Core Viewpoint - The strategic cooperation agreement among Lao Feng Xiang, Shanghai Jiushi Sports Industry Development Group, and Maybach Luxury Goods Asia Pacific aims to enhance brand promotion and operational synergy in the Chinese and broader Asia-Pacific markets [1][2]. Group 1: Strategic Cooperation Details - The three parties will collaborate on the marketing and promotion of the Maybach brand in the Chinese market, leveraging their respective resources and strengths [2]. - Lao Feng Xiang will assist Maybach in defining brand positioning and developing promotional strategies, utilizing its advantages in product development and executing initiatives across both physical and online channels [2]. - Following initial success in China, Lao Feng Xiang plans to support Maybach's brand promotion in other Asia-Pacific countries, excluding India and Gulf Cooperation Council member states [2]. Group 2: Brand Influence and Collaboration - The collaboration aims to enhance the international recognition and industry reputation of the Lao Feng Xiang and Jiushi Sports brands through cross-industry cooperation [2]. - The three parties will participate in various exhibitions, themed events, and significant competitions in the Asia-Pacific region to showcase their brands and achieve synergistic benefits [2]. Group 3: Long-term Strategic Partnership - To deepen their long-term strategic partnership, the parties may establish a joint committee or project team to engage in strategic discussions and collaborative validation in key areas such as supply chain optimization, technology research and development, talent cultivation, sustainable development, and digital transformation [2].

Core Insights - The article highlights the sustained consumer interest in gold purchases during the "May Day" holiday, despite fluctuations in gold prices, particularly in the Shenzhen Shui Bei area [1][4][5] - Major gold jewelry brands are actively promoting their products during this critical holiday period, indicating its importance for sales [2][11] Consumer Behavior - Consumers in Shenzhen Shui Bei are showing strong enthusiasm for gold purchases, with some even traveling from other regions to buy gold [4][5] - Young consumers are increasingly comparing prices and making more rational choices regarding brands and prices, reflecting a shift in purchasing behavior [6] Market Trends - The price of gold jewelry in Shenzhen has seen a decline, with prices around 780 yuan per gram, down nearly 60 yuan from previous peaks [5] - Brand gold stores have also reduced their prices to below 1000 yuan per gram, with some promotional discounts available during the holiday [7] Promotional Activities - Major gold jewelry brands are engaging in various promotional activities during the holiday, such as strategic partnerships and product launches [12][13] - For instance, Shanghai Lao Feng Xiang signed a strategic cooperation agreement with other companies to enhance brand promotion and product development [12] Global Market Context - The World Gold Council reports a significant increase in global gold demand, with the first quarter of 2023 seeing an average gold price of $2860 per ounce, a 38% year-on-year increase [10] - The overall demand for gold is supported by its dual role as both a decorative item and an investment asset, despite potential pressures on gold jewelry consumption in the Chinese market [10]

老凤祥（600612）公告，公司下属子公司上海老凤祥有限公司与上海久事体育产业发展(集团)有限公 司、迈巴赫奢侈品亚太有限公司三方共同签署《战略合作协议》。本协议仅作为三方战略合作意向性的 框架协议，具体合作项目将通过具体项目专项协议进行约定，各方的权利义务以最终签署的具体项目专 项协议为准。具体项目专项协议、合同的签署及落实存在不确定性。协议自2025年5月1日起生效，至 2030年12月31日终止。 ...

Core Viewpoint - The article discusses the impact of rising international gold prices on different segments of the gold industry, highlighting the contrasting performance of upstream mining companies versus downstream consumers and the cautious attitudes of stakeholders in the industry [2][4]. Group 1: Industry Performance - Upstream mining companies have seen significant profit increases due to rising gold prices, while downstream consumer demand has decreased, particularly for jewelry, which is more sensitive to price [2][6]. - In 2024, the average net profit of 11 gold companies in the Shenwan sector reached 1.28 billion yuan, while Zijin Mining's gold production gross profit was 19.66 billion yuan, with a gross margin of nearly 56% [3]. - Companies like Shandong Gold and Hengbang have experienced declining profit margins due to rising costs, with Hengbang's gross margin dropping to 0.71% despite revenue growth [5][6]. Group 2: Consumer Demand and Inventory - China's gold consumption in 2024 fell by 9.58% year-on-year, with jewelry and industrial gold usage declining significantly, while gold bars and coins saw a 24.54% increase [6]. - Companies heavily reliant on gold jewelry, such as Zhou Daxing and Lao Fengxiang, reported substantial revenue declines, with Zhou Daxing's revenue dropping over 47% in the first quarter of the year [7]. - Some downstream companies, like Zhou Daxing, have seen inventory levels rise, indicating a mismatch between production and consumer demand [10]. Group 3: Caution Among Stakeholders - Several gold companies, including Hunan Gold and Chifeng Gold, have reduced their inventory levels by significant percentages, indicating a cautious approach to potential price volatility [9][11]. - Fund holdings in gold companies have decreased, with total holdings dropping from 2.40 billion shares in June 2024 to 1.13 billion shares in the first quarter of 2025, reflecting a cautious sentiment among institutional investors [11][12]. - The article emphasizes the complexity of gold pricing and the need for market participants to be vigilant, especially those who may be blindly chasing price increases [12].

