Performance Summary - In 2024, the company reported a revenue of 46.9 billion RMB, a decrease of 19.3% year-on-year, and a net profit attributable to shareholders of 1.3 billion RMB, down 94% [1] - For Q4 2024, revenue was 10.8 billion RMB, a decline of 41.8%, with a net loss of 1.03 billion RMB, representing a 390% decrease [1] - The Q4 losses were primarily due to investment losses of 180 million RMB and asset impairment losses of 780 million RMB [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.9 RMB per 10 shares, totaling 740 million RMB [2] Revenue Structure - The revenue structure for 2024 is composed of 73% from industrial operations, 6% from commercial management and property leasing, and 21% from property development and sales [2] - The industrial operations segment generated 34 billion RMB, down 18%, with the jewelry fashion business contributing 30 billion RMB, also down 18% [2] - The property development and sales segment saw a revenue of 10 billion RMB, a decrease of 26% [2] Profitability Analysis - The gross margin slightly declined to 13.6%, a decrease of 0.5 percentage points year-on-year, while the net margin was -0.9% [2] - In Q4 2024, the gross margin was 15.4%, unchanged year-on-year, with a net margin of -12.9% [2] Business Adjustments - The jewelry and real estate sectors are undergoing significant adjustments, with the jewelry business facing a 25% decline in domestic gold jewelry consumption in 2024 [3] - The company is focusing on enhancing product differentiation and increasing the sales proportion of piece-based products [3] - The real estate business is implementing a "slimming down" strategy, consolidating commercial management and real estate development [3] Global Expansion Strategy - The company is pursuing cultural and brand globalization, with plans to host cultural events in Thailand and expand the "Laobiao" brand in Southeast Asia [4] - The company aims to enhance its global brand influence through various sectors, including dining and duty-free [4] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to 1.46 billion, 1.76 billion, and 1.99 billion RMB, reflecting significant growth rates [4] - The corresponding price-to-earnings ratios are projected to be 15.0, 12.4, and 11.0 times [4]

Core Viewpoint - Yuyuan Group (豫园股份) reported a significant decline in multiple core financial indicators for the year 2024, with revenue dropping by 19.30% and net profit decreasing by 93.81, raising concerns about its business performance and sustainability [1][2]. Financial Performance - In 2024, Yuyuan Group's revenue was 46.924 billion yuan, a year-on-year decrease of 19.30%, while net profit attributable to shareholders was 1.25 billion yuan, down 93.81% [2][3]. - The company's non-recurring net profit was -2.109 billion yuan, reflecting a dramatic decline of 367.43% compared to the previous year [2][3]. - In 2023, Yuyuan Group had a revenue of 58.147 billion yuan, which was a 15.83% increase, but net profit fell by 45.00% to 2.024 billion yuan [2]. Business Segment Performance - The company's core business segments, including industrial operations, commercial operations, and property services, all experienced negative revenue growth in 2024 [1][2]. - The industrial operations segment generated approximately 34.034 billion yuan in revenue, down 18.37%, while the commercial operations and property services segment brought in 2.852 billion yuan, a decrease of 1.47% [3]. - The jewelry fashion business, a key area for Yuyuan Group, saw an 18.37% decline in revenue, with over 370 stores closed [2][3]. Debt and Cash Flow Management - Yuyuan Group reported a net operating cash inflow exceeding 4 billion yuan, indicating a strong liquidity position to support daily operations [1]. - The company's debt-to-asset ratio decreased to 67.82%, which is considered a safe and reasonable level [1]. - The company held cash reserves of 10.69 billion yuan, an increase of over 1.5 billion yuan since the beginning of 2024 [1]. Dividend Policy Controversy - Yuyuan Group announced a planned dividend distribution of 738 million yuan, resulting in a dividend payout ratio of 589.51%, which has raised market skepticism given the company's declining performance [1][7]. - The high dividend payout has led to questions regarding the financial health of the company and its ability to support such distributions amidst significant losses [7][8]. Future Strategies - The management indicated plans to focus on core business areas and enhance operational efficiency through resource integration and management upgrades [3][5]. - The company aims to adopt a "light asset" strategy in its real estate operations, emphasizing project exits and expanding light asset management [5][6].

