股票简称：老凤祥 股票代码：600612 编号：临 2025-038 老凤祥 B 900905 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 一、本次转增概述 根据公司总体发展战略规划，今后拟由老凤祥首饰研究所向上海黄金交易所 申请成为符合其资质认定的黄金精炼企业，并开展旧金回收、精炼等业务。根据 上海黄金交易所 2025 年 7 月 10 日最新发布的《上海黄金交易所认定精炼企业管 理办法》有关精炼企业资格管理的规定：注册资本和净资产均不低于 5,000 万元 人民币。因此，为促进老凤祥首饰研究所的业务发展，提高经营效益，公司于 2025 年 9 月 15 日召开了第十一届董事会第十九次（临时）会议，审议通过了《关 于控股子公司以盈余公积转增注册资本的议案》，老凤祥首饰研究所拟以盈余公 积转增注册资本 3,385 万元，转增后，老凤祥首饰研究所各股东持有份额按原出 资额占比计算，注册资本将从 1,615 万元增加到 5,000 万元，注册资本和净资产 均符合上海黄金交易所认定精炼企业标准。 老凤祥股份有限公司 ...

Market Overview - The jewelry sector experienced a decline of 1.45% on September 15, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Mankalon (300945) saw a significant drop of 4.76%, closing at 21.61 with a trading volume of 249,400 shares and a turnover of 542 million yuan [2] - Other notable declines include: - Cuihua Jewelry (002731) down 3.76% to 13.30 [2] - Laixitongling (603900) down 2.96% to 11.16 [2] - Diya Co. (301177) down 2.43% to 36.54 [2] - Conversely, Lao Fengxiang (600612) increased slightly by 0.42% to 55.18 [1] Trading Volume and Capital Flow - The jewelry sector experienced a net outflow of 284 million yuan from main funds, while retail investors saw a net inflow of 328 million yuan [2] - The trading volume for key stocks included: - Mankalon: 249,400 shares [2] - Cuihua Jewelry: 125,600 shares [2] - Gold China (600916): 378,400 shares [2]

人民财讯9月15日电，老凤祥（600612）9月15日晚间公告，公司下属控股子公司老凤祥首饰研究所拟与 具有专业技术优势和市场规模的翠绿股份、上海鑫派共同投资组建老凤祥精材公司，在上海市金山区建 设一座符合国家环保标准和上海黄金交易所认证标准的现代化精炼厂及配套检测实验室，并开展相关业 务。老凤祥精材公司注册资本5000万元，拟由老凤祥首饰研究所出资3500万元，占比70%。预计项目总 投资金额不超过2.15亿元。 老凤祥同日公告，公司拟由下属控股子公司老凤祥有限和老凤祥钻石加工中心以自有资金5000万元共同 投资设立老凤祥奢品公司。 ...

Core Viewpoint - The company, Lao Feng Xiang, plans to apply for recognition as a refining enterprise by the Shanghai Gold Exchange to enhance its gold business and complete its precious metal industry chain [1][2] Group 1: Business Expansion - The company aims to establish a modern refining plant and supporting testing laboratory in Jinshan District, Shanghai, in collaboration with partners possessing technical advantages and market scale [1] - The new entity, Lao Feng Xiang Jing Cai Company, will produce gold bars that meet the certification standards of the Shanghai Gold Exchange and engage in related precious metal testing services [1] Group 2: Strategic Goals - The project is intended to create a research and production base for precious and rare metals within Shanghai, addressing current gaps in the local precious metal industry [2] - The initiative will enhance the company's supply chain autonomy and product value, providing essential materials for jewelry manufacturing and laying the groundwork for high-end metal materials across multiple industries [2]

