Group 1 - The event "Investors Walk into Listed Companies" aims to enhance communication between investors and companies, promoting financial knowledge and rational investment [1] - Yuyuan Group, rooted in China, focuses on family happiness consumption, with a diverse portfolio including gold jewelry, cultural dining, liquor, health, and fashion [1] - The company has been optimizing its business layout and expanding overseas markets, aiming to create a global fashion cultural showcase [2] Group 2 - The CFO of Tonghanchuntang emphasized the brand's commitment to traditional Chinese medicine, focusing on innovation and the development of health products [2] - The event included a tour of Yuyuan's gold jewelry store, showcasing various products that blend traditional culture with modern design [3] - Yuyuan Group plans to enhance Tonghanchuntang's brand value by focusing on the food-medicine integration field and expanding distribution channels [4] Group 3 - The company is confident in its long-term development in the gold jewelry sector despite fluctuations in gold prices, implementing strategies to optimize product structure and expand sales channels [3] - The event facilitated a deeper understanding of Yuyuan Group's achievements in the gold and health sectors, strengthening investor relations [4]

Core Viewpoint - Yuyuan Group, a leading Chinese gold and jewelry enterprise, is undergoing a significant transformation period, coinciding with the establishment of the Shanghai International Jewelry Fashion Functional Zone, which will benefit the company's development [2][9]. Industry Overview - The market environment is changing, with international gold prices rising sharply, surpassing $3,500 per ounce in April 2023, leading to increased domestic gold jewelry prices, with brands like Laomiao Gold seeing prices exceed 1,000 yuan per gram [3][4]. - The gold jewelry consumption is facing challenges due to high prices, with a projected decline in domestic gold jewelry consumption to 532.02 tons in 2024, a year-on-year decrease of 24.69% [4]. Company Performance - Yuyuan Group's core brands, Laomiao and Yayi, have established a vast sales network of 4,615 outlets nationwide, with gold jewelry sales accounting for over 60% of the company's total revenue [4][6]. - The company anticipates a decline in revenue and net profit for 2024 due to insufficient demand and structural changes in consumer preferences, compounded by international gold price fluctuations [4][5]. Product Innovation - The company is focusing on product innovation to adapt to changing consumer preferences, emphasizing the integration of Chinese cultural elements and the development of popular products [5][6]. - The "Guoyun Gold" series generated nearly 7.5 billion yuan in sales last year, becoming a core product line for the company [7]. Cultural Trends - The rise of "Guochao" culture is driving a cultural return and upgrade in the gold jewelry industry, with Yuyuan Group actively promoting cultural dissemination centered around this trend [8]. - The company is implementing an "Oriental Lifestyle Aesthetics" strategy, integrating various cultural and lifestyle elements to create a unique market position [8][9]. Strategic Location - Yuyuan Group benefits from its strategic location in the Yuyuan shopping district, attracting approximately 45 million visitors annually, enhancing its market presence [9].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-058 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 重要内容提示: 一、本次股份质押情况 公司于 2025 年 5 月 27 日接到控股股东复星高科技的告知函，其将所持有本 公司的部分股份办理质押手续，具体事项如下。 1 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）控股股东上 海复星高科技（集团）有限公司（以下简称"复星高科技"）下属浙江复星 商业发展有限公司、上海复迈投资有限公司（以下简称"复星商业"、"复迈 投资"）合计持有本公司股份数量为 419,347,944 股，占公司总股本比例为 10.76%。本次办理股票质押后，复星商业、复迈投资合计累计质押股份数量 为 408,563,062 股。 公司控股股东复星高科技及其一致行动人合计持有本公司股份数量为 2,409,720,644 股，占公司总股本比例为 61.84%。本次部分 ...

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。 重要内容提示: 公司于 2025 年 5 月 23 日接到控股股东复星高科技的告知函，其将所持有本 公司的部分股份解除质押，具体事项如下： 一、本次股份解除质押情况 | 股东名称 | 上海复地投资管理有限公司 | | --- | --- | | 本次解除质押股份 | 7,000,000 | | 占其所持股份比例 | 0.68% | | 占公司总股本比例 | 0.18% | 1.本次股份解除质押基本情况 1 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-057 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份解除质押的公告 2 | 上海艺中 | | | | | | | | | | | | --- | --- | ...

上海豫园旅游商城（集团）股份有限公司 关于股东部分股份解除质押的公告 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-056 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | | 解除质押时间 | 2025 年 5 月 20 日 | | --- | --- | | 持股数量 | 1,023,403,904 | | 持股比例 | 26.26% | | 剩余被质押股份数量 | 680,796,282 | | 剩余被质押股份数量占其所持股份比例 | 66.52% | | 剩余被质押股份数量占公司总股本比例 | 17.47% | 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。 重要内容提示: 公司于 2025 年 5 月 21 日接到控股股东复星高科技的告知函，其将所持有本 公司的部分股份解除质押，具体事项如下： 一、本次 ...

