证券日报网讯12月15日，老凤祥（600612）在互动平台回答投资者提问时表示，公司将根据监管的要 求，切实提高合规意识，在合法合规的前提下，开展市值管理工作，做好投资者关系管理，推动上市公 司投资价值充分反映上市公司质量。公司目前生产经营正常，二级市场价格受宏观经济、行业现状等多 种因素影响，敬请投资者注意投资风险。 ...

Group 1 - The actual controller of the company is the Shanghai Huangpu District State-owned Assets Supervision and Administration Commission [1]

Core Insights - The strategic cooperation agreement between Lao Feng Xiang and Maybach Luxury Goods Asia Pacific marks a significant attempt by a Chinese gold brand to enter the high-end luxury market, while also serving as an effective strategy for the German luxury brand to expand in the Asia Pacific region [1][3][8] Group 1: Strategic Cooperation - The partnership is described as a deep resonance of Eastern and Western craftsmanship, aiming for resource complementarity and mutual learning [2] - Lao Feng Xiang will leverage its extensive network of nearly 6,000 outlets and local operational expertise to help Maybach quickly establish its presence in the Asia Pacific market [2] - The collaboration employs a "equity + brand agency" model, allowing Lao Feng Xiang to share in Maybach's future growth and enhance market expectations for its own high-end development [2][8] Group 2: Cultural Integration and Product Development - The cooperation aims to blend different cultural elements to create products that meet international aesthetics while retaining cultural characteristics, which is seen as a core issue for the luxury goods industry [2][6] - Both companies will explore lifestyle areas through the fusion of Eastern intangible cultural heritage techniques and Western luxury design, leading to the launch of a series of co-branded artistic products [6][8] - The partnership is expected to enhance brand promotion, expand the Asia Pacific market, and improve global layout, establishing a new benchmark for high-end luxury collaboration [6][8] Group 3: Market Impact and Future Vision - The collaboration is viewed as a milestone for extending Maybach's brand influence and represents a successful foundation for Lao Feng Xiang [8] - The companies aim to create a new luxury experience that integrates Eastern wisdom with international luxury genes, setting a new standard for cross-border brand cooperation [8] - The partnership is anticipated to provide excellent case studies for brand collaboration in the high-end consumer market, opening a new chapter in the integration of Eastern and Western commerce and culture [8]

据此前报道，北京时间12月12日下午，现货黄金（伦敦金现）突然强势直线拉涨，突破4300美元，为10 月21日以来首次，盘中一度向上触及4353美元/盎司，上涨1.74%，距离历史新高仅一步之遥。 转自：中安在线 13日，周生生、老庙黄金、老凤祥等国内部分品牌金饰克价续创年内新高。周生生金饰涨至1351元/ 克，老庙黄金涨至1352元/克，两家品牌金饰克价均一夜上涨13元；老凤祥金饰涨至1345元/克。 | | 卖出 | ま1351 | | --- | --- | --- | | 足金饰品 (每克) | 换金价 | *1162 | | | 换珠宝价 | ¥1163 | 编辑：毛书兵 责编：叶娟 审核：郭春燕 ...

Group 1 - Domestic gold jewelry brands such as Chow Sang Sang, Lao Miao Gold, and Lao Feng Xiang have seen their gold prices reach new highs for the year, with Chow Sang Sang at 1351 RMB per gram and Lao Miao Gold at 1352 RMB per gram, both increasing by 13 RMB overnight [1][4] - Lao Feng Xiang's gold jewelry price has risen to 1345 RMB per gram [1] - The latest gold prices in the Shanghai region indicate that platinum jewelry is priced at 600 RMB per gram, while gold bars are at 1307 RMB per gram [4] Group 2 - On December 12, the spot gold price in London surged, breaking through 4300 USD per ounce for the first time since October 21, reaching a peak of 4353 USD per ounce, marking a 1.74% increase [5]

Group 1 - Domestic gold jewelry brands such as Chow Sang Sang, Lao Miao Gold, and Lao Feng Xiang have seen their gold prices reach new highs for the year, with Chow Sang Sang at 1351 RMB per gram and Lao Miao Gold at 1352 RMB per gram, both increasing by 13 RMB overnight [1][4] - Lao Feng Xiang's gold jewelry price has risen to 1345 RMB per gram [1] - The latest gold prices in the Shanghai region indicate that the price for pure gold jewelry is 1352 RMB per gram, while platinum jewelry is priced at 600 RMB per gram [4] Group 2 - On December 12, the spot gold price in London surged, breaking through 4300 USD per ounce for the first time since October 21, reaching a peak of 4353 USD per ounce, marking a 1.74% increase [5] - The gold prices on December 12 were reported as 1338 RMB per gram for Chow Sang Sang, 1339 RMB per gram for Lao Miao Gold, and 1337 RMB per gram for Lao Feng Xiang [6]

