老凤祥股份有限公司合规管理暂行办法 第一章 总则 第一条 为深入贯彻习近平法治思想，推动和加强老凤祥股 份有限公司（以下简称"公司"）的合规管理工作，有效防控合 规风险，公司根据《中华人民共和国公司法》《中华人民共和国 企业国有资产法》等有关法律法规，参照《上海市国资委监管企 业合规管理办法》《黄浦区国资委监管企业合规管理暂行办法》， 依据公司章程，制定本办法。 1 考核评价，并接受其依据相关规定对违规行为开展责任追究。 第六条 公司合规管理工作应当遵循以下原则： （一）坚持党的领导。充分发挥公司党委领导作用，落实全 面依法治国战略部署有关要求，把党的领导贯穿合规管理全过程。 （二）坚持全面覆盖。将合规要求嵌入经营管理各领域各环 节，贯穿决策、执行、监督全过程，落实到各部门和全体员工， 实现多方联动、上下贯通。 （三）坚持权责清晰。按照"管业务必须管合规"要求，明 确业务及职能部门、合规管理部门和监督部门职责，严格落实员 工合规责任，对违规行为严肃问责。 第二条 本办法适用于老凤祥股份有限公司。 第三条 本办法所称合规，是指公司经营管理行为和员工履 职行为符合国家法律法规、监管规定、行业准则和国际条约、规 则 ...

Group 1: Investor Relations Activities - The event was a site visit to Lao Feng Xiang, organized by Shenwan Hongyuan Securities to enhance communication between listed companies and investors [2] - The event took place on December 18, 2024, from 14:00 to 17:00 at the Lao Feng Xiang Precious Products Private Consultation Center in Shanghai [2] - Key participants included senior executives from Shenwan Hongyuan and Lao Feng Xiang, including the Deputy General Manager and the Secretary of the Board [2] Group 2: Company Overview and Future Plans - Lao Feng Xiang is focusing on enhancing its brand image and product design to attract younger consumers, including the development of themed stores and co-branded products [3] - The company plans to continue innovating in product design and marketing strategies to lead trends in jewelry consumption [3] - There are no current plans for further industry consolidation or undisclosed information regarding mergers and acquisitions [3] Group 3: Financial Insights - The company has a significant amount of cash but also substantial short-term borrowings, with interest expenses exceeding interest income [3] - The sales model is primarily wholesale, with regular large-scale ordering events that require advance inventory preparation, leading to temporary funding gaps [3] - Borrowing and repayment plans are adjusted based on market conditions and sales forecasts [3]

以下文章来源于棱镜 ，作者肖望 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 不要用炒股的思路去炒黄金。 作者 | 肖望 编辑 | 温世君 来源 | 棱镜·腾讯小满工作室 （ID：lengjing_qqfinance） "黄金的价格增长就像座活火山，一旦爆发，增幅不只是百分之几，而是几倍。" 在2020年7月的一场研讨会上，中泰国际首席经济学家李迅雷如此形容黄金上涨的历史趋势。李迅雷还表示，"目前，这座活火山已经 进入到活跃期，会喷发一下再停停，停了之后马上又会喷发。" 四年后，李迅雷的上述观点被投资者反复提及并追悔莫及。 国内金价在年内已创下40次新高，在2023年已经上涨17%的基础上，今年一度涨幅超32%，站上636.75元/克的高位，周大福等零 售品牌金价更是一度达到826元/克，令人咂舌。 这样的涨势在历史上都极为罕见。创纪录的金价飙涨，正在重塑黄金消费和投资的格局。 2023年以来国内金价走势，截图自上海黄金交易所 水贝人笑称，自己是黄金的搬运工。加工厂主要赚取加工金饰每克几元至十几元的加工费。如今加工量大降，工厂不复昔日忙碌。 "不买了，留着钱去吃大餐" 11月中旬，作者在北京海淀区 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 53.56 CNY per share, compared to the current price of 51.14 CNY [6]. Core Insights - The company reported a significant decline in revenue and profit for the first three quarters of 2024, with revenue at 52.582 billion CNY, down 15.28% year-on-year, and net profit at 1.776 billion CNY, down 9.60% year-on-year. The third quarter alone saw a revenue drop of 41.89% year-on-year [3][4]. - The rising gold prices have negatively impacted consumer demand for gold jewelry, leading to pressure on the company's financial performance [3]. - The company is investing 840 million CNY in a new multi-functional industrial building project aimed at enhancing its brand image and operational environment, expected to take 48 months to complete [4]. Financial Summary - For 2024, the company is projected to achieve revenues of 62.204 billion CNY, with a year-on-year growth rate of -12.9%. Net profit is expected to be 2.001 billion CNY, reflecting a -9.6% growth rate [5]. - The gross margin for Q3 was reported at 6.52%, a decrease of 0.98 percentage points year-on-year, indicating significant sensitivity to gold price fluctuations [4]. - The company anticipates a gradual recovery in revenue and profit in the following years, with projected revenues of 67.163 billion CNY and 72.002 billion CNY for 2025 and 2026, respectively [4].

