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) ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-034 老凤祥 B 900905 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"）现将公司 2025 年第二季度连锁 网点变动情况及公司 2025 年半年度主要经营数据披露如下： 一、报告期内连锁网点变动情况及 2025 年度内拟新开连锁网点预计情况 "老凤祥"品牌黄金珠宝首饰为公司的核心主业。截止 2025 年 6 月末，公 司"老凤祥"品牌共计拥有连锁营销网点达到 5,550 家。有关截至 2025 年 6 月 30 日公司连锁营销网点数具体情况如下表： | 黄金珠宝首饰 | 期初数 | | 2025 | 年 2 | 季度 | 2025 | 年 2 季度 | 期末数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 连锁营销网点 | 年 （2025 3 | 月 | | 新增数 | | | 减少数 | （2025 | 年 月 ...

老凤祥股份有限公司2025 年半年度报告 公司代码：600612 公司简称：老凤祥 900905 老凤祥 B 老凤祥股份有限公司 2025 年半年度报告 1 / 168 老凤祥股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨奕、主管会计工作负责人凌晓静及会计机构负责人（会计主管人员）王真瑜 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 拟以2025年6月30日总股本523,117,764股为基数，向全体股东每股派发红利0.33元（含税）， 总金额为172,628,862.12元（B股红利按审议通过2025年半年度利润分配方案的董事会决议日下一 工作日中国人民银行公布的美元兑换人民币中间价折算）。派发后母公司未分配利润余额为 3,502,356,015.73元。本次利润分配拟不进行送股和资本公积金转增股本。在实施 ...