Financial Performance - The company's operating revenue for 2024 was CNY 56,792,876,456.39, a decrease of 20.50% compared to CNY 71,435,641,416.14 in 2023[21] - The net profit attributable to shareholders for 2024 was CNY 1,949,801,688.80, down 11.95% from CNY 2,214,395,285.15 in 2023[21] - The total profit for 2024 was 3.418 billion yuan, down 14.10% year-on-year[41] - The basic earnings per share for 2024 were CNY 3.7273, reflecting a decrease of 11.95% compared to CNY 4.2331 in 2023[22] - The weighted average return on equity for 2024 was 16.20%, down 4.33 percentage points from 20.53% in 2023[22] - The net cash flow from operating activities decreased by 59.25% to CNY 2,938,650,017.71 from CNY 7,211,579,960.46 in the previous year[21] - The company's net cash flow from operating activities in Q1 2024 was CNY 4.08 billion, indicating strong cash generation capabilities[24] - The total assets at the end of 2024 were CNY 22,731,142,401.49, a decline of 6.59% from CNY 24,333,847,842.95 in 2023[21] Market and Sales - The total gold consumption in China for 2024 was 985.31 tons, a decrease of 9.58% compared to 2023, with gold jewelry consumption dropping by 24.69%[32] - Domestic sales accounted for ¥56,010,602,322.21, reflecting a decrease of 20.80% year-on-year[56] - The retail sales of gold and jewelry in China decreased by 3.1% year-on-year, with total gold consumption down 9.58% compared to the previous year[77] - The core jewelry segment, represented by the "Lao Feng Xiang" brand, accounted for 99.36% of the company's total revenue in 2024[33] - The company reduced its marketing network by 156 outlets in 2024, ending the year with 5,838 marketing points, including 16 overseas[35] Product Development and Innovation - The company upgraded its product processing technology and expanded its CNC workshop, improving product precision and completing the design and development of over 1,000 new products[42] - The company launched several new product themes, including "Treasure Gold" and "Baroque Garden," with a focus on original design and innovation, resulting in 186 patent applications and 34 invention patents by the end of 2024[44] - The company is advancing smart manufacturing initiatives, with six factories piloting cloud intelligent manufacturing projects to enhance operational efficiency[42] - The company aims to enhance product quality and added value through continuous innovation in processing technology[42] Governance and Compliance - The company has implemented a comprehensive managerial reform, achieving full coverage of the professional manager system across 37 subsidiaries and 3 independent accounting departments by the end of 2024[41] - The company focused on enhancing compliance and governance structures, establishing a compliance management committee and revising internal regulations to align with new legal requirements[48] - The governance structure is aligned with the requirements of the Company Law and regulations from the China Securities Regulatory Commission[100] - The company has not faced any penalties from securities regulatory authorities in the past three years[116] Environmental and Social Responsibility - The company is committed to ecological and environmental protection, reducing energy consumption and hazardous materials usage[42] - The company invested 158.438 million yuan in environmental protection during the reporting period[146] - The company reduced carbon emissions by 8,458.63 tons through various measures, including the adoption of new equipment and technologies[148] - The