股票简称：老凤祥 股票代码：600612 编号：临 2025-047 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司投资设立老凤祥奢品销售有限公司的进展公告 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法律责任。 2.公司类型：其他有限责任公司； 3.注册资本：5,000 万元人民币； 4.注册地址：上海市黄浦区福佑路 229 号 204 室； 5.统一社会信用代码：91310101MAEXY5MW3X 6.法定代表人：李军 6.成立日期：2025 年 10 月 11 日. 一、基本情况 老凤祥股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开了公司 第十一届董事会第十九次（临时）会议，审议通过了《关于控股子公司拟投资设 立老凤祥奢品销售有限公司的议案》。根据《上海证券交易所股票上市规则》《公 司章程》等规定，本次投资设立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。具体内容详见公司于 2025 年 9 月 16 日在上海证券交易所网站 （www.sse.com.cn）披露的《老凤祥股份 ...

二、本次进展情况 近日，公司完成了上述黄金精炼子公司注册登记手续。经上海市金山区市场监督管理局核名，上述黄金 精炼子公司全名为上海老凤祥精材科技发展有限公司，营业执照具体信息如下： 1.公司名称：上海老凤祥精材科技发展有限公司； 股票简称：老凤祥 股票代码：600612 编号：临2025-046 老凤祥B 900905 老凤祥股份有限公司 关于控股子公司投资设立黄金精炼子公司的进展公告 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法律责任。 一、基本情况 老凤祥股份有限公司（以下简称"公司"）于2025年9月15日召开了公司第十一届董事会第十九次（临 时）会议，审议通过了《关于控股子公司拟投资设立黄金精炼子公司的议案》。根据《上海证券交易所 股票上市规则》《公司章程》等规定，本次投资设立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。具体内容详见公司于2025年9月16日在上海证券交易所网站（www.sse.com.cn）披露的 《老凤祥股份有限公司关于控股子公司拟投资设立黄金精炼子公司的公告》，公告编号：2025-037 ...

Core Viewpoint - The company, Lao Feng Xiang, is strategically investing in the high-end luxury market by acquiring a 20% stake in Maybach Luxury Goods Asia Pacific Ltd. for $24 million, aiming to leverage international brand resources to develop the high-end luxury market in the Asia-Pacific region [2][3]. Investment Details - Lao Feng Xiang plans to invest through its subsidiary, Lao Feng Xiang Hong Kong Ltd. (LFXHK), acquiring 2,000 voting shares in Maybach Luxury Goods, which will enhance its business development in the luxury sector [2][3]. - The investment is not related to Maybach's automotive business, focusing instead on luxury lifestyle products such as optical goods, fashion apparel, perfumes, home goods, silverware, and pet products [3]. Previous Initiatives - This is not the first move by Lao Feng Xiang in the luxury sector; in September, it established Lao Feng Xiang Luxury Sales Co., Ltd. with an investment of 50 million yuan to focus on high-end products like jewelry and watches [4]. Financial Performance - The company is facing financial pressure, with a 20.5% year-on-year decline in revenue to 56.793 billion yuan and a nearly 12% drop in net profit to 1.95 billion yuan for 2024 [5]. - The wholesale business, which accounts for over 70% of revenue, has a low gross margin of 9.39%, while retail operations have a higher margin of 23.61% [5]. Market Challenges - The traditional franchise model is seen as inadequate for the high-end transformation, with concerns about brand control and market positioning [6]. - The transition from jewelry to comprehensive luxury goods requires significant adjustments in supply chain, talent, and management, posing a challenge for the company [6].

