Group 1 - The company, Lao Feng Xiang, announced the establishment of Lao Feng Xiang Precision Materials Company with a registered capital of 50 million RMB, where its subsidiary, Shanghai Lao Feng Xiang Jewelry Research Institute, will contribute 35 million RMB, accounting for 70% [1] - The total investment for the project is expected to be no more than 215 million RMB, with 50 million RMB contributed by shareholders and the remaining amount to be financed through debt [1] - Lao Feng Xiang Precision Materials Company will primarily produce gold bars that meet the certification standards of the Shanghai Gold Exchange and will gradually expand into refining other precious metals such as platinum, palladium, rhodium, silver, and titanium [1] Group 2 - The project aims to establish a precious metal research and production base within Shanghai, promoting breakthroughs in new materials and processes, thereby filling the current gap in the precious metal industry in Shanghai [2] - The expansion of the company's gold business will provide essential material support for jewelry manufacturing, enhancing supply chain control and product added value [2] - The initiative is designed to lay the foundation for providing high-end metal materials to multiple industries, achieving mutual benefits and sustainable development for the three cooperating parties [2]

Core Viewpoint - The announcement indicates that Laofengxiang's subsidiary, Laofengxiang Jewelry Research Institute, plans to invest 50 million yuan to establish Shanghai Laofengxiang Jingcai Technology Development Co., Ltd., with a total project investment not exceeding 215 million yuan, aimed at enhancing the gold industry chain and product value [1] Group 1 - The joint investment will be shared among Laofengxiang (70%), Cui Lv Co., and Shanghai Xinpai (15% each) [1] - The project aims to improve the value-added of products and enhance supply chain autonomy [1] - Funding for the project will partially be secured through debt financing [1] Group 2 - The project is still subject to registration and environmental assessments, indicating that it has not yet received final approval [1] - There are uncertainties regarding the project's impact on performance due to potential market and policy risks [1]

2025年，老凤祥股份有限公司第十一届董事会第十九次（临时）会议，审议通过控股子公司上海老凤祥 首饰研究所有限公司以盈余公积转增注册资本议案。老凤祥首饰研究所拟增资3385万元，注册资本将从 1615万元增至5000万元，各股东持有份额按原出资额占比计算。此次转增是为促进该子公司向上海黄金 交易所申请成为黄金精炼企业，开展旧金回收等业务，符合其对精炼企业资格管理规定。该事项无需股 东大会审议，不构成关联交易及重大资产重组，相关风险可控。 ...

2025年，老凤祥股份有限公司发布公告，其下属控股子公司上海老凤祥有限公司与上海老凤祥钻石加工 中心有限公司拟以自有资金5000万元，共同投资设立老凤祥奢品销售有限公司（暂名）。其中，老凤祥 有限出资4000万元，占比80%；老凤祥钻石加工中心出资1000万元，占比20%。此次投资旨在提升品牌 形象与价值，开拓中高端市场。不过，该公司尚未完成注册登记，且奢品业务属创新业态，在经营管理 等方面存在不确定性，未来还可能面临市场、政策等风险，对公司业绩影响未知。 ...

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.00% to 1969.84 points [1] - The Shanghai Composite Index rose by 1.52%, the Shenzhen Component Index by 2.65%, the ChiNext Index by 2.10%, and the CSI 300 Index by 1.38% [1] Strong Stock Performance - Notable strong performers included兆易创新 (Zhaoyi Innovation) up 19.21%, 澜起科技 (Lanke Technology) up 9.03%, and 老凤祥 (Lao Feng Xiang) up 8.30% [2] - Since the second half of the year, 中际旭创 (Zhongji Xuchuang) has surged by 189.38%, while 阳光电源 (Sungrow Power) has increased by 97.61% [2] Market Outlook - Overall, the market is expected to maintain a positive trend, with strong capital inflow and investor confidence remaining high [2] - The current macroeconomic policies are supportive, and the risk of economic uncertainty is low, which is favorable for stock investments [2] -涌津投资 (Yongjin Investment) anticipates a rebalancing of market styles in the upcoming quarters, particularly influenced by AI-related sectors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]

