Core Viewpoint - The company, Lao Feng Xiang, is facing scrutiny from the Shanghai Stock Exchange regarding its acquisition plan to expand into the luxury goods sector, particularly due to the high premium associated with a company that has not yet commenced operations [1][2]. Group 1: Acquisition Details - Lao Feng Xiang plans to invest $24 million to acquire 20% of the voting shares in Maybach Luxury Goods Asia Pacific Limited (MAP), which is a luxury goods entity not directly involved with Maybach automobiles [1]. - MAP was established in February 2025 and has not yet started operations, raising concerns about its valuation, which is assessed at $126 million, reflecting a significant premium over its book value of $1,300 [2]. Group 2: Market Potential and Risks - The company anticipates developing the high-end luxury goods market in the Asia Pacific region through this partnership, leveraging its resources in mid-to-high-end and customized products [1]. - Lao Feng Xiang has outlined a growth plan for MAP from 2025 to 2030, aiming to open approximately 75 stores through agents, with a projected gross margin of 60% for new product lines [2]. - The company has acknowledged the risk of not obtaining the distribution authorization for the Maybach brand, which is a condition for the completion of the transaction [2]. Group 3: Regulatory Concerns and Risk Warnings - The Shanghai Stock Exchange has raised three questions regarding the high valuation of the transaction, given that MAP has no historical operating performance [2]. - Lao Feng Xiang has issued eight risk warnings, highlighting challenges in brand recognition, market competition, and the uncertainty surrounding the luxury goods business expansion [3].

股票简称：老凤祥 股票代码：600612 编号：临 2025-048 老凤祥股份有限公司（以下简称"本公司""公司""老凤祥"）于 2025 年 10 月 14 日收到上海证券交易所上市公司管理一部《关于老凤祥股份有限公司 对外投资相关事项的监管工作函》（上证公函【2025】1439 号）（以下简称"《监 管工作函》"）。《监管工作函》对公司控股子公司投资迈巴赫奢侈品亚太有限 公司股权及品牌代理相关事项（以下简称"对外投资相关事项"）进行了问询。 有关对外投资相关事项请详见公司于 2025 年 10 月 10 日发布的公告，公告编号： 2025-044、2025-045。现根据相关规定，对《监管工作函》中相关问题作如下风 险提示和回复： 老凤祥 B 900905 【风险提示】 公司目前没有开展奢侈品业务，在股权交割过程及今后开拓奢侈品业务中可 能存在下述风险： 1.本次股权投资事项尚需事先获得政府相关部门的备案/审批。本次老凤祥香 港有限公司（LFXHK）投资迈巴赫奢侈品亚太（MAP）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 ...

Core Insights - The 33rd China (Shenzhen) International Gifts and Home Products Exhibition has opened, featuring a record scale with 4500 exhibitors and 300,000 professional buyers, covering an area of 300,000 square meters [2][4] Industry Trends - The gift industry is transitioning from a traditional "pragmatic" growth model to a new phase focused on emotional value, cultural expression, and consumer experience, driven by the younger generation [2][4] - The psychological drivers of the gift market have fundamentally changed, with "emotional value" becoming the new competitive point as Generation Z and young professionals emerge as the main consumer force [2][3] Product Innovations - Products such as anxiety-relief aroma diffusers and culturally significant handmade items are gaining popularity, emphasizing emotional connections over mere functionality [3][6] - Traditional brands like Hero are undergoing a transformation to offer customized products, including logo and packaging design, to cater to the evolving market demands [5][6] Market Opportunities - The rise of "emotional consumption" is seen as a sustainable growth curve rather than a short-term trend, with an increasing focus on high-value products that resonate emotionally with consumers [7] - The integration of AI technology, green concepts, and IP collaborations is providing new avenues for value enhancement in the gift industry, with these elements being the most frequently mentioned at the exhibition [7]

Market Overview - The jewelry sector experienced a decline of 1.89% on October 22, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Mankalon's stock price fell by 7.46% to 18.62, with a trading volume of 247,600 shares and a transaction value of 468 million yuan [2] - Other notable declines include: - Chao Hong Ji down 3.95% to 13.60 - Feiya down 3.84% to 17.05 - Cai Zi down 1.32% to 14.23 [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 263 million yuan from institutional investors, while retail investors contributed a net inflow of 226 million yuan [2][3] - The detailed capital flow for selected stocks includes: - Zhou Dazheng: Institutional net inflow of 3.06 million yuan, retail net outflow of 3.40 million yuan [3] - Lao Feng Xiang: Institutional net outflow of 487,200 yuan, retail net inflow of 411,520 yuan [3] - Mingpai Jewelry: Institutional net outflow of 2.25 million yuan, retail net inflow of 5.18 million yuan [3]