上海豫园旅游商城（集团）股份有限公司 关于股东部分股份解除质押的公告 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-055 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 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。 重要内容提示: 公司于 2025 年 5 月 19 日接到控股股东复星高科技的告知函，其将所持有本 公司的部分股份解除质押，具体事项如下： 一、本次股份解除质押情况 | 股东名称 | 上海复地投资管理有限公司 | | --- | --- | | 本次解除质押股份 | 17,353,004 | | 占其所持股份比例 | 1.70% | | 占公司总股本比例 | 0.45% | 1.本次股份解除质押基本情况 1 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）控股股东上 海复星高科技（集团） ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于股份回购实施结果的公告 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法律责任。 一、 回购审批情况和回购方案内容 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日召开第十一届董事会第三十四次会议审议通过了《关于以集中竞价交易方 式回购公司 A 股股份的议案》。本次回购股份价格为不超过人民币 8.50 元/股，本 次回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）。回购期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 内。详细情况请参见上海证券交易所网站披露的《上海豫园旅游商城（集 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to the overall industry downturn affecting its gold and jewelry business, which is slowly recovering [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 8.782 billion yuan, a year-on-year decrease of 49.0% [1] - The net profit attributable to shareholders was 52 million yuan, down 71.2% year-on-year, while the non-recurring net profit was -179 million yuan, a decline of 322.1% [1] - The gross margin improved to 16.1%, an increase of 2.4 percentage points year-on-year, with various business segments showing gross margin growth [4] Group 2: Business Segment Performance - The jewelry fashion segment generated revenue of 5.179 billion yuan, a decline of 60.2% year-on-year, attributed to structural adjustments in the consumer industry and fluctuations in international gold prices [1] - The restaurant management and service business reported revenue of 262 million yuan, down 23.0% year-on-year, while the food, department store, and craft business generated 288 million yuan, a decrease of 25.9% [3] - The company’s fashion watch segment achieved revenue of 141 million yuan, down 15.1% year-on-year, and the commercial and property service business reported revenue of 734 million yuan, a decline of 33.6% [3] Group 3: Strategic Initiatives - The company is actively adjusting its jewelry fashion business layout by leveraging online platforms, achieving a GMV of over 200 million yuan through live streaming events [2] - The company plans to enhance its product capabilities by focusing on culture, design, craftsmanship, quality, service, and scenarios, aiming for industry transformation [2] - The company is set to initiate the construction of the Shanghai International Jewelry Fashion Functional Zone, which is expected to benefit its jewelry fashion business [3] Group 4: Future Outlook - The company aims to deepen its "Oriental Lifestyle Aesthetics" strategy and enhance operational efficiency while optimizing its business structure [4] - Profit forecasts for 2025-2027 project net profits of 1.06 billion, 1.66 billion, and 2.10 billion yuan, with corresponding PE ratios of 20.6X, 13.2X, and 10.4X [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is focusing on deepening its "Oriental Lifestyle Aesthetics" strategy while optimizing its business structure and enhancing operational efficiency [4][5] - The company is experiencing pressure on its operating performance primarily due to the overall industry conditions affecting its gold and jewelry business, which is slowly recovering [1][2] Financial Performance Summary - In Q1 2025, the company achieved revenue of 8.782 billion yuan, a year-on-year decrease of 49.0%, and a net profit attributable to the parent company of 52 million yuan, down 71.2% [1] - The jewelry fashion business reported revenue of 5.179 billion yuan in Q1 2025, a decline of 60.2%, but the gross margin improved by 2.62 percentage points to 9.75% due to an increase in retail business proportion [2] - The company’s restaurant management and service business generated revenue of 262 million yuan, down 23.0%, while other segments also saw declines, with the overall performance impacted by market conditions [3] Business Strategy and Development - The company is actively adjusting its jewelry fashion business layout to enhance product strength through cultural, design, craftsmanship, quality, service, and scenario aspects [2] - The company is also focusing on building a unique scene by integrating industrial ecological resources and is making progress in its globalization efforts, including opening its first overseas restaurant [3] Profitability and Cash Flow - The company’s gross margin in Q1 2025 was 16.1%, an increase of 2.4 percentage points, with various business segments showing year-on-year gross margin improvements [4] - The company reported a net cash inflow from operating activities of 320 million yuan in Q1 2025, indicating a stable cash flow situation [4] Earnings Forecast - The company is expected to achieve net profits attributable to the parent company of 1.061 billion yuan, 1.656 billion yuan, and 2.097 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20.6X, 13.2X, and 10.4X [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported its Q1 2025 results, which met expectations, with total revenue of 8.782 billion yuan, a year-on-year decrease of 49%, and a net profit attributable to shareholders of 0.52 billion yuan, down 71.24% year-on-year [6] - The decline in performance is attributed to weak macroeconomic recovery, structural adjustments in the consumer sector, and fluctuations in gold prices affecting core business revenues and profitability [6] - The company is focusing on optimizing its business structure and enhancing operational resilience, with a notable increase in retail business contributing to improved product mix and gross margin [6] - The company is also expanding its cultural outreach and international presence, with initiatives such as opening an overseas store in London and progressing with cultural projects in Thailand [6] Financial Data and Profit Forecast - Total revenue is projected to be 50.434 billion yuan in 2025, with a year-on-year growth rate of 7.5% [5] - The net profit attributable to shareholders is forecasted to be 1.497 billion yuan in 2025, reflecting a significant year-on-year increase of 1,095.5% [5] - The company’s gross margin is expected to be 14.0% in 2025, with a gradual increase in return on equity (ROE) projected to reach 4.0% [5] - The report adjusts the net profit forecasts for 2025-2027 to 1.497 billion yuan, 1.921 billion yuan, and 2.222 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 11, and 10 [6]