Group 1: Market Trends - The demand for gold and jewelry consumption has increased, with retail sales reaching 313.1 billion yuan in the first ten months of the year, a year-on-year growth of 14.0% [1] - The rising gold consumption market faces challenges such as counterfeit products, unclear quality, mixed channels, and lack of after-sales service [1] Group 2: "Sand Gold" Issues - "Sand gold," which resembles gold but is actually brass plated with a thin layer of gold, has gained popularity due to its low price, with some merchants claiming it is "Vietnamese sand gold" or "Myanmar sand gold" [2][3] - The actual gold content in "sand gold" is often misrepresented, with some products claiming 5% gold content but failing to meet this standard upon testing [2] - Health risks are associated with "sand gold" due to excessive nickel release, which can cause skin allergies [3] Group 3: Pricing and Quality Concerns - The pricing of "sand gold" is misleading, as the production cost is very low, with some items costing as little as 10 yuan to produce [3] - "One-price" gold jewelry is becoming more common, where prices are set per item rather than by weight, leading to potential overpricing and lack of transparency regarding the actual weight of the gold [4][5] - Consumers have reported disputes over the actual weight of "one-price" products, highlighting the need for transparency in pricing and after-sales policies [5] Group 4: Customization Risks - Traditional gold companies are embracing trends by launching collaborative gold products, referred to as "pain gold," but risks exist in private customization due to lack of legal protection and potential quality issues [6][7] - Consumers face risks such as upfront payments without guarantees and potential quality problems due to the absence of third-party testing [6][7]

Group 1 - The report maintains a "stronger than market" rating for the social service sector, highlighting the recovery of service consumption as a new engine for expanding domestic demand, supported by continuous policy benefits [2][3][17] - The report emphasizes the importance of optimizing the holiday system to stimulate travel demand, with the upcoming long Spring Festival holiday expected to enhance travel willingness and extend travel distances [37][38] Group 2 - In the tourism sector, domestic travel continues to grow, with 888 million domestic trips taken during the National Day and Mid-Autumn Festival holidays, reflecting a 1.6% year-on-year increase, although per capita spending remains under pressure [23][27] - The cross-border travel market is heating up due to visa-free policies and improved flight capacity, with 1.78 billion inbound and outbound travelers recorded in Q3 2025, a 12.9% year-on-year increase [27][29] - The report suggests focusing on companies with clear long-term growth logic and project reserves, such as Changbai Mountain, Huangshan Tourism, and Lijiang Co., while also highlighting the potential of travel agencies like Lingnan Holdings and Zhongxin Tourism [40] Group 3 - The hotel industry is currently under pressure, with demand yet to be fully released, and companies are focusing on cost control and efficiency improvements to sustain profit growth [5][14] - The restaurant sector is experiencing a slowdown in market growth, with competition becoming more rational, leading to a stabilization in average spending per customer [5][17] - The duty-free industry shows signs of marginal recovery, with sales in Hainan's offshore duty-free market turning positive year-on-year, benefiting from the upcoming closure of Hainan Island and the advantages of duty-free licenses [5][19] Group 4 - The human resources service industry continues to grow, driven by flexible employment and outsourcing, although overall recruitment confidence remains low [5][23] - The exhibition industry is expected to benefit from a warming business environment, while international exhibitions need to be monitored due to geopolitical changes [5][23]

