Core Viewpoint - The rise of "pain gold" products, which are gold jewelry items linked to popular IPs from the two-dimensional culture, is gaining popularity among young consumers, despite a general decline in gold jewelry consumption [1][2][3] Group 1: Market Trends - "Pain gold" products are becoming standard offerings in gold jewelry stores, featuring various IP-themed items prominently displayed to attract consumers [1] - The pricing strategy for "pain gold" differs from traditional gold jewelry, often adopting a fixed price model, with prices significantly higher than regular gold items, sometimes reaching 2 to 3 times the normal gold price [2] - Despite a 26% year-on-year decline in overall gold jewelry consumption, "pain gold" has seen strong sales, with notable collaborations generating substantial revenue, such as over 1.5 billion yuan for the "Black Myth: Wukong" series [2][3] Group 2: Consumer Behavior - Young consumers are shifting their focus from the investment value of jewelry to emotional value, seeking unique and trendy items that can be showcased on social media [3] - The primary demographic for "pain gold" consists of Generation Z consumers who are drawn to personalized products and are willing to spend on their favorite IPs [3]

Core Viewpoint - The rise of "Pain Gold," which integrates anime and other IP cultural elements into gold jewelry, reflects a new growth curve for gold as a traditional asset, appealing particularly to younger consumers who seek emotional value in their purchases [1][8]. Group 1: Consumer Trends - The ownership rate of gold jewelry among the 18 to 24 age group has reached 62%, doubling from 37% in 2019, indicating that younger consumers are becoming a significant market for "Pain Gold" [3][12]. - The core consumer group for "Pain Gold" is concentrated between the ages of 18 and 35, characterized by a strong interest in subculture and higher disposable income [12][21]. - The emotional economy is driving consumer preferences towards products that provide emotional resonance and psychological comfort, leading to a shift from traditional functional value to emotional value [12]. Group 2: Market Dynamics - The price of gold has increased significantly, with international gold prices rising over 40% since 2025, while domestic prices have increased by about 35% [7][19]. - Despite the rising gold prices benefiting upstream mining companies, downstream traditional gold jewelry brands are struggling, with some reporting revenue declines of up to 43.92% [19][20]. - "Pain Gold" has emerged as a bridge between young consumers' emotional needs and their financial capabilities, showcasing a shift in gold jewelry branding towards more innovative and culturally relevant products [7][20]. Group 3: Product Characteristics - "Pain Gold" products often adopt a fixed price model, which can significantly exceed the price per gram of traditional gold jewelry, with some items priced as high as 2,600 yuan per gram [15]. - The demand for "Pain Gold" is driven by its unique cultural and emotional appeal, with many consumers willing to pay a premium for limited edition items [21]. - Brands are exploring new product forms and cultural values in gold jewelry, moving away from traditional designs to attract younger consumers [22]. Group 4: Consumer Behavior and Risks - Consumers often participate in "Pain Gold groups," which are typically organized by fans and may lack proper authorization, leading to potential risks such as quality issues and consumer rights challenges [15][17]. - The process of purchasing from "Pain Gold groups" involves prepayment and limited return options, increasing the risk for consumers [16][17]. - Despite the risks, many consumers express satisfaction with their purchases, indicating a strong market interest in "Pain Gold" [16].

Group 1 - The company participated in a collective reception day and mid-year performance briefing organized by the Shanghai Company Association and Panoramic Network on September 19, 2025, to enhance interaction with investors [1] - The company plans to establish a gold refining subsidiary and a luxury goods sales company to improve its gold industry chain and expand its presence in the luxury market, aiming to enhance brand value and market competitiveness [2] - The company has a history of 24 cash dividend distributions since its listing, totaling 8.428 billion yuan, which accounts for 43.82% of the cumulative net profit of 19.232 billion yuan as of the 2024 fiscal year [2] Group 2 - In response to the Shanghai Stock Exchange's initiative for quality improvement and shareholder returns, the company has developed a special action plan for 2025, which includes increasing the frequency of dividends [3] - The company has approved a mid-year profit distribution plan for 2025, with a total cash dividend of approximately 172.63 million yuan, representing 14.15% of the net profit attributable to shareholders for the first half of 2025 [3] - The company emphasizes the importance of investor returns and aims to maintain a consistent and stable profit distribution policy, providing sustainable value returns to shareholders [3]

