Core Insights - The retail demand during the Golden Week in 2025 exceeded expectations, with Chow Tai Fook, Lao Feng Xiang, and China Gold showing steady growth, while CHJ led with approximately 30% year-on-year growth, attributed to its innovative designs and marketing strategies [3][9] - The fixed-price product strategy is increasingly adopted across brands to enhance profitability amidst fluctuating gold prices, with CHJ having around 60-70% of its products at fixed prices, while Chow Tai Fook is gradually increasing its fixed-price offerings to 30-40% [4][10] - The industry is expected to see structural divergence, with CHJ focusing on expansion and market penetration, while Chow Tai Fook aims for profitability recovery and structural optimization [5][12] Group 1: Sales Performance - The sales performance during the Golden Week was particularly strong in economically developed regions such as the Yangtze River Delta, leading to an overall positive year-on-year growth in sales [3][9] - The average transaction value increased, which was a significant driver of the overall sales growth, while the volume of sales remained stable [3][9] Group 2: Brand Strategies - The adoption of fixed-price products is a key strategy to balance gross margin pressures, with varying acceptance levels among traditional weight-based customers [4][10] - Chow Tai Fook is transitioning from a weight-based product focus to a profit-driven approach, planning to close around 10 low-efficiency stores while enhancing its fixed-price product portfolio [4][10] - CHJ plans to continue its expansion with an expected addition of 10-20 new stores, targeting shopping centers and younger consumers [4][10] Group 3: Store Performance and Inventory Management - Lao Feng Xiang leads in single-store sales with approximately RMB 18 million, while Chow Tai Fook's stores average above RMB 15 million, with plans to close underperforming stores [5][11] - CHJ employs a refined inventory management system that enhances inventory turnover efficiency, while Chow Tai Fook uses a consignment model, giving it greater control over inventory [5][11] Group 4: Future Outlook - The sales fluctuations in the first three quarters of 2025 were approximately +10% / -5% / +15%, with expectations for traditional brands to maintain stable to slightly higher sales in Q4 [5][12] - The competition in the industry is anticipated to increasingly focus on product innovation, brand rejuvenation, and improving channel efficiency as brands adapt to changing market dynamics [5][12]

Group 1: Consumer Trends During Holidays - The National Taxation Administration reported a 4.5% year-on-year increase in daily sales revenue for consumer-related industries during the National Day and Mid-Autumn Festival holiday [1] - The jewelry and accessories sector saw a significant boost, with sales revenue increasing by 41.1% year-on-year, driven by rising gold prices [1][2] - Cultural and artistic services also experienced growth, with sales revenue increasing by 18.6%, particularly in performing arts and venues, which saw increases of 18.4% and 50% respectively [1][5] Group 2: Gold Market Insights - The international gold price fluctuated around $3,900 per ounce during the holiday, with local gold prices in Beijing ranging from 1,129 to 1,131 yuan per gram [2] - Despite high gold prices, consumer enthusiasm remained strong, particularly in major markets like Beijing and Shenzhen, where consumers queued to purchase high-end gold items [2] - Analysts noted that while high gold prices may suppress some demand, they also reinforce the perception of gold as a stable investment amid global uncertainties [2] Group 3: Music Festival Impact - The 11th Taihu Bay Music Festival attracted 140,000 attendees, with 70% coming from outside the province, highlighting the event's popularity and its role in driving local tourism [4][5] - The festival generated significant secondary spending, with an average of 50 yuan spent per person on-site, and each 100 million yuan in ticket sales potentially generating an additional 480 million yuan in surrounding consumption [5] - The event contributed to a broader trend of cultural and artistic consumption, with many consumers traveling to attend performances and festivals during the holiday [5] Group 4: Company Performance - Traditional jewelry companies like Zhou Dasheng, Lao Feng Xiang, and China Gold reported declines in both revenue and profit in the first half of the year [3] - In contrast, companies focusing on differentiated gold jewelry, such as Mankalon and Chao Hong Ji, achieved year-on-year growth in both revenue and net profit [3]

Core Viewpoint - The company, Lao Feng Xiang, plans to invest a total 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] Investment Details - The investment will involve the subscription of 2,000 voting common shares issued by Maybach Luxury Asia Pacific [1] - The total investment amount is $24 million [1] Business Scope of Maybach Luxury Asia Pacific - Maybach Luxury Asia Pacific's operations do not include Maybach automobiles but focus on luxury goods [1] - The categories of products include optical products, equestrian gear, fashion apparel, sports goods, home goods, stationery, silverware, perfumes, and pet products [1]

股票简称：老凤祥 股票代码：600612 编号：临 2025-045 老凤祥 B 900905 老凤祥股份有限公司 关于日常关联交易预计的公告 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 本项日常关联交易按一般商业条款进行，无其他附加条件，有利老凤祥 股份有限公司（以下简称"公司"）开发亚太区域高端奢侈品市场，整合公司中 高端及定制产品资源和业务，提升公司高端产品投资运营管理能力。不会影响公 司独立性，不会导致对关联人形成较大的依赖。 经评估，预计 2025 年、以及 2025 年至 2027 年三年关联交易金额合计不 超过公司 2024 年度经审计的净资产的 5%。根据《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易（2025 年 3 月修订）》《公司章程》等有关规定，本项日常关联交易事项在公司董事会的审 批权限内，无需提交股东大会审议。 在协议期限内每年的采购商品等关联交易事项，公司将根据《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 ...

老凤祥股份有限公司 独立董事 2025 年第一次专门会议决议 老凤祥股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日召开了第十 一届董事会独立董事专门会议。根据《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》等法律、法规规范性文件，以及《老凤祥股份有限公司章 程》（以下简称"《公司章程》"）《公司独立董事工作制度》的相关规定，我 们作为公司的独立董事，在仔细审阅了公司第十一届董事会第二十次（临时）会 议议案的相关文件后，经认真审核，对相关议案发表如下意见： 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》 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。公司及老凤祥香港公司与 MAP 及其现 有股东不构成关联关 ...

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 ...

の立信 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案,不作为 协会对该报告认证、认可的依据,也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 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 估值报告 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 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202501464 | | --- | --- | | 合同编号: | HT-2025-1825 | | 报告类型: | 估值类咨询报告 | | 报告文号: | 信资评估字(2025)第010038号 | | 报告名称: | 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报告 | | 评估结 ...

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。 ...