Core Viewpoint - The recent investment by Lao Feng Xiang in Maybach Luxury Goods Asia Pacific is seen as a significant step towards high-end transformation in the gold and luxury goods sector, sparking discussions about the dilution of gold attributes and the potential for mutual benefits in market expansion [1][2][6]. Company Summary - Lao Feng Xiang plans to invest $24 million (approximately 170 million RMB) to acquire a 20% stake in Maybach Luxury Goods Asia Pacific, along with securing distribution rights in the Asia Pacific region [1][3]. - The partnership aims to enhance Lao Feng Xiang's brand image and product offerings while expanding into international markets [3][5]. - The investment is structured as a dual approach, combining equity investment with brand agency agreements to facilitate a stable relationship and operational learning from the luxury sector [4][5]. Industry Summary - The gold jewelry industry is currently facing profitability challenges due to high gold prices and increasing product homogeneity, leading to declining consumer demand [6][7]. - Lao Feng Xiang's revenue fell by 16.52% to 33.356 billion RMB, with net profit down 13.07% to 1.22 billion RMB in the first half of 2025, reflecting broader industry trends [7]. - In contrast, competitors like Lao Pu Gold have seen significant growth, with a 251% increase in revenue, indicating a potential shift towards high-end strategies within the industry [7][8]. - The luxury goods market is expected to see over 50% of luxury brands introducing pure gold jewelry, indicating a growing intersection between gold and luxury sectors [10].

Core Viewpoint - The recent investment by Lao Feng Xiang in Maybach Luxury Goods Asia Pacific is seen as a significant step towards high-end transformation in the gold and luxury goods sector, sparking discussions about the potential dilution of gold attributes and the strategic motivations behind the partnership [1][2][7]. Company Summary - Lao Feng Xiang plans to invest $24 million (approximately 170 million RMB) to acquire a 20% stake in Maybach Luxury Goods Asia Pacific, along with securing distribution rights in the Asia Pacific region [1][3]. - The partnership aims to enhance Lao Feng Xiang's brand image and expand its product offerings, while also facilitating its entry into international markets [3][5]. - The collaboration includes a brand agency agreement with a subsidiary, allowing Lao Feng Xiang to act as the exclusive distributor in Shanghai and a non-exclusive distributor in other Asia Pacific regions [3][4]. Industry Summary - The gold jewelry industry is currently facing profitability challenges due to high gold prices and increasing product homogeneity, leading to a decline in consumer demand [7][8]. - Lao Feng Xiang's revenue dropped by 16.52% to 33.356 billion RMB, with net profit decreasing by 13.07% to 1.22 billion RMB in the first half of 2025 [8]. - In contrast, competitors like Lao Pu Gold have seen significant growth, with a 251% increase in revenue to 12.354 billion RMB and a 285.8% rise in net profit to 2.268 billion RMB, indicating a potential shift towards high-end strategies in the industry [8][9]. - The luxury goods sector is entering a high-end development phase, with expectations that over 50% of luxury brands will introduce pure gold jewelry in the next two years, intensifying competition with Chinese gold jewelry brands [11].

股票简称：老凤祥 股票代码：600612 编号：临 2025-046 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司投资设立黄金精炼子公司的进展公告 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法律责任。 一、基本情况 老凤祥股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开了公司 第十一届董事会第十九次（临时）会议，审议通过了《关于控股子公司拟投资设 立黄金精炼子公司的议案》。根据《上海证券交易所股票上市规则》《公司章程》 等规定，本次投资设立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。具体内容详见公司于 2025 年 9 月 16 日在上海证券交易所网站 （www.sse.com.cn）披露的《老凤祥股份有限公司关于控股子公司拟投资设立黄 金精炼子公司的公告》，公告编号：2025-037。 二、本次进展情况 7.经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广；珠宝首饰回收修理服务；普通货物仓储服务（不含危险化学品 等需许可审批的项目）；社会经济咨询 ...

