股票简称：老凤祥 股票代码：600612 编号：临 2025-022 老凤祥 B 900905 老凤祥股份有限公司 第十一届监事会第十六次（临时）会议决议公告 本公司监事会及全体监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"）第十一届监事会于 2025 年 6 月 3 日召开了第十六次（临时）会议。出席会议的监事应到 3 名，实到 3 名。会议由 监事会副主席陈漪主持，本次会议符合《公司法》及《公司章程》的规定。与会 监事审议并一致通过以下议案： 一、《关于取消公司监事会并修订〈公司章程〉部分条款的议案》 根据 2024 年 7 月 1 日起施行的《中华人民共和国公司法》（以下简称"新 《公司法》"）、中国证券监督管理委员会于 2024 年 12 月 27 日发布的《关于 新<公司法>配套制度规则实施相关过渡期安排》以及 2025 年 3 月 28 日颁布实 施的《上市公司章程指引》《上市公司股东会规则》等，同时结合公司自身实际 情况，公司拟取消监事会并由董事会审计委员会行使新《公司法》规定监事会的 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-021 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十六次（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 5 月 27 日向全体董事 发出书面会议通知，并在 2025 年 6 月 3 日如期召开了第十一届董事会第十六次 （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： 一、《关于取消公司监事会并修订〈公司章程〉部分条款的议案》 根据 2024 年 7 月 1 日起施行的《中华人民共和国公司法》（以下简称"新 《公司法》"）、中国证券监督管理委员会于 2024 年 12 月 27 日发布的《关于 新<公司法>配套制度规则实施相关过渡期安排》以及 2025 年 3 月 28 ...

Summary of Key Points from the Conference Call Industry Overview - The gold and jewelry industry is undergoing a transformation from a B2B (channel-driven) model to a B2C (user-driven) value chain, necessitating a shift towards a user value-centric business philosophy [1][2][4]. Core Insights and Arguments - **Consumer Segmentation**: There is a clear differentiation in consumer groups, with stable demand in the high-end market (e.g., Lao Feng Xiang, Chow Tai Fook) and opportunities in the mass market. Brands need to accurately position themselves to meet diverse consumer needs, particularly targeting the younger generation (ages 18-34), which contributes approximately 30% of retail sales [1][2][5]. - **Shift in Consumption Patterns**: Gold consumption is transitioning from a focus on value preservation to self-pleasure, indicating a need for brands to adapt their market positioning from repetitive to aesthetic consumption [1][6]. - **B2B vs. B2C Value Chains**: The B2B value chain relies on deep distribution and channel expansion, while the B2C value chain focuses on creating user value and meeting consumer needs. The B2B model is becoming less sustainable due to over-distribution, leading to significant retail terminal losses (15%-20%) [1][7][12]. - **Impact of Information Technology**: The empowerment of consumers through information technology has accelerated the transition from B2B to B2C. User-generated content (UGC) significantly influences purchasing decisions, necessitating brands to prioritize consumer feedback and engage in precise marketing [1][8]. Additional Important Insights - **Differentiation Strategies**: Some brands have achieved counter-cyclical growth through differentiated positioning. For instance, Lao Pu targets high-net-worth individuals, while Chao Hong Ji focuses on the light luxury middle class, and Man Ka Long appeals to the young fashion demographic [1][9][10]. - **Cultural and IP Significance**: Cultural elements and intellectual property (IP) are crucial for enhancing competitiveness. Unique designs, such as Van Cleef & Arpels' four-leaf clover, contribute to brand recognition and market strength [3][13]. - **Challenges of Price Models**: The one-price model is unlikely to become mainstream, as it is more suited for luxury and small-weight products. Brands need to enhance their value chain reconstruction capabilities and invest in R&D [3][15][17]. - **Emerging Designer Brands**: The market may see the rise of small, unique designer brands that leverage social media for marketing and sales. These brands, while small, can achieve high profitability and may eventually be acquired by larger companies [26]. Future Considerations - **Brand Upgrades**: Brands like Junpei Jewelry and Chow Tai Fook's DIY sub-brand are noteworthy for their innovative approaches to product lines and consumer engagement [25]. - **Market Trends**: The overall sales of emerging jewelry brands like Man Ka Long are still relatively low, but they are gaining traction through unique designs and innovative marketing strategies [27][28]. This summary encapsulates the key points discussed in the conference call, highlighting the ongoing changes and challenges within the gold and jewelry industry.

Market Overview - The brand 100 index experienced a slight rebound in May, closing at 1063.57 points with a monthly increase of 1.09% after a long upper shadow in the K-line [1][4] - The index initially rose due to unexpected financial policies and a pause in tariff announcements between China and the US, but later faced adjustments due to weak fundamental data and profit-taking [2][4] Key Performers - Notable weekly gainers included Nongfu Spring and Lao Feng Xiang, both exceeding 4% in weekly growth, while China Mobile saw a market value increase of 568 billion yuan [2][3] - In May, Dongfang Overseas International, China Life Insurance, and China Pacific Insurance had monthly gains exceeding 15%, with Dongfang Overseas leading at 34.05% [4] New Consumption Sector - The new consumption sector remains attractive, with companies like Nongfu Spring benefiting from strong brand recognition and a robust distribution network [5] - Nongfu Spring's tea beverage revenue is projected to surpass bottled water for the first time in 2024, with a compound annual growth rate of over 90% for its Oriental Leaf brand [5] Strategic Developments - Lao Feng Xiang is enhancing its product offerings and channel strategies, focusing on younger demographics and collaborations with popular IPs [6] - Anta Sports is expanding its global presence through the acquisition of the leading outdoor brand, Jack Wolfskin [6] ETF Investment Opportunities - ETFs such as E Fund (513070) and the Hong Kong Consumption ETF (159735) are highlighted as effective tools for investing in the new consumption sector, with significant year-to-date gains [7][10] - The CSI Hong Kong Stock Connect Consumption Theme Index includes major companies like Alibaba, Tencent, and Xiaomi, which collectively account for over 50% of the index weight [10][14] Long-term Outlook - The Hong Kong Stock Connect Consumption Index is expected to provide long-term investment value, reflecting the evolving consumption habits of younger generations and the global expansion of leading new consumption enterprises [14]

