老凤祥股份有限公司 信息披露暂缓与豁免管理制度 第三条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 并履行内部审核程序后方可实施。 第二章 暂缓、豁免披露信息的范围 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称"国家秘密"），依法豁免披露。 公司和其他信息披露义务人有保守国家秘密的义务，不得通过信息披露、投 资者互动问答、新闻发布、接受采访等任何形式泄露国家秘密，不得以信息涉密 为名进行业务宣传。 第五条 公司和其他信息披露义务人拟披露的信息涉及商业秘密或者保密商 务信息（以下统称"商业秘密"），符合下列情形之一，且尚未公开或者泄露的， 可以暂缓或者豁免披露： （一）属于核心技术信息等，披露后可能引致不正当竞争的； 1 （2025年8月制定） 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"）信息披露暂缓与 豁免行为，依法合规履行信息披露义务，保护投资者合法权益，根据《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》 《上市公司信息披露暂缓与豁免 ...

老凤祥股份有限公司 董事、高级管理人员 所持公司股份及其变动管理制度 （2025年8月制定） 第一章 总则 第一条 为加强老凤祥股份有限公司（以下简称"公司"）董事、高级管理 人员所持本公司股份及其变动的管理，维护证券市场秩序，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》"）《上市公司董事和高级管理人员所持本公司股份及其变动管理 规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第8号—股份变动管理》《上海证券交易所上市公司自律监管指引第15号—股 东及董事、高级管理人员减持股份》等有关法律、法规、规范性文件及《老凤祥 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际 情况，制定本制度。 第二条 公司董事、高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规，中国证券监督管理委员会（以下简称"中国证监会"）规章、规 范性文件以及上海证券交易所（以下简称"上交所"）规则中关于股份变动的限 制性规定。 公司董事、高级管理人员就其所持本公司股份比例、持有期限、变动方式、 变动数量、变动价格等作出承诺的 ...

Core Viewpoint - The domestic gold market remains stable with some fluctuations in prices among different brands, while gold recycling prices have decreased [1][4]. Price Summary - The overall gold prices in domestic stores are stable, with some brands experiencing slight increases. For instance, Lao Miao Gold increased by 2 yuan to 1012 yuan per gram, while Zhou Shengsheng remains the highest at 1014 yuan per gram. Shanghai China Gold remains the lowest at 969 yuan per gram, maintaining a price difference of 45 yuan per gram among stores [1][3]. - The latest prices for various brands are as follows: - Lao Miao Gold: 1012 yuan/gram (up 2) - Liufu Gold: 1009 yuan/gram (no change) - Zhou Dafu Gold: 1009 yuan/gram (no change) - Zhou Liufu Gold: 985 yuan/gram (no change) [1][2][3]. Recycling Price Summary - The gold recycling price has decreased by 8.3 yuan per gram, with the following prices reported: - General Gold: 769.80 yuan/gram - Cai Bai Gold: 775.30 yuan/gram - Zhou Shengsheng Gold: 767.60 yuan/gram - Zhou Dafu Gold: 773.90 yuan/gram - Lao Fengxiang Gold: 782.60 yuan/gram [4][6]. International Gold Price Summary - The international gold price showed fluctuations, closing at 3396.59 USD/ounce with a rise of 0.81%. As of the latest report, it has decreased to 3388.09 USD/ounce, reflecting a drop of 0.25% [6]. - The recent increase in gold prices is attributed to market concerns regarding the independence of the Federal Reserve and heightened geopolitical tensions, leading to increased investor risk aversion [6]. - Market expectations for a 25 basis point rate cut by the Federal Reserve in September stand at 87.2%, with a 49% expectation for October [6].