Core Viewpoint - The recent investment by Lao Feng Xiang in Maybach Luxury Goods Asia Pacific is seen as a significant step towards high-end branding in the gold and luxury goods sector, sparking discussions about the potential dilution of gold's intrinsic value [1][5][6]. Group 1: Investment Details - Lao Feng Xiang plans to invest $24 million (approximately 170 million RMB) for a 20% stake in Maybach Luxury Goods Asia Pacific, which will enhance its presence in the luxury market [2][3]. - The partnership includes a brand agency agreement that grants Lao Feng Xiang exclusive distribution rights in Shanghai and non-exclusive rights in other Asia-Pacific regions [3][4]. - The procurement commitments from Lao Feng Xiang to Maybach include a minimum purchase of $1 million in 2025, increasing to at least $200,000 every six months in 2026, and quarterly purchases starting in 2027, totaling no less than $13 million over three years [3]. Group 2: Market Context and Challenges - The gold jewelry industry is facing challenges such as high gold prices and increasing product homogeneity, leading to declining demand and profitability for companies like Lao Feng Xiang and Zhou Dashing [1][7]. - Lao Feng Xiang's revenue fell by 16.52% to 33.356 billion RMB in the first half of the year, while its net profit decreased by 13.07% to 1.22 billion RMB [7]. - In contrast, Lao Pu Gold, another competitor, reported a 251% increase in revenue and a 285.8% rise in net profit, indicating a potential shift towards high-end branding strategies in the industry [7]. Group 3: Strategic Implications - The collaboration is viewed as a dual necessity, with Lao Feng Xiang seeking high-end market penetration and Maybach aiming to expand its presence in China [5][6]. - Experts suggest that the partnership could allow Lao Feng Xiang to learn luxury brand management while also raising expectations for its own brand's high-end development [4][5]. - The future success of this collaboration will depend on effective brand management and the ability to navigate cultural and operational differences between the two companies [5][6]. Group 4: Future Outlook - The integration of gold and luxury brands is anticipated to create significant opportunities in both sectors, with predictions that over 50% of luxury brands will introduce pure gold jewelry in the next two years [8][9]. - The collaboration between Lao Feng Xiang and Maybach is expected to lead to co-branded products, which is a key objective of their partnership [9]. - The Chinese gold jewelry sector is seen as being on the verge of a high-end breakthrough, but it still faces challenges in achieving true luxury brand status due to operational expertise gaps [8][9].

Core Viewpoint - The company, Lao Feng Xiang, is strategically investing in the high-end luxury market by acquiring a 20% stake in Maybach Luxury Goods Asia Pacific Ltd. for $24 million, aiming to leverage international brand resources to develop the luxury goods market in the Asia-Pacific region [1][2][3]. Investment Details - Lao Feng Xiang plans to invest through its subsidiary, Lao Feng Xiang Hong Kong Ltd. (LFXHK), acquiring 2,000 voting shares in Maybach Luxury Goods, representing 20% of the post-issue capital [1][2]. - The investment is not related to Maybach's automotive business, focusing instead on luxury lifestyle products such as optical goods, fashion apparel, perfumes, home goods, silverware, and pet products [2][3]. Market Context - Maybach Luxury Goods, established in 2013, operates in 75 countries with 617 retail outlets and plans to open six high-end boutiques in Asia, one in North America, and one in Europe by 2026 [3]. - This investment follows Lao Feng Xiang's previous establishment of a luxury sales company with a capital of 50 million yuan, indicating a consistent strategy towards high-end market expansion [3]. Financial Performance - Lao Feng Xiang's financial performance has been under pressure, with a 20.5% year-on-year decline in revenue to 56.793 billion yuan and a nearly 12% drop in net profit to 1.95 billion yuan for 2024 [4]. - The company's retail business has a gross margin of 23.61%, while the wholesale business, which constitutes over 70% of revenue, has a significantly lower gross margin of 9.39% [4]. Strategic Implications - The investment is seen as a trial for brand positioning, with the potential to enhance the company's image and accumulate luxury goods operational experience [5]. - However, the investment may not lead to immediate financial improvements, and the success of the brand agency business and local production will be crucial for future growth [5][6]. - The traditional franchise model may pose challenges in adapting to the high-end market, raising concerns about brand control and the ability to support brand premium [6].

