Core Viewpoint - The rise of "golden millet" products, which are gold jewelry linked to popular anime and cultural IPs, is attracting young consumers, but their investment value is questionable due to high premiums and reliance on their "millet" attributes rather than the gold itself [1][7]. Group 1: Market Trends - Multiple collaborations between gold brands and popular IPs have emerged, such as Lao Miao with "Tian Guan Ci Fu" and Chow Tai Fook with Chiikawa, indicating a trend towards targeting the younger, anime-loving demographic [2][4]. - The pre-sale period for these popular collaborative products can extend up to 45 days, reflecting strong consumer interest [2]. Group 2: Consumer Behavior - Young consumers are showing a willingness to pay high premiums for these collaborative products, viewing them as both collectibles and investments, despite concerns about the actual value retention [6][7]. - The perception of these "golden millet" products as investment items is prevalent, but only those with strong fan loyalty, limited availability, and official authorization have potential for appreciation [7]. Group 3: Pricing and Value - Collaborative products are significantly more expensive than regular items, leading to discussions among consumers about the value proposition and the business strategies behind these price increases [6][7]. - The resale value of non-officially authorized "golden millet" products is primarily based on the weight of the gold, with recovery prices around 770 RMB per gram, excluding any premium for the collaboration [7]. Group 4: Industry Insights - The Z generation is becoming the main force in gold consumption, valuing emotional connections and cultural recognition, which these IP collaborations fulfill [7]. - Traditional gold brands are leveraging popular IPs to rejuvenate their image and appeal to younger consumers, but they must carefully assess the value and premium of these collaborations to ensure sustainable growth [7].

Core Viewpoint - The article discusses the resurgence of platinum jewelry in China, driven by rising prices and changing consumer preferences, despite a long-term decline in demand and recognition among younger consumers [3][4][14]. Group 1: Market Trends - Platinum jewelry consumption in China has significantly declined from 45 tons in 2016 to 12.75 tons in 2024, with approximately 60% of the market demand previously supported by strong consumer interest [3][4]. - In 2025, platinum prices surged by 40%-50%, with leading brands like Chow Tai Fook and Lao Feng Xiang reintroducing platinum jewelry to their offerings [4][6]. - In April 2025, China imported 11.5 tons of platinum, marking the highest monthly import in a year, indicating renewed interest from jewelers and investors [6]. Group 2: Financial Performance of Jewelry Brands - The jewelry sector has faced challenges, with 13 out of 15 listed jewelry companies reporting a decline in net profits in 2024, and Chow Tai Fook's revenue dropping by 17.5% year-on-year [7][8]. - The gross profit margin for Chow Tai Fook has decreased from 29% in 2009-2017 to 20.5% in 2024, highlighting the pressure on profitability in the jewelry market [9][10]. - The demand for platinum jewelry is seen as a potential solution for brands struggling with declining gold jewelry sales, as platinum typically offers higher profit margins [9][10]. Group 3: Consumer Behavior and Preferences - Younger consumers, particularly Gen Z, show limited recognition of platinum, with less than 30% awareness among those born after 2000 [14][15]. - Despite a slight increase in platinum demand in 2024, the growth of 0.8% is considered negligible in the broader market context [15][16]. - The perception of platinum as less valuable compared to gold affects consumer interest, with many young consumers opting for alternatives like silver or gold-plated items [19][20]. Group 4: Supply and Demand Dynamics - The global supply of platinum is projected to decline, with a forecasted supply gap of 30 tons in 2025, driven by reduced production and increasing industrial demand [25][27]. - Industrial applications, particularly in the automotive sector, account for a significant portion of platinum demand, with expectations that hydrogen energy projects will further increase this demand [25][26]. - The recycling of platinum from jewelry remains low, contributing to supply constraints, as many jewelers lack the capability to recycle platinum effectively [29].

Core Viewpoint - The new regulation from the central bank requiring individuals to report cash purchases of gold exceeding 100,000 yuan starting August 1 has raised concerns in the gold market, signaling potential government intervention in the gold trading sector [1][3][25]. Group 1: Market Reaction and Consumer Behavior - The gold price has surged to historical highs, with prices exceeding 700 yuan per gram, leading to a shift in consumer behavior from purchasing gold jewelry to investing in gold bars and bricks [3][6]. - The jewelry sector is facing significant challenges, with major brands like Chow Tai Fook and Lao Feng Xiang reporting substantial revenue declines of 17.5% and 31.6% respectively in Q1 2025, indicating a disconnect between rising gold prices and consumer interest in gold jewelry [6][8]. - Young consumers are increasingly rejecting traditional gold jewelry, viewing it as non-essential and expensive, leading to a preference for gold bars and customized pieces instead [8][10][19]. Group 2: Industry Transformation - The gold industry is undergoing a structural transformation, with traditional jewelry brands closing stores and shifting focus towards gold bars and investment products, as seen with brands like Cai Bai and Lao Pu Gold [21][24]. - Innovative brands are thriving by offering unique designs and cultural narratives, appealing to high-net-worth individuals willing to pay a premium for craftsmanship and cultural significance [21][24]. - The perception of gold is evolving from a symbol of status and tradition to a practical asset, with younger generations prioritizing value and liquidity over traditional notions of gold as a family heirloom [26][27][28].

