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 decrease of 20.5% year-on-year, and a net profit 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% year-on-year, 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 and 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 actively expanding its market presence despite lower-than-expected demand for gold and jewelry. As of the end of Q1 2025, the company had a total of 5,541 marketing outlets, including 188 direct stores [7] Summary by Sections Financial Performance - In 2024, the company’s total revenue was 56.793 billion yuan, with a year-on-year decline of 20.5%. The net profit attributable to shareholders was 1.95 billion yuan, down 11.95% year-on-year. For Q1 2025, revenue was 17.52 billion yuan, a decrease of 31.64% year-on-year, and net profit was 613 million yuan, down 23.55% year-on-year [7] - The gross margin for 2024 was 8.93%, reflecting a slight increase, while the first quarter of 2025 showed a gross margin of 9.06% [7] Revenue Breakdown - In 2024, jewelry sales accounted for 46.908 billion yuan, down 19.31% year-on-year, while gold trading revenue was 9.381 billion yuan, down 26.42% year-on-year. The company also reported a stable growth in pen sales, which reached 2.269 billion yuan, up 1.09% year-on-year [7] - Domestic sales in 2024 totaled 56.011 billion yuan, down 20.80% year-on-year, while overseas sales increased by 12.83% to 5.760 billion yuan [7] Market Strategy - The company is enhancing its market expansion efforts by promoting themed stores and upgrading retail store images. The total number of marketing outlets reached 5,541, with a net increase of one direct store and a net decrease of 288 franchise stores compared to the end of 2024 [7] - The report anticipates a potential turning point in performance in the second half of 2025, driven by a low base effect, despite the short-term suppression of consumer demand due to rising gold prices [7]

Financial Overview - The total operating revenue for the company in Q1 2025 was 17.521 billion yuan, a year-on-year decrease of 31.64% [2] - The net profit attributable to shareholders was 613 million yuan, down 23.55% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 644 million yuan, a decrease of 22.88% year-on-year [2] - Despite the decline in revenue and profit, the company's profitability improved, with a gross margin of 9.06%, an increase of 8.21% year-on-year, and a net margin of 4.59%, up 11.7% year-on-year [2][6] Asset and Liability Situation - As of the end of Q1 2025, the company's cash and cash equivalents amounted to 16.03 billion yuan, a decrease of 4.99% compared to the same period last year [4] - Accounts receivable significantly decreased to 772 million yuan, down 44.88% year-on-year [4] - Interest-bearing liabilities were 9.328 billion yuan, a year-on-year reduction of 18.24%, indicating effective debt management [4] Debt Repayment Ability and Financing Dividends - The company has a healthy cash asset situation, with an interest-bearing asset-liability ratio of 31.86%, suggesting ongoing monitoring of its debt levels [5] - Since its listing, the total financing amount has reached 1.058 billion yuan, while total dividends paid amounted to 7.534 billion yuan, resulting in a high dividend financing ratio of 7.12, reflecting strong dividend willingness and capability [5] Comprehensive Evaluation - Overall, while the company experienced declines in operating revenue and net profit in Q1 2025, its profitability has strengthened, and it has shown excellent performance in debt management and cash flow [6] - Future attention should be directed towards its debt levels and the development trends of its main business [6]

Overview of Guarantees - The company has reduced financing guarantees to its domestic subsidiaries and converted previous guaranteed loans into credit loans, providing comfort letters without guarantee nature for some overseas subsidiaries [1][2]. Guarantee Details - The company plans to provide guarantees for its subsidiary, Lao Feng Xiang Jewelry (USA) Co., Ltd., and issue comfort letters for Lao Feng Xiang Jewelry (Hong Kong) Co., Ltd. The total expected amount for guarantees and comfort letters for 2025 is approximately 111,285.91 million RMB, accounting for 8.90% of the audited net assets as of the end of 2024 [2][5]. - The expected guarantee amount includes 1,030.21 million RMB for guarantees and 110,255.70 million RMB for comfort letters, with the amounts subject to currency and exchange rate considerations [2][6]. Subsidiary Information - Lao Feng Xiang Jewelry (USA) Co., Ltd. was established in October 2013, with total assets of 164 million RMB and a net asset deficit of 202 million RMB as of the end of 2024. The company reported a revenue of 56 million RMB and a net loss of 12 million RMB for the same period [3]. - Lao Feng Xiang Jewelry (Hong Kong) Co., Ltd. was established in January 2012, with total assets of 675 million RMB and a net asset deficit of 98 million RMB as of the end of 2024. The company reported a revenue of 475 million RMB and a net profit of 71 million RMB for the same period [4]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the funding needs of the company's operations in Hong Kong and the USA, with the company providing guarantees based on actual equity control ratios [6][7]. Internal Decision-Making Process - The company held board and supervisory meetings on April 28, 2025, to approve the proposed guarantee amounts, which require shareholder approval due to the subsidiaries' asset-liability ratios exceeding 70% [7][8]. Cumulative External Guarantee Amount - As of December 31, 2024, the company's total balance of guarantees and comfort letters was 36,746.59 million RMB, representing 2.94% of the audited equity attributable to the parent company. By April 28, 2025, this balance increased to 72,846.68 million RMB, accounting for 5.83% of the same equity [6][7].

