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（集团）股 份有限公司关于以集中竞价交易方式回购公司 A 股股份方案的公告》（公告编号： 临 2024-123）。 二、 回购股份的进展情况 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：2025-042 | | --- | --- | --- | | 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 关于以集中竞价交易方式回购公司 A 股股份 的进展公告 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 ...

Core Insights - Yuyuan Group (豫园股份) emphasizes the integration of AI and digitalization as core drivers for business development, having introduced AI technology as early as 2022 to innovate marketing strategies [1][2] - The company has achieved significant results in digitalization and AI innovation, with clear future plans for further deployment [1] Group 1: Digitalization and AI Innovation - The company utilizes "virtual humans" for live streaming during low customer traffic periods, effectively filling gaps in traditional live streaming and creating new growth opportunities [1] - In the technology innovation sector, Yuyuan Group has established an AIGC platform, achieving a 30% efficiency improvement in product management through AI algorithms in the jewelry industry [1] - The watch segment focuses on integrating art and fashion, developing a product matrix characterized by Eastern lifestyle aesthetics, and employing AI technology to enhance operational efficiency [1] Group 2: Supply Chain Development - In 2024, Yuyuan Group made significant breakthroughs in supply chain capabilities, establishing an industry-leading supply chain system across various business segments [2] - The Shenzhen logistics center for Yuyuan Jewelry Fashion Group is set to open in May 2024, enhancing logistics operations through upgraded automation equipment, thereby improving overall logistics efficiency [2] - The Songhe Lou research and production base in the cultural catering sector has been completed, integrating R&D, production, and warehousing with advanced industry equipment and modern management systems to achieve high standards and low-cost production [2] Group 3: Future Plans - Yuyuan Group plans to deepen the application of AI across all business segments, expand business boundaries, and enhance overall operational efficiency and competitiveness for sustainable development [2] - The company aims to initiate international supply chain capability construction to support its global development goals, facilitating cross-border supply chains and laying a solid foundation for overseas business expansion by 2025 [2]

Core Viewpoint - Yuyuan Group expresses confidence in the future of China's economy despite a complex external environment, focusing on optimizing its debt structure and enhancing its innovative capabilities to capture new growth opportunities [1][2]. Financial Performance - In 2024, Yuyuan Group achieved a total revenue of 46.924 billion yuan, with management expenses down by 14.19% and sales expenses down by 9.97%, while maintaining a stable gross profit of 5.7 billion yuan [2]. - By the end of 2024, the company's cash and cash equivalents reached 10.7 billion yuan, an increase of 1.5 billion yuan from the previous year, with operating cash flow remaining stable and net cash inflow from operations at 4.3 billion yuan [2]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares for 2024, amounting to approximately 740 million yuan, maintaining a dividend payout ratio above 35% since its restructuring in 2018 [2]. Business Strategy - Yuyuan Group aims to enhance its "Eastern Aesthetic" strategy, leveraging cultural and technological innovation to meet evolving consumer demands and drive high-quality growth [1]. - The company is transitioning its jewelry business model from wholesale to lean retail operations, focusing on high-margin sales and personalized consumer experiences [3]. Market Expansion - Yuyuan Group is actively pursuing global expansion, with plans to open its first overseas store in Macau and explore opportunities in Southeast Asia [5][6]. - The company is leveraging cultural initiatives, such as the Yuyuan Lantern Festival, to promote Chinese culture internationally, with successful events in Paris and upcoming plans in Bangkok [6][7]. Brand Development - The company integrates "Eastern Aesthetic" with "Good Luck Culture" to deepen brand resonance with consumers, while expanding its retail presence with a total of 4,634 stores by the end of 2024 [4]. - Yuyuan Group is enhancing its marketing strategies by collaborating with popular IPs and utilizing new retail channels like Douyin to attract new customer segments [5].

