股票简称：老凤祥 股票代码：600612 编号：临 2025-028 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司拟对外投资设立香港全资子公司的公告 （二）对外投资的决策与审批程序 公司于 2025 年 6 月 12 日召开了第十一届董事会第十七次（临时）会议，审 议通过了《关于控股子公司拟对外投资设立香港全资子公司的议案》。根据《上 海证券交易所股票上市规则》《公司章程》等规定，本次对外投资设立全资子公 司事项在公司董事会的审批权限内，无需提交股东大会审议。 本次对外投资设立全资子公司事项尚需按照境外投资备案（ODI）流程规定， 依次向上海市发展和改革委员会、上海市商务委员会申请备案，向国家外汇管理 局申报办理境外直接投资外汇登记手续，向香港商务主管部门办理企业注册手续。 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法律责任。 重要内容提示： 投资标的名称：老凤祥香港有限公司（暂名，最终以香港公司注册处备 案登记为准，以下简称"老凤祥香港公司"）； 投资金额：20,000 万美元； 相关风险提示：本次拟由老凤祥股份有 ...

第十一届董事会第十七次（临时）会议决议公告 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。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日向全体董事发 出书面会议通知，并在 2025 年 6 月 12 日如期召开了第十一届董事会第十七次（临 时）会议。出席会议的非独立董事和独立董事应到 9 名，实到 9 名（其中独立董 事应到 3 名，实到 3 名）。会议由杨奕董事长主持，公司监事及高管列席会议。 本次会议的召开及程序符合《公司法》及《公司章程》的规定。会议审议并通过 了以下议案： 股票简称：老凤祥 股票代码：600612 编号：临 2025-027 一、《关于控股子公司拟对外投资设立香港全资子公司的议案》 老凤祥 B 900905 公司下属控股子公司上海老凤祥有限公司（以下简称"老凤祥有限"）拟以 自有资金出资设立全资子公司老凤祥香港有限公司（暂名，最终以香港公司注册 处备案登记为准，以下简称"老凤祥香港公司"），老凤祥香港公司注册资本为 20,000 万美元，老凤祥有限出资比例 100%。本次 ...

Core Viewpoint - The collaboration between Laofengxiang and ByteDance's Volcano Engine to launch AI smart glasses marks Laofengxiang's first foray into the AI hardware sector, targeting the elderly demographic with features powered by the "Doubao" model [1][2]. Group 1: Product Development and Features - The AI smart glasses will integrate functionalities such as voice recognition, visual understanding, semantic dialogue, and phone answering, specifically aimed at the elderly user group [1]. - The "Doubao" model, which powers the glasses, is available for public purchase, allowing any compliant customer to acquire it [1]. - The AI glasses were officially showcased at the International Elderly Care, Aids, and Rehabilitation Medical Expo and the Volcano Engine Original Power Conference on June 11 [1]. Group 2: Market Strategy and Historical Context - ByteDance has previously attempted to embed AI into hardware, such as the Ola Friend wireless earphones launched in October 2023, which featured AI voice assistant capabilities but did not achieve significant market traction [2]. - The AI glasses project was initiated in 2023, attracting engineers with experience in smart hardware design, focusing on balancing battery life and computational performance [2]. - ByteDance's hardware strategy has shifted from ambitious VR projects, like the acquisition of VR brand Pico for $1.3 billion in 2021, to a more practical approach with smaller, functional smart devices [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company is experiencing significant changes and is adapting to the evolving market conditions in the gold and jewelry sector, despite facing short-term operational pressures due to high gold prices [7] - The company has established a joint venture in Northeast China to enhance its business operations in that region, indicating a strategic move to strengthen its market presence [7] - The company is actively pursuing online sales channels and has launched its official flagship store on Tmall, aiming to integrate online and offline sales [7] Financial Forecast and Investment Recommendations - The earnings per share (EPS) for 2025-2027 are projected to be 2.86, 3.30, and 3.75 yuan respectively, with a target price of 62.92 yuan based on a 22x PE valuation for 2025 [3][8] - The company’s revenue for 2023 is reported at 71.436 billion yuan, with a projected decline to 49.371 billion yuan in 2025, followed by a recovery to 57.047 billion yuan in 2027 [3][10] - The net profit attributable to the parent company is expected to decrease from 2.214 billion yuan in 2023 to 1.496 billion yuan in 2025, before rising to 1.959 billion yuan in 2027 [3][10] Key Financial Metrics - The company’s gross margin is expected to improve slightly from 8.3% in 2023 to 9.1% in 2027, while the net margin is projected to remain stable around 3.0% to 3.4% during the forecast period [3][10] - The return on equity (ROE) is forecasted to decline from 20.4% in 2023 to 11.3% in 2025, before recovering to 11.7% in 2027 [3][10] - The company’s market capitalization is approximately 26.893 billion yuan as of June 10, 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company is experiencing significant changes and is adapting to the evolving market conditions in the gold and jewelry sector, despite facing short-term operational pressures due to high gold prices [7] - The company has made strategic moves to enhance its online presence and brand collaboration, which are expected to drive future growth [7] - The financial forecasts have been adjusted, with expected earnings per share for 2025-2027 projected at 2.86, 3.30, and 3.75 yuan respectively, leading to a target price of 62.92 yuan based on a 22x PE valuation for 2025 [3][8] Financial Summary - Revenue for 2023 is reported at 71,436 million yuan, with a projected decline to 49,371 million yuan in 2025, followed by a recovery to 57,047 million yuan in 2027 [3][10] - The net profit attributable to the parent company is expected to decrease from 2,214 million yuan in 2023 to 1,496 million yuan in 2025, before rising to 1,959 million yuan in 2027 [3][10] - The company's gross margin is projected to improve slightly from 8.3% in 2023 to 9.1% in 2027, while the net margin is expected to stabilize around 3.0% to 3.4% during the same period [3][10] Market Position and Strategy - The company has a total of 5,838 marketing outlets as of the end of 2024, indicating a slight reduction in its physical presence [7] - The establishment of a joint venture in Northeast China aims to standardize and accelerate business development in that region [7] - The company is focusing on integrating online and offline sales channels, enhancing its e-commerce capabilities, and addressing counterfeit issues [7]