Market Overview - The jewelry sector increased by 0.15% on September 19, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Individual Stock Performance - Mankalon (300945) closed at 20.24, up 2.69% with a trading volume of 195,500 shares and a turnover of 392 million yuan [1] - Zhou Dazheng (002867) closed at 13.98, up 2.27% with a trading volume of 90,900 shares and a turnover of 126 million yuan [1] - Other notable performers include: - Cai Zhi Co. (665509) at 14.05, up 0.79% [1] - Lai Shen Tong Ling (603900) at 10.49, up 0.77% [1] - China Gold (600916) at 8.35, up 0.72% [1] - Jianghua Jewelry (002731) at 12.87, up 0.70% [1] - Lao Feng Xiang (600612) at 52.78, up 0.51% [1] - Shen Zhonghua A (000017) at 6.71, up 0.45% [1] - Chao Hong Ji (002345) at 15.09, up 0.20% [1] - Di A Co. (301177) at 34.81, down 0.43% [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 16.94 million yuan from institutional investors, while retail investors saw a net outflow of 1.44 million yuan [2] - Conversely, speculative funds recorded a net inflow of 18.39 million yuan [2] Detailed Fund Flow for Selected Stocks - China Gold (600916) had a net inflow of 11.67 million yuan from institutional investors, but a net outflow of 6.11 million yuan from retail investors [3] - Zhou Dazheng (002867) saw a net inflow of 10.23 million yuan from institutional investors, with a significant net outflow of 15.08 million yuan from retail investors [3] - Lai Shen Tong Ling (603900) had a net inflow of 9.29 million yuan from institutional investors, while retail investors experienced a net outflow of 5.74 million yuan [3] - Chao Hong Ji (002345) had a mixed performance with a net inflow of 4.51 million yuan from institutional investors and a net outflow of 20.83 million yuan from retail investors [3] - Mankalon (300945) recorded a net inflow of 1.70 million yuan from institutional investors, but a net outflow of 12.68 million yuan from retail investors [3]

Group 1: Domestic Gold Market - Domestic gold prices have stabilized after a slight decline, with the highest price at 1078 CNY/gram and the lowest at 999 CNY/gram, maintaining a price difference of 79 CNY [1] - The latest prices from various gold retailers show a mix of slight declines and stable prices, with notable prices including Lao Miao at 1067 CNY/gram (down 8 CNY) and Shanghai China Gold at 999 CNY/gram (unchanged) [1] - Platinum prices have increased, with Zhou Shengsheng's platinum jewelry priced at 557 CNY/gram, up by 5 CNY [1] Group 2: Gold Recycling Prices - The gold recycling price has decreased by 4.5 CNY/gram, with significant price differences among brands [2] - The current recycling prices for gold are as follows: 815 CNY/gram for general gold, 820.50 CNY/gram for Cai Bai, and 828.00 CNY/gram for Lao Feng Xiang [2] Group 3: International Gold Market - The spot gold price has continued to decline, closing at 3644.29 USD/ounce, down 0.42%, with a slight recovery to 3645.15 USD/ounce reported [4] - The decline in gold prices is attributed to a strengthening US dollar and a decrease in initial jobless claims in the US, leading to profit-taking by investors [4] - Despite recent declines, the long-term outlook for gold remains positive, with expectations of a potential rise towards 4000 USD/ounce as market consensus strengthens [4]

Core Viewpoint - The announcement details the implementation of the 2025 semi-annual profit distribution plan for shareholders, including cash dividends for both A and B shares, approved by the company's board and shareholders' meeting. Distribution Plan - The cash dividend for A shares is set at 0.33 RMB per share (including tax), while for B shares, it is 0.046459 USD per share (including tax) [2][10]. - The total cash dividend distribution amounts to 172,628,862.12 RMB based on a total share capital of 523,117,764 shares [4]. Relevant Dates - The profit distribution plan was approved at the annual shareholders' meeting on June 26, 2025, and the board meeting on August 28, 2025, authorized the implementation of the distribution within two months [2][3]. Implementation Method - Cash dividends for A shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the end of the trading day on the equity registration date [6]. - No stock dividends or capital increases will be issued for the 2025 semi-annual period [7]. Taxation Information - For A share individual shareholders, the tax rate varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [8][9]. - For B share shareholders, a 10% corporate income tax will be withheld for non-resident enterprises, resulting in a net dividend of 0.041813 USD per share after tax [10][11].