2024年，经济环境的不确定性加剧了消费市场的变革，提振消费成为未来经济工作的重中之重，许多消 费类企业也纷纷依据市场变化调整转型：一方面，通过管控成本、降低负债、提高现金流动性等方式增 强企业抗风险能力；另一方面，调整优化自身管理和经营模式，并结合新的消费趋势寻找业绩突破点。 日前（3月24日），消费产业集团上海豫园旅游商城（集团）股份有限公司（简称：豫园股份 600655.SH）发布2024年度业绩报告，2024年公司营收469.24亿元，归母净利润1.25亿元。业绩报告显 示，豫园股份的业务规模较上一年有一定程度的收缩，与此同时，公司成本管控显效，各产业集团人工 成本同比下降5%，管理费用同比大幅减少约4.5亿元，资产负债率为67.82%，较2023年下降0.21个百分 点，在手货币现金106.9亿元。豫园股份在业绩报告中披露，公司果断取舍业务赛道，持续聚焦核心优 势主业、优势区域发展，瘦身健体，持续优化财务结构和资产组合，并关注多形式外延发展机会，加大 全球化布局。 "瘦身健体"优化财务结构，应对外部环境挑战 2024年，整个消费行业普遍面临压力。国家统计局数据显示，全年社会消费品零售总额同比增长 3 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.65, down from the previous forecast of 6.99 [1][11]. Core Views - The company's 2024 performance was below expectations, with a significant decline in profits primarily due to structural adjustments in the consumer industry and increased asset impairment provisions for certain real estate projects. The company is focusing on streamlining operations and concentrating on the growth potential of its jewelry and fashion segments [2][11]. Financial Summary - In 2024, the company reported revenue of 46,924 million, a year-on-year decrease of 19.3%. The net profit attributable to shareholders was 125 million, down 93.8% year-on-year. The gross profit margin for the year was 13.60%, a decrease of 0.51 percentage points [4][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38, with estimates of 0.48 for 2026 and 0.57 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 17.5 times [18]. Business Segments - The jewelry and fashion business generated revenue of 299.77 million in 2024, down 18.38% year-on-year. The company experienced a net reduction of 379 jewelry stores, focusing on optimizing its store network [11][12]. - The real estate development and sales segment saw a revenue decline of 25.96% year-on-year, reflecting the overall downturn in the real estate industry [11][12]. Market Data - The company's market capitalization is 22,198 million, with a current share price of 5.70, within a 52-week price range of 4.94 to 6.95 [5][11]. - The net asset value per share is 9.13, with a price-to-book (P/B) ratio of 0.6 [6][11]. Future Outlook - The company aims to enhance its focus on the jewelry fashion sector while managing the impacts of macroeconomic conditions and industry changes. The anticipated recovery in the jewelry market is expected to support future growth [11][12].

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。 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-041 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 重要内容提示: 一、本次股份质押情况 公司于 2025 年 3 月 31 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 3 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、重庆润江置业有限公司（以下简称"复地投资"、"重庆润江"） 合计持有本公司股份数量为 1,112,661,693 股，占公司总股本比例为 28.75%。 本次办理股票质押后，复地投资、重庆润江累计质押股份数量为 847,319,286 股。 公司控股股东复星高科技及其一致行动人 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.60 [8][9]. Core Views - The company is undergoing a transformation in its main business, focusing on improving the quality of its consumer industry operations and expanding its cultural and brand presence overseas, particularly in the restaurant and jewelry sectors [1][4]. - The company reported a revenue of RMB 46.92 billion for 2024, a year-on-year decrease of 19.3%, and a net profit attributable to shareholders of RMB 1.3 billion, down 93.8% year-on-year, which aligns with its earnings forecast [1][5]. - The jewelry fashion segment experienced a revenue decline of 18.4% to RMB 29.98 billion, primarily due to rising gold prices, while the property development and sales segment saw a significant drop of 26.0% to RMB 10.04 billion [2][3]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was RMB 46.92 billion, down 19.3% year-on-year, with a net profit of RMB 1.3 billion, reflecting a 93.8% decline [1][5]. - The jewelry fashion segment's revenue decreased by 18.4% to RMB 29.98 billion, influenced by high gold prices, while property development revenue fell by 26.0% to RMB 10.04 billion [2][3]. Business Transformation - The company is focusing on restructuring its business matrix and enhancing the quality of its consumer operations, with a revenue contribution from the consumer industry expected to rise to 73% in 2024 [4]. - The jewelry fashion segment is shifting towards a retail operation model driven by product design and channel optimization [2][4]. Profit Margin and Forecast - The overall gross margin decreased by 0.5 percentage points to 13.6%, primarily due to the impact of property development, while the gross margin for industrial operations increased by 0.6 percentage points to 12.2% [3]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted downwards by 42% and 36% to RMB 1.71 billion and RMB 2.14 billion, respectively [5][14].