Group 1 - The international gold price is reported at $4214.2 per ounce, while palladium is at $1497.4 per ounce, and silver is at $60.42 per ounce. The domestic gold price is at ¥950.0 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1328 per gram, and China Gold at the lowest price of ¥1232 per gram. Other notable prices include Chow Sang Sang at ¥1324, and multiple brands including Liufu Jewelry, Xie Rui Lin, and Jin Zun at ¥1328 per gram [1] - The price range among different brands indicates competitive pricing in the domestic market, with the lowest price from Cai Bai Jewelry at ¥1292 per gram and the highest from several brands at ¥1328 per gram [1]

Group 1: Domestic Gold Prices - Most gold stores in China maintain stable gold prices, with only Chow Sang Sang seeing a slight increase of 4 CNY per gram, reaching 1328 CNY per gram, which is the highest price among several stores today [1] - The price range for gold remains consistent with yesterday, maintaining a difference of 96 CNY per gram [1] - Detailed gold prices from various brands include: Lao Miao at 1325 CNY, Liu Fu at 1326 CNY, Chow Tai Fook at 1328 CNY, and others, with no significant changes reported [1] Group 2: Platinum Prices - Platinum jewelry prices have seen a slight increase, with Chow Sang Sang reporting a rise of 3 CNY per gram, now priced at 672 CNY per gram [1] Group 3: Gold Recycling Prices - The gold recycling price has increased by 2.7 CNY per gram, with varying prices across different brands, such as 941.50 CNY per gram for general gold and 906.80 CNY for Chow Sang Sang [2] Group 4: International Gold Prices - The spot gold price experienced fluctuations, peaking at 4221.09 USD per ounce and closing at 4206.92 USD per ounce, reflecting a 0.43% increase [4] - As of the latest update, the spot gold price is reported at 4175.36 USD per ounce, showing a decline of 0.33% [4] - The recent increase in gold prices is attributed to market expectations of a Federal Reserve interest rate cut and ongoing central bank gold purchases, while geopolitical uncertainties are also supporting safe-haven demand for gold [4]

Group 1: Market Trends - The demand for gold and jewelry consumption has increased, with retail sales reaching 313.1 billion yuan in the first ten months of the year, a year-on-year growth of 14.0% [1] - The rising gold consumption market faces challenges such as counterfeit products, unclear quality, mixed channels, and lack of after-sales service [1] Group 2: "Sand Gold" Issues - "Sand gold," which resembles gold but is actually brass plated with a thin layer of gold, has gained popularity due to its low price, with some merchants claiming it is "Vietnamese sand gold" or "Myanmar sand gold" [2][3] - The actual gold content in "sand gold" is often misrepresented, with some products claiming 5% gold content but failing to meet this standard upon testing [2] - Health risks are associated with "sand gold" due to excessive nickel release, which can cause skin allergies [3] Group 3: Pricing and Quality Concerns - The pricing of "sand gold" is misleading, as the production cost is very low, with some items costing as little as 10 yuan to produce [3] - "One-price" gold jewelry is becoming more common, where prices are set per item rather than by weight, leading to potential overpricing and lack of transparency regarding the actual weight of the gold [4][5] - Consumers have reported disputes over the actual weight of "one-price" products, highlighting the need for transparency in pricing and after-sales policies [5] Group 4: Customization Risks - Traditional gold companies are embracing trends by launching collaborative gold products, referred to as "pain gold," but risks exist in private customization due to lack of legal protection and potential quality issues [6][7] - Consumers face risks such as upfront payments without guarantees and potential quality problems due to the absence of third-party testing [6][7]

Core Insights - The gold retail industry is undergoing a significant transformation due to high gold prices, with brands shifting from expansion to value-focused strategies [1][17] - There is a notable increase in e-commerce sales, indicating that digitalization is a key driver of change in the industry [1] Group 1: Market Conditions - The gold retail market is experiencing a downturn, with many brand stores closing early and struggling with low consumer demand [2][4] - Major brands like Chow Tai Fook have reduced their store count from 6,501 to 5,895 between March and September 2025, averaging three store closures per day [4] - The shift in consumer sentiment has led to a strategic "thinning" of brand stores, with a focus on enhancing brand value rather than merely sales [5][17] Group 2: Product Trends - The product structure in the gold market is polarizing, with lightweight IP products appealing to younger consumers and high-end traditional gold crafts gaining market share [6][12] - The lightweight products, priced around 2,000 yuan for less than 1.5 grams, are becoming popular among younger demographics [6][8] - The high-end traditional gold market is growing rapidly, with the market share for traditional gold crafts increasing from 12% in 2022 to 22% in 2025 [12] Group 3: Financial Performance - Old Puhuang has become the first gold brand in China to surpass a market capitalization of 100 billion yuan, with a net profit growth rate soaring from 37.3% in 2021 to 254.1% in 2024 [8][12] - Chow Tai Fook's collaboration with Black God has achieved retail sales exceeding 150 million yuan, showcasing the success of cross-industry partnerships [8] Group 4: Digital Transformation - E-commerce sales for Chow Tai Fook increased by 27.6% year-on-year, driven by popular IP collaborations that attract younger consumers [8] - The trend of online shopping and promotional strategies, such as discounts and coupons, is reshaping consumer purchasing behavior in the gold retail sector [13][16]