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。 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-048 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份质押的公告 一、本次股份质押情况 公司于 2025 年 4 月 16 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。 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"）下属上海复川投资 有限公司、上海复科投资有限公司、上海复迈投资有限公司（以下简称"复 川投资"、"复科投资"、"复迈投资"）合计持有本公司股份数量为 328,784,882 股，占公司总股本比例为 8.44%。本次办理股票质押后，复川投资、复科投 资、复迈投资合计累计质押股份数量为 295,000,000 股。 公司控股股东复星高科技及其一致行动人合计持有本 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-047 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于第五期员工持股计划实施进展暨完成股票过 户的公告 敬请广大投资者注意投资风险。 特此公告。 上海豫园旅游商城（集团）股份有限公司 2025 年 4 月 16 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。 上海豫园旅游商城（集团）股份有限公司(以下简称"公司")第十一届董事 会第三十七次会议和2025年第一次临时股东大会审议通过了《关于公司<第五期 员工持股计划（草案）>及其摘要的议案》等议案，具体内容详见《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》及上海证券交易所网站的公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易 所上市公司自律监管指引第1号——规范运作》的要求，现将公司第五期员工持 股计划实施进展情况公告如下： 根据参与对象实际认购和最终缴款 ...

上海豫园旅游商城（集团）股份有限公司 2024 年年度股东大会 文 件 2025 年 4 月 28 日 上海豫园旅游商城（集团）股份有限公司 2024 年年度股东大会文件 股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进 行，根据中国证监会发布的《上市公司股东大会规则》、《上海豫园旅游商城（集团）股份有限 公司章程》(以下简称"《公司章程》")和《股东大会议事规则》的规定，特制定本须知。 一、 本公司根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东 大会规范意见》及《公司章程》的规定，认真做好召开股东大会的各项工作。 二、 本公司设立股东大会秘书处，具体负责大会有关程序方面的事宜。 三、 本次股东大会以现场会议形式召开，并采取现场、网络相结合的方式投票。 四、 股东参加股东大会现场会议依法享有发言权、质询权、表决权等权利，同时也必须 认真履行法定义务，不得侵犯其他股东的权益和扰乱会议秩序。 十二、根据监管部门的规定，公司不向参加股东大会的股东发放礼品，以维护其他广大股 东的利益。 3 五、 股东要求大会发言，请于会前十五分钟向大会秘书处登记 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-046 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份质押的公告 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。 重要内容提示: 一、本次股份质押情况 2.上述质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 公司于 2025 年 4 月 11 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.本次股份质押基本情况 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）有限公司（以下简称"复星高科技"）下属上海复地投资 管理有限公司（以下简称"复地投资"）持有本公司股份数量为 1,023,403,904 股，占公司总股本比例为 26.28%。本次办理股票质押后，复地投资累计质押 股份数量为 795,079,286 股。 公司控股股东复星高科技及 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-045 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份质押的公告 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。 重要内容提示: 一、本次股份质押情况 公司于 2025 年 4 月 10 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.本次股份质押基本情况 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）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、上海艺中投资有限公司（以下简称"复星商业"、"艺中投资"） 合计持有本公司股份数量为 486,129,053 股，占公司总股本比例为 12.48%。 本次办理股票质押后，复星商业、艺中投资累计质押股份数量为 407,163,041 股。 公司控股股东复星高科技及其一致行动人合计持有 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-044 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 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）有限公司（以下简称"复星高科技"）下属上海复地 投资管理有限公司（以下简称 "复地投资"）持有本公司股份数量为 1,023,403,904 股，占公司总股本比例为 26.28%。本次办理股票解除质押后， 复地投资累计质押股份数量为 749,119,286 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 61.88%。本次部分股票解除质押后， 复星高科技及其一致行动人累计质押股票 1,170,040,286 股，质押股份占复 星高科技及其一致行动人所持有本公司股份的 48.56%。 | 剩余被质押股份数量占其所持股份比例 | 73.20% | | --- | --- | | 剩余被质押股份数量占公司总股本比例 | 19.24% | ...

Performance Summary - In 2024, the company reported a revenue of 46.9 billion RMB, a decrease of 19.3% year-on-year, and a net profit attributable to shareholders of 1.3 billion RMB, down 94% [1] - For Q4 2024, revenue was 10.8 billion RMB, a decline of 41.8%, with a net loss of 1.03 billion RMB, representing a 390% decrease [1] - The Q4 losses were primarily due to investment losses of 180 million RMB and asset impairment losses of 780 million RMB [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.9 RMB per 10 shares, totaling 740 million RMB [2] Revenue Structure - The revenue structure for 2024 is composed of 73% from industrial operations, 6% from commercial management and property leasing, and 21% from property development and sales [2] - The industrial operations segment generated 34 billion RMB, down 18%, with the jewelry fashion business contributing 30 billion RMB, also down 18% [2] - The property development and sales segment saw a revenue of 10 billion RMB, a decrease of 26% [2] Profitability Analysis - The gross margin slightly declined to 13.6%, a decrease of 0.5 percentage points year-on-year, while the net margin was -0.9% [2] - In Q4 2024, the gross margin was 15.4%, unchanged year-on-year, with a net margin of -12.9% [2] Business Adjustments - The jewelry and real estate sectors are undergoing significant adjustments, with the jewelry business facing a 25% decline in domestic gold jewelry consumption in 2024 [3] - The company is focusing on enhancing product differentiation and increasing the sales proportion of piece-based products [3] - The real estate business is implementing a "slimming down" strategy, consolidating commercial management and real estate development [3] Global Expansion Strategy - The company is pursuing cultural and brand globalization, with plans to host cultural events in Thailand and expand the "Laobiao" brand in Southeast Asia [4] - The company aims to enhance its global brand influence through various sectors, including dining and duty-free [4] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to 1.46 billion, 1.76 billion, and 1.99 billion RMB, reflecting significant growth rates [4] - The corresponding price-to-earnings ratios are projected to be 15.0, 12.4, and 11.0 times [4]