Group 1 - Domestic gold prices are rising, with Chow Sang Sang leading the increase by 8 CNY to 1007 CNY per gram, reclaiming the highest price position [1][3] - The price difference between the highest and lowest gold stores has expanded to 38 CNY per gram, with Shanghai China Gold maintaining the lowest price at 969 CNY per gram [1] - Other major brands' gold prices include Lao Miao at 1000 CNY per gram, Liufuk at 1005 CNY per gram, and Zhou Dafu at 1005 CNY per gram, all showing minimal changes [1][3] Group 2 - The gold recovery price has seen a slight increase of 4.3 CNY per gram, with significant price differences among brands [4] - The recovery prices for various brands are as follows: Cai Bai at 762 CNY, Zhou Sang Sang at 766.1 CNY, Zhou Dafu at 769.5 CNY, and Lao Feng Xiang at 775 CNY [4] - International gold prices experienced a V-shaped movement, with the lowest at 3296.09 USD per ounce and closing at 3336.35 USD per ounce, reflecting a 0.04% increase [6] Group 3 - The market is currently influenced by U.S. tariff announcements and geopolitical tensions, which are affecting investor sentiment towards gold [6] - China's central bank reported an increase in gold reserves to 7390 million ounces (approximately 2298.55 tons), marking the eighth consecutive month of accumulation, which strengthens confidence in gold's long-term value [6] - The overall expectation is for gold prices to remain volatile as the market observes developments regarding U.S. tariffs and Middle Eastern tensions [6]

Core Points - The company announced a cash dividend distribution of 1.72 CNY per A-share and 0.240133 USD per B-share, both including tax [1][2][3] - The total cash dividend to be distributed amounts to approximately 899.76 million CNY based on a total share capital of 523,117,764 shares [2] - The record date for A-shares is July 14, 2025, and for B-shares is July 17, 2025, with the cash dividend payment dates set for July 15, 2025, and July 29, 2025, respectively [1][2] Dividend Distribution Details - The company will not issue bonus shares or increase capital through share distribution for the year 2024 [2] - For A-share natural person shareholders, the tax implications vary based on the holding period, with a maximum tax rate of 20% for holdings of one month or less [3][4] - For B-share shareholders, the cash dividend will be paid in USD, with a conversion rate of 1 USD to 7.1627 CNY as of June 27, 2025 [4][5] Taxation Information - A-share dividends will not have personal income tax withheld at the time of distribution; tax will be calculated based on the holding period upon stock transfer [3][5] - Non-resident corporate shareholders will have a 10% corporate income tax withheld, resulting in a net dividend of 0.216120 USD per B-share after tax [4][5] - Foreign individual shareholders are exempt from personal income tax on dividends received from the company [6]

老凤祥股份有限公司 证券代码：600612 证券简称：老凤祥 公告编号：2025-031 900905 |老凤祥 B 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利1.72元（含税），B 股每股现金红利0.240133美元（含税） 相关日期 | Ａ股 | 2025/7/14 | － | 2025/7/15 | 2025/7/15 | | --- | --- | --- | --- | --- | | 股份类别 Ｂ股 | 股权登记日 2025/7/17 | 最后交易日 2025/7/14 | 除权（息）日 | 现金红利发放日 2025/7/29 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本523,117,764股为基 ...

