Core Viewpoint - In 2024, despite rising gold prices, the revenue and net profit of Lao Feng Xiang have declined significantly, indicating challenges in the retail jewelry market and the company's performance [1][2]. Group 1: Financial Performance - Lao Feng Xiang reported a revenue of 56.793 billion yuan in 2024, a year-on-year decrease of 20.50% [1] - The company's net profit attributable to shareholders was 1.950 billion yuan, down 11.95% year-on-year [1] - In Q4 2024, the company achieved a revenue of 4.212 billion yuan and a net profit of 174 million yuan, representing decreases of 55.05% and 30.4% respectively compared to the same period last year [1] Group 2: Market Environment - The decline in performance is attributed to a combination of a challenging market environment and rising gold prices, which have led to weak consumer demand for gold jewelry [2] - In 2024, China's gold jewelry consumption was 532.02 tons, a decrease of 24.69% year-on-year [2] - The third quarter of 2024 marked a turning point for Lao Feng Xiang, with revenue and net profit dropping by 41.89% and 46.20% respectively compared to the previous year [2] Group 3: Sales Strategy and Challenges - The slowdown in retail sales has affected the enthusiasm of franchisees and distributors to purchase products during ordering sessions, prompting the company to implement promotional discounts [3] - The company experienced a net decrease of 166 franchise stores, indicating challenges in maintaining its retail network [5] - Lao Feng Xiang's product structure, primarily focused on gold jewelry, has made it more vulnerable to the impacts of rising gold prices compared to competitors with different sales strategies [3] Group 4: Future Outlook and Initiatives - The company is actively seeking to improve its operational quality by learning from successful competitors and enhancing its market presence through themed stores [4] - Despite plans to upgrade retail store themes and expand market reach, the company has faced difficulties due to weak gold jewelry consumption [4]

Financial Performance - In 2024, the company achieved total operating revenue of ¥5,679,287.65 million, a decrease of 20.50% compared to the previous year[4] - The net profit attributable to shareholders was ¥194,980.17 million, down 11.95% year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥180,345.61 million, a decline of 16.34% compared to the previous year[6] - The basic earnings per share were ¥3.7273, reflecting a year-on-year decrease of 11.95%[6] - The weighted average return on equity decreased by 4.33 percentage points to 16.20%[4] Assets and Equity - The company's total assets at the end of the reporting period were ¥2,273,114.24 million, a decrease of 6.59% from the beginning of the period[6] - The equity attributable to shareholders increased by 7.98% to ¥1,249,808.83 million[6] Market Presence - The number of marketing outlets reached 5,838, with a net increase of 10 direct stores but a decrease of 166 franchise stores[7] Non-Recurring Gains - The company received non-recurring gains of ¥14,634.56 million, an increase of 149.48% compared to the previous year due to higher fiscal subsidies[6] Market Trends - The decline in performance was attributed to weak gold jewelry consumption, with a reported 24.69% drop in gold jewelry consumption in China[7]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the year 2024, attributed to weak consumer demand in the gold jewelry sector and rising gold prices [1] Financial Performance - The company achieved total revenue of 56.793 billion yuan in 2024, representing a year-on-year decrease of 20.5% [1] - Net profit for the year was 1.95 billion yuan, down 11.95% compared to the previous year [1] - Basic earnings per share were reported at 3.73 yuan [1] Industry Context - The decline in performance is linked to insufficient global economic growth momentum and domestic effective demand [1] - The continuous rise in gold prices, reaching historical highs, has led to weakened consumption in the gold jewelry market [1]

股票简称：老凤祥 股票代码：600612 编号：临 2025-008 老凤祥 B 900905 老凤祥股份有限公司 关于公司总工艺师辞职的公告 特此公告。 老凤祥股份有限公司 2025 年 3 月 1 日 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"）董事会近日收到张心 一先生的《辞职函》，因年龄原因，张心一先生申请辞去公司总工艺 师职务。上述《辞职函》自送达公司董事会之日起生效。张心一先生 辞职后将不再担任公司其他职务。 张心一先生为中国工艺美术大师、国家级非物质文化遗产——老 凤祥金银细工技艺第五代传承人。2015 年 4 月 24 日起至 2025 年 2 月 28 日任公司总工艺师。任职期间，张心一先生为公司的产品开发、 非遗传承、品牌发展作出了卓越的贡献。公司董事会对张心一先生在 任职期间为公司发展所作出的贡献表示感谢！ ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-002 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十四次（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 1 月 13 日向全体董事 发出会议通知，并在 2025 年 1 月 17 日如期召开了第十一届董事会第十四次（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。与会董事审议并一致通过以下决议： 一、《关于拟将全资子公司中国第一铅笔有限公司持有的上海老凤祥有限 公司 20.50%股权划转至老凤祥股份有限公司的议案》 表决情况：9 票同意、0 票反对、0 票弃权通过了该议案。 本议案先经董事会审计委员会、战略委员会审议通过，并同意提交公司董事 会审议。 详细内容请参考同日登载在上海证券交易所网站（www.sse.com. ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-003 老凤祥 B 900905 老凤祥股份有限公司 第十一届监事会第十四次（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 1 月 17 日召开了第十四次（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： 经审核，监事会认为：本事项系公司合并报表范围内的股权内部划转及下属 子公司之间的股权结构调整，不会对公司经营产生影响，不会导致公司合并财务 报表范围发生变化，不涉及关联交易，亦不构成《《上市公司重大资产重组管理办 法》规定的重大资产重组，不存在损害公司及股东利益的情形。 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下属子公司股权内部划转至母公司 的公告》，公告编号：2025- ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-005 老凤祥 B 900905 老凤祥股份有限公司 关于对全资子公司中国第一铅笔有限公司进行减资的公告 老凤祥有限为公司的控股子公司，公司直接持股 57.51%，公司下属全资子公 司第一铅笔持股 20.50%，公司合计持有老凤祥有限股权 78.01%。为适应公司战 略发展，减少下属子公司的交叉持股，实现股权投资与管理关系的一致，同时便 于投资者理解公司的业务和报表，公司拟将第一铅笔持有的老凤祥有限 20.50% 股权内部无偿划转给公司持有。本次股权划转后，第一铅笔不再持有老凤祥有限 股权，公司对老凤祥有限的直接持股比例由 57.51%变为 78.01%，上述股权划前 后公司对老凤祥有限的持股比例保持不变。有关情况详见同日登载在上海证券交 易所网站上：www.sse.com.cn 的《老凤祥股份有限公司关于下属子公司股权内部 划转至母公司的公告》（公告编号：2025-004）。 老凤祥股份有限公司（以下简称"公司"或"母公司"）拟对下属全资子公 司中国第一铅笔有限公司（以下简称"第一铅笔"）注册资本进行减资。本 次减资完成后第一铅笔的注册资本将由 ...