Industry Overview - The gold market in China is experiencing increased volatility, with domestic brand gold jewelry prices around 1000 RMB per gram as of May 1 [1][4] - Consumer interest in gold purchases is influenced by cultural practices, particularly the tradition of buying gold jewelry as part of wedding preparations [1] Consumer Behavior - Many consumers are currently purchasing gold jewelry primarily due to wedding needs, with a noticeable decline in gift purchases compared to the Spring Festival [1] - A significant number of consumers are adopting a wait-and-see approach regarding gold purchases due to price fluctuations [8] Consumption Data - According to the China Gold Association, the national gold consumption in Q1 2025 was 290.492 tons, a year-on-year decrease of 5.96%. Specifically, gold jewelry consumption fell by 26.85% to 134.531 tons, while gold bars and coins saw a 29.81% increase [8] - Revenue reports from major companies indicate a decline in sales, with China Gold's Q1 revenue at 11.003 billion RMB, down 39.71%, and Lao Feng Xiang's at 17.521 billion RMB, down 31.64% [8] Company Performance - Some companies reported positive performance despite the overall decline; Cai Bai Co. achieved a Q1 revenue of 8.222 billion RMB, up 30.18%, and a net profit of 320 million RMB, up 17.32% [8] - Chao Hong Ji reported a Q1 revenue of 2.252 billion RMB, an increase of 25.36% [8] Market Trends - The younger consumer demographic (post-80s, 90s, and 00s) is increasingly driving demand for gold jewelry, with a focus on innovative designs and high craftsmanship [9] - The World Gold Council indicates a shift in consumer decision-making towards self-value realization, with consumers willing to pay a premium for products that align with personal aesthetics [9]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company is facing significant pressure on its performance, with a projected revenue decline of 20.5% in 2024 and a further decline of 31.6% in Q1 2025. The net profit attributable to the parent company is expected to decrease by 11.9% to 1.95 billion yuan in 2024 and by 23.6% to 610 million yuan in Q1 2025 [1][4] - The company is adjusting its channel strategy and enhancing product innovation to cope with market challenges. This includes closing inefficient stores and increasing online business efforts [2][3] - The company is focusing on producing trendy products and enhancing its smart manufacturing capabilities to meet consumer demands [3] - The company is implementing deep reforms to promote long-term development, with a focus on high-quality growth [4] Financial Performance - In 2024, the company achieved a revenue of 567.9 billion yuan, down 20.5% year-on-year, with a gross margin of 8.9%, an increase of 0.6 percentage points [1] - The net profit attributable to the parent company for 2024 is projected to be 1.95 billion yuan, a decrease of 11.9% year-on-year [1] - For Q1 2025, the company expects a revenue of 175.2 billion yuan, down 31.6% year-on-year, with a net profit of 610 million yuan, down 23.6% [1] Operational Strategy - The company is reducing the number of physical stores while enhancing its online presence, with a total of 5,838 marketing outlets at the end of 2024, a net decrease of 156 stores [2] - The company is also focusing on product innovation by launching series themed around national trends and collaborating with well-known IPs [3] - The company is enhancing its operational capabilities, with inventory decreasing by 4.1% to 11.82 billion yuan by the end of 2024 [3] Future Outlook - The company anticipates a continued decline in performance for 2025, with a projected revenue drop of 24% [4] - The long-term strategy includes optimizing channels and products to lay a foundation for future growth [4] - The company expects net profits for 2025 to be 1.48 billion yuan, a decrease of 24% [9]

Group 1 - The core viewpoint of the news highlights a significant decline in gold prices, with spot gold dropping over 2% to near $3220 per ounce, and COMEX gold also experiencing a decline of over 2.4% [1][2] - As of April 30, the World Gold Council reported that global gold demand in Q1 2025 reached 1206 tons, marking a 1% year-on-year increase [7] - The demand for gold ETFs surged, with investment demand in Q1 2025 increasing by over 170% to 552 tons, the highest quarterly level since Q1 2022 [7] Group 2 - In the Chinese market, gold ETF demand saw a historic high with inflows of approximately 167 billion RMB (around $23 million, equivalent to 23 tons) [7] - The consumption of gold jewelry in China decreased by 26.85% year-on-year to 134.531 tons, while the demand for gold bars and coins increased by 29.81% to 138.018 tons [7] - The price of gold jewelry from various brands in China has also declined, with prices for brands like Chow Tai Fook and Lao Feng Xiang dropping below 1000 RMB per gram [4]

