price levels [2] Market Response and Consumer Behavior - The increase in gold prices has led to a slowdown in consumer purchases, with many opting to wait and observe the market [1] - Discounts and promotional activities from major brands are limited, indicating a cautious approach to pricing strategies amidst rising costs [2] Policy Changes and Market Impact - Recent tax policy changes by the Ministry of Finance and the State Administration of Taxation encourage on-market trading of standard gold, exempting certain transactions from value-added tax [3][4] - The new policy is expected to impact three types of market participants: trading members, investors, and downstream businesses, potentially increasing costs for non-investment gold jewelry companies [4] Company Performance in Response to Gold Prices - Mining companies are experiencing significant revenue growth due to rising gold prices, with Western Gold reporting a 106.2% increase in revenue year-on-year [6] - Chifeng Gold also shows strong performance, with a 38.91% increase in revenue, benefiting from stable gold production and higher sales prices [6] - Zijin Mining's revenue increased by 10.33%, with a notable rise in gold and copper production, capitalizing on the upward trend in metal prices [7]

Core Insights - Some merchants have quickly delisted gold bars, while brand merchants in Guangzhou continue to sell investment gold bars normally [1][3] - The price of investment gold bars from major brands like Chow Tai Fook, Lao Feng Xiang, and Luk Fook remains below 1200 RMB per gram, with current prices at 1170 RMB, 1170 RMB, and 1168 RMB respectively [1][3] - The Shanghai gold midday price is reported at 913.54 RMB per gram [1][3] - Lao Feng Xiang's small-weight gold beans are priced higher than gold bars, with 1 gram of small gold beans costing 1202 RMB, exceeding the price of a 5-gram gold bar [1][3]

Core Viewpoint - There are reports of some merchants rapidly delisting gold bars, with certain brands exceeding 1200 yuan per gram, even more expensive than gold jewelry. However, investigations in Guangzhou show that investment gold bars are still being sold normally without any suspension of sales [1]. Price Analysis - As of November 4, the midday price of Shanghai gold is 913.54 yuan per gram [1]. - The prices for investment gold bars from major brands are as follows: Chow Tai Fook and Lao Feng Xiang at 1170 yuan per gram, and Luk Fook at 1168 yuan per gram, indicating that they have not exceeded the 1200 yuan per gram mark [1]. Market Observations - At Lao Feng Xiang, it was noted that smaller weight gold beans are priced higher than gold bars, with a 1-gram gold bean costing 1202 yuan, which is more expensive than a 5-gram gold bar [1].

Core Viewpoint - The Shanghai Pavilion at the 8th China International Import Expo showcases the theme "AI Empowerment, Cultivating New Consumption," highlighting innovations in the construction of an international consumption center city through intelligent presentations and sustainable design [2]. Group 1: Brand Story - The "Brand Story" section focuses on brand economy and the launch economy, emphasizing the internationalization of local brands and the debut of international brands, showcasing how commercial brands contribute to the quality upgrade of the consumption sector [5]. - Notable exhibits include the "Blooming Secret Realm" jewelry from the century-old brand Lao Feng Xiang, which previously impressed at Milan Fashion Week [5]. - The pavilion features a dialogue and collaboration between Chinese and international brands, including LEGO's skyline exhibit of Shanghai [11]. Group 2: Consumption Innovation - The "Consumption Innovation" section addresses trends in personalized, emotional, and health-related consumption, showcasing AI's role in enhancing service and digital consumption [15]. - The "Silver Economy" area features a home care robot developed by Zhineng Technology [15]. - The "Children's Economy" area displays AI toys designed for emotional regulation and educational companionship, such as the Fuzozo doll and the chess-playing robot from SenseTime [17]. - The "Youth Economy" area highlights original IP incubation companies like Bilibili and showcases their latest animation generation model [18]. - The "Pet Economy" area features lifestyle products from the brand VETRESKA, including a cactus-shaped cat climbing frame [20]. Group 3: Experience Consumption - The third section explores the potential for consumption growth by breaking physical boundaries and creating new experience consumption scenarios through cultural tourism and night economy themes [22]. - The Shanghai Museum presents a "Mini version of the Egyptian Gods" scene, representing cultural IP [22]. - The "INS New Paradise" scene represents the night economy, featuring live DJ performances and dancing robots [23].