Industry Overview - The Chinese gold and jewelry industry primarily involves the production of jewelry and artifacts made from precious metals like gold, platinum, and silver, as well as gemstones like diamonds and jade [1] - This industry is a significant part of the consumer goods market, closely linked to disposable income, consumption upgrades, and traditional cultural sentiments [1] - China has become the world's largest consumer of gold and an important market for jewelry [1] Market Characteristics - The market has seen a strong rebound post-pandemic, with retail sales of jewelry surpassing 800 billion RMB in 2023, showing significant year-on-year growth [4] - The "ancient method gold" category has emerged as a key growth driver within the gold segment [4] - Market concentration is increasing, indicating a "stronger getting stronger" trend [5] Product Categories - Gold products include investment bars, coins, and gold jewelry, serving both investment and consumption purposes [6] - Diamond and gemstone products focus on fashion, emotional value, and collectability [6] - K-gold and platinum products target younger consumers with strong design elements [6] Consumer Behavior - Brand loyalty is highly concentrated among leading brands like Chow Tai Fook and Lao Feng Xiang, while dependency on specific materials or styles is relatively low [6] - Consumer sentiment is influenced by gold price fluctuations, leading to complex purchasing behaviors [6] - Seasonal demand, particularly around weddings and holidays, drives sales peaks [6] - Urban-rural consumption differences exist, with urban consumers favoring design and brand stories, while rural consumers prioritize gold's value retention [6] - Cultural significance of gold in China underpins stable demand [6] Competitive Landscape - Leading brands like Chow Tai Fook and China Gold continue to expand market share due to strong channel networks and brand reputation [7] - Foreign and Hong Kong brands like Tiffany and Cartier dominate the high-end market [7] - Regional and independent designer brands face competition from major brands [7] Future Trends - Product innovation and craftsmanship upgrades, such as the ongoing popularity of "ancient method gold," will continue [12] - Digitalization and omnichannel integration will become standard, enhancing user experience [12] - Sustainability and ethical sourcing will gain importance among younger consumers [12] - The lower-tier market and global expansion will be key areas of focus for leading brands [12] - Marketing strategies will shift towards emotional resonance and scenario-based marketing [12] Challenges and Opportunities - The offline retail model remains dominant, but innovative store formats are emerging [11] - Online penetration is increasing, with live-streaming and social e-commerce becoming growth drivers [11] - The younger generation (Gen Z) is becoming a significant consumer force, prioritizing design and emotional connections over material value [11] - Market risks include gold price volatility, homogenization of products, rising costs, and rapidly changing consumer preferences [12]

Core Viewpoint - The company is strategically investing in high-end luxury markets through partnerships and new ventures to enhance its brand image and market presence in the luxury sector [1][2][3] Group 1: Investment and Strategic Partnerships - The company plans to invest $24 million through its subsidiary, LFXHK, to acquire 20% of MAP, a luxury goods company, aiming to develop the high-end luxury market in the Asia-Pacific region [1] - A brand agency agreement has been signed between MAP and the company's affiliate, Shanghai Laofengxiang Zhenpin Trading Co., to establish strategic cooperation in brand agency business [1] Group 2: Market Position and Financial Performance - The company reported a 16.52% year-on-year decline in revenue to 33.356 billion yuan and a 13.07% drop in net profit to 1.22 billion yuan in the first half of the year, indicating challenges in relying solely on its traditional brand [2] - The gold price has increased by 30% this year, yet the company is adapting to changing consumer preferences, particularly among younger buyers who favor lightweight and design-oriented products [2] Group 3: High-End Market Ambitions - The frequent mention of "high-end" in recent announcements indicates the company's ambition to pursue a high-end market strategy [3] - The company is also collaborating with ByteDance to launch AI glasses, showcasing its commitment to innovation and integration of technology in its product offerings [3]