日前，A股市场2024年报和2025年一季报业绩披露已经收官，黄金产业链上市公司的业绩全貌也完全展现。 在金价大幅走高的背景下，金价上涨对产业链相关上市公司业绩的影响也清晰地展现出来。 随着金价持续走高，金饰消费需求受到冲击，下游的黄金珠宝上市公司业绩普遍同比下滑。而与之形成鲜明对 比的是，此轮金价上涨对金矿类上市公司普遍形成明显助力，推动相关公司业绩大幅增长。 值得注意的是，上述这种变化是金价持续上涨的背景下黄金产业链上下游出现的变化。如果后续金价走势逆 转，则相关影响可能也会正好相反。 另一家年度营收超百亿元的黄金珠宝上市公司周大生在2024年年报中表示，报告期，外部经济环境的不确定性 显著增强，黄金价格快速上涨，进一步抑制了消费者的购买热情，使得珠宝首饰消费市场面临较大压力。2024 年度公司累计实现营业收入138.91亿元，同比下降14.73%。其中，黄金类产品销售收入77.17亿元，同比下降 24.34%。2025年一季度，周大生营业收入为26.73亿元，同比下降47.28%，归属于上市公司股东的净利润2.52亿 元，同比下降26.12%。 除了上述公司外，黄金珠宝行业中的明牌珠宝、迪阿股份等公司2 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is reported at 56.79 billion RMB, a year-on-year decrease of 20.5%, primarily due to high gold prices impacting consumer demand for gold jewelry, which saw a consumption decline of 24.69% [2][4] - The first quarter of 2025 shows a revenue of 17.52 billion RMB, down 31.6% year-on-year, with net profit at 613 million RMB, a decrease of 23.6% [1][2] - The company plans to distribute a cash dividend of 1.72 RMB per share, with a payout ratio of 46%, and intends to arrange a mid-year dividend for 2025 [1] Summary by Sections Financial Performance - In 2024, the company's gross margin was 8.9%, an increase of 0.6 percentage points year-on-year, driven by rising gold prices [2] - Revenue breakdown: Jewelry products revenue decreased by 19.3% to 46.91 billion RMB, while gold trading products revenue fell by 26.4% to 9.38 billion RMB [2] - The company reported a net profit of 1.95 billion RMB for 2024, down 11.9% year-on-year [1][6] Operational Strategy - As of March 2025, the company has 5,541 retail outlets, with a net decrease of 156 in 2024 and 297 in Q1 2025, reflecting a strategic channel optimization to enhance overall quality and operational efficiency [3] - The company is focusing on developing themed stores and upgrading traditional outlets to adapt to new consumer scenarios, while also promoting online and offline integration [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been reduced by 27% and 28% to 1.65 billion RMB and 1.85 billion RMB, respectively [4] - The target price for the company is set at 63 RMB, based on a 20x PE ratio for 2025 [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 56.793 billion yuan in 2024, a year-on-year decrease of 20.5%, and a net profit attributable to shareholders of 1.95 billion yuan, down 11.95% year-on-year. The first quarter of 2025 saw a revenue of 17.52 billion yuan, a decline of 31.64%, and a net profit of 613 million yuan, down 23.55% year-on-year, primarily due to the sustained rise in gold prices affecting gold jewelry consumption [7] - The gross margin slightly increased, indicating an improvement in profitability. The gross margin for 2024 was 8.93%, up 0.63 percentage points year-on-year, with specific categories like jewelry, gold, and crafts showing respective increases in gross margin of 0.32, 0.92, and 3.06 percentage points [7] - The company is experiencing pressure on core categories, but there is growth in overseas sales. In 2024, jewelry revenue was 46.908 billion yuan (down 19.31%), while overseas sales revenue reached 5.76 billion yuan, an increase of 12.83% [7] - The company is actively expanding its market presence despite lower-than-expected demand for gold jewelry. As of the end of Q1 2025, the company had a total of 5,541 marketing outlets, including 188 direct stores [7] - The company anticipates a potential turning point in performance in the second half of 2025 due to a low base effect. The brand is characterized by strong cash flow and high barriers to entry, making its current valuation attractive [7] Financial Summary - The total revenue forecast for 2024 is 56.793 billion yuan, with a projected decline of 20.50% year-on-year. The net profit attributable to shareholders is expected to be 1.95 billion yuan, down 11.95% year-on-year [1][8] - The earnings per share (EPS) for 2024 is projected at 3.73 yuan, with a price-to-earnings (P/E) ratio of 13.06 based on the latest diluted shares [1][8] - The company’s net profit for 2025 is revised down to 1.643 billion yuan, reflecting a year-on-year decrease of 15.73%, with a projected P/E ratio of 15.50 [1][8]