关于上海豫园旅游商城（集团）股份有限公司 2025 年第二次临时股东大会 法 律 意 见 书 致: 上海豫园旅游商城（集团）股份有限公司 上海市光大律师事务所接受上海豫园旅游商城(集团)股份有限 公司(以下简称"公司")的委托,指派潘轶、程安卿律师(以下简 称"本律师"） 就公司于 2025年 7月 24 日召开的 2025 年第二次临 时股东大会(以下简称"本次股东大会")相关事宜,根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《上市公司股东大会规 则》(以下简称"规范性文件")和《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")的规定,出具法律意见书。 为出具法律意见书,本律师审查了公司提供的有关召集、召开本 次股东大会的文件材料,并出席本次股东大会进行现场见证。 在法律意见书中,本律师根据法律意见书出具日以前发生的事实 及对该事实的了解,对公司本次股东大会所涉及的法律问题发表法律 意见,并依法对法律意见书承担责任。 本律师同意,公司可以将法律意见书作为本次股东大会的法定文 件,随同本次股东大会决议一并公告。 本律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神, 严格 ...

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder of Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., highlighting the current status of share pledges and the financial implications for the company [1][6]. Share Pledge and Release Summary - The controlling shareholder, Fosun High Technology (Group) Co., Ltd., has pledged a total of 1,558,647,282 shares, which accounts for 64.68% of the shares held by Fosun High Technology and its concerted parties [1]. - As of July 21, 2025, a total of 32,050,000 shares were released from pledge, representing 3.13% of the shares held by Shanghai Fudi Investment Management Co., Ltd. and 0.82% of the company's total share capital [1]. - After the release, the remaining pledged shares amount to 461,726,282, which is 45.12% of the shares held by the shareholder and 11.85% of the company's total share capital [1][6]. Financial Implications - The financing balance corresponding to the pledged shares is approximately RMB 196.33 million, with 653,877,282 shares set to mature within the next year, representing 27.13% of the shares held by Fosun High Technology and its concerted parties [6]. - The financing balance for these shares is estimated at RMB 244.66 million, indicating a manageable risk level due to the good credit status of Fosun High Technology and its ability to repay [6]. Company Management and Future Outlook - The company will closely monitor the developments regarding the share pledges and will fulfill its disclosure obligations as required by laws and regulations [6]. - There are no adverse effects anticipated on the company's main business operations or management due to the share pledges, and there will be no change in control of the company [6].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-068 | | --- | --- | --- | | 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及质押的公告 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 7 月 22 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及质押，具体事项如下： 一、上市公司部分股份解除质押 1 3.股东累计质押股份情况 | 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： | | --- | 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（以下简称"复地投资"）持有本公司股份数量为 1 ...

Core Viewpoint - Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. plans to issue corporate bonds not exceeding RMB 4 billion to adjust its debt structure, repay due debts, and supplement working capital [6][7][8]. Group 1: Shareholder Meeting Procedures - The shareholder meeting will be held in a hybrid format, combining on-site and online voting [2][3]. - Shareholders have the right to speak, inquire, and vote, but must register 15 minutes before the meeting [2][3]. - Voting will be conducted through a combination of on-site and online methods, with each share granting one vote [3][4]. Group 2: Bond Issuance Proposal - The company proposes to issue corporate bonds to meet funding needs for debt restructuring and working capital [6][7]. - The bond issuance is subject to approval from the China Securities Regulatory Commission (CSRC) and will be conducted in one or multiple phases [8][9]. - The bonds will have a maximum term of 7 years and will be issued at par value with a fixed interest rate determined through a book-building process [8][9]. Group 3: Financial and Legal Compliance - The company asserts that it meets the conditions for public bond issuance as stipulated by the Securities Law, including having a sound organizational structure and sufficient profit to cover interest payments [6][7]. - The funds raised will not be used for loss compensation or non-productive expenditures [6][7]. - Legal opinions will be provided by an appointed lawyer to ensure compliance with regulations [10][11].