Core Insights - The company, Yuyuan Industrial Co., Ltd. (豫园股份), held an annual performance release meeting on March 27, 2024, where the CEO Zhang Jian discussed the development strategy and future plans in the high-end jewelry sector, particularly highlighting the performance and innovations of the brand "Dongjia Jinzhao" [1][2] Group 1: Business Strategy - Yuyuan has two well-known brands in the jewelry sector: Laomiao and Yayi. Laomiao focuses on first and second-tier cities, aiming to elevate its high-end jewelry image, while Yayi targets lower-tier cities with affordable prices and quality products [1] - In 2024, the company launched several innovative products, including the "Guhun Gold" series, which achieved sales of approximately 8 billion yuan. The pricing model shifted from weight-based to piece-based, enhancing value and competitiveness [1] Group 2: Brand Development - The "Dongjia Jinzhao" project, launched in its first year, has shown promising results. This brand, positioned as a pioneer in gold art, targets high-end consumers aged 35 and above, such as corporate executives and contemporary art collectors [1] - The brand has collaborated with contemporary artist Qiu Qijing and gold artist Wang Wang to create a series of gold art products, including artistic ornaments, lifestyle items, and high-end accessories [1][2] Group 3: Future Plans - Looking ahead, "Dongjia Jinzhao" plans to collaborate with more outstanding artists to explore the integration of gold and art, aiming to establish a contemporary Eastern aesthetic benchmark in the gold art field and become a leading brand in innovation and heritage [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6][8] Core Views - The company's revenue for 2024 is projected to be 46.924 billion, a decrease of 19.30% year-on-year, with a net profit attributable to shareholders of 125 million, down 93.81% [1][6] - The fourth quarter revenue was 10.824 billion, reflecting a decline of 41.81%, with a net loss attributable to shareholders of 1.034 billion [1][6] - The jewelry business maintains a leading market position, with continuous expansion of the sales network, while other consumer sectors such as food and department stores show collaborative growth [1][6] - The company is actively adjusting and optimizing its operations in response to the pressure on consumer business [1][6] Financial Data Summary - Total revenue for 2023 was 58.147 billion, with a projected increase to 48.801 billion in 2025, representing a 4% growth [2][8] - The net profit attributable to shareholders is expected to rebound significantly to 1.509 billion in 2025, after a projected loss in 2024 [2][8] - The company's gross margin for 2024 is reported at 13.60%, a slight decrease of 0.52 percentage points [6][8] - The company’s total assets are projected to decrease from 120.692 billion in 2024 to 114.306 billion in 2025 [7][8] Market Position and Business Segments - The jewelry fashion business generated revenue of 29.977 billion in 2024, down 18.38% year-on-year, but the gross margin improved by 0.57 percentage points to 8.25% [6][8] - The company has a total of 4,615 retail outlets as of the end of 2024, with a net decrease of 379 outlets compared to the previous year [6][8] - The report highlights the impact of fluctuating gold prices on jewelry sales and the ongoing challenges in the property development sector due to the downturn in the real estate market [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant decline in performance for 2024, with total revenue of 46.92 billion yuan, down 19.3% year-on-year, and a net profit of 125 million yuan, down 93.81% year-on-year, primarily due to weak consumer demand and a downturn in the real estate sector [7]. - The company is focusing on optimizing its product and channel structure to improve operational quality, with a notable decline in gold jewelry consumption due to rising gold prices and changing consumer preferences [7]. - The company is strategically exiting non-core assets and concentrating on high-potential industries, aiming to enhance resource allocation efficiency [7]. - The company is leveraging its cultural heritage and IP collaborations to create a consumption ecosystem centered around Eastern aesthetics, while also expanding its international presence [7]. - The profit forecasts for 2025 and 2026 have been adjusted to 1.805 billion yuan and 2.274 billion yuan, respectively, reflecting the impact of the real estate sector and inventory management [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 58.15 billion yuan in 2023, 46.92 billion yuan in 2024, 50.43 billion yuan in 2025, 52.96 billion yuan in 2026, and 54.77 billion yuan in 2027 [6][9]. - The net profit forecast shows a significant recovery from 125 million yuan in 2024 to 1.805 billion yuan in 2025, with further growth to 2.274 billion yuan in 2026 and 2.614 billion yuan in 2027 [6][9]. - The company's gross margin is projected to improve gradually from 13.6% in 2024 to 15.3% in 2027 [6].