Summary of Yuyuan Group's Conference Call Company Overview - Yuyuan Group aims to become a global leader in the family happiness consumption industry, driven by a dual strategy of industrial operation and investment, with a focus on Oriental lifestyle aesthetics [2][3] - The company owns 19 time-honored Chinese brands and several leading domestic and international brands, accelerating its internationalization efforts [2][3] Core Business Structure - The core business segments include: - Industrial Operation: 73% of revenue, approximately 340 billion [4] - Property Development and Sales: 21% of revenue, approximately 10 billion [4] - Commercial Operations and Property Services: 6% of revenue, approximately 2.85 billion [4] - The increase in industrial operation's revenue share and the decrease in real estate indicate the company's focus on improving efficiency and risk resilience [2][4] Key Revenue Sources - Jewelry and Fashion: Main revenue source, accounting for 64% of total revenue, driven by brands like Laobao and Yayi, covering both affordable and high-end markets [5] - Restaurant Management and Services: Revenue of 649 million in the first three quarters, down 30% year-on-year, but with a high gross margin of over 65% [5] - Other segments include Food and Beverage, Health Products, Cosmetics, and Watchmaking, each contributing to the overall revenue with varying growth rates and margins [6] Strategic Initiatives - The establishment of Yuyuan Commercial Real Estate Group focuses on cultural tourism, industrial office, and high-end residential scenarios, accelerating the exit from non-core assets [6] - The company plans to stop pure real estate projects and shift towards commercial complex operations, with the Yuyuan commercial area in Shanghai as a core property [6] International Expansion - Yuyuan Group has made significant strides in international markets, with various business segments like lantern festivals, jewelry, and dining already established overseas [8][9] - The lantern festival has been showcased in Paris and is set to expand to Vietnam, Thailand, and Singapore, generating revenue through ticket sales and brand partnerships [8] - Jewelry brands have opened stores in Macau and Kuala Lumpur, while restaurant brands like Songhelou have launched in London, enhancing the international presence [8][9] Future Performance Outlook - 2025 is expected to be a year of adjustment, focusing on asset divestiture and optimizing jewelry store operations, which may impact financial statements [10] - By 2026, the disposal of non-core assets is expected to be nearing completion, with revenue recognition from new projects and growth in international business anticipated to improve overall performance [10] - The long-term outlook remains positive, with expectations for brand enhancement in the jewelry sector, continuous revenue recognition from commercial complexes, and growth in international operations [10]

Core Viewpoint - Yuyuan Group is focusing on the concept of "Eastern Lifestyle Aesthetics" and is advancing its global layout while integrating industrial operations and investments [1] Group 1: Business Strategy - The company owns 19 time-honored Chinese brands and several leading brands, aiming to become a top-tier family happiness consumption industry group globally [1] - The company is undergoing upgrades in its jewelry fashion business, focusing on product, channel, supply chain, and marketing reforms [1] Group 2: Performance and Recovery - The company has experienced a decline in performance in recent years due to the real estate sector but is now showing signs of recovery [1] - The company is driving its main business recovery through product innovation, channel optimization, and international expansion [1] Group 3: Future Outlook - The integration of Yuyuan Commercial Real Estate Group aims to enhance asset operation efficiency by combining commercial and property sectors [1] - As the disposal of non-core assets nears completion and with the commencement of income recognition from the large Yuyuan segment, the company's performance is expected to improve [1] - The company has initiated an "overweight" rating for its first coverage [1]

Core Viewpoint - The recent trend of share buybacks among leading companies, such as Industrial Fulian, Sanhua Intelligent Control, and Xiaomi Group, reflects a strong commitment to boosting market confidence and indicates management's recognition of the company's intrinsic value [1][2][3] Group 1: Leading Companies' Buyback Activities - Leading companies are actively engaging in share buybacks, characterized by rapid, frequent, and generous actions, serving as a market confidence indicator [1][2] - Industrial Fulian has repurchased 9.32 million shares for approximately 247 million yuan, with a maximum buyback price raised from 19.36 yuan to 75 yuan per share, a 287% increase [2][3] - Sanhua Intelligent Control has repurchased 3.06 million shares for about 106 million yuan, increasing its buyback price cap from 35.75 yuan to 60 yuan per share [3] Group 2: Broader Market Buyback Trends - Other companies are also increasing their buyback efforts, with Midea Group's buyback amount rising from 8.065 billion yuan to 9.465 billion yuan, and BOE Technology's from 704 million yuan to 975 million yuan [5] - China Petroleum and Chemical Corporation completed its buyback of 89.35 million shares for about 500 million yuan, all intended for cancellation to reduce registered capital [5][6] - Companies like DeMaiShi and Baiwei Storage have also raised their buyback price limits significantly, indicating a broader trend of increasing buyback commitments across the market [6]