Group 1 - Several gold jewelry listed companies reported mixed performance in Q1, with some companies like潮宏基 and 菜百股份 showing profit growth, while老凤祥 and 周大生 experienced significant declines [1] - 周大生's revenue from self-operated offline gold products decreased by 19.12% to 485 million yuan, and its e-commerce gold product revenue fell by 17.61% to 327 million yuan, with wholesale sales from franchisees dropping by 63.31% to 1.28 billion yuan [3] - 老凤祥 reported a decrease in revenue due to reduced sales from its subsidiaries and accelerated store closures, with a net reduction of 9 direct stores and 297 franchise stores in Q1 2025 [3] Group 2 - 潮宏基 and 菜百股份 did not provide detailed explanations for their revenue growth, but 菜百股份 noted a 30.18% increase in sales revenue attributed to market demand and consumer preferences [4] - 菜百股份 is focusing on a brand matrix that includes its main brand and sub-brands, and it plans to open 20 new chain stores in 2024 [5] - The gold jewelry industry is seeing a trend towards smaller, lighter, and more refined products, with consumers willing to pay a premium for items that align with personal aesthetics [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in the gold jewelry business has been significantly impacted by fluctuations in gold prices, leading to a decline in revenue and profit [1][2] - The overall gold consumption in China decreased by 9.58% in 2024, with gold jewelry consumption dropping by 24.69% [2] - The company has adjusted its production and operational strategies in response to the weak market, focusing on product innovation [2] Financial Performance Summary - In 2024, the company achieved a revenue of 567.93 billion yuan, a year-on-year decrease of 20.5%, and a net profit attributable to shareholders of 19.5 billion yuan, down 11.95% [1] - For Q4 2024, revenue was 42.11 billion yuan, down 55%, and net profit was 1.74 billion yuan, down 30% [1] - In Q1 2025, revenue was 175.21 billion yuan, down 32%, and net profit was 6.13 billion yuan, down 24% [1] - The gross profit margin for Q1 2025 was 9.06%, an increase of 0.69 percentage points year-on-year [1] Business Segment Performance - The wholesale business was the main drag on revenue, with wholesale and retail revenues of 443.62 billion yuan and 28.27 billion yuan, down 18.31% and 31.28% respectively [3] - The number of stores decreased to 5,838 by the end of 2024, with a net closure of 156 stores [3] Future Outlook - The company has set a revenue target of 490 billion yuan for 2025, representing a year-on-year decrease of 14%, and a net profit target of 14.7 billion yuan, also down 25% [3] - Revenue projections for 2025, 2026, and 2027 are 491 billion yuan, 511 billion yuan, and 535 billion yuan, with corresponding net profits of 15.96 billion yuan, 16.64 billion yuan, and 17.62 billion yuan [3]