截至2025年9月18日收盘，老凤祥(600612)报收于52.51元，下跌1.41%，换手率1.08%，成交量3.43万 手，成交额1.81亿元。 9月18日主力资金净流入2235.92万元，占总成交额12.37%；游资资金净流出2018.98万元，占总成交额 11.17%；散户资金净流出216.94万元，占总成交额1.2%。 公司公告汇总 当日关注点 交易信息汇总资金流向 老凤祥股份有限公司2025年半年度权益分派实施公告：每股派发现金红利0.33元（含税），B股为 0.046459美元（含税）。股权登记日为A股2025年9月25日、B股2025年9月30日；除权（息）日均为 2025年9月26日；现金红利发放日A股为2025年9月26日，B股为2025年10月16日。本次利润分配以总股 本523,117,764股为基数，共派发现金红利172,628,862.12元。A股自然人股东持股超1年暂免个税，QFII 及沪股通股东按10%代扣所得税；B股非居民企业股东按10%代扣企业所得税，居民自然人股东按持股 期限差别化征税，外籍自然人股东暂免个税。分红实施办法由证券登记结算公司派发。 以上内容为证券之星据公开 ...

Core Insights - COMEX gold futures prices have surged, reaching over $3700 per ounce, marking a nearly 10% increase in one month and close to 40% year-to-date [2] - The rising gold prices have prompted both trendy companies and traditional gold shops to expand their presence in the gold jewelry market, with notable interest from luxury brands [2][12] Group 1: Market Trends - The launch of the "Baby Molly·Foot Gold" series by Pop Mart's jewelry brand popop features products priced from 980 yuan to 56,800 yuan, utilizing "hard gold + ancient methods + enamel" craftsmanship [4][5] - The average price per gram for the new gold products ranges from 1300 to 1800 yuan, which is lower than previous collaborations, indicating a strategic pricing approach [5] - The popularity of gold jewelry among younger consumers is evident, with significant foot traffic and sales growth reported in popop's stores following the launch [10] Group 2: Company Strategies - Pop Mart's founder emphasized the importance of diversifying product categories, with jewelry being a key area of exploration for the company [8] - The brand's strategy includes leveraging its IP to create unique gold jewelry designs, distinguishing itself from traditional gold shops [10] - Old Fengxiang Co., Ltd. is investing 50 million yuan to establish a luxury goods sales company, aiming to enhance brand image and tap into the mid-to-high-end market [11] Group 3: Industry Dynamics - LVMH's CEO was spotted visiting a traditional gold shop, highlighting the growing interest of international luxury brands in the Chinese gold market [12] - The World Gold Council's report indicates that rising gold prices have outpaced income growth, potentially affecting consumer purchasing behavior [11] - The increasing interest in local brands among Chinese consumers is noted, with some domestic jewelry companies experiencing explosive demand [12][13]

9月18日晚间，老凤祥发布公告称，2025年半年度利润分配方案为A股每股现金红利0.33元（含税），股 权登记日为2025年9月25日，除权（息）日为2025年9月26日。 ...

证券代码：600612 证券简称：老凤祥 公告编号：2025-040 900905 |老凤祥 B 老凤祥股份有限公司 2025年半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0.33元（含税），B 股每股现金红利0.046459美元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/25 | － | 2025/9/26 | 2025/9/26 | | Ｂ股 | 2025/9/30 | 2025/9/25 | | 2025/10/16 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 26 日的2024年年度股东大会审议通过。 公司于 2025 年 6 月 26 日召开了公司 2024 年年度股东会，会议审议通过了《关 于 2025 年度中期分红安排的议 ...