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]

Core Insights - The recent increase in gold prices has sparked discussions about the best time to buy and the implications of these price changes [1][4][9] Price Comparison - The current base gold price from China Gold is 896 yuan per gram, while investment gold bars and value-stored gold bars are priced at 912 yuan per gram. In contrast, Lao Feng Xiang's gold and pure gold prices are higher at 1138 yuan per gram and 1088 yuan per gram for investment gold bars [1][7] - There is a significant price difference between various brands and products, with investment gold bars and value-stored gold bars being more focused on value retention, while jewelry and branded gold are more expensive but suitable for collection and gifting [1][6] Jewelry Price Tiers - Gold jewelry is categorized into three tiers: high-end, mid-range, and low-end. High-end jewelry is made from K platinum, high K gold, or pure gold, offering both aesthetic appeal and strong value retention. Mid-range and low-end jewelry prioritize cost-effectiveness with simpler designs [3][9] Price Fluctuations - Lao Feng Xiang's pure gold price has shown notable fluctuations, increasing from 1125 yuan per gram on October 2 and 3 to 1138 yuan per gram today, indicating the volatility of gold prices [4][9] Investment and Exchange Options - Lao Feng Xiang's investment gold bars are priced at 1088 yuan per gram, which is cheaper than gold jewelry, and they are convenient for resale. The exchange price for gold is also 1138 yuan per gram, allowing customers to trade in old gold jewelry for cash [6][9] Buying Considerations - When purchasing gold, several factors should be considered: purity (999 pure gold vs. pure gold), craftsmanship (higher costs for complex designs), and market trends to avoid impulsive buying [7][9] - It is essential to clarify the purpose of the purchase; for investment and value retention, gold bars are the most reliable, while for collection or gifting, high-end jewelry is preferable [9]

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.

【导读】记者实探假期黄金市场，人头攒动，"以旧换新"成为风尚 中国基金报记者 吴君 近期，国际金价持续上涨，突破了4000美元/盎司。这个国庆中秋假期，黄金牵动着不少消费者的心。 10月8日是假期最后一天，记者来到了上海豫园的黄金市场，实地走访了老凤祥、周大福、老庙黄金、老铺黄金、六福珠宝、潮宏基、亚一等多家品牌金 店，还有上海紫锦城的黄金批发市场，看到现场顾客络绎不绝，假期消费市场在"金价上涨"与"促销活动"的双重节奏中持续活跃。 有顾客豪掷几万元买古法金饰佩戴，紧跟时尚；也有顾客说要理性消费，先看看，以后再买；还有不少顾客选择"以旧换新"，补差价换新金，对黄金长期 看好；黄金批发市场则以低价吸引了不少顾客"淘金"。 多家金店店员表示，这个假期他们接待顾客的量很大。有金店老板说："现在黄金市场是'慢牛'行情。" 金店假期大力度促销、门店火爆 10月8日，记者来到了上海豫园的黄金市场，多家品牌金店人头攒动，十分热闹。尽管最近金价节节攀升，但丝毫没有阻挡顾客逛金店、选购黄金的热 情。 为了吸引顾客，老凤祥、老庙、周大福、六福珠宝、中国黄金、亚一等多家品牌金店都推出了不同力度的"双节同庆"限时克减优惠，以及一口价 ...

Core Insights - The jewelry retail industry is experiencing a paradox where high customer demand coincides with significant revenue declines for major brands like Chow Tai Fook and Lao Feng Xiang, attributed to soaring gold prices [1][3][19] Group 1: Industry Performance - Chow Sang Sang reported a staggering 43.92% drop in revenue for the first half of the year, while Lao Feng Xiang saw a decline of 16.52%, despite international gold prices reaching $3,900 and domestic prices hitting 1,134 RMB per gram [1][3] - The gross profit margin for jewelry brands has been declining for three consecutive years, with Chow Sang Sang's margin falling from 29.3% to 23.1%, indicating reduced profitability per item sold [3] Group 2: Market Dynamics - Retailers face a dilemma of high procurement costs due to rising gold prices, leading to potential losses if prices drop before they can sell their inventory [5][6] - The competitive landscape is intense, with many stores engaging in aggressive promotions, leading to unsustainable pricing strategies and reduced profit margins [13][15] Group 3: Consumer Behavior - Consumers are increasingly savvy, often checking gold prices before making purchases, which puts pressure on retailers to maintain competitive pricing [11] - Some consumers have successfully capitalized on price fluctuations, with reports of individuals making significant profits by timing their purchases and sales of gold [8][19] Group 4: Strategic Responses - Some retailers are adapting by focusing on unique selling propositions, such as emphasizing cultural significance and craftsmanship, which can enhance perceived value and improve profit margins [17] - The industry is facing a critical juncture, where traditional business models may need to evolve to survive in a volatile market characterized by rapid price changes and shifting consumer expectations [19]

Group 1 - Gold prices have surged, with spot gold reaching a historic high of $3980 per ounce and New York gold futures surpassing $4000, both up over 50% year-to-date [1][8] - Domestic gold jewelry prices are also hitting record highs, with major brands like Chow Tai Fook and Chow Sang Sang seeing prices exceed 1150 RMB per gram [3][4] - The increase in gold prices has not dampened consumer enthusiasm; instead, it has led to a surge in demand, particularly during the recent holiday period [5][6] Group 2 - High foot traffic was reported in major shopping districts, with consumers showing strong purchasing power, spending from thousands to tens of thousands of RMB on gold jewelry [5][6] - The market for traditional wedding gold items remains strong, with new trends emerging such as 5D gold crafts gaining popularity among younger consumers [6][7] - Goldman Sachs has raised its gold price forecast for December 2026 to $4900 per ounce, citing increased demand from central banks and individual investors as key drivers [7][8]

Core Insights - The price of gold has reached an all-time high of $3,822 per ounce, marking a significant increase of $62 in a single day [1] - The rise in gold prices indicates a shift towards de-dollarization among countries, making gold more appealing to overseas buyers [2] Industry Overview - The surge in gold prices has led to a downturn in the domestic gold retail market, with many gold shops closing down and some businesses disappearing with their inventory [4][9] - The trend of gold shop closures has been ongoing, with companies like Chow Tai Fook planning to relocate their factories due to declining sales in gold jewelry [5] - Chow Tai Fook's sales from gold jewelry accounted for only 12.4% of total sales in Q1 2024, a significant drop from 30% in 2021, leading to a reduction in store numbers [7][9] Market Dynamics - Despite the high prices, consumer demand for gold jewelry has plummeted, with many potential buyers deterred by soaring costs [9] - The global demand for gold remains strong, driven by industrial use, central bank purchases, and technological applications, which have all reached record highs [10][12] - In Q1 2024, global industrial gold demand reached 128 tons, with over 85% of new demand coming from the renewable energy and electronics sectors [12] Central Bank Activity - Central banks worldwide are increasing their gold reserves as part of a strategy to de-dollarize their economies, with China being the largest buyer, having purchased gold for 18 consecutive months [14][16] - The trend of central banks accumulating gold is influencing market prices, as their actions significantly impact gold's long-term stability [16] Consumer Behavior - The current market conditions present a dichotomy where gold prices are rising while retail sales are declining, creating challenges for gold shop owners [16] - Consumers are advised to recognize gold's core attributes, including its financial, physical, and hedging properties, when making purchasing decisions [17][21] - For potential buyers, it is recommended to focus on practical and cost-effective gold options, as many gold jewelry pieces carry significant brand premiums [21]