Investment Rating - The report assigns a "Market Weight" investment rating to the industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [61]. Core Insights - The Chinese jewelry market is projected to exceed 900 billion RMB by 2029, driven by increasing purchasing power and diverse daily wear demands, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [6][16]. - Gold jewelry dominates the market, expected to hold a 73% share in 2024, reflecting its cultural significance and investment value [17]. - The ancient gold jewelry market has seen rapid growth, with sales revenue soaring from 13 billion RMB in 2018 to 157.3 billion RMB in 2023, achieving a CAGR of 64.6% [51]. - The report highlights a structural shift in consumer preferences towards ancient gold craftsmanship, which combines cultural aesthetics with modern luxury, allowing for premium pricing beyond traditional weight-based pricing [61]. Summary by Sections 1. Overview of the Gold Jewelry Industry - The jewelry industry in China has evolved through various stages, from the initial demand surge post-1982 to the current phase characterized by e-commerce penetration and a shift towards high-end customization [14][15]. 2. Factors Driving Gold Jewelry Consumption - Rising gold prices are expected to boost investment demand for gold jewelry, with geopolitical risks and central bank purchases providing additional support [32]. - The popularity of diversified and personalized products is increasing, particularly among younger consumers who favor traditional craftsmanship and cultural narratives [35]. 3. Craftsmanship Evolution and Market Growth - The ancient gold jewelry market is anticipated to reach 421.4 billion RMB by 2028, with a CAGR of 21.8% from 2023 to 2028, driven by cultural significance and aesthetic appeal [51]. 4. Competitive Landscape in the Gold Jewelry Industry - The industry is characterized by high concentration, with leading companies like Chow Tai Fook and Lao Feng Xiang holding significant market shares, primarily through franchise models [57]. 5. Investment Strategy - Despite a slowdown in overall market growth, structural opportunities exist, particularly in the ancient gold segment, which is expected to continue its rapid expansion [61].

Core Insights - The emergence of "pain gold" represents a cultural shift in gold consumption, particularly among younger demographics who are influenced by anime and IP collaborations [1][2][3] - "Pain gold" products are often priced at 2-3 times the market gold price, reflecting high demand and the added value of IP licensing [5][6][7] Group 1: Market Trends - "Pain gold" has gained popularity among the younger generation, particularly those aged 00s, with many customers traveling from other regions to purchase these limited edition items [2][3] - Various brands, such as Lao Feng Xiang and Lao Miao, have launched successful IP collaboration gold products, indicating a trend towards integrating pop culture with traditional gold offerings [1][3] Group 2: Consumer Behavior - Consumers are primarily motivated by emotional attachment to the IP rather than investment returns, viewing "pain gold" as a blend of personal interest and asset allocation [3][4][6] - The willingness to pay a premium for "pain gold" varies among consumers, with some accepting the high prices while others express caution regarding the investment value [5][6] Group 3: Pricing and Valuation - The pricing of "pain gold" products often exceeds traditional gold prices significantly, with examples showing prices ranging from hundreds to thousands of yuan depending on the design and weight [5][6] - The resale value of "pain gold" in the second-hand market can sometimes exceed the original purchase price, but the liquidity and potential for appreciation remain limited compared to traditional gold products [7]

风险提示：市场有风险，投资需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） 截至2025年8月27日15时，老凤祥股价报47.37元，较前一交易日下跌1.46%。当日开盘价为48.08元，最 高触及48.19元，最低下探至47.31元，成交量为3.03万手，成交额达1.45亿元。 近期，老凤祥与热门IP圣斗士星矢联名推出的"痛金"产品受到年轻消费者关注。该系列产品以动漫元素 为设计灵感，吸引二次元爱好者购买。部分联名款黄金饰品在二手市场溢价明显，例如星穹铁道月君金 票原价899元，二手市场标价达1900元。 8月27日，老凤祥主力资金净流出2541.91万元，近五日累计净流出4353.62万元。 老凤祥主营业务为珠宝首饰的设计、生产和销售，是国内知名的黄金珠宝品牌。公司产品涵盖黄金、铂 金、钻石、翡翠等多个品类，并在上海、深圳等地设有销售网络。 ...

Core Viewpoint - The emergence of "pain gold" represents a significant shift in gold consumption among young consumers, blending traditional gold with elements of anime culture, thus creating a new market segment that appeals to emotional and aesthetic values [1][3][7]. Group 1: Market Trends - "Pain gold" is rapidly gaining popularity among the youth, particularly in the context of IP collaborations with well-known anime and gaming franchises, leading to a "breakthrough revolution" in gold consumption [1][3]. - Various gold brands have launched IP collaboration products, with high demand noted for items like "Tian Guan Ci Fu" and "Dao Mu Bi Ji," indicating a trend towards limited edition and collectible gold items [1][4][6]. Group 2: Consumer Behavior - Consumers are increasingly purchasing "pain gold" not just as an investment but as a means of expressing their fandom and emotional attachment to specific characters, with many young buyers being students [3][4][7]. - The emotional value associated with "pain gold" often outweighs its financial investment potential, as consumers are willing to pay a premium for items that resonate with their interests [7][12]. Group 3: Pricing and Valuation - The pricing of "pain gold" products typically ranges from 2 to 3 times the market price of standard gold, with some items priced significantly higher due to their unique designs and IP licensing costs [8][10]. - The resale value of "pain gold" in secondary markets can exceed original prices, but the liquidity and potential for appreciation are limited compared to traditional gold products [14]. Group 4: Industry Implications - The rise of "pain gold" is pushing the gold industry towards a younger demographic, enhancing the emotional and aesthetic appeal of gold products, which may lead to increased sales and market expansion [7][8]. - Gold retailers are adapting to this trend by offering more IP collaboration products, which not only boosts their product offerings but also increases the perceived value of gold as a collectible item [1][7].