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Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]

Market Overview - The Shanghai Composite Index fell by 0.02% on May 28, with 11 industries rising, led by textiles and apparel, which increased by 1.17%, and environmental protection, which rose by 0.89% [1] - The basic chemical and agriculture, forestry, animal husbandry, and fishery sectors experienced the largest declines, with decreases of 0.79% and 0.78%, respectively [1] Capital Flow - The net outflow of capital from the two markets was 21.854 billion yuan, with 9 industries seeing net inflows [1] - The retail trade sector had the highest net inflow, totaling 429 million yuan, with a daily increase of 0.32% [1] - The machinery equipment sector also saw a slight increase of 0.12%, with a net inflow of 403 million yuan [1] - A total of 22 industries experienced net capital outflows, with the basic chemical sector leading with an outflow of 2.664 billion yuan, followed by the computer sector with an outflow of 2.549 billion yuan [1] Textiles and Apparel Sector - The textiles and apparel sector rose by 1.17%, with a net capital inflow of 285 million yuan, and 68 out of 104 stocks in this sector increased in value [2] - Seven stocks reached their daily limit up, while 34 stocks declined [2] - Among the stocks with significant net inflows, Lao Fengxiang led with an inflow of 125 million yuan, followed by Jin Hong Group and Zhou Dazheng with inflows of 84.1675 million yuan and 71.6408 million yuan, respectively [2] - The sector also had 10 stocks with net outflows exceeding 10 million yuan, with Lai Shen Tong Ling, Hua Fang Shares, and Tan Lu Zhe experiencing the largest outflows of 121 million yuan, 47.5033 million yuan, and 25.778 million yuan, respectively [2] Top Performing Stocks in Textiles and Apparel - Lao Fengxiang: +10.01%, 2.91% turnover, 125.3329 million yuan inflow [2] - Jin Hong Group: +10.02%, 19.10% turnover, 84.1675 million yuan inflow [2] - Zhou Dazheng: +10.03%, 2.65% turnover, 71.6408 million yuan inflow [2] - Other notable stocks include China Gold (+3.21%), Cuihua Jewelry (+6.44%), and Anzheng Fashion (+9.96%) [2] Underperforming Stocks in Textiles and Apparel - Lai Shen Tong Ling: -2.60%, 28.11% turnover, -120.5103 million yuan outflow [3] - Hua Fang Shares: -7.25%, 20.19% turnover, -47.5033 million yuan outflow [3] - Tan Lu Zhe: -2.35%, 4.49% turnover, -25.778 million yuan outflow [3] - Other stocks with significant outflows include Ku Te Intelligent, Wan Li Ma, and Hua Fu Fashion [3]

Core Insights - Domestic gold jewelry prices have generally declined, with prices dropping to around 1000 yuan per gram [1] - The price of 999 gold from Zhou Shiliu has been adjusted to 986 yuan per gram, a decrease of 26 yuan from the previous day [1] - The price of gold jewelry from Laomiao has been lowered to 997 yuan per gram, down 10 yuan from the previous day [1] - This price fluctuation is closely related to international gold price trends, with spot gold falling below 3300 USD per ounce on May 27 [1] - COMEX gold futures dropped by 1.96% to 3299.7 USD per ounce, marking a near two-week low [1] - Experts caution that while current gold jewelry prices may seem attractive, investors should carefully consider their financial situation and market trends before making decisions [1]

Group 1 - COMEX gold futures experienced a rise and then a pullback, currently trading at $3301, with related ETFs showing volatile movements [1] - The consumer confidence index in the US rose from 85.7 in April to 98 in May, ending a five-month decline, influenced by trade developments [1] - US stock markets rose on May 27 due to President Trump's announcement to delay imposing 50% tariffs on EU goods [1] Group 2 - Recent gold price rebound is attributed to a shift from short-term "tariff easing" trades to medium-term "deficit concerns," alongside heightened geopolitical tensions in the Middle East [2] - The outlook for gold prices remains strong, with expectations of continued volatility reduction, influenced by upcoming economic data and Federal Reserve actions [2] - Geopolitical factors, including the ongoing Russia-Ukraine conflict and tensions in the Middle East, are expected to support gold prices in the short term [2]

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a slight increase in the index and notable gains in specific stocks like Debang Co., Ltd. and Laofengxiang [1] - As of April 2025, the cumulative year-on-year revenue growth for industrial enterprises was 3.2%, while profit growth was 1.4%, showing a slight decline from previous values [1] - The CSI 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index [2] Group 2 - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.07% of the index, with notable companies including Chifeng Jilong Gold Mining and Ninebot [2] - The performance of the CSI 500 Quality Growth ETF is influenced by the underlying index, which reflects the profitability and growth potential of its constituent companies [2] - The analysis indicates that the impact of tariffs on profitability may be delayed, with uncertainties surrounding profit recovery due to low capacity utilization in the mid and downstream sectors [2]