股票简称：老凤祥 股票代码：600612 编号：临 2025-051 老凤祥 B 900905 老凤祥股份有限公司 关于参加 2025 年上海辖区上市公司三季报集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、说明会类型、时间、地点 本次说明会将采用网络互动的方式举行，投资者可通过互联网登录上证路演 中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明会，活动时间为 2025 年 11 月 13 日（星期四）15:00-16:30。 二、参加人员 公司党委书记、董事长杨奕先生；公司副董事长、总经理黄骅先生；独立董 事俞铁成先生；财务总监凌晓静女士；董事会秘书邱建敏先生（如有特殊情况， 参会人员将可能调整）将通过网络文字互动在线交流形式，在信息披露允许的范 围内与投资者就公司 2025 年三季度业绩、公司治理、发展战略、经营状况和可 持续发展等投资者关心的问题进行沟通与交流。 三、投资者参加方式 1.投资者可在 2025 年 11 月 13 日（星期四）15:00 ...

Group 1 - Morgan Stanley reports that China has canceled the VAT deduction policy for gold retail, leading to an additional 7% VAT on gold raw material procurement [1] - Numerous brands will increase the price of gold jewelry by approximately 5% based on weight starting November 3 [1] - The report observes a potential shift in demand trends, including a transition from gold bars to jewelry, from weight-based pricing to fixed pricing, from small operators to leading brands, and from mainland China to Hong Kong and Macau [1] Group 2 - The market is expected to undergo consolidation, with small retailers facing more store closures and brands with weak franchise management at risk [1] - Among the companies covered, Lao Feng Xiang and Zhou Da Sheng are expected to be impacted the most, followed by Zhou Da Fu; Lao Pu Gold is in a relatively favorable position [1] - In related events, gold jewelry stocks such as Lao Pu Gold, Zhou Da Fu, and Zhou Sheng Sheng experienced significant declines following the new tax policy announcement [2]

Core Viewpoint - The recent announcements from major banks regarding the suspension and resumption of gold accumulation services are primarily influenced by new macroeconomic policies and tax regulations affecting the gold market [3][5][7]. Group 1: Bank Announcements - Industrial and Commercial Bank of China (ICBC) announced the resumption of the "Ruyi Gold Accumulation" service after previously suspending it due to macroeconomic policy impacts [1]. - On the same day, China Construction Bank (CCB) also suspended its "Easy Gold" service, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. Group 2: Tax Policy Changes - The Ministry of Finance and the State Administration of Taxation released new tax policies for gold, effective from November 1, 2025, which include exemptions from value-added tax (VAT) for certain transactions involving standard gold [7]. - The new tax regulations are expected to increase costs for gold procurement and production, prompting companies like Chow Tai Fook to adjust their product prices accordingly [8]. Group 3: Market Reactions - Following the announcements, shares of gold jewelry companies in the A-share market experienced significant declines, with companies like Chao Hong Ji hitting the daily limit down [8][9]. - In the Hong Kong stock market, major gold jewelry stocks such as Chow Tai Fook and Luk Fook also saw substantial drops in their share prices, indicating a negative market sentiment towards the gold sector [10]. Group 4: Industry Impact Analysis - According to CITIC Securities, the new tax regulations will have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for companies selling investment gold, and expected price increases for consumers purchasing gold jewelry [10].

