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 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for 2024 reached 56.79 billion yuan, a year-on-year decline of 20.5%, with a net profit attributable to shareholders of 1.95 billion yuan, down 11.9% year-on-year [2][4]. - In Q1 2025, the revenue was 17.52 billion yuan, a year-on-year decrease of 31.6%, and the net profit attributable to shareholders was 610 million yuan, down 23.6% year-on-year [2][4]. - The company is undergoing a strategic upgrade to address the challenges posed by the current market environment, focusing on multi-channel expansion, product innovation, and brand enhancement [10]. Summary by Sections Financial Performance - The company's total revenue for 2024 was 56.79 billion yuan, with a gross profit margin of 9%, and a total gross profit of 5.07 billion yuan, which is a 15% decline year-on-year [10]. - The company reported a net profit of 2.54 billion yuan for 2024, with earnings per share (EPS) of 3.73 yuan [13]. Market Conditions - The gold price saw a significant increase in 2024, which negatively impacted the demand for gold jewelry, leading to a 43% decline in the company's gold sales volume to 83 tons [10]. - The overall industry consumption of gold jewelry and gold bars decreased by 25% and increased by 25%, respectively [10]. Strategic Initiatives - The company plans to actively develop its online business, having launched a flagship store on Tmall in January 2025, and aims to create fashionable new products that resonate with younger consumers [10]. - The company is also focusing on enhancing its brand image and expanding its thematic stores to attract a younger demographic [10]. Future Outlook - The company expects to see improvements in its performance in the medium to long term, with projected EPS of 3.06, 3.41, and 3.73 yuan for 2025, 2026, and 2027, respectively [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Views - The company's revenue for 2024 reached 56.79 billion yuan, a year-on-year decline of 20.5%, with a net profit attributable to shareholders of 1.95 billion yuan, down 11.9% year-on-year [2][6] - In Q1 2025, the revenue was 17.52 billion yuan, a year-on-year decline of 31.6%, and the net profit attributable to shareholders was 610 million yuan, down 23.6% year-on-year [2][6] - The company is experiencing pressure on performance but is accelerating strategic upgrades to adapt to market changes [12] Financial Performance Summary - The company's total revenue for 2024 was 56.79 billion yuan, with a gross profit margin of 8.9%, an increase of 0.6 percentage points year-on-year [12] - The company's gold sales volume was 83 tons in 2024, a decline of 43% year-on-year, which is weaker than the industry average [12] - The company plans to expand its online business and develop new products that appeal to younger consumers [12] Future Outlook - The company expects to see improvements in performance as it transitions to a more refined and differentiated growth phase [12] - EPS is projected to reach 3.06, 3.41, and 3.73 yuan for the years 2025, 2026, and 2027 respectively [12]

5月20日亚市早盘，comex黄金期货盘中小幅探底拉升，早盘一度跌至3215美元，目前报3233美元/盎 司；黄金相关ETF纷纷走强，截至发稿，黄金ETF华夏(518850)盘中一度涨0.18%，黄金股ETF(159562) 强势拉升涨1.5%冲击三连涨，其持仓股曼卡龙涨超12%，潮宏基涨超8%，特力A、菜百股份、老铺黄 金等金饰个股涨幅居前。 消息面上，老凤祥官微消息，天猫618已于5月16日晚8点开卖，淘宝天猫珠宝饰品行业首届"超级首饰发 布"启幕，老凤祥作为首场深度合作品牌，带来近百款古法高工艺黄金饰品。该发布秀全程6小时吸引了 超过百万人观看，当日品牌成交额突破千万，刷新老凤祥线上单日成交的最高纪录。据淘天超级首饰发 布相关负责人介绍，去年淘宝平台上高工艺金饰成交额同比增长超过400%，这次超级首饰发布的首秀 成绩，证明了工艺黄金消费的巨大潜力。 国信证券此前在研报中指出，复盘黄金股股价走势，其涨跌与黄金价格走势紧密相关，金价上行过程会 提振黄金的投资需求，黄金股易享受到业绩与估值同步提升的乘数效应，表现出较金价更大的弹性。 拉长时间来看，国际金价近一年大幅走强。自去年5月21日以来金价震荡走强，截至 ...

