Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is focusing on deepening its "Oriental Lifestyle Aesthetics" strategy while optimizing its business structure and enhancing operational efficiency [4][5] - The company is experiencing pressure on its operating performance primarily due to the overall industry conditions affecting its gold and jewelry business, which is slowly recovering [1][2] Financial Performance Summary - In Q1 2025, the company achieved revenue of 8.782 billion yuan, a year-on-year decrease of 49.0%, and a net profit attributable to the parent company of 52 million yuan, down 71.2% [1] - The jewelry fashion business reported revenue of 5.179 billion yuan in Q1 2025, a decline of 60.2%, but the gross margin improved by 2.62 percentage points to 9.75% due to an increase in retail business proportion [2] - The company’s restaurant management and service business generated revenue of 262 million yuan, down 23.0%, while other segments also saw declines, with the overall performance impacted by market conditions [3] Business Strategy and Development - The company is actively adjusting its jewelry fashion business layout to enhance product strength through cultural, design, craftsmanship, quality, service, and scenario aspects [2] - The company is also focusing on building a unique scene by integrating industrial ecological resources and is making progress in its globalization efforts, including opening its first overseas restaurant [3] Profitability and Cash Flow - The company’s gross margin in Q1 2025 was 16.1%, an increase of 2.4 percentage points, with various business segments showing year-on-year gross margin improvements [4] - The company reported a net cash inflow from operating activities of 320 million yuan in Q1 2025, indicating a stable cash flow situation [4] Earnings Forecast - The company is expected to achieve net profits attributable to the parent company of 1.061 billion yuan, 1.656 billion yuan, and 2.097 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20.6X, 13.2X, and 10.4X [5]

Core Insights - The article highlights the vibrant consumer experience at Shanghai's Yuyuan Garden during the May holiday, showcasing a blend of traditional culture and modern trends that attract both locals and tourists [1][3]. Group 1: Visitor Statistics and Trends - During the first day of the May Day holiday, Yuyuan Garden welcomed a total of 210,000 visitors, representing a year-on-year increase of 1.5% [3]. - The garden has established itself as a year-round destination with seasonal events that enhance its appeal, such as the "Spring Flower Festival" and "Summer Garden Party" [3]. Group 2: Culinary Innovations - The "Spring Jian Yulan Pastry," inspired by Shanghai's city flower, has become a popular delicacy at the renowned restaurant Green Wave Pavilion, with daily sales exceeding 200 portions [5]. - The Nanxiang Steamed Bun Restaurant has launched a cross-industry collaboration with a cosmetics brand, offering a unique package that includes traditional dumplings and custom products, leading to sales of over 30 sets per day during peak times [5]. Group 3: Jewelry Industry Development - Yuyuan Garden is positioned as a core area for the "Shanghai International Jewelry Fashion Zone," featuring 232 jewelry stores, including flagship stores of well-known brands [7]. - The local government aims to achieve annual sales exceeding 100 billion yuan in the jewelry sector, promoting a new industry landscape that integrates traditional and modern design elements [8]. Group 4: Cultural and Consumer Experience - The garden has created immersive cultural experiences that attract international tourists, particularly during events like the "Spring Flower Festival," where traditional architecture meets modern commercial facilities [8][10]. - The integration of cultural elements into the shopping experience is seen as a way to transform traditional commercial areas, making culture a central part of consumer engagement [10].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported its Q1 2025 results, which met expectations, with total revenue of 8.782 billion yuan, a year-on-year decrease of 49%, and a net profit attributable to shareholders of 0.52 billion yuan, down 71.24% year-on-year [6] - The decline in performance is attributed to weak macroeconomic recovery, structural adjustments in the consumer sector, and fluctuations in gold prices affecting core business revenues and profitability [6] - The company is focusing on optimizing its business structure and enhancing operational resilience, with a notable increase in retail business contributing to improved product mix and gross margin [6] - The company is also expanding its cultural outreach and international presence, with initiatives such as opening an overseas store in London and progressing with cultural projects in Thailand [6] Financial Data and Profit Forecast - Total revenue is projected to be 50.434 billion yuan in 2025, with a year-on-year growth rate of 7.5% [5] - The net profit attributable to shareholders is forecasted to be 1.497 billion yuan in 2025, reflecting a significant year-on-year increase of 1,095.5% [5] - The company’s gross margin is expected to be 14.0% in 2025, with a gradual increase in return on equity (ROE) projected to reach 4.0% [5] - The report adjusts the net profit forecasts for 2025-2027 to 1.497 billion yuan, 1.921 billion yuan, and 2.222 billion yuan respectively, with corresponding price-to-earnings ratios of 15, 11, and 10 [6]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-053 | | --- | --- | --- | | 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 4 月 30 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 | 25,450,000 | | 占其所持股份比例 | 2.49% | | 占公司总股本比例 | 0.65% | 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） ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company is undergoing a transformation process, with a significant decline in revenue and net profit in Q1 2025, showing a year-on-year revenue drop of 49.00% and a net profit decline of 71.24% [1] - The company is actively transforming across various business lines, including launching new products in the jewelry sector and expanding its presence in the cultural dining and health sectors [3] - The report has adjusted profit forecasts for 2025 and 2026 downwards by 26% and 24% respectively, while introducing a new profit forecast for 2027 [4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 8.782 billion yuan, down 49.00% year-on-year, and a net profit of 52 million yuan, down 71.24% year-on-year [1] - For the year 2024, the company reported a revenue of 46.924 billion yuan, a decrease of 19.30% year-on-year, and a net profit of 125 million yuan, down 93.81% year-on-year [1] - The comprehensive gross margin for Q1 2025 was 16.10%, an increase of 2.36 percentage points year-on-year, while the expense ratio increased by 6.71 percentage points [2] Business Strategy and Outlook - The company is focusing on a multi-business transformation strategy, including launching products targeting younger consumers and optimizing its channel structure [3] - The real estate segment is actively exiting non-core assets, with over 10 billion yuan in cash returns achieved in 2024 [3] - The report highlights the company's strong positioning in core urban areas and its consumer brand strength as key advantages in its transformation efforts [4]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-052 | | --- | --- | --- | | 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 4 月 28 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 | 55,600,000 | | 占其所持股份比例 | 5.43% | | 占公司总股本比例 | 1.43% | 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） ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-051 | | --- | --- | --- | | 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 关于公司 2025 年第一季度经营情况的公告 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。 根据《上市公司自律监管指引第3号》、《关于做好主板上市公司2025年第一季度报 告披露工作的重要提醒》要求，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）现将2025年第一季度公司分行业、分地区营业收入，主要营业网点情况披露如下： 一、 本报告期内，公司主营业务分行业情况 单位:元 币种:人民币 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成 ...

