二、本次进展情况 近日，公司完成了上述黄金精炼子公司注册登记手续。经上海市金山区市场监督管理局核名，上述黄金 精炼子公司全名为上海老凤祥精材科技发展有限公司，营业执照具体信息如下： 1.公司名称：上海老凤祥精材科技发展有限公司； 股票简称：老凤祥 股票代码：600612 编号：临2025-046 老凤祥B 900905 老凤祥股份有限公司 关于控股子公司投资设立黄金精炼子公司的进展公告 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。 一、基本情况 老凤祥股份有限公司（以下简称"公司"）于2025年9月15日召开了公司第十一届董事会第十九次（临 时）会议，审议通过了《关于控股子公司拟投资设立黄金精炼子公司的议案》。根据《上海证券交易所 股票上市规则》《公司章程》等规定，本次投资设立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9月16日在上海证券交易所网站（www.sse.com.cn）披露的 《老凤祥股份有限公司关于控股子公司拟投资设立黄金精炼子公司的公告》，公告编号：2025-037 ...

编辑 岳彩周 老凤祥指出，公司以及老凤祥香港公司与MAP以及其现有股东不构成关联关系，根据公司的投资管理安排，LFXHK投资MAP后，将由公司的 董事、高级管理人员李军担任MAP的董事。 实习生 郭栩君 继出资设立奢侈品销售公司后，老凤祥再次出手布局高端市场。10月10日，新京报贝壳财经记者获悉，老凤祥拟通过旗下控股子公司老凤祥香 港有限公司（以下简称"LFXHK"）投资迈巴赫奢侈品亚太有限公司（MAP），认购其发行的2000股有投票权普通股，占发行后股本的20%， 投资总额为2400万美元。 01 2400万美元投资MAP意欲何为？ 投资与迈巴赫汽车业务无关 公告显示，LFXHK将参与MAP的业务发展，并在协议签署日，由其关联公司上海老凤祥臻品商贸有限公司（目前工商初步核名为"上海老凤祥 臻品商贸有限公司"，尚在注册中，最终以工商备案为准）与MAP签署《品牌代理协议》。双方将在品牌代理与业务拓展层面建立战略合作关 系。 老凤祥方面称，此次投资旨在借助迈巴赫奢侈品的国际品牌资源，共同开发亚太区域高端奢侈品市场，并整合公司中高端及定制化产品业务。 值得注意的是，老凤祥在公告中特别强调，该项投资与迈巴赫汽车业务无 ...

Core Viewpoint - The recent investment by Lao Feng Xiang in Maybach Luxury Goods Asia Pacific is seen as a significant step towards high-end transformation in the gold and luxury goods sector, sparking discussions about the dilution of gold attributes and the potential for mutual benefits in market expansion [1][2][6]. Company Summary - Lao Feng Xiang plans to invest $24 million (approximately 170 million RMB) to acquire a 20% stake in Maybach Luxury Goods Asia Pacific, along with securing distribution rights in the Asia Pacific region [1][3]. - The partnership aims to enhance Lao Feng Xiang's brand image and product offerings while expanding into international markets [3][5]. - The investment is structured as a dual approach, combining equity investment with brand agency agreements to facilitate a stable relationship and operational learning from the luxury sector [4][5]. Industry Summary - The gold jewelry industry is currently facing profitability challenges due to high gold prices and increasing product homogeneity, leading to declining consumer demand [6][7]. - Lao Feng Xiang's revenue fell by 16.52% to 33.356 billion RMB, with net profit down 13.07% to 1.22 billion RMB in the first half of 2025, reflecting broader industry trends [7]. - In contrast, competitors like Lao Pu Gold have seen significant growth, with a 251% increase in revenue, indicating a potential shift towards high-end strategies within the industry [7][8]. - The luxury goods market is expected to see over 50% of luxury brands introducing pure gold jewelry, indicating a growing intersection between gold and luxury sectors [10].