company donated a total of 50.53 million yuan for public welfare projects, including 50 million yuan for military support and 0.53 million yuan for educational supplies[152] Talent Management - The company has implemented various channels for talent development, including cross-appointment and project-based roles, to foster a supportive environment for young talent[96] - The company plans to enhance the talent pool by implementing the "Talent Strong Enterprise" strategy and the "Fengxiang Plan" for young talent development in 2025[96] - The company has established performance assessment and profit-sharing mechanisms to enhance employee motivation and engagement[96] - The company has a total of 70 research and development personnel, reflecting its commitment to innovation[128] Shareholder and Dividend Information - The company plans to distribute a dividend of CNY 1.72 per share, totaling CNY 899,762,554.08 based on a total share capital of 523,117,764 shares[6] - The company implemented a cash dividend policy, distributing a cash dividend of CNY 1.95 per share for the year 2023, totaling CNY 1,020,079,639.80 (including tax) based on a total share capital of 523,117,764 shares[132] - For the year 2024, the proposed cash dividend is CNY 1.72 per share, amounting to CNY 899,762,554.08 (including tax), which represents 46.15% of the net profit attributable to shareholders[133] Audit and Financial Reporting - The audit report confirms that the financial statements fairly represent the company's financial position as of December 31, 2024[186] - The company has complied with all relevant accounting standards, ensuring transparency and accuracy in financial reporting[187] - No significant audit issues were identified, indicating a clean audit opinion for the financial year[188] - The company has implemented various audit procedures to ensure the accuracy of revenue recognition and inventory valuation[190] Future Outlook and Strategic Initiatives - The company aims for a total revenue of 49 billion CNY and a net profit of 1.47 billion CNY for 2025[88] - The company plans to optimize its market layout, focusing on increasing market share in key regions such as Guangdong-Hong Kong-Macau and Northeast China[89] - The company is committed to digital transformation to improve operational efficiency and resource integration[94] - The company has outlined its future outlook, emphasizing a commitment to market expansion and innovation[108]

股票简称：老凤祥 股票代码：600612 编号：临 2025-011 老凤祥 B 900905 老凤祥股份有限公司 第十一届监事会第十五次会议决议公告 本公司监事会及全体监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（以下简称"公司"）第十一届监事会于 2025 年 4 月 28 日召开了第十五次会议。出席会议的监事应到 3 名，实到 3 名。会议由监事 会副主席陈漪主持，本次会议符合《公司法》及《公司章程》的规定。与会监事 审议并一致通过以下议案： 一、《公司 2024 年度监事会工作报告》 表决情况：3 票同意、0 票反对、0 票弃权通过了该议案。 该议案需提请 2024 年年度股东大会审议批准。 二、《公司 2024 年年度报告正文及摘要》 监事会认为：本次计提、核销、转回各项减值准备符合相关法律法规及会计 政策的规定，能够准确反映公司财务信息。同意《关于 2024 年度计提信用减值 损失和资产减值损失的议案》。 详细内容请参考同日登载在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上的《 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-010 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十五次会议决议公告 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个别及连带责任。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日向全体董事 发出书面会议通知，并在 2025 年 4 月 28 日如期召开了第十一届董事会第十五次 会议。出席会议的非独立董事和独立董事应到 9 名，实到 9 名（其中独立董事应 到 3 名，实到 3 名）。会议由杨奕董事长主持，公司监事及高管列席会议。本次 会议的召开及程序符合《公司法》及《公司章程》的规定。会议审议并通过了以 下议案： 一、《公司 2024 年度董事会工作报告》 表决情况：9 票同意、0 票反对、0 票弃权通过了该议案。 该议案需提请 2024 年年度股东大会审议批准。 二、《公司 2024 年年度报告正文及摘要》 表决情况：9 票同意、0 票反对、0 票弃权通过了该议案。 本议案经董事会审计委员会审议通过，并同意提交公司董事会审议。 ...