老铺黄金则将于10月26日进行产品提价调整。而这已经是老铺黄金在今年年内的第三次涨价。 对于价格的波动，周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市 场变化。 受此影响，国内品牌连锁金店也调整了今日金饰金条的挂牌价格。其中亚一金店、老庙黄金金饰报价 1211元/克，较前一日下跌83元/克；老凤祥报1229元/克，较前一日下跌61元/克；周大福、六福、潮宏 基、周大生报1235元/克，较前一日下跌57元/克。 此前考虑到金价持续上涨对成本的影响，各家连锁金店都上调了首饰、金条的价格。10月20日，周大福 方面宣布将在10月底提高大多数产品的零售价，预计涨幅在12%-18%。 一夜之间，黄金从避险资产变成了风险资产。 当地时间10月21日，国际黄金市场急剧下挫。现货黄金一度暴跌超6%，创下自2013年4月以来最大单日 跌幅。 （文章来源：第一财经） ...

Market Overview - The jewelry sector increased by 0.96% on October 21, with Feiya leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Feiya (000026) closed at 17.73, up 7.72% with a trading volume of 251,600 shares and a turnover of 439 million yuan [1] - ST Xinhua Jin (600735) closed at 5.43, up 2.65% with a trading volume of 434,600 shares and a turnover of 234 million yuan [1] - Mingpai Jewelry (002574) closed at 5.97, up 1.88% with a trading volume of 167,200 shares and a turnover of 99.27 million yuan [1] - Other notable performances include China Gold (600916) up 1.29% and Xinhua Culture (002721) up 1.17% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 13.3 million yuan from institutional investors, while retail investors contributed a net inflow of 76.59 million yuan [2] - Speculative funds experienced a net outflow of 89.89 million yuan [2] Detailed Capital Flow for Key Stocks - Feiya (000026) had a net inflow of 89.11 million yuan from institutional investors, while speculative funds saw a net outflow of 33.03 million yuan [3] - China Gold (600916) had a net inflow of 4.46 million yuan from institutional investors, with retail investors contributing a net inflow of 17.51 million yuan [3] - Other stocks like ST Xinhua Jin and Mingpai Jewelry experienced varying levels of net inflow and outflow from different investor categories [3]

Group 1 - The current gold price is 988 CNY per gram in the Shui Bei market, while major brands like Chow Tai Fook and Lao Feng Xiang are priced around 1268 CNY per gram, reflecting a drop of 11 to 22 CNY compared to the previous day [2][3] - Most brands have seen a decline in gold prices, with only a few maintaining stability or experiencing slight increases, indicating a general downward trend in the market [2][3] - The fluctuation in gold prices is primarily influenced by international gold prices, and domestic brands adjust their prices accordingly, leading to differences in pricing among various brands [3] Group 2 - The decision to buy gold should depend on the purpose; for wedding jewelry or gifts, current prices are considered reasonable, while for investment purposes, further observation of international market trends is advised [4][8] - Different purchasing methods can lead to significant price differences; brand jewelry often includes design and labor costs, while investment gold bars are priced closer to market rates, making them more suitable for long-term holding [6][9] - It is essential to inquire about processing fees before making a purchase to avoid unexpected costs, as these can vary significantly between brands [7][9] Group 3 - Buyers should consider the timing and their mindset when purchasing gold, as daily price fluctuations can create a sense of urgency; however, a long-term holding strategy is recommended for those seeking value preservation [8][9] - A rational approach to buying gold is emphasized, with advice to diversify purchases over time to average costs and to focus on personal needs rather than following market trends [9][10]

Core Viewpoint - Recent price increases by several well-known gold retailers, with increases generally exceeding 10%, have led to a surge in sales but also numerous complaints about order cancellations and delivery issues [3][10]. Price Increase and Sales Surge - Major brands like Chow Tai Fook and Lao Miao Huang have raised prices significantly, with Chow Tai Fook planning to increase retail prices by 12% to 18% by the end of October due to rising gold costs [10]. - Lao Miao Huang raised its gold price to 1290 yuan per gram on October 17, marking a daily increase of 42 yuan, surpassing competitors like Chow Sang Sang and Lao Feng Xiang [10]. Order Fulfillment Issues - Many consumers reported that orders for Lao Miao Huang products were not fulfilled, with some orders being canceled or returned despite initial confirmations of shipment [4][6]. - Customers expressed frustration over the lack of communication and accountability from the brand, with some attributing the issues to the recent price hikes [6][7]. Consumer Complaints and Brand Reputation - The increase in complaints about order fulfillment has affected the reputation of brands like Lao Miao Huang, with consumers perceiving a lack of control over their authorized stores [7]. - Other brands, including Gu Fu Jiang Jewelry and Cai Bai, have also faced similar complaints regarding order cancellations and refunds [7]. Pricing Controversies - The rapid price increases have led to accusations of price gouging, particularly concerning "one-price" gold jewelry, which has seen significant price hikes without clear communication to consumers [10][11]. - For instance, a specific piece from Chow Tai Fook was reported to increase from 74,800 yuan to 101,600 yuan, a rise of over 35%, raising concerns about ethical pricing practices [11]. Legal and Consumer Rights - Legal experts suggest that consumers facing disputes should first attempt to resolve issues directly with retailers and, if unsuccessful, escalate complaints to e-commerce platforms for resolution [12].