这款AI 眼镜的推出，不仅是老凤祥跨界创新征程中的又一重要里程碑，更彰显民族品牌在银发经济浪潮中的创新担当与社会责任。老凤祥股份有限公司党 委书记、董事长杨奕表示，未来将持续深耕银发科技领域，不断优化产品功能，让更多老年人享受科技带来的便利与温暖，为传统品牌转型树立科技适老新 典范。 6 月 11 日，国际养老、辅具及康复医疗博览会在上海新国际博览中心盛大启幕。在这场汇聚全球银发经济智慧的盛会中，百年民族品牌老凤祥携重磅之作 ——首款后台搭载豆包大模型的 AI 智能眼镜惊艳亮相，以科技之力叩响 "适老化" 新篇章，吸引无数观众驻足体验，成为老博会焦点。 作为这款 AI 眼镜的 "智慧后台"，豆包大模型为产品注入强大动能，在无忧出行、沟通无碍、生活助理、情感陪伴等多个维度实现了重大突破。它宛如一座 桥梁，真正消弭了老年人与科技产品之间的使用鸿沟，构建起一个 24 小时全天候、全场景的智能守护体系，让老年人在科技的关怀下安享无忧生活。 走进老凤祥精心构筑起 "无忧生活，因 AI 生动" 主题展区，光影交织的科技感空间，瞬间将参观者带入沉浸式适老体验世界，四大功能区全方位展示这款AI 眼镜的实用价值与独特魅力。实时 ...

A股饰品板块异动拉升，老凤祥封板涨停，曼卡龙、新华锦、萃华珠宝、迪阿股份、莱绅通灵等跟涨。 ...

饰品板块短线拉升，老凤祥（600612）涨停，曼卡龙（300945）、新华锦（600735）、萃华珠宝 （002731）、迪阿股份（301177）、莱绅通灵（603900）等纷纷走高。 这几只票暗盘资金正在偷偷流入，立即查看>> ...

据知情人士透露，多款由老凤祥（600612）与字节旗下火山引擎合作的AI眼镜即将于七月正式发布。 作为老凤祥首次跨界AI智能眼镜，其后台由豆包大模型提供技术支持。老凤祥跨界AI眼镜产品，将支 持视觉理解、语音对话、语义识别、电话接听等功能，主要面向老年人群体。(新浪科技) ...

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of the jewelry industry, specifically focusing on major brands such as Chow Tai Fook, Chow Sang Sang, and Lao Feng Xiang. [1][3][4] Key Points and Arguments Chow Tai Fook Performance - In May, Chow Tai Fook reported a same-store sales growth of 10% and an overall growth of 5.2%. However, the East China region, including cities like Nanjing and Wuxi, saw declines exceeding 30% due to intense competition and online shopping trends. [1][4] - The brand's "fixed-price" products accounted for 15% of total sales from January to May, with gold-inlaid diamond products making up 22% of that category. [1][26] - The company has reduced promotional discounts, with visible discounts ranging from 50% to 80% externally, and official discounts at 30%. [14][22] Chow Sang Sang Performance - Chow Sang Sang experienced a significant overall growth rate of 43% in May, benefiting from IP and lightweight products, although order volumes have decreased. [1][4] - The brand's gold-inlaid diamond products accounted for 12% of total sales, with monthly diamond sales averaging around 100,000 yuan per store. [2][28] Lao Feng Xiang Performance - Lao Feng Xiang faced a sales decline of 28% in June and 32% in May, attributed to insufficient product development, low marketing investment, and an outdated digital system. [4][21] - The brand's reliance on traditional channels has led to a significant drop in sales, particularly in East China. [21] Regional Disparities - There is a notable regional disparity in performance, with Northern regions showing significant growth (up to 70% in some stores) while East China struggles due to high discounting and online shopping frequency. [5][6] Gold Price Impact - Gold prices fluctuated significantly, peaking at 830 yuan per gram in April before stabilizing at 730 yuan per gram in May. This volatility affected consumer behavior, particularly in East China, where online price comparisons became common. [7][8] - Following the stabilization of gold prices, there was a recovery in demand, particularly among younger consumers and for fixed-price items. [10] Discount Strategies - Chow Tai Fook's discount strategy is cautious, focusing on maintaining brand integrity rather than aggressive discounting, even in the face of declining sales. [18][22] - The company aims to balance discounts through mall subsidies rather than increasing promotional activities. [23] Store Operations - Chow Tai Fook plans to close approximately 20 stores due to poor performance, while Chow Sang Sang has opened over ten new stores in well-positioned malls. [25][31] - The average monthly sales per Chow Sang Sang store are around 800,000 yuan, with a customer unit price of approximately 5,700 yuan, reflecting a 30% increase year-on-year. [32] Future Trends - The trend towards fixed-price gold products is expected to continue, with a focus on optimizing product lines to meet consumer demand for personalized and high-quality jewelry. [26] - The overall profit margins for Chow Tai Fook have improved due to a strategic focus on discount management, despite a 30% drop in gold sales volume. [30] Additional Important Insights - The jewelry market is experiencing a shift towards lightweight and fixed-price products, with brands adapting their strategies to cater to changing consumer preferences. [10][29] - The competitive landscape is intensifying, particularly in East China, where online shopping and discounting pressures are reshaping consumer behavior. [5][6][21]