Core Viewpoint - The company has successfully implemented a strategic restructuring, focusing on optimizing its asset and financial structure while enhancing its cultural and innovative capabilities to seize opportunities in the recovering consumer market [2][3][10]. Financial Performance - In 2024, the company reported a revenue of 46.924 billion yuan and a net profit attributable to shareholders of 125 million yuan [1]. - The asset-liability ratio decreased to 67.82%, indicating a safer financial position, while cash reserves increased to 10.69 billion yuan [1][3]. - The company raised 770 million yuan through equity cooperation and issued 600 million yuan in corporate bonds with a subscription multiple of 2.5 times, optimizing financing costs [3][4]. Strategic Initiatives - The company is actively exiting non-core projects to improve its financial structure, including divesting from the Japanese Hoshino Ski Resort and Shanghai Starlight Plaza [3]. - The "Oriental Lifestyle Aesthetics" strategy is being deepened, leveraging cultural and technological innovations to enhance consumer experiences [1][9]. Cultural and Market Positioning - The company is transitioning from a "weight economy" to a "brand economy" and "cultural economy" in the jewelry sector, responding to changing consumer preferences [6][8]. - The launch of the "Ancient Charm Gold" series and the "One String of Good Luck" series has successfully targeted younger consumers, generating significant sales [7][8]. International Expansion - The company is accelerating its internationalization efforts, with projects like the Thailand Lantern Festival and the opening of its first overseas restaurant in London [1][10]. - The company aims to leverage cultural IP for global outreach, creating a unique path for commercial globalization [10][11]. Governance and Management - A new stock incentive plan for 2025-2027 aims to align management interests with shareholder goals, focusing on revenue growth [4][5]. - The management team has been optimized to enhance operational efficiency and strategic execution [4][5]. Consumer Trends and Cultural Integration - The company is capitalizing on the cultural confidence and consumption upgrade among younger generations, aligning its strategies with national policies promoting cultural integration [8][9]. - The integration of traditional culture with modern consumption patterns is seen as a key driver for future growth [9][12].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-043 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 第五期员工持股计划第一次持有人会议决议公告 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。 上海豫园旅游商城（集团）股份有限公司(以下简称"公司")第五期员工持 股计划第一次持有人会议于 2025 年 3 月 31 日以通讯方式召开。参加本次会议的 持有人共计 166 人，代表本期员工持股计划份额 5,198.4822 万份，占本期员工 持股计划总份额的 100%，符合公司第五期员工持股计划的相关规定。会议作出 如下决议： 一、审议通过《关于设立公司第五期员工持股计划管理委员会的议案》； 员工持股计划设管理委员会，对员工持股计划负责，是员工持股计划的日常 管理机构，代表持有人行使股东权利。管理委员会由 3 名委员组成，设管理委员 会主任 1 人。 （5） 按照员工持股计划规定决定持有人的资格取消事项 ...

上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日召开第十一届董事会第三十四次会议审议通过了《关于以集中竞价交易方 式回购公司 A 股股份的议案》。本次回购股份价格为不超过人民币 8.50 元/股，本 次回购股份的资金总额不低于人民币 10,000 万元（含），不超过人民币 20,000 万元（含）。回购期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 内。详细情况请参见上海证券交易所网站披露的《上海豫园旅游商城（集团）股 份有限公司关于以集中竞价交易方式回购公司 A 股股份方案的公告》（公告编号： 临 2024-123）。 二、 回购股份的进展情况 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 上海豫园旅游商城（集团）股份有限公司 关于以集中竞价交易方式回购公司 A 股股份 的进展公告 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 ...

Core Viewpoint - Yuyuan Group expresses confidence in the future of China's economy despite a complex external environment, focusing on optimizing its debt structure and enhancing its innovative capabilities to capture new growth opportunities [1][2]. Financial Performance - In 2024, Yuyuan Group achieved a total revenue of 46.924 billion yuan, with management expenses down by 14.19% and sales expenses down by 9.97%, while maintaining a stable gross profit of 5.7 billion yuan [2]. - By the end of 2024, the company's cash and cash equivalents reached 10.7 billion yuan, an increase of 1.5 billion yuan from the previous year, with operating cash flow remaining stable and net cash inflow from operations at 4.3 billion yuan [2]. - The company plans to distribute a cash dividend of 1.90 yuan per 10 shares for 2024, amounting to approximately 740 million yuan, maintaining a dividend payout ratio above 35% since its restructuring in 2018 [2]. Business Strategy - Yuyuan Group aims to enhance its "Eastern Aesthetic" strategy, leveraging cultural and technological innovation to meet evolving consumer demands and drive high-quality growth [1]. - The company is transitioning its jewelry business model from wholesale to lean retail operations, focusing on high-margin sales and personalized consumer experiences [3]. Market Expansion - Yuyuan Group is actively pursuing global expansion, with plans to open its first overseas store in Macau and explore opportunities in Southeast Asia [5][6]. - The company is leveraging cultural initiatives, such as the Yuyuan Lantern Festival, to promote Chinese culture internationally, with successful events in Paris and upcoming plans in Bangkok [6][7]. Brand Development - The company integrates "Eastern Aesthetic" with "Good Luck Culture" to deepen brand resonance with consumers, while expanding its retail presence with a total of 4,634 stores by the end of 2024 [4]. - Yuyuan Group is enhancing its marketing strategies by collaborating with popular IPs and utilizing new retail channels like Douyin to attract new customer segments [5].