老凤祥股份有限公司合规管理暂行办法 第一章 总则 第一条 为深入贯彻习近平法治思想，推动和加强老凤祥股 份有限公司（以下简称"公司"）的合规管理工作，有效防控合 规风险，公司根据《中华人民共和国公司法》《中华人民共和国 企业国有资产法》等有关法律法规，参照《上海市国资委监管企 业合规管理办法》《黄浦区国资委监管企业合规管理暂行办法》， 依据公司章程，制定本办法。 1 考核评价，并接受其依据相关规定对违规行为开展责任追究。 第六条 公司合规管理工作应当遵循以下原则： （一）坚持党的领导。充分发挥公司党委领导作用，落实全 面依法治国战略部署有关要求，把党的领导贯穿合规管理全过程。 （二）坚持全面覆盖。将合规要求嵌入经营管理各领域各环 节，贯穿决策、执行、监督全过程，落实到各部门和全体员工， 实现多方联动、上下贯通。 （三）坚持权责清晰。按照"管业务必须管合规"要求，明 确业务及职能部门、合规管理部门和监督部门职责，严格落实员 工合规责任，对违规行为严肃问责。 第二条 本办法适用于老凤祥股份有限公司。 第三条 本办法所称合规，是指公司经营管理行为和员工履 职行为符合国家法律法规、监管规定、行业准则和国际条约、规 则 ...

Group 1: Investor Relations Activities - The event was a site visit to Lao Feng Xiang, organized by Shenwan Hongyuan Securities to enhance communication between listed companies and investors [2] - The event took place on December 18, 2024, from 14:00 to 17:00 at the Lao Feng Xiang Precious Products Private Consultation Center in Shanghai [2] - Key participants included senior executives from Shenwan Hongyuan and Lao Feng Xiang, including the Deputy General Manager and the Secretary of the Board [2] Group 2: Company Overview and Future Plans - Lao Feng Xiang is focusing on enhancing its brand image and product design to attract younger consumers, including the development of themed stores and co-branded products [3] - The company plans to continue innovating in product design and marketing strategies to lead trends in jewelry consumption [3] - There are no current plans for further industry consolidation or undisclosed information regarding mergers and acquisitions [3] Group 3: Financial Insights - The company has a significant amount of cash but also substantial short-term borrowings, with interest expenses exceeding interest income [3] - The sales model is primarily wholesale, with regular large-scale ordering events that require advance inventory preparation, leading to temporary funding gaps [3] - Borrowing and repayment plans are adjusted based on market conditions and sales forecasts [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.56 CNY per share, compared to the current price of 51.14 CNY [6]. Core Insights - The company reported a significant decline in revenue and profit for the first three quarters of 2024, with revenue at 52.582 billion CNY, down 15.28% year-on-year, and net profit at 1.776 billion CNY, down 9.60% year-on-year. The third quarter alone saw a revenue drop of 41.89% year-on-year [3][4]. - The rising gold prices have negatively impacted consumer demand for gold jewelry, leading to pressure on the company's financial performance [3]. - The company is investing 840 million CNY in a new multi-functional industrial building project aimed at enhancing its brand image and operational environment, expected to take 48 months to complete [4]. Financial Summary - For 2024, the company is projected to achieve revenues of 62.204 billion CNY, with a year-on-year growth rate of -12.9%. Net profit is expected to be 2.001 billion CNY, reflecting a -9.6% growth rate [5]. - The gross margin for Q3 was reported at 6.52%, a decrease of 0.98 percentage points year-on-year, indicating significant sensitivity to gold price fluctuations [4]. - The company anticipates a gradual recovery in revenue and profit in the following years, with projected revenues of 67.163 billion CNY and 72.002 billion CNY for 2025 and 2026, respectively [4].