这一跨越黄金珠宝与超豪华汽车衍生奢侈品的联姻，被视作黄金品牌高端化突围的里程碑，但也引 发"黄金属性是否稀释"的争议。此次合作，是老凤祥看中迈巴赫奢侈品品牌价值，还是迈巴赫奢侈品想 借老凤祥资源拓展市场？有黄金珠宝行业资深从业者向《每日经济新闻》记者指出，二者合作系双向需 求，但文化理念等差异暗藏风险。 当前，金价高企抑制市场消费金饰的需求，加之产品日益同质化且迭代迅速，致使老凤祥、周大生等多 家企业面临盈利难题。而凭借"高端"突围的老铺黄金（HK06181，股价702.00港元，市值1212.00亿港 元），不仅业绩逆势大增且前不久还吸引LV母公司LVMH集团CEO（首席执行官）贝尔纳·阿尔诺到店 打卡，展示了国货黄金对顶奢的吸引力。 "行业已经进入高端化发展的风口期，也是很多黄金珠宝品牌最好的'高端化突围期'。"奢侈品行业专家 周婷在接受《每日经济新闻》记者采访时表示，跨界合作能让老凤祥快速习得奢侈品的运营逻辑，却也 存在迈巴赫奢侈品品牌价值崩塌等隐忧。 那么，国货黄金离真正的奢侈品阵营究竟还有多远？老凤祥的这一步棋，究竟是关键一跃，还是一场冒 险？ 近日，老凤祥（SH600612，股价50.28元，市值 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-046 老凤祥 B 900905 老凤祥股份有限公司 关于控股子公司投资设立黄金精炼子公司的进展公告 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。 一、基本情况 老凤祥股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开了公司 第十一届董事会第十九次（临时）会议，审议通过了《关于控股子公司拟投资设 立黄金精炼子公司的议案》。根据《上海证券交易所股票上市规则》《公司章程》 等规定，本次投资设立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 9 月 16 日在上海证券交易所网站 （www.sse.com.cn）披露的《老凤祥股份有限公司关于控股子公司拟投资设立黄 金精炼子公司的公告》，公告编号：2025-037。 二、本次进展情况 7.经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广；珠宝首饰回收修理服务；普通货物仓储服务（不含危险化学品 等需许可审批的项目）；社会经济咨询 ...

Core Viewpoint - The recent investment by Lao Feng Xiang in Maybach Luxury Goods Asia Pacific is seen as a significant step towards high-end branding in the gold and luxury goods sector, sparking discussions about the potential dilution of gold's intrinsic value [1][5][6]. Group 1: Investment Details - Lao Feng Xiang plans to invest $24 million (approximately 170 million RMB) for a 20% stake in Maybach Luxury Goods Asia Pacific, which will enhance its presence in the luxury market [2][3]. - The partnership includes a brand agency agreement that grants Lao Feng Xiang exclusive distribution rights in Shanghai and non-exclusive rights in other Asia-Pacific regions [3][4]. - The procurement commitments from Lao Feng Xiang to Maybach include a minimum purchase of $1 million in 2025, increasing to at least $200,000 every six months in 2026, and quarterly purchases starting in 2027, totaling no less than $13 million over three years [3]. Group 2: Market Context and Challenges - The gold jewelry industry is facing challenges such as high gold prices and increasing product homogeneity, leading to declining demand and profitability for companies like Lao Feng Xiang and Zhou Dashing [1][7]. - Lao Feng Xiang's revenue fell by 16.52% to 33.356 billion RMB in the first half of the year, while its net profit decreased by 13.07% to 1.22 billion RMB [7]. - In contrast, Lao Pu Gold, another competitor, reported a 251% increase in revenue and a 285.8% rise in net profit, indicating a potential shift towards high-end branding strategies in the industry [7]. Group 3: Strategic Implications - The collaboration is viewed as a dual necessity, with Lao Feng Xiang seeking high-end market penetration and Maybach aiming to expand its presence in China [5][6]. - Experts suggest that the partnership could allow Lao Feng Xiang to learn luxury brand management while also raising expectations for its own brand's high-end development [4][5]. - The future success of this collaboration will depend on effective brand management and the ability to navigate cultural and operational differences between the two companies [5][6]. Group 4: Future Outlook - The integration of gold and luxury brands is anticipated to create significant opportunities in both sectors, with predictions that over 50% of luxury brands will introduce pure gold jewelry in the next two years [8][9]. - The collaboration between Lao Feng Xiang and Maybach is expected to lead to co-branded products, which is a key objective of their partnership [9]. - The Chinese gold jewelry sector is seen as being on the verge of a high-end breakthrough, but it still faces challenges in achieving true luxury brand status due to operational expertise gaps [8][9].