Summary of the Conference Call for Lao Feng Xiang Company Overview - **Company**: Lao Feng Xiang - **Industry**: Gold and Jewelry Key Points and Arguments Industry Performance - The gold and jewelry industry experienced a significant sales decline in Q1 due to two main factors: the previous year's peak sales and severe gold price fluctuations during the Spring Festival, which dampened consumer purchasing desire [3][12] - Despite a poor performance in the January ordering meeting, the April meeting showed signs of recovery, indicating a slight improvement in terminal consumption [2][3] Financial Outlook - The company remains optimistic about achieving its financial budget for 2025 despite the challenges faced in Q1 [2][3] Store Management and Expansion - Lao Feng Xiang has undergone a net store closure trend in 2024, but the number of closures is relatively low compared to competitors [4][5] - Future plans include upgrading traditional stores and expanding themed stores like Cang Bao Jin and Feng Xiang Xi Shi, focusing on quality over quantity [4][5] Product Development - The company has launched several IP collaboration series, including partnerships with Gundam and Golden Saint Seiya, to enhance product differentiation and appeal to younger consumers [6][7] - There is a notable shift towards lightweight and small-weight products to cater to the gift market [7] E-commerce Strategy - Lao Feng Xiang has prioritized online sales since 2023, launching a Tmall flagship store, which is expected to contribute positively to revenue in the long term [8] - The company aims to modernize its marketing and sales strategies to attract younger consumers [8] Market Support for Franchisees - The company provides price and advertising support to franchisees to help them navigate the current market downturn [10][11] Product Structure and Sales Performance - Lao Feng Xiang's product structure lacks investment-grade gold bars, which affects its sales performance compared to competitors [12] - The proportion of crafted gold bars has increased to over 21%, indicating a shift in product strategy [12] Response to Gold Price Fluctuations - The company employs various strategies to mitigate the impact of rising gold prices, including online sales, product structure adjustments, and financial hedging [17] - Gold leasing is utilized to manage cash flow and inventory turnover, although it may lead to higher liabilities on the balance sheet [18] Profitability and Revenue Recovery - The fluctuation in gold prices has a limited impact on the company's gross margin, as the company can benefit from lower procurement costs during the stocking period [19][20] - The expected recovery of revenue and profit is aligned with the company's annual report targets, aiming for stability despite market fluctuations [21] April Ordering Meeting Performance - The April ordering meeting performed slightly better than expected, but final results will depend on both quantity and pricing factors [22] Additional Important Insights - The company is focusing on enhancing its brand image and product offerings to compete effectively in a market characterized by low barriers to entry and high product homogeneity [15][16]

Core Viewpoint - The first "Super Jewelry Release" event for the Taobao Tmall jewelry industry was successfully launched, showcasing traditional craftsmanship and modern design in gold jewelry, with significant consumer engagement and sales performance [1][3][5]. Group 1: Event Highlights - The event featured nearly a hundred traditional gold jewelry pieces from Lao Feng Xiang, including hairpins, necklaces, and pendants, emphasizing Chinese aesthetics and craftsmanship [1]. - The live broadcast attracted over one million viewers, with the brand achieving a sales record of over ten million yuan in a single day [1]. - A highlight of the event was the display of the "Golden Carriage," crafted using over ten traditional techniques, weighing more than 2400 grams, symbolizing Lao Feng Xiang's dedication to craftsmanship [1]. Group 2: Product Innovations - The "Ming Tang Feng Hua" series was introduced, inspired by Tang Dynasty artifacts, featuring unique designs that blend traditional culture with modern fashion [3]. - Other series showcased included "Feng Wu Jiu Tian" and "Cang Bao Jin," designed by national-level artisans, integrating various traditional craftsmanship techniques [3]. Group 3: Market Strategy - Lao Feng Xiang is exploring IP collaborations to attract younger consumers, launching the "Golden Saint Seiya" series, which incorporates elements from popular anime [5]. - The brand plans exclusive discounts and promotions for the upcoming 618 shopping festival on Tmall, aiming to enhance sales performance [5]. - The "Super Jewelry Release" initiative aims to host monthly events with different brands, focusing on innovative product launches and enhancing brand recognition [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company experienced a significant decline in revenue in 2024, with a total revenue of 567.93 billion yuan, down 20.5% year-on-year, and a net profit of 19.50 billion yuan, down 11.9% year-on-year. The first quarter of 2025 showed further