Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.60 [8][9]. Core Views - The company is undergoing a transformation in its main business, focusing on improving the quality of its consumer industry operations and expanding its cultural and brand presence overseas, particularly in the restaurant and jewelry sectors [1][4]. - The company reported a revenue of RMB 46.92 billion for 2024, a year-on-year decrease of 19.3%, and a net profit attributable to shareholders of RMB 1.3 billion, down 93.8% year-on-year, which aligns with its earnings forecast [1][5]. - The jewelry fashion segment experienced a revenue decline of 18.4% to RMB 29.98 billion, primarily due to rising gold prices, while the property development and sales segment saw a significant drop of 26.0% to RMB 10.04 billion [2][3]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was RMB 46.92 billion, down 19.3% year-on-year, with a net profit of RMB 1.3 billion, reflecting a 93.8% decline [1][5]. - The jewelry fashion segment's revenue decreased by 18.4% to RMB 29.98 billion, influenced by high gold prices, while property development revenue fell by 26.0% to RMB 10.04 billion [2][3]. Business Transformation - The company is focusing on restructuring its business matrix and enhancing the quality of its consumer operations, with a revenue contribution from the consumer industry expected to rise to 73% in 2024 [4]. - The jewelry fashion segment is shifting towards a retail operation model driven by product design and channel optimization [2][4]. Profit Margin and Forecast - The overall gross margin decreased by 0.5 percentage points to 13.6%, primarily due to the impact of property development, while the gross margin for industrial operations increased by 0.6 percentage points to 12.2% [3]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted downwards by 42% and 36% to RMB 1.71 billion and RMB 2.14 billion, respectively [5][14].

Core Insights - The company, Yuyuan Industrial Co., Ltd. (豫园股份), held an annual performance release meeting on March 27, 2024, where the CEO Zhang Jian discussed the development strategy and future plans in the high-end jewelry sector, particularly highlighting the performance and innovations of the brand "Dongjia Jinzhao" [1][2] Group 1: Business Strategy - Yuyuan has two well-known brands in the jewelry sector: Laomiao and Yayi. Laomiao focuses on first and second-tier cities, aiming to elevate its high-end jewelry image, while Yayi targets lower-tier cities with affordable prices and quality products [1] - In 2024, the company launched several innovative products, including the "Guhun Gold" series, which achieved sales of approximately 8 billion yuan. The pricing model shifted from weight-based to piece-based, enhancing value and competitiveness [1] Group 2: Brand Development - The "Dongjia Jinzhao" project, launched in its first year, has shown promising results. This brand, positioned as a pioneer in gold art, targets high-end consumers aged 35 and above, such as corporate executives and contemporary art collectors [1] - The brand has collaborated with contemporary artist Qiu Qijing and gold artist Wang Wang to create a series of gold art products, including artistic ornaments, lifestyle items, and high-end accessories [1][2] Group 3: Future Plans - Looking ahead, "Dongjia Jinzhao" plans to collaborate with more outstanding artists to explore the integration of gold and art, aiming to establish a contemporary Eastern aesthetic benchmark in the gold art field and become a leading brand in innovation and heritage [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6][8] Core Views - The company's revenue for 2024 is projected to be 46.924 billion, a decrease of 19.30% year-on-year, with a net profit attributable to shareholders of 125 million, down 93.81% [1][6] - The fourth quarter revenue was 10.824 billion, reflecting a decline of 41.81%, with a net loss attributable to shareholders of 1.034 billion [1][6] - The jewelry business maintains a leading market position, with continuous expansion of the sales network, while other consumer sectors such as food and department stores show collaborative growth [1][6] - The company is actively adjusting and optimizing its operations in response to the pressure on consumer business [1][6] Financial Data Summary - Total revenue for 2023 was 58.147 billion, with a projected increase to 48.801 billion in 2025, representing a 4% growth [2][8] - The net profit attributable to shareholders is expected to rebound significantly to 1.509 billion in 2025, after a projected loss in 2024 [2][8] - The company's gross margin for 2024 is reported at 13.60%, a slight decrease of 0.52 percentage points [6][8] - The company’s total assets are projected to decrease from 120.692 billion in 2024 to 114.306 billion in 2025 [7][8] Market Position and Business Segments - The jewelry fashion business generated revenue of 29.977 billion in 2024, down 18.38% year-on-year, but the gross margin improved by 0.57 percentage points to 8.25% [6][8] - The company has a total of 4,615 retail outlets as of the end of 2024, with a net decrease of 379 outlets compared to the previous year [6][8] - The report highlights the impact of fluctuating gold prices on jewelry sales and the ongoing challenges in the property development sector due to the downturn in the real estate market [6][8]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company reported a significant decline in performance for 2024, with total revenue of 46.92 billion yuan, down 19.3% year-on-year, and a net profit of 125 million yuan, down 93.81% year-on-year, primarily due to weak consumer demand and a downturn in the real estate sector [7]. - The company is focusing on optimizing its product and channel structure to improve operational quality, with a notable decline in gold jewelry consumption due to rising gold prices and changing consumer preferences [7]. - The company is strategically exiting non-core assets and concentrating on high-potential industries, aiming to enhance resource allocation efficiency [7]. - The company is leveraging its cultural heritage and IP collaborations to create a consumption ecosystem centered around Eastern aesthetics, while also expanding its international presence [7]. - The profit forecasts for 2025 and 2026 have been adjusted to 1.805 billion yuan and 2.274 billion yuan, respectively, reflecting the impact of the real estate sector and inventory management [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 58.15 billion yuan in 2023, 46.92 billion yuan in 2024, 50.43 billion yuan in 2025, 52.96 billion yuan in 2026, and 54.77 billion yuan in 2027 [6][9]. - The net profit forecast shows a significant recovery from 125 million yuan in 2024 to 1.805 billion yuan in 2025, with further growth to 2.274 billion yuan in 2026 and 2.614 billion yuan in 2027 [6][9]. - The company's gross margin is projected to improve gradually from 13.6% in 2024 to 15.3% in 2027 [6].