继出资设立奢侈品销售公司后，老凤祥（600612）再次出手布局高端市场。10月10日，新京报贝壳财经 记者获悉，老凤祥拟通过旗下控股子公司老凤祥香港有限公司(以下简称"LFXHK")投资迈巴赫奢侈品亚 太有限公司(MAP)，认购其发行的2000股有投票权普通股，占发行后股本的20%，投资总额为2400万美 元。 2400万美元投资MAP意欲何为？投资与迈巴赫汽车业务无关 公开资料显示，迈巴赫作为德国豪华品牌，始创于1909年，并于2013年正式成立迈巴赫奢侈品公司。目 前，迈巴赫奢侈品业务已覆盖全球75个国家和地区，拥有617家零售门店与销售渠道。公司计划在2026 年前开设6家亚洲区高端精品店、1家北美精品店及1家欧洲精品店。 事实上，这并非老凤祥首次在奢侈品领域布局。9月中旬，其控股子公司上海老凤祥有限公司与上海老 凤祥钻石加工中心有限公司共同出资5000万元，设立"老凤祥奢品销售有限公司"，主营金银珠宝、钻 石、钟表等高端产品的批发与零售。业内认为，这一系列动作指向同一目标——通过高端化战略寻找新 的增长引擎。 高金价虽推升资产价值，却压制了消费端需求。黄金饰品购买意愿显著下降，使得老凤祥的利润空间承 ...

Industry Overview - The Chinese gold and jewelry industry primarily involves the production of jewelry and artifacts made from precious metals like gold, platinum, and silver, as well as gemstones like diamonds and jade [1] - This industry is a significant part of the consumer goods market, closely linked to disposable income, consumption upgrades, and traditional cultural sentiments [1] - China has become the world's largest consumer of gold and an important market for jewelry [1] Market Characteristics - The market has seen a strong rebound post-pandemic, with retail sales of jewelry surpassing 800 billion RMB in 2023, showing significant year-on-year growth [4] - The "ancient method gold" category has emerged as a key growth driver within the gold segment [4] - Market concentration is increasing, indicating a "stronger getting stronger" trend [5] Product Categories - Gold products include investment bars, coins, and gold jewelry, serving both investment and consumption purposes [6] - Diamond and gemstone products focus on fashion, emotional value, and collectability [6] - K-gold and platinum products target younger consumers with strong design elements [6] Consumer Behavior - Brand loyalty is highly concentrated among leading brands like Chow Tai Fook and Lao Feng Xiang, while dependency on specific materials or styles is relatively low [6] - Consumer sentiment is influenced by gold price fluctuations, leading to complex purchasing behaviors [6] - Seasonal demand, particularly around weddings and holidays, drives sales peaks [6] - Urban-rural consumption differences exist, with urban consumers favoring design and brand stories, while rural consumers prioritize gold's value retention [6] - Cultural significance of gold in China underpins stable demand [6] Competitive Landscape - Leading brands like Chow Tai Fook and China Gold continue to expand market share due to strong channel networks and brand reputation [7] - Foreign and Hong Kong brands like Tiffany and Cartier dominate the high-end market [7] - Regional and independent designer brands face competition from major brands [7] Future Trends - Product innovation and craftsmanship upgrades, such as the ongoing popularity of "ancient method gold," will continue [12] - Digitalization and omnichannel integration will become standard, enhancing user experience [12] - Sustainability and ethical sourcing will gain importance among younger consumers [12] - The lower-tier market and global expansion will be key areas of focus for leading brands [12] - Marketing strategies will shift towards emotional resonance and scenario-based marketing [12] Challenges and Opportunities - The offline retail model remains dominant, but innovative store formats are emerging [11] - Online penetration is increasing, with live-streaming and social e-commerce becoming growth drivers [11] - The younger generation (Gen Z) is becoming a significant consumer force, prioritizing design and emotional connections over material value [11] - Market risks include gold price volatility, homogenization of products, rising costs, and rapidly changing consumer preferences [12]