老凤祥股份有限公司 关于 2025 年度中期分红安排的公告 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个别及连带责任。 为提高分红频次，积极回报股东，与投资人共享公司经营成果，老凤祥股份 有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第十一届董事会第十 五次会议、第十一届监事会第十五次会议，会议审议通过了《关于 2025 年度中 期分红安排的议案》。根据《中华人民共和国公司法》《中华人民共和国证券法》、 《上市公司监管指引第 3 号——上市公司现金分红》（以下简称"《现金分红指 引》"）《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 1 号——规范运作（以下简称"《规范运作指引》"）》等法律、法规、 规范性文件和《公司章程》的有关规定，公司拟定了 2025 年度中期分红安排， 具体如下： 一、中期分红条件 （一）符合中国证监会《现金分红指引》等相关规则对于上市公司利润分配 的要求；符合国资委国有资本收益上缴相关规定要求；符合公司的长远可持续发 展要求； （二）公司利润分配不得超过累计可供 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-013 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。 重要内容提示： 每股分配比例：老凤祥股份有限公司（以下简称"公司"）每股派发现 金红利 1.72 元（含税），其中公司 A 股每股派发现金红利 1.72 元（含税），B 股每股派发现金红利按照公司 2024 年度股东大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。本年度公司不进行送股和资本公积转增股 本。 本次利润分配拟以公司 2024 年 12 月 31 日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本如发生变动的，拟维持分配 总额不变，相应调整每股分红比例，并将另行公告具体调整情况。 本次利润分配不触及《上海证券交易所股票上市规则》（2024 年 4 月修 订）（以下简称"《股票上市规则》"）第 9.8.1 条第一款第（八）项规定的可 能被实施其他风险警示的情形。 一、利润分配方案内容 老凤祥股份有限公司 ...

老凤祥（600612）公告，2025年第一季度营收为175.21亿元，同比下降31.64%；净利润为6.13亿元，同 比下降23.55%。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail sector is experiencing a rise in emotional consumption trends, with leading retail companies actively transforming through quality retail, cross-border trendy play, and co-branding with fashion IPs, which is expected to lead to performance recovery and valuation revaluation in the long term [4][30] - The report highlights the ongoing disclosure of annual and quarterly reports, indicating that high-quality companies in high-prosperity sectors are worth monitoring [4][27] - The retail index has shown a slight increase of 0.07% recently, but has decreased by 5.00% since the beginning of 2025, underperforming the broader market [6][15] Summary by Sections Retail Market Review - The retail index closed at 2127.02 points, with a weekly increase of 0.07%, ranking 24th among 31 primary industries [6][15] - The supermarket sector showed the largest increase this week, while the watch and jewelry sector has led the gains since the beginning of 2025 [18][21] Retail Insights: Focus on Beauty Care, Gold Jewelry, and Traditional Retail - The report emphasizes the performance divergence among companies in the cosmetics, medical beauty, gold jewelry, and traditional retail sectors, with a positive outlook for quality companies in the retail sector due to the recovery of consumer demand [27][30] - Key companies such as Yonghui Supermarket and Aiying Room are highlighted for their proactive transformation and potential for performance recovery [41][42] Key Company Performances - Proya achieved a 28.9% increase in net profit in Q1 2025, supported by a series of new product launches [47] - Yonghui Supermarket reported a revenue of 174.79 billion yuan in Q1 2025, down 19.3% year-on-year, but is undergoing significant store renovations [30][46] - The report suggests focusing on companies with strong growth potential in high-prosperity segments, including Proya, Aiying Room, and gold jewelry brands like Laopu Gold and Chaohongji [44][42]

具体各大品牌金店最新价格见下表格： 今日金价 单位 变动幅度 涨跌 老庙黄金价格 4月24日国内金价快报：各大金店价格继续小幅下滑，但每克还是稳稳站在1000元以上，价格还是很 高。周大福等金店今天又降了17元/克，最新标价1038元/克，还是最贵的金店。菜百黄金保持1015元/克 没变，依旧是最低价金店。今日金店黄金价差23元/克，价差继续缩小。 1031 元/克 21 跌 六福黄金价格 1038 元/克 17 跌 周大福黄金价格 跌 周六福黄金价格 1038 元/克 17 跌 今日金店黄金价格一览（2025年4月24日） 金店报价 金至尊黄金价格 1038 元/克 17 1038 元/克 17 跌 老凤祥黄金价格 1035 元/克 15 跌 潮宏基黄金价格 1038 元/克 17 跌 周生生黄金价格 1035 元/克 13 跌 菜百黄金价格 1015 元/克 元/克 17 0 平 上海中国黄金价格 1019 元/克 0 平 周大生黄金价格 1038 跌 在关注黄金走势之余，再让我们来看一下铂金价格。还是以周大福为例，其铂金饰品最新报价为403元/ 克，较昨日上调5元，形成与黄金价格"一涨一跌"的逆向波动格 ...