Group 1 - The retail prices of gold in domestic jewelry stores show a divergence, with major brands like Chow Tai Fook and Chow Sang Sang maintaining a unified price of 1078 yuan per gram, while Lao Feng Xiang offers a slightly lower price of 1075 yuan per gram [1] - In terms of bank gold bar prices, Minsheng Bank's investment gold bar is priced at 844 yuan per gram, while China Construction Bank's "Jianhang Gold" gold bar is priced at 842 yuan per gram [1]

Market Overview - The jewelry sector increased by 0.38% on September 12, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Key Performers - Mankalon (300945) closed at 22.82, up 4.49% with a trading volume of 284,900 shares and a transaction value of 6.42 billion [1] - Other notable performers include: - Deep China A (000017) at 7.27, up 1.96% [1] - Cai Zhi Co. (665509) at 14.69, up 1.94% [1] - Ying Xitong Ling (603900) at 11.58, up 1.14% [1] - China Gold (600916) at 8.68, up 1.05% [1] Fund Flow Analysis - The jewelry sector saw a net inflow of 93.53 million from institutional investors, while retail investors experienced a net outflow of 27.79 million [2] - Mankalon had a net outflow of 43.11 million from institutional investors, indicating a shift in investment sentiment [3] - Deep China A experienced a net inflow of 23.93 million from institutional investors, suggesting strong interest [3] Summary of Individual Stocks - Mankalon: - Closing Price: 22.82, Change: +4.49%, Net Institutional Inflow: -43.11 million [1][3] - Deep China A: - Closing Price: 7.27, Change: +1.96%, Net Institutional Inflow: 23.93 million [1][3] - China Gold: - Closing Price: 8.68, Change: +1.05%, Net Institutional Inflow: 736.78 million [3]

股票简称：老凤祥 股票代码：600612 编号：临 2025-035 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个别及连带责任。 老凤祥股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会的公告 1.投资者可在 2025 年 9 月 19 日（周五）15:00 至 17:00，登录"全景路演" 网站（https://rs.p5w.net/html/175611728073329.shtml）；或关注微信公众号：全 景财经；或下载全景路演 APP，参与本次说明会。 2.为便于交流，投资者可于 2025 年 9 月 18 日（周四）15:00 前将需要了解与 关注的问题通过电子邮件的形式发送至公司邮箱 lfx600612@lfxgf.com，公司将 在说明会上，在信息披露允许的范围内对投资者普遍关注的问题进行回答。 四、联系人及咨询办法 特此公告。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日发布了《公 司 2025 年半年度报告》。为进一步加强与投资者的 ...

Core Viewpoint - The international spot gold price has surged significantly in 2023, rising from $2,625 per ounce to over $3,600 per ounce, marking an increase of over $1,000 per ounce and a year-to-date gain of 40% [2][3]. Group 1: Price Movements - On September 9, the spot gold price reached a new high of $3,674.78 per ounce, with COMEX gold futures also reflecting a similar increase, nearing 40% year-to-date [3]. - Domestic gold-related stocks experienced a strong rally, with several stocks hitting the daily limit up, including Western Gold, Chifeng Jilong Gold Mining, and Hengbang Shares [2][3]. Group 2: Factors Driving Gold Prices - The recent rise in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the independence of the Fed impacting the US dollar, and increased risk aversion due to fiscal and political pressures [4][6]. - The downward revision of US non-farm payroll data has intensified market bets on multiple rate cuts by the Fed, further supporting gold prices [6]. Group 3: Central Bank Activities - Central banks globally have been increasing their gold reserves, with the People's Bank of China reporting a rise in gold reserves to 74.02 million ounces, marking the tenth consecutive month of increases [7]. - The World Gold Council noted that global official gold reserves increased by 166 tons in Q2 2023, maintaining a high level of accumulation [7]. Group 4: Long-term Outlook - Analysts believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Various institutions have raised their gold price targets, with forecasts suggesting prices could reach $4,000 per ounce by 2026 under certain scenarios [9].