Group 1: Financial Performance - The company's cumulative cash dividends from 2018 to 2023 amounted to 43.73 billion CNY, with a dividend payout ratio of 43.78% of net profit during the same period [1] - In the first nine months of 2024, the total sales of gold jewelry decreased by 10.40% in January, 12% in August, and 10.40% in September, reflecting a downward trend in the market [1] - The domestic raw gold production in the first three quarters of 2024 was 268.068 tons, a decrease of 1.17%, while the national gold consumption was 741.732 tons, down 11.18% [5] Group 2: Market Conditions - The rapid increase in gold prices, with a rise of approximately 23% in the closing price at the Shanghai Gold Exchange, has significantly impacted end-consumer demand [5] - The retail market for gold jewelry has shown a declining trend since April 2024, with a year-on-year decrease of 10.10% in sales [2] - The company has adjusted its sales policies to support distributors and franchisees in response to the slowdown in retail sales [3] Group 3: Strategic Initiatives - The company plans to continue innovating in product design and marketing to attract younger consumers and enhance brand appeal [4] - There are no current plans for stock repurchase or increase in holdings, focusing instead on product development and market expansion [2] - The company is actively exploring new policies and market dynamics to address B-share issues and improve market positioning [2] Group 4: Future Outlook - The company aims to enhance its operational quality and adapt to market changes by upgrading store themes and expanding product lines [6] - Future growth strategies include leveraging e-commerce channels and hosting exclusive product sales events to increase customer engagement [5] - The company is committed to maintaining a stable and high-quality development trajectory while safeguarding investor interests [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [1] Core Views - The company reported a significant decline in revenue and net profit for Q3 2024, with revenue at 12.6 billion yuan, down 42% year-on-year, and net profit at 370 million yuan, down 46% year-on-year [1] - The company is focusing on enhancing its core capabilities in brand, quality, technology, standards, and service to drive high-quality development and achieve its operational goals [1] - The rising gold prices are impacting end-consumer demand, prompting the company to implement supportive measures to stabilize operations, including new product development and increased advertising [1] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 52.6 billion yuan, a decrease of 15% year-on-year, while net profit was 1.8 billion yuan, down 9.6% year-on-year [1] - The gross margin for the first three quarters of 2024 was 8.56%, an increase of 0.44 percentage points, and the net margin was 4.34%, an increase of 0.11 percentage points [1] - The company has adjusted its earnings forecasts for 2024-2026, expecting EPS of 3.8 yuan, 4.3 yuan, and 4.7 yuan respectively, with corresponding P/E ratios of 13x [1][2] Financial Data and Valuation - The company's revenue for 2022 was 63,010.14 million yuan, with a growth rate of 7.36%, and for 2023, it was 71,435.64 million yuan, with a growth rate of 13.37% [2][5] - The projected revenue for 2024 is 60,720.30 million yuan, reflecting a decline of 15% [2] - The net profit attributable to the parent company for 2022 was 1,700.34 million yuan, with a growth rate of -9.38%, and for 2023, it was 2,214.40 million yuan, with a growth rate of 30.23% [2][5] Cash Flow and Investment Activities - The operating cash flow for 2023 was 7,211.58 million yuan, with a significant increase compared to 964.08 million yuan in 2022 [4] - The company is expected to have a net cash increase of 171.33 million yuan in 2024, following a cash increase of 3,731.53 million yuan in 2023 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 525.82 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.28%. The net profit attributable to the parent company was 17.76 billion yuan, down 9.60% year-on-year [4][6] - In the third quarter of 2024, the company experienced a significant decline in revenue, reporting 126.23 billion yuan, a decrease of 41.89% year-on-year, and a net profit of 3.72 billion yuan, down 46.20% year-on-year [4][6] - The company is actively supporting its franchisees during the downturn in demand caused by rising gold prices, which has pressured terminal sales [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 525.82 billion yuan, a decrease of 15.28% year-on-year, and a net profit of 17.76 billion yuan, down 9.60% year-on-year. The revenue for the third quarter alone was 126.23 billion yuan, reflecting a 41.89% year-on-year decline, with a net profit of 3.72 billion yuan, a 46.20% decrease [4][6] - The gross profit margin for the third quarter of 2024 was 6.52%, a decrease of 1 percentage point year-on-year, attributed to support provided to franchisees and changes in product structure [6][9] Market and Industry Analysis - The gold jewelry consumption in the third quarter of 2024 was 130 tons, down 29% year-on-year, while gold bar consumption was 69 tons, down 9% year-on-year. The retail sales of gold and silver jewelry above designated size decreased by 7.6% year-on-year [5] - The company is expected to maintain a long-term investment value despite the current challenges, supported by its strong brand and stable expansion through a wholesale (franchise) model [9] Future Projections - The company is projected to achieve net profits of 19.0 billion yuan, 19.9 billion yuan, and 21.0 billion yuan for the years 2024, 2025, and 2026, respectively [9] - The estimated valuation for 2024 is set at 14-16 times PE, corresponding to a market value range of 266-303 billion yuan, with a reasonable value range of 50.76-58.02 yuan per share [9]

