Core Viewpoint - The company is currently undergoing a strategic transformation, focusing on asset liquidation in real estate projects while emphasizing a leaner operational model to enhance long-term value in its core consumer segments, particularly in gold and jewelry business [1] Group 1: Strategic Transformation - The company is in a strategic transformation phase, implementing the top strategy of "leaning down and lightening up" while accelerating the liquidation of real estate projects to recover funds [1] - The gold and jewelry segment is actively transforming through new product matrices, refined operations, increased proportion of piece-rate products, and cost reduction in the supply chain [1] Group 2: Financial Performance - The revenue decline in the jewelry business has narrowed year-on-year, with gross margins showing continuous improvement both year-on-year and quarter-on-quarter, reflecting the effectiveness of refined operational management [1] Group 3: Business Philosophy and Global Strategy - The company adheres to the top concept of "Oriental Lifestyle Aesthetics," driving dual engines of industrial operation and investment, with a portfolio of 19 time-honored Chinese brands and several leading global brands [1] - In the context of the new domestic and international dual circulation pattern, the company is accelerating its global layout to promote the aesthetics of Eastern life and aims to become a leading family happiness consumption industry group globally [1]

Group 1 - The cultivated diamond concept declined by 2.96%, ranking among the top declines in the concept sector, with *ST Yanzhen hitting the limit down, and companies like Lili Diamond and Huanghe Xuanfeng also experiencing significant declines [1][2] - Among the cultivated diamond sector, only two stocks saw price increases, with Hengsheng Energy rising by 3.02% and Chaohongji by 0.22% [1][2] - The cultivated diamond sector experienced a net outflow of 621 million yuan in main funds, with 14 stocks seeing net outflows, and six stocks having outflows exceeding 50 million yuan [2] Group 2 - The top net outflow stock was Huanghe Xuanfeng, with a net outflow of 94.57 million yuan, followed by Lili Diamond and Chuchang New Materials with outflows of 92.44 million yuan and 71.14 million yuan respectively [2][3] - The stocks with the highest net inflows included Hengsheng Energy and Guoli Electronics, with net inflows of 3.83 million yuan and 2.27 million yuan respectively [3]

Core Viewpoint - Yuyuan Group has reported a revenue decline of approximately 20% year-on-year for the first three quarters of 2025, but a 9% increase in revenue for the third quarter, indicating a potential recovery trend in the business [1] Financial Performance - Total revenue for the first three quarters of 2025 reached 28.4 billion yuan, with the third quarter contributing 9.29 billion yuan [1] - The jewelry segment, which accounts for over 60% of total revenue, achieved a gross margin of 7.73%, an increase of 0.66 percentage points year-on-year [1] Strategic Adjustments - The company has shifted its strategy from diversification to focusing on core businesses, emphasizing "strengthening key industries" [1] - Yuyuan Group's jewelry brands, including Laomiao, are undergoing transformations in product design, pricing strategies, and user expansion to adapt to new consumer trends [2] Consumer Engagement and Market Expansion - The company is innovating new consumer scenarios, with significant events like the "Mountain Sea Qi Yu Record" lantern festival attracting around 4 million visitors and boosting GMV by 62% [3] - Collaborations with popular domestic animation IPs have successfully reached younger consumer demographics [3] - The company is expanding its global presence, with successful overseas events and store openings in countries like Thailand, the UK, and Malaysia [4] Future Outlook - The strategic adjustments are showing early signs of effectiveness, with a mild recovery in the consumer market and ongoing developments in the Shanghai International Jewelry Fashion Zone [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 公告 復星高科 截至 2025 年 9 月 30 日止九個月之 主要財務數據 上海復星高科技（ 集團 ）有限 公 司（（「復星高科 」），復星 國際 有 限公 司（「本 公 司 」）之 附 屬公 司 ）在中 國 銀行 間 債券 市場 發 行超 短 期融 資券、短期融資券 和資 產擔保債務融資工具 以及在上海證券交易所發行 高成長公司債券 ， 根 據 中國相 關規定，復 星高科於 2025 年 10 月 31 日發佈其 2025 年 第 三 季度 報 告（「該報告 」）。 單位：千元 幣種：人民幣 | | 本報告期末 | 上年度末 | 本報告期末比 上年度末增減 (%) | | --- | --- | --- | --- | | 總資產 | 405,025,460 | 404,566,629 | 0.1 | | 歸屬於母公司股東之權益 | 89,829,885 | 91,893,083 | (2.2) | ...

