股票简称：老凤祥 股票代码：600612 编号：临 2025-008 老凤祥 B 900905 老凤祥股份有限公司 关于公司总工艺师辞职的公告 特此公告。 老凤祥股份有限公司 2025 年 3 月 1 日 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法律责任。 老凤祥股份有限公司（以下简称"公司"）董事会近日收到张心 一先生的《辞职函》，因年龄原因，张心一先生申请辞去公司总工艺 师职务。上述《辞职函》自送达公司董事会之日起生效。张心一先生 辞职后将不再担任公司其他职务。 张心一先生为中国工艺美术大师、国家级非物质文化遗产——老 凤祥金银细工技艺第五代传承人。2015 年 4 月 24 日起至 2025 年 2 月 28 日任公司总工艺师。任职期间，张心一先生为公司的产品开发、 非遗传承、品牌发展作出了卓越的贡献。公司董事会对张心一先生在 任职期间为公司发展所作出的贡献表示感谢！ ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-005 老凤祥 B 900905 老凤祥股份有限公司 关于对全资子公司中国第一铅笔有限公司进行减资的公告 老凤祥有限为公司的控股子公司，公司直接持股 57.51%，公司下属全资子公 司第一铅笔持股 20.50%，公司合计持有老凤祥有限股权 78.01%。为适应公司战 略发展，减少下属子公司的交叉持股，实现股权投资与管理关系的一致，同时便 于投资者理解公司的业务和报表，公司拟将第一铅笔持有的老凤祥有限 20.50% 股权内部无偿划转给公司持有。本次股权划转后，第一铅笔不再持有老凤祥有限 股权，公司对老凤祥有限的直接持股比例由 57.51%变为 78.01%，上述股权划前 后公司对老凤祥有限的持股比例保持不变。有关情况详见同日登载在上海证券交 易所网站上：www.sse.com.cn 的《老凤祥股份有限公司关于下属子公司股权内部 划转至母公司的公告》（公告编号：2025-004）。 老凤祥股份有限公司（以下简称"公司"或"母公司"）拟对下属全资子公 司中国第一铅笔有限公司（以下简称"第一铅笔"）注册资本进行减资。本 次减资完成后第一铅笔的注册资本将由 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-003 老凤祥 B 900905 老凤祥股份有限公司 第十一届监事会第十四次（临时）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 1 月 17 日召开了第十四次（临时）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： 经审核，监事会认为：本事项系公司合并报表范围内的股权内部划转及下属 子公司之间的股权结构调整，不会对公司经营产生影响，不会导致公司合并财务 报表范围发生变化，不涉及关联交易，亦不构成《《上市公司重大资产重组管理办 法》规定的重大资产重组，不存在损害公司及股东利益的情形。 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《《老凤祥股份有限公司关于下属子公司股权内部划转至母公司 的公告》，公告编号：2025- ...

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 ...

股票简称：老凤祥 股票代码：600612 编号：临 2025-002 老凤祥 B 900905 老凤祥股份有限公司 第十一届董事会第十四次（临时）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法律责任。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 1 月 13 日向全体董事 发出会议通知，并在 2025 年 1 月 17 日如期召开了第十一届董事会第十四次（临 时）会议。出席会议的董事应到 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。与会董事审议并一致通过以下决议： 一、《关于拟将全资子公司中国第一铅笔有限公司持有的上海老凤祥有限 公司 20.50%股权划转至老凤祥股份有限公司的议案》 表决情况：9 票同意、0 票反对、0 票弃权通过了该议案。 本议案先经董事会审计委员会、战略委员会审议通过，并同意提交公司董事 会审议。 详细内容请参考同日登载在上海证券交易所网站（www.sse.com. ...

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]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a revenue of 52.58 billion yuan for the first three quarters of 2024, a year-on-year decline of 15.3%, with a net profit attributable to shareholders of 1.78 billion yuan, down 9.6% year-on-year. In the third quarter alone, revenue was 12.62 billion yuan, a significant drop of 41.9%, and net profit was 370 million yuan, down 46.2% year-on-year [3][4]. - The decline in revenue in the third quarter is primarily attributed to weak industry demand, which affected the shipment volume during the ordering meeting. The consumption of gold jewelry and gold bars in the industry decreased by 29% and 9% year-on-year, respectively, indicating a challenging market environment [3][4]. - Despite the short-term challenges, the company maintains a strong market position with 6,022 stores as of the first half of 2024 and a robust brand presence. The company is expected to see significant improvement in performance once end-user demand recovers [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 52.58 billion yuan, down 15.3% year-on-year, and a net profit of 1.78 billion yuan, down 9.6% year-on-year. The third quarter alone saw a revenue of 12.62 billion yuan, a decline of 41.9%, and a net profit of 370 million yuan, down 46.2% year-on-year [3][4]. - The gross profit margin for the third quarter was 6.5%, a decrease of 1.0 percentage points year-on-year, primarily due to adjustments in sales strategies to cope with weak industry demand and a smaller increase in gold prices compared to the previous quarter [4]. Market Position and Strategy - The company is positioned as a leading player in the gold jewelry industry, with a multi-faceted marketing strategy that includes self-operated stores, joint ventures, and exclusive distributors. This diversified approach is expected to enhance operational stability and market resilience [5]. - The company is projected to achieve earnings per share (EPS) of 3.84, 4.20, and 4.64 yuan for the years 2024 to 2026, indicating potential for recovery and growth in the medium to long term [5].

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]