立信 估价及顾问服务 上海老凤祥有限公司拟通过控股子公司增资 所涉及的迈巴赫奢侈品亚太有限公司 股东全部权益价值 估值说明 信资评估字(2025)第 010038 号 上 海 立 信 资 产 评 估 有 限 公 司 上海市浦东新区沈家弄路 738 号 8 楼 电话: +0086 21 68877288 传真:+0086 21 68877020 公司电子邮箱:lixin@lixin.cn 公司网址:www.lixin.cn 迈巴赫奢侈品亚太有限公司股东全部权益价值估值说明 目录 | 关于估值说明使用范围的声明 | | --- | | 仕信説明 | | 第一部分 资产清查说明 | | 1. 估值对象与估值范围说明 . | | 2. 资产核实情况总体说明, | | 3. 影响资产核实的事项及处理方法 | | 4. 核文结论 | | 第二部分 收益法估值技术说明 … | | 1. 估值对象. | | 2. 收益法的应用前提、选择的理由和思路 … | | 3. 收益法计算公式及各项参数 | | 4. 收益预测的假设条件 . | | 5. 宏观及行业分析 . | | 6. 公司经营、资产、财务分析 | | 7. 估值计算 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-044 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司拟投资迈巴赫奢侈品亚太有限公司股权暨关联 交易的公告 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。 重要内容提示 投资标的名称：老凤祥股份有限公司（以下简称"公司"）拟通过下属 控股子公司老凤祥香港有限公司（以下简称"老凤祥香港公司"或"LFXHK"） 投资认购 Maybach Luxury Asia Pacific Co. Limited（迈巴赫奢侈品亚太有限公司， 以下简称"迈巴赫奢侈品亚太"或"MAP"）向 LFXHK 发行及配发的共 2,000 股有投票权普通股，占发行及配发后 MAP 股权的 20%。本次投资合计总投资额 为 2,400 万美元。 投资总金额及投资方式： 1.协议各方同意，MAP 在《投资及股东协议》签署日起一周内发起注销 MAP 现有股东 Maybach Icons of Luxury GmbH（迈巴赫奢侈品有限公司，以下简称 "MIOL")所持有 MAP 的 2,00 ...

一、基本情况 股票简称：老凤祥 股票代码：600612 编号：临 2025-042 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司对外投资设立香港全资子公司的进展公告 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。 4、注册证明书编号：78860870 5、商业登记证号码：78860870-000-09-25-5 6、注册证明书签发日期：2025 年 9 月 26 日 7、股权结构：公司控股子公司上海老凤祥有限公司持股 100% 特此公告。 老凤祥股份有限公司 2025 年 10 月 10 日 老凤祥股份有限公司（以下简称"公司"）于 2025 年 6 月 12 日召开了第十 一届董事会第十七次（临时）会议，审议通过了《关于控股子公司拟对外投资设 立香港全资子公司的议案》。根据《上海证券交易所股票上市规则》《公司章程》 等规定，本次对外投资设立全资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 6 月 13 日在上海证券交易所网站 （www.sse.com.cn）披露 ...

格隆汇10月9日｜老凤祥公告，公司拟通过下属 控股子公司老凤祥香港有限公司投资认购 MaybachLuxuryAsia Pacific Co. Limited(迈巴赫奢侈品亚太有限公司)向LFXHK发行及配发的共2000 股有 投票权普通股，占发行及配发后MAP股权的20%。本次投资合计总投资额为2400万美元。 ...

老凤祥公告称，公司拟通过下属控股子公司老凤祥香港有限公司（LFXHK）投资认购迈巴赫奢侈品亚 太有限公司（MAP）发行的2000股有投票权普通股，占发行及配发后MAP股权的20%，总投资额为 2400万美元。此外，MAP与LFXHK的关联公司上海老凤祥臻品商贸有限公司签署《品牌代理协议》， 就日后与MAP在品牌代理业务方面达成战略合作。 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-043 老凤祥 B 900905 1 详细内容请参考同日登载在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上的《老凤祥股份有限公司关于控股子公司拟投资迈巴赫奢侈品亚 太有限公司股权暨关联交易的公告》，公告编号：临 2025-044。 老凤祥股份有限公司 第十一届董事会第二十次（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法律责任。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日向全体董事 发出会议通知，并在 2025 年 9 月 30 日如期召开了第十一届董事会第二十次（临 时）会议。出席会议的董事应到 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。与会董事审议并一致通过以下决议： 一、《关于控股子公司拟投资迈巴赫奢侈品亚太有限公司股权暨关联交易的 议案》 表决情况：8 票同意、0 票反对 ...