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Group 1: Poly Developments - Poly Developments reported a net profit of 5 billion yuan for 2024, a decrease of 58.6% year-on-year [1] - The company achieved total revenue of 311.67 billion yuan in 2024, down 10% from the previous year [2] - The gross profit margin for settlements was 14%, a decline of 2 percentage points compared to the same period last year [1][2] - The company signed a total area of 17.9661 million square meters, a decrease of 24.7% year-on-year, while sales contracts amounted to 323.029 billion yuan, down 23.5% [2] - The company maintained a cash balance of 134.2 billion yuan at the end of the year, with a net cash flow from operating activities of 6.257 billion yuan [3] Group 2: Mindray Medical - Mindray Medical reported a revenue of 36.726 billion yuan for 2024, an increase of 5.14% year-on-year [5][6] - The net profit attributable to shareholders was 11.668 billion yuan, a slight increase of 0.74% compared to the previous year [5][6] - The company's cash flow from operating activities was not disclosed in the provided data [6] Group 3: Unisplendour - Unisplendour announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - The company achieved a revenue of 79.024 billion yuan in 2024, a growth of 2.22% year-on-year [10] - The net profit attributable to shareholders was 1.572 billion yuan, a decrease of 25.23% compared to the previous year [10] Group 4: SF Holding - SF Holding reported a revenue of 69.849 billion yuan for the first quarter, an increase of 6.9% year-on-year [17][18] - The net profit attributable to shareholders was 2.234 billion yuan, reflecting a growth of 16.9% compared to the same period last year [17][18] - The company plans to repurchase shares worth between 500 million and 1 billion yuan [17] Group 5: Qingdao Beer - Qingdao Beer reported a revenue of 10.445 billion yuan for the first quarter, a growth of 2.91% year-on-year [20][21] - The net profit attributable to shareholders was 1.710 billion yuan, an increase of 7.08% compared to the previous year [20][21] Group 6: China State Construction - China State Construction reported a revenue of 555.3 billion yuan for the first quarter, a growth of 1.1% year-on-year [23] - The net profit attributable to shareholders was 15.01 billion yuan, reflecting a growth of 0.6% compared to the same period last year [23] Group 7: WuXi AppTec - WuXi AppTec reported a revenue of 9.655 billion yuan for the first quarter, a growth of 20.96% year-on-year [24] - The net profit attributable to shareholders was 3.672 billion yuan, a significant increase of 89.06% compared to the previous year [24] Group 8: China Nuclear Power - China Nuclear Power reported a revenue of 20.273 billion yuan for the first quarter, a growth of 12.7% year-on-year [25] - The net profit attributable to shareholders was 3.137 billion yuan, reflecting a growth of 2.55% compared to the same period last year [25] Group 9: Haitian Flavoring - Haitian Flavoring reported a revenue of 8.315 billion yuan for the first quarter, a growth of 8.08% year-on-year [26] - The net profit attributable to shareholders was 2.202 billion yuan, an increase of 14.77% compared to the previous year [26] Group 10: Yunnan Baiyao - Yunnan Baiyao reported a revenue of 10.841 billion yuan for the first quarter, a growth of 0.62% year-on-year [27] - The net profit attributable to shareholders was 1.935 billion yuan, reflecting a growth of 13.67% compared to the same period last year [27]

Company Performance - In the first quarter of 2025, Lao Feng Xiang reported a significant decline in both revenue and net profit, with revenue at 17.521 billion yuan, down 31.64% year-on-year, and net profit at 613 million yuan, down 23.55% year-on-year [2] - This performance continues the downward trend observed in 2024, marking the largest quarterly decline in recent years [2] - The decrease in revenue is primarily attributed to the performance of its subsidiaries, Shanghai Lao Feng Xiang Co., Ltd. and Shanghai Lao Feng Xiang Silver Building Co., Ltd. [2] Industry Context - The global economic outlook remains uncertain, leading to insufficient demand and weak consumption, which, combined with rising gold prices, has resulted in sluggish gold jewelry consumption [2] - The competitive landscape within the industry is intensifying, with a trend of store closures accelerating [2] - In the first quarter of 2025, China's total gold consumption was 290.492 tons, a year-on-year decrease of 5.96%, with gold jewelry consumption dropping by 26.85% [3] Market Reaction - Despite the rising prices of gold, consumer preference has shifted towards gold bars and other products with stronger value retention, leading to a decline in demand for gold jewelry [2] - Capital markets reflect this trend, with gold-themed ETFs rising over 30% in 2025, while Lao Feng Xiang's stock price has decreased by 6.45% since the beginning of the year, closing at 50.77 yuan per share on April 28, 2025 [3]

老凤祥股份有限公司 内部控制审计报告 二〇二四年度 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 内部控制审计报告 信会师报字[2025]第 ZA12029 号 老凤祥股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了老凤祥股份有限公司(以下简称老凤祥股份)2024 年 12月 31 目的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是老凤祥股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审计意见,并对注意到的非财务报告内部控制的重大缺陷 进行披露。 Z信会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LI 三、内 ...

老凤祥股份有限公司 俞铁成独立董事2024年度述职报告 截至2024年末，公司第十一届董事会由九名董事组成，其中独立董事三名，占 董事会全体人数的三分之一。除战略委员会外，在其他专门委员会中独立董事人数 占比五分之三并担任主任委员，审计委员会和薪酬与考核委员会全部由公司外部董 事组成，符合有关法律法规的规定。本报告期内，我担任公司第十一届董事会独立 董事，本人简历如下： 作为老凤祥股份有限公司（以下简称"公司"）的独立董事，2024年度我严格 按照《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办 法》《关于加强社会公众股股东权益保护的若干规定》《上海证券交易所上市公司 自律监管指引第1号——规范运作》等法律、法规以及《公司章程》的规定和要求 履行独立董事的职责和义务，审慎、认真、勤勉地履行独立董事职责。现根据 《〈上海证券交易所上市公司自律监管指南第2号——业务办理〉第6号——定期报 告》中独立董事年度述职报告的要求，将本人2024年度有关履行职责情况报告如下： 一、独立董事的基本情况 本人俞铁成，男，2003年1月至2009年12月任上海天道投资咨询有限公司董事 长，2010年1月至20 ...