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 2025-002 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. ...

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- ...

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 ...

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]