Transaction Overview - The jewelry fashion group plans to introduce investors for financing, with Bank of China Asset increasing capital by RMB 400 million, acquiring 3.5596% equity in the target company [1] - After the transaction, Fosun International will still indirectly hold 91.03% equity through Yuyuan Shares, maintaining control [1] Valuation Basis - According to an independent valuation report, the net asset valuation of the jewelry fashion group is RMB 9.016 billion, with a pre-investment valuation determined based on a projected net profit of RMB 241 million for the second half of 2024 [2] - The investment arrangement includes a buyback option for external investors after 60 months, with the buyback price calculated at an annualized return of 8% [2] - Institutional investors have a transfer option during a 3-year investment period, which can be extended by 2 years [2] Financial Performance - The jewelry fashion group is projected to have a revenue of RMB 29.996 billion and a net profit of RMB 714 million in 2024; for the first half of 2025, revenue is expected to be RMB 12.899 billion with a net profit of RMB 290 million [3] Significance of Listing Rules - The transaction constitutes a major transaction that has received written approval from the controlling shareholder, Fosun Holdings, and does not require a shareholders' meeting [4] - The funds raised will be used to repay qualified financial institution debts [4] External Investors - A total of 36 investors contributed RMB 770 million through Heze Zhuying [5] - Bank of China Asset increased capital by RMB 600 million, acquiring 5.4059% equity [5] - The total financing scale reached RMB 1.98 billion [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600655 证券简称：豫园股份 公告编号：临2025-081 债券代码：242519 债券简称：25豫园01 ● 本次回购注销股份的有关情况 ■ 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 关于股权激励限制性股票回购注销的 实施公告 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： ● 回购注销原因：根据上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）《2021年限制性股 票激励计划》（以下简称"2021年激励计划"）、《2022年限制性股票激励计划》（以下简称"2022年激 励计划"）、《2023年限制性股票激励计划》（以下简称"2023年激励计划"，与2021年激励计划、2022 年激励计划合称"激励计划"）的相关规定以及2021年第三次股东大会（临时会议）、2022年第三次股东 大会（临时会议）、2023年第五次股东大会（临时会议）的授权，因（1）激 ...

（编辑 任世碧） 证券日报网讯 9月24日晚间，豫园股份发布公告称，根据公司《2021年限制性股票激励计划》《2022年 限制性股票激励计划》《2023年限制性股票激励计划》的相关规定以及2021年第三次股东大会（临时会 议）、2022年第三次股东大会（临时会议）、2023年第五次股东大会（临时会议）的授权，因激励对象 谢颖、徐坚凌、唐美一、郭琰峰、施一晨、徐啸天、王帅、刘勋、杜鑫、高晓光、赵诚宁、焦峰已分别 辞去在公司或控股子公司/单位的职务，并解除了与本公司或控股子公司/单位签订的劳动合同；2022年 激励计划第三个解除限售期及2023年激励计划第二个解除限售期公司层面业绩考核目标不满足解除限售 条件。以上所涉激励对象已获授但尚未解除限售的限制性股票应由公司回购注销，注销股份数量为4， 485，340股。注销日期：2025年9月29日。 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-081 | | --- | --- | --- | | 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 关于股权激励限制性股票回购注销的实施公告 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： 回购注销原因：根据上海豫园旅游商城（集团）股份有限公司（以下简 称"公司"）《2021年限制性股票激励计划》（以下简称"2021年激励计划"）、 《2022年限制性股票激励计划》（以下简称"2022年激励计划"）、《2023年限 制性股票激励计划》（以下简称"2023年激励计划"，与2021年激励计划、2022 年激励计划合称"激励计划"）的相关规定以及2021年第三次股东大会（临 时会议）、2022年第三次股东大会（临时会议）、2023年第五次股东大会（临 时会议）的 ...

德恒上海律师事务所 关于 上海豫园旅游商城（集团）股份有限公司 部分限制性股票回购注销实施情况的 德恒上海律师事务所 关于上海豫园旅游商城（集团）股份有限公司 部分限制性股票回购注销实施情况的法律意见 法律意见 上海市东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-5598 9888 传真：021-5598 9898 邮编：200080 释 义 在本法律意见内，除非文义另有所指，下列词语具有下述涵义： | 豫园股份/公司 | 指 | 上海豫园旅游商城（集团）股份有限公司 | | --- | --- | --- | | 证监会/中国证监会 | 指 | 中国证券监督管理委员会 | | 上交所 | 指 | 上海证券交易所 | | 本所 | 指 | 德恒上海律师事务所 | | 年激励计划》 《2021 | 指 | 《上海豫园旅游商城（集团）股份有限公司 2021 年限制 | | | | 性股票激励计划（草案修订稿）》 | | 《2022 年激励计划》 | 指 | 《上海豫园旅游商城（集团）股份有限公司 年限制 2022 | | | | 性股票激励计划（草案）》 | | 《2023 年激励计划》 | ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-082 | | --- | --- | --- | | 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 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 9 月 24 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： 2 截至公告披露日，复星高科技及其一致行动人累计质押股份情况如下： 股东名称 持股数量（股） 持股比 例 本次解除质押 前累计质押数 量（股） 本次解除质押 后累计质押数 量（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押 股份中 限售股 份数量 已质押 股份中 冻结股 份数量 未质押 股份中 限售股 份数量 未质押 ...