revenue decline of 31.6% to 175.21 billion yuan and a net profit decrease of 23.6% to 6.13 billion yuan [4][5] - Due to fluctuations in gold prices, the profit forecasts for 2025-2026 have been revised downwards, with expected net profits of 17.63 billion yuan for 2025 and 19.11 billion yuan for 2026, compared to previous estimates of 21.80 billion yuan and 23.88 billion yuan respectively. The EPS is projected to be 3.37 yuan for 2025 and 3.65 yuan for 2026 [4][5] - The company maintains a strong brand presence and aims to restore growth momentum through product and channel optimization, with a reasonable valuation [4][6] Financial Summary - In 2024, the jewelry business generated revenue of 469.08 billion yuan, a decline of 19.3% year-on-year, primarily due to high gold prices affecting sales. The gross margin for 2024 and Q1 2025 was 8.9% and 9.1% respectively, showing slight improvements [5][8] - The company’s revenue is projected to recover slightly in 2026 and 2027, with expected revenues of 56.48 billion yuan and 60.41 billion yuan respectively, indicating a growth rate of 7.5% and 7.0% [8][10] - The financial ratios indicate a stable gross margin of around 8.9% and a net margin of 4.5% for the forecasted years [8][10] Strategic Initiatives - The company is focusing on brand renewal, enhancing product offerings, and optimizing distribution channels to regain growth momentum. This includes deepening market penetration in key regions and expanding into new markets [6][9] - The product strategy involves developing trendy and youthful designs, as well as collaborations with popular IPs to attract younger consumers [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company experienced a significant decline in revenue and net profit in 2024 and Q1 2025, with revenue dropping by 20.5% year-on-year to 567.93 billion yuan and net profit decreasing by 11.9% to 19.50 billion yuan in 2024. For Q1 2025, revenue fell by 31.6% to 175.21 billion yuan and net profit decreased by 23.6% to 6.13 billion yuan. The forecast for net profit from 2025 to 2027 is adjusted to 17.63 billion yuan, 19.11 billion yuan, and 20.61 billion yuan respectively, with corresponding EPS of 3.37 yuan, 3.65 yuan, and 3.94 yuan [4][5][8] Financial Summary - In 2024, the company's jewelry business revenue was 469.08 billion yuan, a decline of 19.3% year-on-year. The gross margin for 2024 and Q1 2025 was 8.9% and 9.1% respectively, showing an increase of 0.6 percentage points and 0.7 percentage points year-on-year. The net profit margin for the same periods was 4.5% and 4.6%, with increases of 0.3 percentage points and 0.5 percentage points year-on-year [5][8][10] Strategic Initiatives - The company is focusing on brand renewal, product optimization, and channel enhancement to restore growth momentum. This includes deepening customer insights, enhancing brand recognition through themed stores, and accelerating the development of fashionable and youthful product designs. The company is also expanding its market presence in key regions such as Guangdong-Hong Kong-Macau and Beijing-Tianjin-Hebei [6][9]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024 and the first quarter of 2025, primarily due to high gold prices impacting sales performance [2][4]. Financial Performance - For the full year 2024, the company recorded revenue of 56.79 billion, a decrease of 20.5%, and a net profit attributable to shareholders of 1.95 billion, down 11.9% [2]. - In Q4 2024, revenue was 4.21 billion, reflecting a sharp decline of 55.1%, with a net profit of 170 million, down 30.4% [3]. - In Q1 2025, revenue was 17.52 billion, a decrease of 31.6%, with a net profit of 610 million, down 23.6% [4]. Business Segment Analysis - In 2024, the jewelry segment generated revenue of 46.91 billion, down 19.3%, primarily due to high gold prices affecting sales. Wholesale and direct sales revenue growth rates were -18.3% and -31.3%, respectively [4]. - Other business segments showed varied performance, with gold trading and craft sales declining by 26.4% and 5.6%, while pencil-related business saw a slight increase of 1.1% [4]. Channel and Network Adjustments - The company experienced a slight reduction in its marketing network, ending 2024 with 5,838 outlets, a net decrease of 156 outlets. Direct sales increased by 10 outlets, while franchise outlets decreased by 166 [4]. Profitability Metrics - The company's gross margin improved to 8.9% in 2024, an increase of 0.6 percentage points, driven by rising gold prices. The gross margins for wholesale and retail jewelry were 9.4% and 23.6%, respectively [5]. - In Q1 2025, the gross margin further improved to 9.1%, up 0.7 percentage points [5]. - The net profit margin for 2024 and Q1 2025 was 3.4% and 3.5%, respectively, both showing slight improvements [6]. Market Outlook - The company is expected to benefit from a recovery in the jewelry sector as consumer confidence in gold prices remains strong, despite short-term fluctuations. The gold price increased by 37% year-on-year in Q1 2025 [6]. - The company, as a leading state-owned gold and jewelry brand, is positioned for steady growth and is likely to benefit from the industry's recovery [6].