Core Viewpoint - The company is strategically investing in high-end luxury markets through partnerships and new ventures to enhance its brand image and market presence in the luxury sector [1][2][3] Group 1: Investment and Strategic Partnerships - The company plans to invest $24 million through its subsidiary, LFXHK, to acquire 20% of MAP, a luxury goods company, aiming to develop the high-end luxury market in the Asia-Pacific region [1] - A brand agency agreement has been signed between MAP and the company's affiliate, Shanghai Laofengxiang Zhenpin Trading Co., to establish strategic cooperation in brand agency business [1] Group 2: Market Position and Financial Performance - The company reported a 16.52% year-on-year decline in revenue to 33.356 billion yuan and a 13.07% drop in net profit to 1.22 billion yuan in the first half of the year, indicating challenges in relying solely on its traditional brand [2] - The gold price has increased by 30% this year, yet the company is adapting to changing consumer preferences, particularly among younger buyers who favor lightweight and design-oriented products [2] Group 3: High-End Market Ambitions - The frequent mention of "high-end" in recent announcements indicates the company's ambition to pursue a high-end market strategy [3] - The company is also collaborating with ByteDance to launch AI glasses, showcasing its commitment to innovation and integration of technology in its product offerings [3]

Core Insights - The sales performance of gold and jewelry stores during the 2025 Golden Week exceeded expectations, primarily driven by strong consumer spending in economically developed regions such as the Yangtze River Delta and parts of Anhui and Shandong [1][3] - Among the major brands, Chao Hong Ji showed the most significant growth at approximately 30%, while Lao Feng Xiang and China Gold maintained steady growth at around 15%, and Chow Tai Fook experienced moderate growth of about 5% [1][3] Group 1 - The 2025 Golden Week sales were primarily concentrated in economically developed areas, leading to higher consumer spending and acceptance of fixed-price gold jewelry [1][3] - Chao Hong Ji's innovative design and flexible marketing strategies contributed to its leading growth among the four major brands [3][4] - The overall sales during the Golden Week saw a positive year-on-year growth, with an increase in average transaction value being the main driver [1][3] Group 2 - The proportion of fixed-price products is increasing across brands to balance profit pressures and optimize profit structures, with Chao Hong Ji having about 60-70% of its products at fixed prices [4] - Chow Tai Fook is transitioning from a weight-based product strategy to a profit-oriented approach, planning to close around 10 underperforming stores while enhancing its fixed-price product offerings [4][5] - Chao Hong Ji plans to continue its expansion with an expected addition of 10-20 new stores, focusing on shopping centers and younger consumers [4][5] Group 3 - There are significant differences in single-store sales volumes among brands, with Lao Feng Xiang leading at approximately 18 million, followed by Chow Tai Fook at over 15 million [5] - Chao Hong Ji employs a refined replenishment mechanism based on sales data from its top 50 franchisees, resulting in higher inventory turnover efficiency [5] - The inventory management strategies vary, with Chow Tai Fook primarily using a consignment model, while Lao Feng Xiang and China Gold follow more traditional models [5] Group 4 - The sales performance in the first three quarters of 2025 showed a fluctuation of approximately 10%/-5%/15%, indicating a structural divergence in brand performance [6] - The industry is expected to continue experiencing structural differentiation, with Chao Hong Ji accelerating its expansion and Chow Tai Fook focusing on profit recovery and structural optimization [6] - Future competition in the industry will likely center on product innovation, brand rejuvenation, and improving channel efficiency [6]