上海豫园旅游商城（集团）股份有限公司 独立董事工作制度 （经 2025 年第三次临时股东大会审议通过） 第一章 总则 第一条 为进一步完善上海豫园旅游商城（集团）股份有限公司（以下简称"公司"） 治理结构，规范独立董事行为，充分发挥独立董事在公司治理中的作用，根据《上市公 司治理准则》《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规和《公司章程》的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关系 的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人 的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照相关 法律、法规和《公司章程》的要求，认真履行职责，在董事会中发挥参与决策、监督制 衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 独立董事原则上最多在三家境内上市公司担任独立董事，并应当确保有足 够的时间和精力有效地履行独立董事职责。 第五条 公司董事会成员中 ...

上海豫园旅游商城（集团）股份有限公司 股东会议事规则 （经 2025 年第三次临时股东大会审议通过） 第一章 总则 第一条 为促进公司规范运作，保证股东会依法行使职权，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上海证券交易所股票上市规则》和《上市公司股东会规则》及《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"）以及其他相关法律、 行政法规、部门规章、规范性文件等规定，结合公司实际情况制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定召开股 东会，保证股东能够依法行使权利。 第七条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： 第二章 股东会的召集 第八条 董事会应当在本规则第六条规定的期限内按时召集股东会。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉尽 责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》、《证券法》、《上海证券交易所股票上市规则》 和公司章程规定的范 ...

（经2025年第三次临时股东大会审议通过） 为了规范上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）募 集资金的管理和使用，保护公司投资者的利益，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司证券发行管理办法》、《监管规则适用指引——发行类第 7号》、中国证监会《上市公司募集资金监管规则》、《上海证券交易所股票上市 规则》（以下简称《股票上市规则》"）、《上海证券交易所上市公司自律监管指引第 1号——规范运作》（以下简称"《自律监管指引第1号》"）等法律、法规、规范性文件 的有关规定， 结合公司的实际情况，特制定本制度。 第一章 总 则 第一条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划 募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 上海豫园旅游商城（集团）股份有限公司 募集资金管理制度 第二条 募集资金到位后，公司应及时办理验资手续，由具有证券从业资格的 会计师事务所出具验资报告，对募集资金数额较大，结 ...

上海豫园旅游商城（集团）股份有限公司 SHANGHAI YUYUAN TOURIST MART (GROUP) CO.,LTD 章 程 （经 2025 年第三次临时股东大会审议通过） 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 2 第一章 总则 第一条 为维护上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法 ...

上海豫园旅游商城（集团）有限公司 董事会议事规则 （经 2025 年第三次临时股东大会审议通过） 第一章 总则 第三条 公司设董事长 1 名，联席董事长 1-2 名，副董事长 1-2 名，董事长、联席 董事长和副董事长由公司全体董事的过半数选举产生和罢免。 第四条 董事会对股东会负责，行使下列职权： (一) 负责召集股东会，并向股东会报告工作； (二) 执行股东会的决议； (三) 决定公司的经营计划和投资方案； (四) 制订公司的年度财务预算方案、决算方案； (五)制订公司利润分配方案和弥补亏损方案； (六)制订公司增加或者减少注册资本、发行债券或者其他证券及上市方案； 第一条 为保障公司董事会依法独立、规范、有效地行使职权，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上海证券交易所股票上市规则》（以下简称"上市规则"）及《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"）以及其他相关法律、 行政法规、部门规章、规范性文件等规定，结合公司实际情况制定本规则。 第二章 董事会的组成及职权 第二条 公司设董事会，董事会由 12 ...