中新网上海新闻10月31日电(郑莹莹)首届国际珠宝时尚主题月暨2025上海高级定制周于30日在大豫园文 化片区启幕。 作为上海国际珠宝时尚功能区揭牌后的首场重量级活动，首届国际珠宝时尚主题月不仅将带来一系列精 彩活动，更将开启功能区建设的新篇章。 在品牌受钥仪式上，深耕于多个领域的15家品牌负责人集中上台接受象征着友好合作的功能区金钥匙； 在合作签约环节，紫金矿业集团黄金珠宝有限公司、中国珠宝玉石首饰行业协会分别与功能区运营主体 进行签约。 空间布局上，豫园商城与BFC形成"双核驱动"，促进黄金珠宝消费与多元要素的跨界融合。前者集珠宝 时尚、文化商业、餐饮娱乐、智慧零售等多元业态于一体，后者则引入高级珠宝与国际精品，构建起国 内外知名品牌矩阵。 上海市黄浦区委书记杲云，上海市商务委总经济师罗志松，上海市黄浦区人民政府副区长沈丹娜，中国 珠宝玉石首饰协会会长叶志斌，上海国际时尚联合会会长、复星国际联席CEO徐晓亮，豫园股份董事长 黄震，世界黄金协会中国区CEO王立新，以及高校相关专业负责人、交易所负责人、国检集团和中外实 验室负责人、各大品牌商代表等200余人出席启幕仪式。 上海国际珠宝时尚功能区工作小组专职副 ...

Group 1: Gold Price Trends - International gold prices ended a four-day decline, with COMEX gold futures rising by 2.45% to $4038.3 per ounce on October 30 [3] - Domestic gold jewelry prices also increased, with brands like Chow Sang Sang and Lao Feng Xiang seeing price rises to 1203 CNY and 1200 CNY per gram, respectively, marking increases of 28 CNY and 17 CNY from the previous day [1] Group 2: Market Analysis and Forecast - Analysts from UOB maintain a positive long-term outlook for gold, citing ongoing central bank purchases and investor demand for diversification amid a volatile de-dollarization narrative [4] - UOB has raised its gold price forecast by $100 per ounce, predicting prices to reach $4000 by Q4 2025 and $4300 by Q3 2026 [4] - The precious metals market is expected to continue a wide-ranging fluctuation due to uncertainties in tariff policies and ongoing government shutdowns in the U.S. [4] Group 3: Company Performance - Zhou Dazheng reported a 37.35% year-on-year decline in revenue for the first three quarters of 2025, totaling 6.772 billion CNY, attributed to high international gold prices affecting retail consumption [5] - Yu Garden Holdings experienced a 21.33% decline in revenue, totaling 28.4 billion CNY, and reported a net loss of 488 million CNY [5] - In contrast, upstream mining companies like Western Gold and Zijin Mining showed strong performance, with Western Gold's revenue increasing by 106.20% to 10.404 billion CNY and Zijin Mining's revenue growing by 10.33% to 254.2 billion CNY [5]

Core Viewpoint - The article highlights the recent upward trend in gold prices, both in the spot market and futures, indicating a strong demand for gold as a safe-haven asset amid market fluctuations [1]. Group 1: Gold Market Performance - As of the close on October 30, the spot gold price rose by 2.37%, reaching $4023.00 per ounce, with a continuous upward movement throughout the day [1]. - On the morning of October 31, the spot gold price maintained its upward trend, increasing by 0.14% to $4030.145 per ounce, while COMEX gold futures rose by 0.86% [1]. Group 2: Domestic Gold Jewelry Pricing - The rise in gold prices has led to an increase in the retail price of gold jewelry in China, with certain brands seeing their per gram prices exceed 1200 yuan [1]. - Specifically, Chow Sang Sang's gold price reached 1203 yuan per gram, up by 28 yuan; Lao Feng Xiang's price was 1200 yuan, an increase of 17 yuan; and Lao Miao's price was 1192 yuan per gram, rising by 20 yuan [1].