上海豫园旅游商城（集团）股份有限公司 2025 年第二次临时股东大会 文 件 2025 年 7 月 24 日 上海豫园旅游商城（集团）股份有限公司 2025 年第二次临时股东大会 股东大会会议须知 三、 本次股东大会以现场会议形式召开，并采取现场、网络相结合的方式投票。 四、 股东参加股东大会现场会议依法享有发言权、质询权、表决权等权利，同时也必须 认真履行法定义务，不得侵犯其他股东的权益和扰乱会议秩序。 五、 股东要求大会发言，请于会前十五分钟向大会秘书处登记，出示持股的有效证明， 填写《股东意见征询单》，登记发言的人数原则上以十人为限，超过十人时先安排持股数多的 前十位股东，发言顺序亦按持股数多的在先。 六、 在股东大会召开过程中，股东临时要求发言的应向大会秘书处报名，并填写《股东 意见征询单》，经大会主持人许可后，始得发言。 七、 股东在会议发言时，应当首先报告其所持的股份份额，并出具有效证明。每位股东 发言时间一般不超过五分钟。 八、大会采取现场投票和网络投票相结合的方式。公司将通过上海证券交易所交易系统向 全体流通股股东提供网络形式的投票平台，在股权登记日登记在册的所有股东，均有权在网络 投票时间内 ...

Group 1 - The core viewpoint of the news is the introduction of the first "Guide for the Protection of Trade Secrets and Enhancement of Innovation Capability for Time-honored Brands" in Huangpu District, aimed at safeguarding the core techniques and recipes of these brands from potential leakage due to personnel turnover [1] - The guide helps enterprises understand the basic concepts of trade secrets, identify application scenarios, build a protection system, clarify legal remedies, and distinguish between trade secret protection and intangible cultural heritage transmission [1] - The guide specifies potential "secret points" that could become trade secrets for time-honored brands and assists in formulating layered protection strategies for intangible cultural heritage trade secrets [1] Group 2 - Huangpu District also launched the first trade secret insurance and the first trade secret protection alliance for time-honored brands, providing full lifecycle protection for these enterprises [2] - The insurance mechanism helps complete an internal "check-up" of trade secret systems before purchasing insurance, enhancing the construction and execution of these systems [2] - The alliance, consisting of members from the Shanghai Chinese Time-honored Brand Association and representatives of time-honored enterprises, aims to address challenges in craft transmission, digital transformation, and cross-industry cooperation regarding trade secret protection [2]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-067 | | --- | --- | --- | | 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 7 月 4 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： 一、本次股份解除质押情况 | 股东名称 | 上海复地投资管理有限公司 | | --- | --- | | 本次解除质押股份 | 100,000,000 | | 占其所持股份比例 | 9.77% | | 占公司总股本比例 | 2.57% | | | | | | | | | 已质押股份情况 | | | 未质押股份情况 | | --- | --- | --- | - ...

Core Viewpoint - Yuyuan Group (豫园股份) is actively seeking to restructure its debt and improve liquidity through a bond issuance plan of up to 4 billion yuan, following a series of management changes and fluctuating financial performance [1][3][4]. Group 1: Financing and Debt Management - On June 30, Yuyuan Group announced a bond issuance plan not exceeding 4 billion yuan to adjust its debt structure, repay maturing debts, and supplement working capital [1]. - The company has previously issued 300 million yuan in bonds on March 10, indicating a pressing need for financing to replace maturing bonds [1]. - As of March 2025, Yuyuan Group's cash and trading financial assets totaled approximately 12.72 billion yuan, while short-term borrowings were about 9.55 billion yuan, highlighting the need for effective debt management [4][5]. Group 2: Management Changes - Yuyuan Group has experienced frequent management changes in 2024, with several executives resigning or retiring, including the recent retirement of the former president [2][3]. - The company appointed Huang Zhen as the new president and Zhang Jian as the executive president, aiming to enhance operational efficiency and specialization [2]. - The management restructuring is believed to be linked to the company's fluctuating performance and the need for a more focused leadership approach [3]. Group 3: Financial Performance - Yuyuan Group's revenue has shown significant volatility from 2020 to 2024, with figures of 45.53 billion yuan, 51.97 billion yuan, 50.20 billion yuan, 58.15 billion yuan, and 46.92 billion yuan, reflecting year-on-year changes of 3.64%, 14.15%, -3.41%, 15.83%, and -19.3% respectively [3]. - In Q1 2025, the company reported revenue of approximately 8.78 billion yuan, a year-on-year decline of about 49%, and a net profit of 51.83 million yuan, down 71.2% [3]. - The company has been selling assets to generate cash, including transferring a subsidiary for no less than 1.71 billion yuan and selling a property for 1.515 billion yuan, due to financing difficulties in 2024 [3].