Core Viewpoint - The well-known gold brand Laomiao Gold faced consumer confusion and controversy due to its product "Jiguole Garden," which resembled the STAYREAL character "Momo Hu Hu Carrot." The company issued an apology on August 26, acknowledging its mistake and outlining a compensation plan for affected consumers and its partner STAYREAL [1][5]. Group 1 - Laomiao Gold issued a formal apology for the confusion caused by the "Jiguole Garden" product, which was launched on an e-commerce platform [3]. - The company expressed deep regret for the distress caused to STAYREAL and consumers, emphasizing its commitment to respecting STAYREAL's intellectual property rights [5]. - Laomiao Gold has removed the related product pages and will not reintroduce similar products in the market [5]. Group 2 - The company has initiated a comprehensive restructuring process to prevent similar issues in the future and to uphold the trust of its partners and consumers [5]. - A compensation plan was announced, offering a 100 yuan good luck voucher for consumers who have not purchased the product, and for those who have, a 100 yuan voucher along with a good luck gold foil sticker [5]. - STAYREAL, the partner brand, was co-founded in 2007 by Mayday's lead singer Ashin and illustrator Bu Erliang, highlighting the significance of the collaboration for Laomiao Gold [5].

Core Insights - The "2025 Human Capital Development Conference and AI+ Employment Empowerment Plan Launch Ceremony" was held in Shanghai, focusing on the integration of AI in employment and human resource management [1][3] - The conference highlighted the transition of Chinese enterprises from "personnel management" to "talent management" over 18 years, emphasizing the role of technology in promoting quality employment and organizational transformation [3] Group 1: AI and Employment - Leading companies such as Unisound, miHoYo, and Manlun Trading presented three major business scenarios related to "AI+ Talent Search," "AI+ Organizational Management," and "AI+ Campus Recruitment," showcasing how AI can reconstruct the employment ecosystem [3][5] - The conference introduced a comprehensive AI-enabled employment solution that builds a full-stack digital ecosystem for human resources, focusing on perception, cognition, decision-making, and execution [5] Group 2: Employment Services and Collaboration - The "Mosu Space" employment service station was launched, aiming to connect AI companies with graduates, enhancing job matching and skill development [5] - The establishment of Shanghai's first comprehensive AI employment internship base was announced, aimed at supporting youth employment initiatives [5] Group 3: Industry Engagement - The conference featured a live-streaming session titled "Walking with AI," where over ten leading companies showcased more than 20 high-quality AI-related job positions, breaking down barriers between online and offline recruitment [6] - Senior HR experts and company CTOs engaged with the audience, providing insights into AI human resource needs and career development opportunities [6]

Core Viewpoint - The incident involving the gold brand Laomiao and the popular character "Mojo Hu Hu Carrot" from STAYREAL has sparked controversy due to allegations of design plagiarism, leading to an apology and compensation plan from Laomiao [1][4][13]. Group 1: Incident Overview - On August 26, fans of the band Mayday reported that Laomiao's product "Ji Guo Le Yuan Za Za Hu Hu Hu Luo Bo" closely resembled STAYREAL's character "Mojo Hu Hu Carrot," causing public outcry [1][6]. - Laomiao had recently launched a collaboration with STAYREAL, but the character in question was not part of the official product line [4][6]. - Following the backlash, Laomiao removed the controversial product from its online store and issued an apology [8][13]. Group 2: Apology and Compensation - Laomiao's apology letter acknowledged a mistake in product listing due to an operational error and expressed regret for the confusion caused to STAYREAL and consumers [13]. - The company announced a compensation plan, offering a 100 yuan gift voucher to consumers who had not purchased the product, and additional benefits for those who had [13][14]. - The compensation strategy was later optimized to ensure all consumers, both buyers and non-buyers, would receive compensation [14][19].