Core Viewpoint - Yuyuan Group (600655) reported a significant decline in revenue and a shift to loss in the first three quarters of 2023, indicating challenges in its financial performance while showing signs of stabilization in core business operations [1] Financial Performance - In the first three quarters, the company achieved revenue of 28.4 billion yuan, a year-on-year decrease of 21.3%, and incurred a loss of 488 million yuan, a shift from profit to loss compared to the previous year [1] - In the third quarter, revenue reached 9.29 billion yuan, reflecting a year-on-year growth of 8.89%, but the company reported a loss of 551 million yuan, attributed to reduced investment income from non-core asset disposals and declining profits from property development and sales [1] Business Outlook - Despite facing performance pressures in the first three quarters of 2023, the core business is showing signs of stabilization and recovery, with strategic adjustments beginning to yield results [1] - The company's global expansion and the creation of new consumption scenarios are laying a solid foundation for future development [1]

Core Insights - Yuyuan Group (豫园股份) reported a revenue of 28.4 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of approximately 20%, while the third quarter revenue increased by about 9% to 9.29 billion yuan [1] - The company's core jewelry fashion segment saw a gross margin increase of 0.66% year-on-year in the first three quarters [1] Financial Performance - The decrease in revenue is attributed to reduced gains from the disposal of non-core assets compared to the same period last year, impacting net profit and other financial metrics [2] - The jewelry segment, which accounts for over 60% of total revenue, achieved a gross margin of 7.73% in the first three quarters, up from 7.34% in the first half of the year [2] Strategic Adjustments - Yuyuan Group has adopted a strategic adjustment focusing on "core business, balanced offense and defense, and light assets" starting in 2024, transitioning from a diversified model to strengthening its main business [1] - The company has actively divested from projects such as Tomamu and Starlight Plaza Phase II to streamline operations [1] Business Transformation - The jewelry segment's gross margin growth is seen as a result of proactive transformation in product design, pricing strategies, and user expansion [2] - The Yuyuan Mall's innovative consumer experience initiatives, such as the "Mountain and Sea Wonder" themed lantern festival, attracted approximately 4 million visitors and boosted GMV by 62% year-on-year [2] Global Expansion - Yuyuan Group has made strides in global business expansion, with the Yuyuan Lantern Festival in Thailand attracting over 4 million attendees [3] - The company has showcased its lantern designs in countries like Vietnam, Japan, and Singapore, enhancing its global brand influence [3] - The restaurant brand Songhelou opened its first overseas store in London, and the jewelry brand Laomiao opened its first overseas store in Kuala Lumpur, with plans for further expansion in Southeast Asia [3]

Core Insights - Yuyuan Group (豫园股份) reported a revenue of 28.4 billion yuan for the first three quarters of 2025, representing a year-on-year decline of approximately 20%, while the third quarter revenue was 9.29 billion yuan, showing a year-on-year increase of about 9% [1] - Analysts believe that Yuyuan Group is accelerating adjustments to its overall business strategy and core industries, which has led to short-term performance challenges, impacting key financial metrics such as revenue and net profit attributable to shareholders [1] - The jewelry segment of Yuyuan Group is showing signs of recovery, with a gross margin of 7.73% for the jewelry segment in the first three quarters, indicating an improvement compared to the previous year [1] Industry Trends - The significant increase in gold prices this year has put pressure on companies, including Yuyuan Group, while also forcing the gold and jewelry industry to accelerate its transformation [1] - The era of merely selling materials is over; companies that can create unique value through products, branding, and customer experience will be better positioned to navigate market cycles and achieve new growth [1] - The trend towards de-materialization in the gold and jewelry industry is expected to become more pronounced, with early adopters of transformation likely to recover first [1] Strategic Adjustments - The "slimming and strengthening" strategy implemented by Yuyuan Group is causing short-term financial pressure but is expected to accelerate performance reconstruction and solidify the company's bottom line [2] - From a long-term perspective, these proactive changes are aimed at optimizing the business structure and enhancing core competitiveness, ensuring sustainable development [2] - With a mild recovery in the consumer market and favorable factors such as the advancement of the Shanghai International Jewelry Fashion Zone and deepening global layout, Yuyuan Group is expected to form new growth drivers in core business areas like jewelry fashion and commercial operations [2]