Group 1: Company Debt and Financing - Yuyuan Group plans to issue up to 4 billion yuan in corporate bonds to optimize its debt structure, with a maximum term of 7 years and a face value of 100 yuan per bond [1] - The funds raised will be used for repaying due debts and supplementing working capital, addressing short-term repayment pressure [1] - As of Q1 2025, short-term loans increased by 9.78%, while accounts payable and contract liabilities decreased by 16.92% and 12.75%, respectively [1] Group 2: Financial Performance - In 2024, Yuyuan Group's jewelry fashion segment generated 299.77 billion yuan in revenue, accounting for 64% of total revenue, but saw an 18.38% year-on-year decline [2] - The company reported a record high revenue of 581.47 billion yuan in 2023, but net profit dropped by 45% to 20.24 billion yuan [2] - In Q1 2025, revenue plummeted nearly 50% to 87.82 billion yuan, with net profit down 71% to 51.8 million yuan [2] Group 3: Business Challenges and Strategies - The jewelry fashion segment faced significant challenges due to price volatility, changing consumer preferences, and pressure on the franchise model, leading to a net reduction of 200 stores [2] - The company acknowledged that structural adjustments in the consumer industry have pressured overall sales margins [2] - Yuyuan Group initiated a "slimming down" strategy, focusing on channel management and gradually exiting heavy asset projects in the real estate sector [2]

Core Viewpoint - Yuyuan Group plans to issue 4 billion yuan in corporate bonds to adjust its debt structure, repay maturing debts, and supplement working capital, amid significant debt pressure and insufficient cash flow to cover short-term borrowings and non-current liabilities due within a year [1][3][6]. Financial Performance - In 2024, Yuyuan Group reported a significant decline in both revenue and net profit, with net profit dropping over 90%, marking three consecutive years of decline. The company's non-recurring net profit has also been in loss for two consecutive years, worsening in the latest period [1][14]. - The company's revenue from 2020 to 2024 showed volatility, with 2024 revenue at 469.24 billion yuan, a year-on-year decrease of 19.3%. Quarterly revenue in 2024 saw a decline in three out of four quarters, with Q1 experiencing a 49% drop year-on-year [10][11]. Debt and Liquidity Situation - As of the end of 2024, Yuyuan Group's cash and cash equivalents totaled 134.43 billion yuan, while short-term borrowings and non-current liabilities due within a year amounted to 179.35 billion yuan, indicating a cash flow shortfall [6][7]. - The company's long-term debt pressure is also significant, with long-term borrowings reaching 161.41 billion yuan. Interest expenses have increased from 970 million yuan in 2020 to 1.884 billion yuan in 2024, nearly doubling and outpacing revenue and net profit growth [7][8]. Management Changes - Yuyuan Group has experienced frequent personnel changes in 2024, with multiple high-level executives resigning or retiring, which may impact investor perception and company stability [1][15][17]. Business Segment Performance - The company's main business segments, including jewelry fashion, commercial retail, and real estate, have all faced revenue declines. The operational revenue dropped to 340.34 billion yuan in 2024, a decrease of 18.37% year-on-year [11][12]. - The property development and sales segment has shown significant revenue fluctuations, with a notable decline in 2024, reflecting the overall downturn in the real estate market [11][13]. Future Outlook - The issuance of the 4 billion yuan corporate bond could alleviate some debt pressure, but it is seen as a temporary solution, as the associated interest expenses may further erode profits [8][9]. - Despite the profit decline, the company plans to maintain a high dividend payout, which raises questions about the necessity of such distributions given the substantial debt burden [17].