Core Viewpoint - The company, Lao Feng Xiang, announced an investment of $24 million to acquire a 20% stake in Maybach Luxury Asia Pacific Co. Limited through its subsidiary, Lao Feng Xiang Hong Kong Limited [1] Group 1 - Lao Feng Xiang plans to invest through its subsidiary, Lao Feng Xiang Hong Kong Limited [1] - The investment involves the subscription of 2,000 voting ordinary shares in Maybach Luxury Asia Pacific Co. Limited [1] - The total investment amount is $24 million [1]

Market Overview - The jewelry sector increased by 1.47% on October 9, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Individual Stock Performance - Mankalon (300945) closed at 20.99, up 5.85% with a trading volume of 258,100 shares and a turnover of 532 million yuan [1] - China Gold (600916) closed at 8.75, up 4.42% with a trading volume of 991,900 shares and a turnover of 859 million yuan [1] - Deep China A (000017) closed at 6.89, up 4.39% with a trading volume of 286,800 shares and a turnover of 195 million yuan [1] - Other notable performers include Xinghua Jewelry (002731) up 3.62% and Laixi Tongling (603900) up 3.50% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 34.23 million yuan from institutional investors, while retail investors experienced a net outflow of 11.20 million yuan [2] - Major stocks like Laofengxiang (600612) had a significant net outflow of 40.98 million yuan from institutional investors [3] - Mankalon (300945) experienced a net inflow of 2.92 million yuan from retail investors despite a net outflow from institutional and speculative funds [3]

"哎，你听说没？今天老凤祥的黄金又涨价了。"我一边翻手机一边跟朋友说。朋友皱眉："哎呀，这金价涨得太快了，我都不知道该什么时候买了。"我笑了 笑："别急，咱慢慢聊，看看这些涨价到底意味着啥，怎么挑选才划算。" 中国黄金和老凤祥价格对比 先说最基础的金价。今天中国黄金基础金价是896元每克，而投资金条、储值金条和元宝金都是912元每克。老凤祥金店的黄金和足金价格就高一些，都是 1138元每克，投资金条1088元每克。你会发现，不同品牌和不同产品价格差别明显。投资金条、储值金条更偏向保值，首饰和品牌金价则高一些，但好看、 工艺精致，也更适合收藏和送礼。 ￥ 123 淘宝 月销量75 旗舰店 购买 黄金首饰价格档次解析 黄金首饰其实分三档，高档、中档和低档。高档首饰通常用K白金、高K黄金或者足金制成，不仅看着漂亮，保值能力也强。中档和低档首饰更多考虑性价 比，工艺简单，价格也更亲民。你如果买来自己戴或者送人，高档首饰当然赏心悦目，但如果单纯为了投资保值，买高档未必最划算，投资金条更稳。 老凤祥足金价格变化 最近老凤祥足金价格变化也挺明显。10月2号和3号是1125元每克，10月4号涨到1131元每克，今天直接到11 ...

Summary of Key Points from the Jewelry Industry Conference Call Industry Overview - The jewelry industry performed better than expected during the National Day holiday, with Chow Tai Fook in East and Central China seeing a growth of 15% due to relaxed price controls and an increase in non-inlaid gold products and inlaid products [1][4] - Chao Hong Ji maintained a high growth rate of over 40% each quarter since last year, with an expected growth of 50% during the holiday period [1][5] - Lao Miao and Lao Feng Xiang have shown weaker performance since April, with declines of 10%-15% due to rising gold prices and Chow Tai Fook's pricing strategy [1][9] - Other brands like Chow Sang Sang, Zhongjin, and Dazheng achieved growth of about 10%-15% during the holiday, with some regions exceeding 40% [1][10] Key Insights and Arguments - Chow Tai Fook plans to raise prices in late October due to a 9%-10% increase in international gold prices, with other brands expected to follow suit [1][11] - The brand's strict control over small franchisees' private goods and weaker control over provincial agents has led to significant pressure on private goods space [1][13] - The tax regulation in the jewelry industry is becoming more standardized, with all companies expected to shift towards formalization, impacting franchisees' cost structures [2][16] - The proportion of non-gold weight products for Chow Tai Fook has approached 35%, with expectations to reach 40% in Q4 [2][17][18] Brand Performance - Chow Tai Fook's sales in East China reached approximately 180 million yuan, while Chao Hong Ji's sales in Anhui were around 100 million yuan [3] - Chow Tai Fook experienced a 20% decline in Q1 due to rising gold prices but rebounded to achieve a 15% growth during the National Day holiday [6][11] - Chao Hong Ji's gold weight and sales amount have shown growth, with a 20%-30% increase in gold weight compared to declines of 30%-40% in other brands [8] - Lao Miao and Lao Feng Xiang have struggled to maintain customer loyalty against Chow Tai Fook's aggressive pricing strategy [9] Market Dynamics - The overall market growth rate is expected to be around 10%-15%, particularly in East China, based on data from major brands [14] - The impact of rising gold prices on consumer behavior is currently limited, but if prices exceed $4,000, demand may be affected [1][23] - The competitive landscape has intensified, with brands adopting aggressive pricing strategies to attract customers [21] Additional Important Insights - The jewelry industry is facing significant tax scrutiny, with major brands like Chow Tai Fook required to issue full invoices, impacting their operational costs [16][33] - The market in Henan shows a diverse brand presence, with a total market size expected to exceed 900 million yuan this year [19] - The sales performance during the double holiday period in Henan was mixed, with some brands experiencing growth while others faced declines [20] This summary encapsulates the key points discussed in the conference call, highlighting the performance of various brands, market dynamics, and the impact of external factors such as gold prices and tax regulations on the jewelry industry.