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) | ...

Core Insights - The first International Jewelry Fashion Month and the 2025 Shanghai High-end Customization Week commenced on October 30, marking a significant event in the newly established Shanghai International Jewelry Fashion Functional Zone [1][3] Group 1: Event Overview - The event is the first major activity following the unveiling of the Shanghai International Jewelry Fashion Functional Zone, aiming to initiate a new chapter in the development of this area [3] - The opening ceremony was attended by over 200 representatives from various sectors, including government officials, industry leaders, and academic professionals [3] Group 2: Partnerships and Collaborations - During the brand acceptance ceremony, 15 brand leaders received symbolic keys representing friendly cooperation, and agreements were signed between major companies and the operational body of the functional zone [5] - The Shanghai International Jewelry Fashion Functional Zone aims to expand its brand matrix and build a complete, collaborative, and open jewelry fashion industry ecosystem [5] Group 3: Strategic Goals - The event is seen as a crucial step in promoting the "agglomeration effect" of the Shanghai International Jewelry Fashion Functional Zone, integrating gold jewelry, high-end customization, and consumer experiences [5] - The goal is to transform the Dapuyu Garden area into a fashion hub and consumer hotspot [5] Group 4: Market Context - The establishment of the Shanghai International Jewelry Fashion Functional Zone coincides with a strong dual-driven momentum in the gold market, characterized by both investment and consumption [8] - The ongoing activities during the International Jewelry Fashion Month include new store openings and high-profile showcases, contributing to the vibrant atmosphere of the jewelry market in Shanghai [8]

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]

Core Viewpoint - Fosun International (00656) reported that its subsidiary, Yuyuan Sh股份 (600655.SH), achieved a revenue of 28.4 billion yuan for the first three quarters of 2025 [1] Group 1 - The revenue figure of 28.4 billion yuan indicates the company's performance during the specified period [1]

公告 豫園股份 截至 2025 年 9 月 30 日止九個月之 主要財務數據 於 2025 年 10 月 30 日， 上 海豫 園 旅 遊商 城 （集 團 ）股 份有 限 公司 （「 豫 園 股 份 」）， 復星 國 際 有限 公 司（「 本公司 」） 之附 屬 公司 ， 其 A 股 於 上海 證 券 交易 所 上市 及 買賣（ 股份 代 號：600655））刊發其 2025 年第 三季 度 報告（「該 報 告 」）。 本公 司 之董 事 會（「 董事會 」）謹 請 本公 司股 東 及公 眾 投資 者留 意 以下 有 關該 報告 所 載豫 園 股份 截至 2025 年 9 月 30 日止 三 個月 （「本 報 告 期 」）及 九個 月未 經 審計 之 主要 財務 數 據： 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。 | | 本報告期末 | 上年度末 | 本報告期末比上 年度末增減 1 (%) | | --- | --- | --- | --- | ...

第十一届董事会审计与财务委员会第二十三次会议决议 上海豫园旅游商城（集团）股份有限公司第十一届董事会审计与财务委员会第 二十三次会议于 2025 年 10 月 24 日召开，公司董事会审计与财务委员会全体成员出 席会议。 会议审议了: 上海豫园旅游商城（集团）股份有限公司 全体委员一致通过以上议案并同意将上述议案递交公司董事会审议。 上海豫园旅游商城（集团）股份有限公司 第十一届董事会审计与财务委员会 2025 年 10 月 24 日 1. 《公司 2025 年第三季度报告》 ...