老凤祥股份有限公司 关于参加 2024 年上海辖区上市公司 三季报集体业绩说明会的公告 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。 老凤祥股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日发布了《公 司 2024 年第三季度报告》。为进一步加强与投资者的互动交流，公司将参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动（以下简称"本次说明会"）， 现将有关事项公告如下： 一、说明会类型、时间、地点 本次说明会将采取网络的方式举行，投资者可以登录"上证路演中心"网站 （https://roadshow.sseinfo.com）或关注微信公众号上证路演中心参与互动交 流，活动时间为 2024 年 11 月 13 日（周三）15:00 至 16:30。 二、参加人员 股票简称：老凤祥 股票代码：600612 编号：临 2024-033 老凤祥 B 900905 公司党委书记、董事长杨奕先生；公司副董事长、总经理黄骅先生；独立董 事马民良先生；财务总监凌晓静女士；董事会秘书邱建敏先生（如有特殊情况 ...

股票简称：老凤祥 股票代码：600612 编号：临 2024-032 老凤祥 B 900905 老凤祥股份有限公司 关于办公地址变更的公告 除上述变更外，公司联系电话、传真、电子信箱及注册地址等其他基本信息 均保持不变。本次变更后公司最新联系方式如下： 1.办公地址：上海市徐汇区凯旋路 2588 号-6 临 2.联系电话：021-54480605 3.邮政编码：200030 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。 为了加快推动工业上楼，打造新型智造空间，老凤祥股份有限公司（以下简 称"公司"）将启动上海市漕溪路园区改造工程。为此，公司办公地址于即日起 由"上海市徐汇区漕溪路 270 号"搬迁至"上海市徐汇区凯旋路 2588 号-6 临"， 邮政编码由"200235"变更为"200030"。 4.传真：021-54481529 5.电子信箱：lfx600612@lfxgf.com。 以上变更信息自本公告日起正式启用，敬请广大投资者关注以上信息变更， 若由此给您带来不便，敬请谅解。 特此公告。 老凤祥股份有限公司 2 ...

Investment Rating - Maintain "Overweight" rating [3][5] - Target price adjusted to 61.12 RMB (previously 70.50 RMB) [3][5] Core Views - Performance below expectations due to high gold prices impacting terminal sales and franchisee purchasing willingness [2][3] - Gross margin under pressure due to increased discounts and higher proportion of gold bars in sales [3] - Revenue for Q3 2024 was 126.23 billion RMB, a year-on-year decrease of 41.89% [3] - Net profit attributable to shareholders for Q3 2024 was 3.72 billion RMB, a year-on-year decrease of 46.2% [3] - State-owned enterprise reforms are progressing, with potential for performance elasticity [3] Financial Summary - Revenue for the first three quarters of 2024 was 525.82 billion RMB, a year-on-year decrease of 15.28% [3] - Net profit attributable to shareholders for the first three quarters of 2024 was 17.76 billion RMB, a year-on-year decrease of 9.60% [3] - Gross margin for Q3 2024 was 6.52%, a decrease of 0.98 percentage points [3] - Net profit margin for Q3 2024 was 2.95%, a decrease of 0.24 percentage points [3] - EPS for 2024-2026 is forecasted to be 3.82/4.21/4.57 RMB, down from previous estimates of 4.70/5.20/5.70 RMB [3] Sales and Profitability - Sales structure and promotional discounts have put pressure on gross margins [3] - Operating expense ratio increased by 1.03 percentage points to 2.61% in Q3 2024 [3] - Sales/management/R&D/financial expense ratios increased by +0.27pct/+0.60pct/+0.03pct/+0.14pct respectively [3] State-Owned Enterprise Reforms - The company is advancing comprehensive reforms under the "Double Hundred Action" initiative [3] - Implementation of a professional manager system is expected to enhance performance elasticity [3] Market and Valuation - Current stock price is 49.15 RMB [5] - 52-week price range is 47.10-86.19 RMB [6] - Market capitalization is 25.711 billion RMB [6] - PE ratio for 2024 is 12.87x, with a PB ratio of 2.01x [10] Industry Comparison - Comparable companies include China Gold, Caibai, Laopu Gold, and Mankalun, with an average 2024 PE of 20.44x [11] - The company's 2024 PE valuation is set at 16x, lower than the industry average [11]