| 证券代码：600655 | 证券简称：豫园股份 | | | 公告编号：2025-050 | | --- | --- | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 28 日 (二)股东大会召开的地点：上海市黄浦区中山东二路 538 号上海外滩瑞吉酒店三 楼卡罗琳会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 474 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2, ...

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二十一次会议决议 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 二十一次会议于 2025 年 ↓ 月 8 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： 1. 《公司 2025 年第一季度报告》 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 (本页无正文，为上海豫园旅游商城（集团）股份有限公司第十一届董事会审计与财务委员会 第二十一次会议决议签字页 ) 主任委员（宋航): 委员 (叶乐磊): 委员（孙岩): 委员 (李志强): 委员 (朱立新): 旬限公司 上海豫园旅游商城 (集团) 日 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥8,782,158,024.13, representing a 49.00% decrease compared to ¥17,221,105,954.76 in the same period last year[4] - Net profit attributable to shareholders was ¥51,827,369.52, down 71.24% from ¥180,231,363.36 year-on-year[4] - The net profit after deducting non-recurring gains and losses showed a significant decline of 322.10%, resulting in a loss of ¥178,952,937.52 compared to a profit of ¥80,571,608.70 in the previous year[4] - Basic and diluted earnings per share were both ¥0.013, reflecting a 72.34% decrease from ¥0.047 in the same quarter last year[5] - Operating profit for Q1 2025 was ¥94,611,861.64, compared to ¥296,853,564.51 in Q1 2024, indicating a decline of 68.1%[18] - The company reported a total comprehensive income of 9,250,503.21 RMB for Q1 2025, compared to 136,743,471.46 RMB in Q1 2024, reflecting a decline of approximately 93.2%[20] - The net profit for Q1 2025 was -945,301.66 RMB, compared to a net profit of 146,230,883.80 RMB in Q1 2024, indicating a significant decline[20] Cash Flow and Assets - The net cash flow from operating activities decreased by 46.65%, amounting to ¥317,779,044.55, down from ¥595,703,826.38[5] - Cash and cash equivalents were reported at RMB 9.98 billion, down from RMB 10.69 billion, indicating a decrease of approximately 6.6%[15] - The accounts receivable decreased to RMB 2.08 billion from RMB 2.66 billion, reflecting a decline of about 21.8%[15] - The inventory stood at RMB 35.46 billion, a decrease from RMB 36.96 billion, which is a reduction of approximately 4.1%[15] - The total current assets amounted to approximately RMB 68.37 billion, a decrease from RMB 70.72 billion as of December 31, 2024, representing a decline of about 3.4%[15] - The total assets at the end of the reporting period were ¥118,940,077,096.42, a decrease of 1.45% from ¥120,691,503,016.36 at the end of the previous year[5] - The total liabilities decreased to ¥80,964,230,461.94 from ¥81,851,422,979.53, reflecting a reduction of 1.1%[17] - The total cash outflow from financing activities amounted to CNY 5,572,634,019.06, down from CNY 6,084,697,901.21[34] Shareholder Information - The top shareholder, Shanghai Fudi Investment Management Co., Ltd., holds 26.28% of the shares, with 1,023,403,904 shares pledged[12] - The second-largest shareholder, Zhejiang Fosun Commercial Development Co., Ltd., owns 9.38% of the shares, with 365,163,041 shares pledged[12] - The company has a total of 59.78% of shares held by 17 related entities, indicating a strong control over the company[12] - There were no significant changes in the top 10 shareholders or their shareholding status compared to the previous period[12] Market and Strategic Focus - The decline in revenue and profit was primarily attributed to macroeconomic factors and structural adjustments in the consumer industry, leading to weak domestic consumption growth[8] - The company is focused on addressing the challenges posed by the domestic consumption industry structure adjustments to improve future performance[8] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[19] Non-Recurring Gains and Other Income - The company reported non-recurring gains of ¥230,780,307.04, after accounting for tax effects and minority interests[7] - The company reported a significant increase in investment income of ¥171,310,797.14 for Q1 2025 compared to ¥191,061,942.34 in Q1 2024[18]