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1]. Core Insights - The textile and apparel industry has shown a mixed performance in exports, with China's textile and apparel exports for January to September 2025 amounting to $106.48 billion and $115.21 billion respectively, reflecting a year-on-year growth of 2.1% and a decline of 2.5% [3][19]. - Vietnam's textile and apparel exports for the same period have shown a cumulative year-on-year growth of 8.77% [4][19]. - The report highlights strong retail performance for brands like 361 Degrees and Tebu International, with 361 Degrees achieving healthy growth in retail sales [2][12]. Summary by Sections Weekly Observation - Major Taiwanese textile manufacturers reported September 2025 revenue data, with notable performances including: - Yuanyuan Group: September revenue down 3.8%, but a 2.3% increase year-to-date [20]. - Fengtai Enterprises: September revenue down 0.87%, with a 4.29% decline year-to-date [5]. - Laiyi Industry: September revenue up 0.65%, with an 8.16% increase year-to-date [6]. - Juyang Industrial: September revenue down 28.22%, with a 0.99% decline year-to-date [7]. - Ruhong: September revenue up 1.59%, with a 5.39% increase year-to-date [8]. Market Performance - The SW textile and apparel sector saw a decline of 0.31% in the week, while the SW light industry sector fell by 2.22% [11][23]. - The SW textile manufacturing sub-sector dropped by 2.73%, while the SW apparel and home textile sector rose by 0.41% [11][23]. Industry Data Tracking - China's textile and apparel exports for January to September 2025 were $106.48 billion and $115.21 billion, with year-on-year changes of 2.1% and -2.5% respectively [19][48]. - Vietnam's textile and apparel exports showed a cumulative year-on-year growth of 8.77% for the same period [4][19]. Industry News - MUJI's parent company reported a global revenue increase of 18.6% for the last fiscal year, with significant growth in the Chinese market [63][64]. - LVMH reported a 4% decline in total revenue for the first nine months of 2025, but noted a return to growth in the Chinese market [68][69]. - Lao Feng Xiang announced a $24 million investment to acquire a 20% stake in Maybach Luxury Asia Pacific, aiming to enhance its high-end product offerings [70][71].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Education Sector**: Action Education (EMBA training) - **Hospitality Sector**: Shoulv Hotel - **Retail Sector**: Small Commodity City, Yonghui Supermarket - **Beauty Sector**: Proya, Winona - **Jewelry Sector**: Laopuhuangjin, Zhou Daxing - **Food and Beverage Sector**: Mixue Group Core Insights and Arguments Education Sector - Action Education's performance improved in Q3 after a challenging Q2 due to US-China trade tensions, with expected annual revenue exceeding 300 million and a valuation of 15-16 times earnings, alongside a dividend yield over 6% [1][2] - The company's "Hundred Schools Plan" is anticipated to contribute over 10% to revenue growth next year [1] Hospitality Sector - Shoulv Hotel showed continuous improvement in data, with a target of 2.6 million rooms and an expected annual performance of 900 million, valued at 17-18 times earnings this year and 16 times next year [1][2] Retail Sector - Small Commodity City exceeded expectations with Q3 net profit over 1.7 billion, raising annual profit forecasts to 4.7-4.8 billion, with a valuation of 16-17 times [1][4] - Yonghui Supermarket is stabilizing daily sales after store adjustments, with expectations of reduced losses or profitability next year, supported by self-owned product growth [1][4] Beauty Sector - The beauty sector is benefiting from the Double Eleven shopping festival, with Proya and Winona showing strong sales performance. Proya's valuation is expected to be no more than 20 times in 2025 and 16-17 times in 2026 [1][5][6] Jewelry Sector - Laopuhuangjin is experiencing significant growth, with a projected annual increase of at least 50% and a valuation of under 30 times, expected to grow at least 30% next year with a valuation around 20 times [1][9] - The brand is expanding its presence in overseas markets, with plans to enter Japan by 2026 [10] Food and Beverage Sector - Mixue Group's same-store sales decreased by 7% month-on-month but increased by 6% year-on-year, with expectations of growth as external factors stabilize [11][12] Other Important but Possibly Overlooked Content - The overall consumer sector is currently underperforming, but there are still quality low-priced stocks worth considering [2] - The beauty sector's performance during the Double Eleven festival indicates strong consumer interest, particularly in leading brands [5] - Laopuhuangjin's competitive advantages include strong brand recognition in lower-tier cities and effective management of store openings and closures [7][9] - Yonghui Supermarket's adjustments and self-owned product development are crucial for its recovery and future growth [4][8]