Core Points - The company plans to distribute a cash dividend of 0.33 yuan per share (tax included) for the fiscal year 2025, with the total cash dividend amounting to approximately 172.63 million yuan [1][2][3] - The dividend distribution will be based on the total share capital of 523,117,764 shares as of June 30, 2025, and the distribution date will be specified in a future announcement [2][3] - After the dividend distribution, the company's retained earnings will be approximately 3.50 billion yuan [2] Profit Distribution Plan - The retained earnings of the parent company for the fiscal year 2024 are reported to be approximately 1.02 billion yuan, with a cash dividend of approximately 899.76 million yuan deducted for the fiscal year 2025 [2] - The cash dividend distribution will not include stock dividends or capital reserve transfers to increase share capital [1] - The cash dividend distribution represents 14.15% of the net profit attributable to the owners of the company for the first half of 2025 [2] Decision-Making Process - The company's board of directors approved the mid-year dividend distribution plan on April 28, 2025, and submitted it for review at the annual shareholders' meeting [2][3] - The shareholders' meeting held on June 26, 2025, authorized the board to determine the specific mid-year dividend distribution plan based on various factors including profitability and future growth needs [3] - The board will complete the cash dividend distribution within two months after the approval of the mid-year profit distribution plan [3]

Core Viewpoint - The company held its 18th meeting of the 11th Board of Directors on August 28, 2025, where several key resolutions were passed, including the approval of the 2025 semi-annual report and profit distribution plan [1][2]. Group 1: Financial Performance - The company approved the 2025 semi-annual report with unanimous support from all board members [1]. - A cash dividend of 0.33 yuan (including tax) per share was approved, amounting to a total cash distribution of 172,628,862.12 yuan (including tax), which represents 14.15% of the net profit attributable to shareholders for the first half of 2025 [2]. Group 2: Governance and Compliance - The board approved the revision of the "Company Information Disclosure Management System" [3]. - The board also approved the establishment of the "Temporary and Exemption Management System for Information Disclosure" [4]. - Additionally, the board approved the "Management System for Shares Held by Directors and Senior Management" [4]. Group 3: Sustainability - The company presented the "2024 Sustainable Development Report" during the meeting [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - Despite high gold prices putting pressure on performance, the company is actively optimizing channels and transforming products. The revenue for the first half of 2025 was 33.356 billion yuan, down 16.52% year-on-year, while net profit attributable to shareholders was 1.22 billion yuan, down 13.07% year-on-year. In Q2 alone, revenue increased by 10.51% to 15.835 billion yuan, and net profit rose by 0.88% to 607 million yuan [1][3] - The company is focusing on product innovation and upgrading, with over 80 new products developed in the cultural and artistic sector. The total number of stores at the end of the period was 5,550, with a net increase of 9 stores in Q2, reversing the previous downward trend [2][3] - The company is expected to face continued pressure on revenue due to high gold prices and the transformation of products, leading to a downward revision of net profit forecasts for 2025-2027 [3] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 33.356 billion yuan, a decrease of 16.52% year-on-year, and a net profit of 1.22 billion yuan, down 13.07% year-on-year. The adjusted net profit was 1.053 billion yuan, down 27.86% year-on-year [1] - The revenue from the jewelry business was 27.85 billion yuan, down 18.56% year-on-year, primarily due to high gold prices affecting terminal demand [2] - The company's gross margin for the first half of 2025 was 8.68%, a decrease of 0.53 percentage points year-on-year, influenced by the decline in the proportion of high-margin jewelry business [2] Future Outlook - The overall demand for gold products is expected to steadily increase as gold price fluctuations stabilize and the design and aesthetics of gold jewelry improve. The company is actively developing non-heritage craft jewelry and cross-industry collaborations to drive sales [3] - The company has adjusted its net profit forecasts for 2025-2027 to 1.758 billion yuan, 1.931 billion yuan, and 2.059 billion yuan, respectively, with corresponding P/E ratios of 14.2, 12.9, and 12.1 times [3][4]

Market Overview - The jewelry sector increased by 1.86% on August 29, with Diya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Diya Co., Ltd. (301177) closed at 35.12, with a significant increase of 19.99% and a trading volume of 55,100 shares, amounting to a transaction value of 185 million yuan [1] - Other notable performers included: - Chao Hong Ji (002345) at 14.76, up 3.58% with a trading volume of 333,700 shares [1] - Laikuntongling (603900) at 10.92, up 2.44% with a trading volume of 286,400 shares [1] - Mankalon (300945) at 18.72, up 2.13% with a trading volume of 181,100 shares [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 28.38 million yuan from institutional funds, while retail investors contributed a net inflow of 38.18 million yuan [2][3] - Diya Co., Ltd. saw a net inflow of 52.40 million yuan from institutional investors, but a net outflow of 28.57 million yuan from speculative funds [3] - Other companies like Mankalon and Chao Hong Ji also faced net outflows from speculative funds, indicating a mixed sentiment among different investor types [3]

Group 1 - The company reported a revenue of 33,355,850,917.28 yuan for the first half of 2025, representing a year-on-year decline of 16.52% [1] - The net profit attributable to shareholders of the listed company was 1,220,283,665.38 yuan, showing a year-on-year decrease of 13.07% [1]

Group 1 - The company reported a total operating revenue of 33.356 billion yuan for the first half of the year, representing a year-on-year decrease of 16.52% [1] - The net profit attributable to shareholders of the listed company was 1.22 billion yuan, down 13.07% year-on-year [1] - The basic earnings per share were 2.3327 yuan per share [1]

Group 1 - The company reported a revenue of 33.356 billion yuan for the first half of the year, representing a year-on-year decline of 16.52% [1] - The net profit attributable to shareholders of the listed company was 1.22 billion yuan, down 13.07% year-on-year [1] - The basic earnings per share were 2.3327 yuan per share [1]

老凤祥股份有限公司 信息披露事务管理制度 （2025 年 8 月修订） 第一章 总 则 第一条 为规范老凤祥股份有限公司（以下简称"公司"）及其他信息披露义 务人的信息披露行为，提高信息披露质量，加强信息披露事务管理，促进公司规范 运作，保护投资者合法权益，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 信息披露管理办法》（以下简称"《信息披露管理办法》"）、《上海证券交易所 股票上市规则》（以下简称"《股票上市规则》"）《上海证券交易所上市公司自 律监管指引第 2 号——信息披露事务管理》等法律、法规和规范性文件，以及《老 凤祥股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。本 制度适用于公司及所属全资、控股子公司，参股公司参照本制度执行。 第二条 本制度所称"信息"是指所有可能对公司证券及其衍生品种交易价格 产生较大影响的信息，以及有关法律、法规和规范性文件要求披露的信息或者公司 主动披露的信息。 本制度所称"披露"是指公司及其他相关信息披露义务人依据法律、法规和规 范性文件，将本条前款所述"信息"按规定及时报告证 ...

8月28日，老凤祥(600612.SH)公告称，上半年公司营业收入333.56亿元，同比下降16.52%；净利润12.2 亿元，同比下降13.07%。 （文章来源：每日经济新闻） ...

老凤祥公告，2025年上半年营业收入333.56亿元，同比下降16.52%；归属于上市公司股东的净利润12.2 亿元，同比下降13.07%。公司拟向全体股东每股派发红利0.33元（含税）。 (本文来自第一财经) ...