Core Viewpoint - The new tax regulations on gold trading, effective from November 1, 2025, are expected to impact both the gold jewelry market and gold prices, with potential cost increases for consumers and changes in purchasing behavior [1][2]. Tax Policy Changes - The announcement specifies a reduction in the input tax deduction for non-investment gold jewelry from 13% to 6%, leading to increased costs for jewelry manufacturers [2][3]. - For investment gold sales, member units will benefit from tax exemptions, maintaining the existing tax refund policy for investment purposes [2][3]. Impact on Gold Prices - Short-term effects may include a rise in gold prices, which could suppress physical demand, while long-term effects may enhance the financial attributes of gold investments [1][3]. - The price of gold jewelry is expected to increase due to the higher tax burden on manufacturers, with specific price hikes already observed in the market [3][5]. Market Reactions - Following the announcement, stocks related to gold retail experienced significant declines, indicating market apprehension regarding the new tax regulations [5]. - Major jewelry brands have already adjusted their prices upward, reflecting the anticipated cost increases due to the new tax policy [3][5]. Changes in Consumer Behavior - The new regulations may shift consumer purchasing patterns, with a potential move from jewelry to investment gold bars, as consumers seek to benefit from tax exemptions available through trading platforms [6][7]. - Consumers are likely to become more discerning about their purchasing channels, favoring transactions through exchanges to take advantage of tax benefits [7]. Global Market Implications - The tax changes in China, the largest gold consumer, are expected to affect global market sentiment, potentially leading to structural price changes in gold [9][10]. - Analysts suggest that a more transparent and regulated gold market in China could enhance its influence on global pricing mechanisms [10].

Core Viewpoint - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding gold tax policies has led to a significant increase in gold prices among various brands, with some banks halting personal gold accumulation and exchange services [1][2]. Price Changes - Multiple gold jewelry brands have raised their prices by 5% to 6%, with specific examples including: - Cai Bai Jewelry's 999 gold price rising from 1168 CNY to 1238 CNY per gram, an increase of 70 CNY, or approximately 6% [1]. - Chow Tai Fook's gold price increasing from 1198 CNY to 1259 CNY per gram, a rise of 5.09% [1]. - Other brands like Chow Sang Sang, Liu Fu Jewelry, and Lao Feng Xiang also saw price increases ranging from 4.84% to 5.2% [1]. Tax Policy Impact - The new tax policy stipulates that transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) if there is no physical delivery. For transactions involving physical delivery, VAT will be refunded for investment purposes and exempted for non-investment purposes [2]. - This policy change has prompted some banks, including Industrial and Commercial Bank of China and China Construction Bank, to suspend personal gold accumulation and exchange services starting November 3, 2025, while existing plans for current customers will remain unaffected [2].

Core Insights - The new tax regulations on gold trading will take effect from November 1, 2025, to December 31, 2027, impacting the value-added tax (VAT) policies for standard gold traded on the Shanghai Gold Exchange and Shanghai Futures Exchange [1] Tax Policy Changes - The new regulations will reduce the input tax deduction for non-investment gold jewelry companies from 13% to 6%, potentially increasing their costs [1][2] - Investment gold sales will still benefit from the VAT exemption for member units selling standard gold, maintaining their competitive edge [2][3] - Consumers purchasing gold jewelry are expected to face higher prices, with the extent of the increase depending on how much of the cost is passed on by jewelry companies [1][3] Market Reactions - Short-term effects may lead to an increase in gold prices, which could suppress physical demand, while long-term effects may help standardize the gold investment market and enhance its financial attributes [1][5] - Domestic gold jewelry prices have already seen significant increases, with brands like Lao Miao and Chow Tai Fook raising prices by approximately 63 to 62 CNY per gram [3] Changes in Purchasing Behavior - The new regulations may shift consumer purchasing behavior, with a potential move from off-exchange to on-exchange transactions for gold, as the latter offers tax advantages [5][6] - Consumers may prioritize purchasing investment-grade gold bars through exchange channels to benefit from tax exemptions, while the demand for jewelry may decline due to increased costs [6] Gold Price Impact - Following the announcement, gold prices experienced fluctuations, with spot gold initially dropping by 0.6% before rebounding [7] - The overall sentiment in the global market may be negatively affected by the changes in China's tax policy, despite the country's record demand for gold this year [8][9]