南财智讯9月24日电，豫园股份公告，控股股东的一致行动人浙江复星商业发展有限公司解除了4000万 股的质押，占其所持股份的10.95%，占公司总股本的1.03%。此次解除质押后，浙江复星剩余质押股份 为32116.30万股，占其所持股份的87.95%，占公司总股本的8.24%。复星高科技及其一致行动人合计持 有公司61.84%的股份，其中质押股份占61.04%。未来存在用于后续质押的计划，公司将按照相关法律 法规要求及时履行披露义务。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 6.83 CNY per share based on a projected PE of 30x for 2026 [5]. Core Insights - The company is positioned as a representative of the commercialization of Eastern aesthetic brands, focusing on diverse consumer sectors, with a significant emphasis on jewelry and cultural dining [2][15]. - The expansion of the commercial area, particularly the second and third phases of the Yuyuan project, is expected to significantly enhance the company's rental and management income [3][29]. - The company is actively pursuing international expansion of its dining brands, with the first overseas store of Songhe Lou set to open in London, which is anticipated to exceed growth expectations [3][41]. Summary by Sections Company Overview - The company operates primarily in three business segments: consumption industry operations (76.1% of revenue), commercial comprehensive operations and property services (17.2%), and real estate development and sales (6.7%) [2][15]. - Jewelry accounts for 88% of the consumption industry operations revenue, with additional segments including dining, health, and alcohol [2][19]. Investment Logic - The company is undergoing significant changes in its commercial area, with the second and third phases of the Yuyuan project expected to double the area of the first phase, enhancing rental income [3][34]. - The dining business is expanding internationally, with a focus on traditional brands, which is expected to create new growth opportunities [3][41]. Financial Performance - The jewelry segment has faced challenges but is expected to recover due to store adjustments and product innovation, with a revenue of 12.79 billion CNY in the first half of 2025 [4][22]. - The real estate segment is gradually improving as inventory is cleared, with a revenue increase of 4.84% year-on-year in the first half of 2025 [4][22]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 467.21 billion CNY, 489.30 billion CNY, and 508.30 billion CNY, respectively, with net profits expected to rise significantly [5][9]. - The company is expected to benefit from a cultural export boom, leveraging its rich IP resources [5][54]. Brand and Cultural Assets - The company has a robust portfolio of traditional brands and cultural heritage, which supports its commercial activities and enhances brand visibility [54][56]. - The introduction of new brands like "Dongjia Gold" aims to tap into the high-end market, further diversifying the company's offerings [52][54].

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Company Overview - Yuyuan Group Co., Ltd. is located at 2 Fuxing East Road, Huangpu District, Shanghai, established on November 25, 1987, and listed on September 2, 1992 [2] - The company's main business includes gold and jewelry sales, catering and pharmaceutical business, and real estate development [2] - Revenue composition: 76.09% from industrial operations, 17.20% from property development and sales, and 6.71% from commercial comprehensive operations and property services [2] Stock Performance - Yuyuan's stock price has decreased by 6.10% year-to-date, with a 4.25% drop over the last five trading days and a 5.02% decline over the last 20 days, while it increased by 6.35% over the last 60 days [2] - As of September 23, the stock price was 5.86 CNY per share, with a market capitalization of 22.836 billion CNY [1] Financial Performance - For the first half of 2025, Yuyuan reported revenue of 19.112 billion CNY, a year-on-year decrease of 30.68%, and a net profit attributable to shareholders of 62.814 million CNY, down 94.50% year-on-year [2] - The company has distributed a total of 10.042 billion CNY in dividends since its A-share listing, with 2.832 billion CNY distributed over the past three years [3] Shareholder Information - As of June 30, the number of shareholders was 83,300, a decrease of 2.66% from the previous period, with an average of 46,702 circulating shares per shareholder, an increase of 2.73% [2] Market Activity - On September 23, the net outflow of main funds was 6.8864 million CNY, with significant selling activity amounting to 7.2643 million CNY, representing 42.15% of total transactions [1]