扬子晚报网4月23日（记者 范晓林 薄云峰）在金价持续上涨的长周期后，23日金价涨跌幅的数字首次"由红转绿"。周大福、老凤祥（600612）、周六福、 周大生（002867）金价为1055元/克，跌幅在-0.57%至-2.50%，周生生金价为1048元/克，跌幅为-2.96%。 | 员需要物 | | 贵金属现货 | 纸黄金 | | --- | --- | --- | --- | | 实物 | | 银行 | 回收 | | 品牌 | 产品 | 价格 | 涨跌幅 | | 周大福 | 黄金 | 1055元/克 | -2.50% | | 老凤祥 | 黄金 | 1050元/克 | -0.57% | | 周六福 | 黄金 | 1055元/克 | -2.50% | | 周大生 | 黄金 | 1055元/克 | -0.57% | | 周生生 | 童金 | 1048元/克 | -2.96% | 据同花顺（300033）数据，国际、国内金价在近几日的接连上涨后迎来回调。截至23日午盘，伦敦现货黄金价格报3342.21美元/盎司，跌-1.15%；纽约商 业交易所（COMEX）黄金期货报3347.7美元/盎司，跌-2.1%；沪金收盘失 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **gold jewelry industry**, highlighting the impact of fluctuating gold prices on consumer behavior and market dynamics [1][2][3]. Core Insights and Arguments - **Gold Price Impact**: The rapid increase in gold prices, with a notable rise of approximately **20%** in Q2 of the previous year, has led to a decline in retail consumption due to consumer hesitation. However, as the sales season approached and price increases slowed, the decline in consumption narrowed, with a recovery in retail growth observed in Q1 of this year [1][2][4]. - **Consumer Behavior**: A moderate increase in gold prices (annual growth <15%) tends to boost consumer confidence, leading to a potential rise in both volume and price. The shift towards higher weight gold products is an example of this trend [1][5]. - **One-Price Gold Products**: These products have gained popularity during periods of rapid price increases due to their controllable total price and appealing designs. This trend is reflected in the increased daily foot traffic at stores like Lao Pu Gold [1][4][6]. - **New Store Openings**: New store openings significantly increase the demand for gold jewelry procurement, prompting brands and franchisees to expand their purchasing scale to meet market demand and maintain competitiveness [1][7]. - **Market Competition**: The gold jewelry market is transitioning into a phase of stock competition, with growth driven by channels slowing down. The market share of the top five brands has doubled since 2017, but the channel dividends are diminishing, leading to a reduction in new store openings and overall industry growth [1][8][10]. Additional Important Insights - **Long-term Trends**: The future of the gold jewelry industry is expected to focus on product and brand upgrades rather than relying solely on channel expansion. Companies like Lao Pu Gold and Lao Feng Xiang are successfully differentiating their products and building strong brands [3][12]. - **Challenges**: The industry faces challenges such as reduced channel dividends, increased pressure on terminal sales, and declining investment returns. Franchisees need to attract more foot traffic, which impacts sales and profits [11]. - **Valuation and Dividends**: Major gold jewelry companies are currently valued relatively low, with P/E ratios around **13 to 14 times** for 2025. These companies exhibit strong dividend yields, ranging from **5% to 8%**, indicating a solid safety profile [17]. - **Performance of Key Players**: Companies like Lao Feng Xiang have shown strong performance, with expectations for profit revisions upwards to **3.5 billion yuan** for 2025. Their strategic store openings and promotional activities have contributed to this growth [18][19]. Conclusion - The gold jewelry industry is navigating a complex landscape influenced by gold price fluctuations, changing consumer preferences, and competitive dynamics. Future growth will likely depend on innovation in product offerings and brand positioning rather than traditional expansion strategies.