Group 1 - The company, Lao Feng Xiang, announced the establishment of Lao Feng Xiang Precision Materials Company with a registered capital of 50 million RMB, where its subsidiary, Shanghai Lao Feng Xiang Jewelry Research Institute, will contribute 35 million RMB, accounting for 70% [1] - The total investment for the project is expected to be no more than 215 million RMB, with 50 million RMB contributed by shareholders and the remaining amount to be financed through debt [1] - Lao Feng Xiang Precision Materials Company will primarily produce gold bars that meet the certification standards of the Shanghai Gold Exchange and will gradually expand into refining other precious metals such as platinum, palladium, rhodium, silver, and titanium [1] Group 2 - The project aims to establish a precious metal research and production base within Shanghai, promoting breakthroughs in new materials and processes, thereby filling the current gap in the precious metal industry in Shanghai [2] - The expansion of the company's gold business will provide essential material support for jewelry manufacturing, enhancing supply chain control and product added value [2] - The initiative is designed to lay the foundation for providing high-end metal materials to multiple industries, achieving mutual benefits and sustainable development for the three cooperating parties [2]

Core Viewpoint - The announcement indicates that Laofengxiang's subsidiary, Laofengxiang Jewelry Research Institute, plans to invest 50 million yuan to establish Shanghai Laofengxiang Jingcai Technology Development Co., Ltd., with a total project investment not exceeding 215 million yuan, aimed at enhancing the gold industry chain and product value [1] Group 1 - The joint investment will be shared among Laofengxiang (70%), Cui Lv Co., and Shanghai Xinpai (15% each) [1] - The project aims to improve the value-added of products and enhance supply chain autonomy [1] - Funding for the project will partially be secured through debt financing [1] Group 2 - The project is still subject to registration and environmental assessments, indicating that it has not yet received final approval [1] - There are uncertainties regarding the project's impact on performance due to potential market and policy risks [1]

2025年，老凤祥股份有限公司第十一届董事会第十九次（临时）会议，审议通过控股子公司上海老凤祥 首饰研究所有限公司以盈余公积转增注册资本议案。老凤祥首饰研究所拟增资3385万元，注册资本将从 1615万元增至5000万元，各股东持有份额按原出资额占比计算。此次转增是为促进该子公司向上海黄金 交易所申请成为黄金精炼企业，开展旧金回收等业务，符合其对精炼企业资格管理规定。该事项无需股 东大会审议，不构成关联交易及重大资产重组，相关风险可控。 ...

2025年，老凤祥股份有限公司发布公告，其下属控股子公司上海老凤祥有限公司与上海老凤祥钻石加工 中心有限公司拟以自有资金5000万元，共同投资设立老凤祥奢品销售有限公司（暂名）。其中，老凤祥 有限出资4000万元，占比80%；老凤祥钻石加工中心出资1000万元，占比20%。此次投资旨在提升品牌 形象与价值，开拓中高端市场。不过，该公司尚未完成注册登记，且奢品业务属创新业态，在经营管理 等方面存在不确定性，未来还可能面临市场、政策等风险，对公司业绩影响未知。 ...

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.00% to 1969.84 points [1] - The Shanghai Composite Index rose by 1.52%, the Shenzhen Component Index by 2.65%, the ChiNext Index by 2.10%, and the CSI 300 Index by 1.38% [1] Strong Stock Performance - Notable strong performers included兆易创新 (Zhaoyi Innovation) up 19.21%, 澜起科技 (Lanke Technology) up 9.03%, and 老凤祥 (Lao Feng Xiang) up 8.30% [2] - Since the second half of the year, 中际旭创 (Zhongji Xuchuang) has surged by 189.38%, while 阳光电源 (Sungrow Power) has increased by 97.61% [2] Market Outlook - Overall, the market is expected to maintain a positive trend, with strong capital inflow and investor confidence remaining high [2] - The current macroeconomic policies are supportive, and the risk of economic uncertainty is low, which is favorable for stock investments [2] -涌津投资 (Yongjin Investment) anticipates a rebalancing of market styles in the upcoming quarters, particularly influenced by AI-related sectors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]