| 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]

Core Insights - The international gold price remains high at $3684.9 per ounce, indicating gold's enduring appeal as a safe-haven asset and store of value [1] - Domestic gold market shows significant brand differentiation in pricing, with major jewelry brands aligning closely on gold pricing strategies [1] Group 1: Jewelry Brand Pricing - Major jewelry brands such as Chow Tai Fook, Luk Fook, King Fook, and Xie Ruilin set their gold price at 1078 CNY per gram, reflecting a synchronized pricing strategy [1][2] - Chow Sang Sang leads slightly with a price of 1088 CNY per gram, suggesting added value in craftsmanship or service [1] - Other brands like Lao Feng Xiang and Lao Miao Gold maintain prices close to the market average, indicating competitive pricing [1][3] Group 2: Real-time Pricing and Fluctuations - Water Bay region's gold price is reported at 841 CNY per gram, showcasing real-time market dynamics [2] - Chow Sang Sang's price increased by 12 CNY from the previous day, while Lao Feng Xiang's price rose by 10 CNY [2][3] - Various brands exhibit price stability or slight increases, influenced by market conditions and promotional activities [4] Group 3: Financial Institutions' Gold Bar Pricing - Financial institutions offer a range of gold bars with varying prices, with China Construction Bank's "Dragon Gold Bar" priced at 848.2 CNY per gram [4][6] - Agricultural Bank's "Heritage Gold Bar" is priced at 864.27 CNY per gram, while other banks like Bank of China and Ping An Bank have prices above 860 CNY per gram [6] - The pricing of bank gold bars generally exceeds wholesale market prices, reflecting brand premiums and service costs [6] Group 4: Shenzhen Water Bay Wholesale Market - Shenzhen Water Bay market offers competitive pricing for gold, with 99.9% pure gold priced at 835 CNY per gram [6] - Prices for various purity levels, including 99.99% and 99.999%, are slightly higher, indicating a premium for higher purity [6] - The market's pricing strategy attracts numerous buyers due to its cost-effectiveness compared to retail [6] Group 5: Gold and Silver Coin Pricing - Gold and silver coins, such as the Panda Gold Set, are priced at 50,475 CNY per set, with individual coins varying in price based on weight [11][12] - The pricing of commemorative coins reflects both investment potential and collectible value, appealing to a diverse range of investors [12][13] Group 6: Future Outlook on Gold Prices - Market anticipates potential interest rate cuts by the Federal Reserve, which could influence gold prices in the short term [16][17] - Long-term factors such as geopolitical tensions, rising debt levels, and central banks' gold purchases are expected to support gold prices [17][19] - The ongoing trend of "de-dollarization" and shifts in the global monetary system are reshaping gold's pricing logic, suggesting a strong upward trajectory for gold prices [19]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-080 | | --- | --- | --- | | 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 9 月 17 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 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"）下属南京复远 越城投资管理有限公司（以下简称"南京复远"）持有本公司股份数量为 19,251,680 股，占公司总股本比例为 0.49%。本次部分股票解除质押及质押 后，南京复远累计质押股票数 ...

Group 1 - The core viewpoint of the article highlights the structural transformation of Yuyuan Group amidst changing consumer demands and macroeconomic conditions, showcasing its resilience and strategic reforms [1][2] - In the first half of 2025, Yuyuan Group reported a revenue of 19.112 billion yuan and a net profit of 63 million yuan, with a significant increase in operating cash flow by 71% year-on-year, indicating strong financial health [1] - The company is actively embracing change by shifting its sales model from weight-based to piece-based in its jewelry business, redefining gold jewelry as art and emotional carriers, which aligns with the evolving consumer preferences for cultural and emotional value [6][7] Group 2 - The awakening of cultural confidence among contemporary Chinese consumers is reshaping the consumption landscape, with a growing preference for domestic brands that embody cultural significance and modern aesthetics [3][4] - Yuyuan Group's successful cultural events, such as the "Yuyuan Summer Fantasy Night," exemplify the integration of traditional culture with modern trends, attracting a younger audience and revitalizing traditional brands [3] - The company's "Eastern Lifestyle Aesthetics" development philosophy effectively captures the trend of cultural integration, creating a unique brand value system that resonates with consumers seeking lifestyle and cultural identity [5] Group 3 - The jewelry fashion segment is a crucial pillar for Yuyuan Group, with a revenue of 12.8 billion yuan in the first half of 2025, and a 47% quarter-on-quarter growth in Q2, reflecting strong market performance [6] - The company's proactive strategy in response to rising gold prices includes promoting emotional and cultural aspects of jewelry, which has led to successful collaborations and high sales figures for culturally themed products [7] - The shift in consumer mindset towards valuing emotional and cultural significance over mere functionality is transforming the competitive landscape of the Chinese market, favoring brands that prioritize cultural value and brand building [7] Group 4 - In the commercial real estate sector, Yuyuan Group's core projects are showing positive effects, with nearly 20 million visitors to Yuyuan Mall and a 55% year-on-year increase in GMV, indicating a recovery in its main business [8] - The development of the "Great Yuyuan" area is set to enhance the company's future growth prospects, integrating various functions such as culture, commerce, and tourism into a comprehensive cultural commercial complex [8][9] - The ongoing supportive real estate policies in Shanghai are expected to boost market confidence and facilitate the steady recovery of Yuyuan Group's property development and sales business [8][9]

Core Viewpoint - The announcement details the partial release of share pledges by the controlling shareholder of Shanghai Yuyuan Tourist Mart (Group) Co., Ltd., indicating a potential positive signal regarding the financial health and stability of the company [2][4]. Group 1: Shareholding and Pledge Details - The controlling shareholder, Fosun High Technology (Group) Co., Ltd., through its subsidiary Shanghai Fudi Investment Management Co., Ltd., holds 1,023,403,904 shares, accounting for 26.26% of the total share capital of the company [2]. - After the release of part of the pledged shares, Fosun High Technology and its concerted parties hold a total of 2,409,720,644 shares, representing 61.84% of the company's total share capital, with a cumulative pledge of 1,511,013,885 shares, which is 62.70% of their holdings [2][3]. Group 2: Future Pledge and Financial Health - Within the next six months, the number of pledged shares due for repayment is 438,943,885 shares, which is 18.22% of the total shares held by Fosun High Technology and its concerted parties, and 11.26% of the company's total share capital, with a corresponding financing balance of RMB 185,432 million [4]. - Over the next year, the total pledged shares due for repayment amount to 706,813,885 shares, representing 29.33% of the total shares held by Fosun High Technology and its concerted parties, and 18.14% of the company's total share capital, with a financing balance of RMB 254,632 million [4]. - The financial condition of Fosun High Technology and its concerted parties is reported to be good, with sufficient repayment capability, and the pledge risks are considered controllable [4].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-079 | | --- | --- | --- | | 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 15 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 | 46,653,397 | | 占其所持股份比例 | 4.56% | | 占公司总股本比例 | 1.20% | 1.本次股份解除质押基本情况 1 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） ...