Group 1: Industry Overview - The rise of emotional consumption is driving the development of related industries, as China transitions from "consumption upgrade" to "consumption stratification" [1][12][23] - Consumers are increasingly seeking cost-effectiveness in traditional products while being willing to pay a premium for innovative and emotionally valuable products [12][23] - The retail sales of gold and jewelry, cosmetics, and sports and entertainment products have shown positive growth, with gold and jewelry retail sales up by 12.3% and cosmetics by 4.1% in early 2025 [12][19] Group 2: Trend in Emotional Consumption - Emotional consumption is gaining traction due to fast-paced lifestyles and information overload, leading to increased demand for products that provide emotional comfort [23][25] - Young consumers, particularly those born in the 1990s and 2000s, are the main drivers of emotional consumption, accounting for 78% of the market [25][29] - Female consumers represent a larger share of emotional consumption, with preferences differing from male consumers in product categories [25][30] Group 3: Trend in Toy Industry - The Chinese toy market is rapidly expanding, with the market size projected to grow from 229 billion to 763 billion yuan from 2020 to 2024, reflecting a CAGR of 35.11% [2][31] - Factors driving this growth include rising disposable income, the emergence of emotional value in purchases, and the popularity of quality IPs [31][32] - The market remains fragmented, with significant room for consolidation as the top three companies hold only 23.7% of the market share [2][39] Group 4: Gold and Jewelry Sector - The gold and jewelry sector is shifting from channel-driven to product-driven, with high dividend yields providing defensive attributes [3][19] - Despite a slowdown in store expansion due to rising gold prices, some companies are achieving rapid growth through superior craftsmanship and marketing [3][19] - The demand for gold as a safe-haven asset is expected to continue, driven by geopolitical risks and economic uncertainties [3][19] Group 5: Cosmetics Industry - The domestic cosmetics market is witnessing a rise of local brands, with strong performance during promotional events like "618" [4][19] - Local brands are focusing on R&D and marketing to differentiate themselves, capturing market share from international brands [4][19] - The acceptance of domestic beauty brands among younger consumers is increasing, indicating potential for further market penetration [4][19]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Core Insights - The Deloitte report titled "2025 Global Retail Power" highlights the dual challenges and opportunities in the global retail sector, with total retail revenue reaching a record high of $6.03 trillion (approximately 43.4 trillion RMB) [1] - The report emphasizes the increasing concentration of the industry and the urgent need for Chinese retail companies to navigate global competition [1] Global Retail Landscape: Growth, Differentiation, and Power Dynamics - The global retail landscape shows a mixed growth pattern, with the top 250 retail companies experiencing a 3.6% year-over-year revenue increase, driven by inflation and structural growth [2] - North America leads with 85 companies contributing 49.2% of global revenue, while Europe has 89 companies at 33.6%, facing challenges from online retail and declining consumer demand [4] - The Asia-Pacific region, with 54 companies contributing 13.8% of revenue, shows potential but lags behind North America and Europe in global revenue share and internationalization [4] Company Performance and Trends - Walmart remains the top global retailer with a revenue of 464.9 billion RMB, leveraging its extensive store network and supply chain efficiency [6] - Amazon ranks second with 180.7 billion RMB in revenue, focusing on a retail-tech ecosystem that enhances consumer experience [7] - SHEIN, a rising star in cross-border e-commerce, reported 219.9 billion RMB in revenue with an 88.2% compound annual growth rate, showcasing its agile supply chain and data-driven fashion model [13][15] Challenges and Strategic Shifts - JD.com, despite being the only Chinese company in the top ten, saw a decline in global ranking, highlighting challenges in market saturation and competition from local players [11] - Alibaba's new retail strategy has faced difficulties, leading to a significant drop in global ranking, as the company shifts focus from heavy asset ownership to platform empowerment [16][17] - Watson's Group has shown resilience in the beauty retail sector, leveraging a multi-channel approach and brand innovation to maintain growth [18] Future Trends and Recommendations - The report identifies four key trends shaping the future of retail: strategic operational efficiency, AI-driven transformation, sustainability, and alternative revenue sources [54][55] - Chinese retail companies are encouraged to embrace these trends to enhance competitiveness in the global market, focusing on globalization, digital transformation, and innovative business models [60][61][62]

公司于 2025 年 4 月 28 日召开第十一届董事会第十五次会议，审议并通过了 《关于 2025 年度预计为控股子公司提供担保额度的议案》。为确保公司在美国、 香港子公司经营发展中的资金需求，上海老凤祥为下属三级子公司老凤祥美国公 司提供担保，公司为老凤祥珠宝（香港）有限公司的资金借款事项提供不具备担 保性质和效力的安慰函。公司于 2025 年 6 月 26 日召开了 2024 年年度股东大会， 股东大会审议通过了上述议案。 具体内容详见公司于 2025 年 4 月 29 日、2025 年 6 月 27 日在上海证券交易 所网站及指定媒体披露的公告（公告编号：临 2025-010、临 2025-016、临 2025-029）。 证券代码：600612 证券简称：老凤祥 公告编号：2025-030 老凤祥股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： ? 担保对象及基本情况 老凤祥珠宝美国有限公司（Lao Feng 被担保人名称 Xiang Jewelry USA ...