Core Viewpoint - Yuyuan Group (豫园股份) reported a significant decline in multiple core financial indicators for the year 2024, with revenue dropping by 19.30% and net profit decreasing by 93.81, raising concerns about its business performance and sustainability [1][2]. Financial Performance - In 2024, Yuyuan Group's revenue was 46.924 billion yuan, a year-on-year decrease of 19.30%, while net profit attributable to shareholders was 1.25 billion yuan, down 93.81% [2][3]. - The company's non-recurring net profit was -2.109 billion yuan, reflecting a dramatic decline of 367.43% compared to the previous year [2][3]. - In 2023, Yuyuan Group had a revenue of 58.147 billion yuan, which was a 15.83% increase, but net profit fell by 45.00% to 2.024 billion yuan [2]. Business Segment Performance - The company's core business segments, including industrial operations, commercial operations, and property services, all experienced negative revenue growth in 2024 [1][2]. - The industrial operations segment generated approximately 34.034 billion yuan in revenue, down 18.37%, while the commercial operations and property services segment brought in 2.852 billion yuan, a decrease of 1.47% [3]. - The jewelry fashion business, a key area for Yuyuan Group, saw an 18.37% decline in revenue, with over 370 stores closed [2][3]. Debt and Cash Flow Management - Yuyuan Group reported a net operating cash inflow exceeding 4 billion yuan, indicating a strong liquidity position to support daily operations [1]. - The company's debt-to-asset ratio decreased to 67.82%, which is considered a safe and reasonable level [1]. - The company held cash reserves of 10.69 billion yuan, an increase of over 1.5 billion yuan since the beginning of 2024 [1]. Dividend Policy Controversy - Yuyuan Group announced a planned dividend distribution of 738 million yuan, resulting in a dividend payout ratio of 589.51%, which has raised market skepticism given the company's declining performance [1][7]. - The high dividend payout has led to questions regarding the financial health of the company and its ability to support such distributions amidst significant losses [7][8]. Future Strategies - The management indicated plans to focus on core business areas and enhance operational efficiency through resource integration and management upgrades [3][5]. - The company aims to adopt a "light asset" strategy in its real estate operations, emphasizing project exits and expanding light asset management [5][6].

Core Viewpoint - The company has successfully implemented a strategic restructuring, focusing on optimizing its asset and financial structure while enhancing its cultural and innovative capabilities to seize opportunities in the recovering consumer market [2][3][10]. Financial Performance - In 2024, the company reported a revenue of 46.924 billion yuan and a net profit attributable to shareholders of 125 million yuan [1]. - The asset-liability ratio decreased to 67.82%, indicating a safer financial position, while cash reserves increased to 10.69 billion yuan [1][3]. - The company raised 770 million yuan through equity cooperation and issued 600 million yuan in corporate bonds with a subscription multiple of 2.5 times, optimizing financing costs [3][4]. Strategic Initiatives - The company is actively exiting non-core projects to improve its financial structure, including divesting from the Japanese Hoshino Ski Resort and Shanghai Starlight Plaza [3]. - The "Oriental Lifestyle Aesthetics" strategy is being deepened, leveraging cultural and technological innovations to enhance consumer experiences [1][9]. Cultural and Market Positioning - The company is transitioning from a "weight economy" to a "brand economy" and "cultural economy" in the jewelry sector, responding to changing consumer preferences [6][8]. - The launch of the "Ancient Charm Gold" series and the "One String of Good Luck" series has successfully targeted younger consumers, generating significant sales [7][8]. International Expansion - The company is accelerating its internationalization efforts, with projects like the Thailand Lantern Festival and the opening of its first overseas restaurant in London [1][10]. - The company aims to leverage cultural IP for global outreach, creating a unique path for commercial globalization [10][11]. Governance and Management - A new stock incentive plan for 2025-2027 aims to align management interests with shareholder goals, focusing on revenue growth [4][5]. - The management team has been optimized to enhance operational efficiency and strategic execution [4][5]. Consumer Trends and Cultural Integration - The company is capitalizing on the cultural confidence and consumption upgrade among younger generations, aligning its strategies with national policies promoting cultural integration [8][9]. - The integration of traditional culture with modern consumption patterns is seen as a key driver for future growth [9][12].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-043 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 第五期员工持股计划第一次持有人会议决议公告 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。 上海豫园旅游商城（集团）股份有限公司(以下简称"公司")第五期员工持 股计划第一次持有人会议于 2025 年 3 月 31 日以通讯方式召开。参加本次会议的 持有人共计 166 人，代表本期员工持股计划份额 5,198.4822 万份，占本期员工 持股计划总份额的 100%，符合公司第五期员工持股计划的相关规定。会议作出 如下决议： 一、审议通过《关于设立公司第五期员工持股计划管理委员会的议案》； 员工持股计划设管理委员会，对员工持股计划负责，是员工持股计划的日常 管理机构，代表持有人行使股东权利。管理委员会由 3 名委员组成，设管理委员 会主任 1 人。 （5） 按照员工持股计划规定决定持有人的资格取消事项 ...