Core Insights - Yuyuan Group (豫园股份) emphasizes the integration of AI and digitalization as core drivers for business development, having introduced AI technology as early as 2022 to innovate marketing strategies [1][2] - The company has achieved significant results in digitalization and AI innovation, with clear future plans for further deployment [1] Group 1: Digitalization and AI Innovation - The company utilizes "virtual humans" for live streaming during low customer traffic periods, effectively filling gaps in traditional live streaming and creating new growth opportunities [1] - In the technology innovation sector, Yuyuan Group has established an AIGC platform, achieving a 30% efficiency improvement in product management through AI algorithms in the jewelry industry [1] - The watch segment focuses on integrating art and fashion, developing a product matrix characterized by Eastern lifestyle aesthetics, and employing AI technology to enhance operational efficiency [1] Group 2: Supply Chain Development - In 2024, Yuyuan Group made significant breakthroughs in supply chain capabilities, establishing an industry-leading supply chain system across various business segments [2] - The Shenzhen logistics center for Yuyuan Jewelry Fashion Group is set to open in May 2024, enhancing logistics operations through upgraded automation equipment, thereby improving overall logistics efficiency [2] - The Songhe Lou research and production base in the cultural catering sector has been completed, integrating R&D, production, and warehousing with advanced industry equipment and modern management systems to achieve high standards and low-cost production [2] Group 3: Future Plans - Yuyuan Group plans to deepen the application of AI across all business segments, expand business boundaries, and enhance overall operational efficiency and competitiveness for sustainable development [2] - The company aims to initiate international supply chain capability construction to support its global development goals, facilitating cross-border supply chains and laying a solid foundation for overseas business expansion by 2025 [2]

2024年，经济环境的不确定性加剧了消费市场的变革，提振消费成为未来经济工作的重中之重，许多消 费类企业也纷纷依据市场变化调整转型：一方面，通过管控成本、降低负债、提高现金流动性等方式增 强企业抗风险能力；另一方面，调整优化自身管理和经营模式，并结合新的消费趋势寻找业绩突破点。 日前（3月24日），消费产业集团上海豫园旅游商城（集团）股份有限公司（简称：豫园股份 600655.SH）发布2024年度业绩报告，2024年公司营收469.24亿元，归母净利润1.25亿元。业绩报告显 示，豫园股份的业务规模较上一年有一定程度的收缩，与此同时，公司成本管控显效，各产业集团人工 成本同比下降5%，管理费用同比大幅减少约4.5亿元，资产负债率为67.82%，较2023年下降0.21个百分 点，在手货币现金106.9亿元。豫园股份在业绩报告中披露，公司果断取舍业务赛道，持续聚焦核心优 势主业、优势区域发展，瘦身健体，持续优化财务结构和资产组合，并关注多形式外延发展机会，加大 全球化布局。 "瘦身健体"优化财务结构，应对外部环境挑战 2024年，整个消费行业普遍面临压力。国家统计局数据显示，全年社会消费品零售总额同比增长 3 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.65, down from the previous forecast of 6.99 [1][11]. Core Views - The company's 2024 performance was below expectations, with a significant decline in profits primarily due to structural adjustments in the consumer industry and increased asset impairment provisions for certain real estate projects. The company is focusing on streamlining operations and concentrating on the growth potential of its jewelry and fashion segments [2][11]. Financial Summary - In 2024, the company reported revenue of 46,924 million, a year-on-year decrease of 19.3%. The net profit attributable to shareholders was 125 million, down 93.8% year-on-year. The gross profit margin for the year was 13.60%, a decrease of 0.51 percentage points [4][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38, with estimates of 0.48 for 2026 and 0.57 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 17.5 times [18]. Business Segments - The jewelry and fashion business generated revenue of 299.77 million in 2024, down 18.38% year-on-year. The company experienced a net reduction of 379 jewelry stores, focusing on optimizing its store network [11][12]. - The real estate development and sales segment saw a revenue decline of 25.96% year-on-year, reflecting the overall downturn in the real estate industry [11][12]. Market Data - The company's market capitalization is 22,198 million, with a current share price of 5.70, within a 52-week price range of 4.94 to 6.95 [5][11]. - The net asset value per share is 9.13, with a price-to-book (P/B) ratio of 0.6 [6][11]. Future Outlook - The company aims to enhance its focus on the jewelry fashion sector while managing the impacts of macroeconomic conditions and industry changes. The anticipated recovery in the jewelry market is expected to support future growth [11][12].

上海豫园旅游商城（集团）股份有限公司 关于股东部分股份质押的公告 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。 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-041 | | --- | --- | --- | | 债券代码：242529 | 债券简称：25豫园01 | | 重要内容提示: 一、本次股份质押情况 公司于 2025 年 3 月 31 日接到控股股东复星高科技的告知函，其将所持有本 公司的部分股份办理质押手续，具体事项如下。 1.本次股份质押基本情况 1 3 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、重庆润江置业有限公司（以下简称"复地投资"、"重庆润江"） 合计持有本公司股份数量为 1,112,661,693 股，占公司总股本比例为 28.75%。 本次办理股票质押后，复地投资、重庆润江累计质押股份数量为 847,319,286 股。 公司控股股东复星高科技及其一致行动人 ...