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》 ...

Core Viewpoint - Yuyuan Group (SH 600655) reported a significant decline in revenue and incurred a net loss in the third quarter of 2025, indicating financial challenges for the company [1] Financial Performance - For the first three quarters of 2025, Yuyuan Group's revenue was approximately 28.4 billion yuan, representing a year-on-year decrease of 21.33% [1] - The net profit attributable to shareholders was a loss of about 488 million yuan [1] - The basic earnings per share showed a loss of 0.128 yuan [1] Market Capitalization - As of the report, Yuyuan Group's market capitalization stood at 22.4 billion yuan [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥9,287,362,578.08, representing an increase of 8.89% compared to the same period last year[3] - The total profit for Q3 2025 was -¥711,211,186.53, a decrease of 2,374.23% year-on-year[3] - The net profit attributable to shareholders for Q3 2025 was -¥550,567,305.61, down 3,217.64% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2025 was -¥507,399,455.38, a decrease of 121.31% year-on-year[5] - The basic earnings per share for Q3 2025 was -¥0.143, a decline of 2,960.00% compared to the previous year[5] - Total operating revenue for the first three quarters of 2025 was CNY 28.40 billion, a decrease of 21.4% compared to CNY 36.10 billion in the same period of 2024[20] - Total profit for the first three quarters of 2025 was a loss of CNY 789.18 million, contrasting with a profit of CNY 1.62 billion in 2024[20] - The total comprehensive income for the current period is -840,594,396.04 RMB, while it was 780,264,205.87 RMB in the previous period[22] - The company’s total comprehensive income for the first three quarters of 2025 was CNY 422.38 million, compared to CNY 1.04 billion in 2024, indicating a decline of approximately 59.4%[32] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥119,816,878,625.49, a decrease of 0.72% from the end of the previous year[5] - The total assets of Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. reached RMB 71.34 billion as of September 30, 2025, an increase from RMB 64.52 billion on December 31, 2024, representing a growth of approximately 10.4%[27] - The company's total liabilities rose to RMB 46.21 billion as of September 30, 2025, up from RMB 38.97 billion at the end of 2024, reflecting an increase of approximately 18.0%[27] - Total liabilities increased to CNY 82.56 billion from CNY 81.85 billion, indicating a rise of 0.9%[18] - Non-current liabilities totaled CNY 23.15 billion, a decrease from CNY 23.79 billion, reflecting a decline of 2.7%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,102,435,497.62, a decrease of 56.68% compared to the same period last year[5] - Cash flow from operating activities for the first three quarters of 2025 is 1,102,435,497.62 RMB, down from 2,544,658,165.76 RMB in the same period of 2024, reflecting a decrease of approximately 56.7%[24] - The net cash flow from operating activities for the first three quarters of 2025 was negative at CNY -1.86 billion, contrasting with a positive CNY 196.22 million in the same period of 2024[33] - Cash inflow from investment activities is 1,776,203,399.23 RMB, compared to 2,056,874,972.55 RMB in the previous year, showing a decline of about 13.6%[24] - The company received CNY 15.19 billion in loans during the first three quarters of 2025, a decrease from CNY 19.94 billion in the same period of 2024[33] Shareholder Information - The company’s major shareholder, Shanghai Fuxing High-Tech (Group) Co., Ltd., holds 2.10% of the shares directly, while a group of 17 companies collectively holds 61.91%[14] - The top ten shareholders collectively own 59.81% of the company’s shares, indicating a concentrated ownership structure[14] Investment and Expenses - The company reported a significant decrease in investment income from the disposal of non-core assets, impacting overall profitability[9] - The company reported a significant increase in investment income of CNY 139.96 million for the first three quarters of 2025, compared to CNY 2.15 billion in 2024[20] - The company’s R&D expenses were CNY 32.67 million, down from CNY 36.36 million in the previous year, indicating a decrease of 10.0%[20] - The financial expenses for the first three quarters of 2025 were RMB 931.42 million, compared to RMB 811.47 million in the same period of 2024, representing an increase of about 14.8%[30] Current Assets - As of September 30, 2025, the total current assets amounted to approximately CNY 70.36 billion, a slight decrease from CNY 70.72 billion at the end of 2024[16] - The cash and cash equivalents were reported at CNY 10.26 billion, down from CNY 10.69 billion in the previous year[16] - The accounts receivable increased to CNY 3.21 billion, compared to CNY 2.66 billion at the end of 2024, reflecting a growth of approximately 20.5%[16] - The inventory stood at CNY 36.55 billion, showing a decrease from CNY 36.96 billion year-over-year[16] - The total current assets increased to RMB 35.38 billion as of September 30, 2025, compared to RMB 29.39 billion at the end of 2024, marking an increase of about 20.5%[27] - The cash and cash equivalents increased to RMB 1.49 billion as of September 30, 2025, from RMB 1.20 billion at the end of 2024, showing a growth of approximately 24.1%[27] Operating Costs - Total operating costs for the first three quarters of 2025 were CNY 29.53 billion, down from CNY 36.93 billion in 2024, reflecting a reduction of 20.0%[20] - The company paid 25,416,083,271.97 RMB for purchasing goods and services, down from 33,659,633,776.82 RMB in the previous year, indicating a decrease of approximately 24.5%[24]