Core Viewpoint - Yuyuan Group (豫园股份) is set to hold its 2024 annual performance briefing on March 27, where key executives will discuss the company's performance and address investor concerns [1][2]. Financial Performance - In 2024, Yuyuan Group achieved a total revenue of 46.924 billion yuan, a year-on-year decrease of 19.30% [2]. - The net profit attributable to shareholders was 125 million yuan, reflecting a significant decline of 93.81% compared to the previous year [2]. Business Strategies and Innovations - The Jewelry Fashion Group is responding to market challenges with "new models, new products, and new retail," operating a total of 4,634 stores, including over 800 smart selection stores [2]. - The Laomiao brand launched the "One String of Good Luck" 2.0 product to increase the sales proportion of high-margin products [2]. - The company expanded its business on Douyin, with over 100 Laomiao stores opened by year-end [2]. - Membership numbers reached a record high, with a repurchase rate exceeding 10%, and supply chain efficiency improved with the operation of the Shenzhen logistics center [2]. Cultural and Food Group Developments - The Cultural and Food Group is focusing on the Songhe Tower and Nanxiang brands, accelerating light asset expansion and initiating global layout strategies [3]. - The group is enhancing product competitiveness through retail channels and new production bases [3]. Real Estate and Asset Management - The real estate segment established the Yuyuan Commercial Property Group to improve operational quality and decision-making efficiency [3]. - The company exited non-core assets, introduced strategic resources, and advanced deep operations to enhance commercial asset returns [3]. - In 2024, Yuyuan Group signed sales contracts worth 9.768 billion yuan, with cash returns exceeding 10 billion yuan, while expanding light asset management [3]. Future Outlook - Yuyuan Group aims to deepen its "Oriental Lifestyle Aesthetics" strategy, enhancing brand influence and market competitiveness through industrial synergy, cultural empowerment, technological innovation, and globalization [3].

Core Insights - Yuyuan Group reported a significant decline in both revenue and net profit for the year, with total revenue of 46.924 billion yuan, down 19.3% year-on-year, and a net profit attributable to shareholders of 125 million yuan, down 93.81% year-on-year [1] Financial Performance - The company’s net profit excluding non-operating gains and losses was -2.109 billion yuan, a decrease of 367.43% year-on-year [1] - The industrial operation segment generated revenue of 34.034 billion yuan, a decrease of 18.37% year-on-year, with a gross margin of 12.16%, up 0.63 percentage points from the previous year [1] - The commercial operation and property service segment saw revenue decrease by 1.47% to 2.852 billion yuan, with a gross margin increase of 2.52 percentage points to 42.46% [1] - The property development and sales segment reported revenue of 10.038 billion yuan, down 25.96% year-on-year, with a gross margin decrease of 7.4 percentage points to 3.89% [1] Cosmetics Business Performance - The cosmetics segment reported revenue of approximately 298 million yuan, a decline of 34.03% year-on-year, with costs decreasing by 13.61% to 129 million yuan, resulting in a gross margin decrease of 10.16 percentage points to 56.59% [2] - The decline in cosmetics revenue was attributed to the impact of regional conflicts on overseas business [2] - The company’s beauty health group focuses on three main areas: cosmetics, traditional Chinese medicine health, and pet care, with brands including AHAVA and WEI [2] - In Q1 2024, cosmetics revenue was 71.4831 million yuan, down 29.77% year-on-year, with a gross margin decrease of 8.36 percentage points to 57.8% [3] - By the first three quarters of 2024, cosmetics revenue had declined by 40.19% to 203 million yuan, and the number of sales outlets decreased from 29 to 23 [3]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-040 | | --- | --- | --- | | 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 关于向激励对象授予2025年限制性股票的公告 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： 一、限制性股票授予情况 （一）已履行的决策程序和信息披露情况 1、2025年2月18日，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）召开第十一届董事会第三十七次会议，审议通过了《关于公司<2025年限制 性股票激励计划（草案）>及其摘要的议案》、《关于公司<2025年限制性股票激励 计划实施考核管理办法>的议案》及《关于提请股东大会授权董事会办理公司 <2025年限制性股票激励计划>有关事项的议案》,公司独立董事对2025年限制性 股票激励计划（以下简称"本次激励计划"）的相关事项发表了独立意见。 2、2025年2月18日，公司召开第十一届监事会第二十四次会议，审议通过了 《关 ...

关于上海豫园旅游商城(集团)股份有限公司 2025 年限制性股票激励计划授予相关事项的法律意见 德恒上海律师事务所 关于 上海豫园旅游商城(集团)股份有限公司 2025 年限制性股票激励计划授予相关事项的 法律意见 元 中国 尤 尸厂 DEHEN DFFICE 上海市东大名路 501 号上海白玉兰厂场办公楼 23 楼 电话: 021-5598 9888 传真: 021-5598 9898 邮编: 200080 PHA 德恒上海律师事务所 释 义 在本法律意见内，除非文义另有所指，下列词语具有下述涵义: | 豫园股份/公司 | 指 | 上海豫园旅游商城(集团) 股份有限公司 | | --- | --- | --- | | 证监会/中国证监会 | 指 | 中国证券监督管理委员会 | | 本所 | 指 | 德恒上海律师事务所 | | 《激励计划》 /本激励计划 | 指 | 《上海豫园旅游商城(集团)股份有限公司 2025年限制 | | | | 性股票激励计划(草案)》 | | 限制性股票 | 指 | 公司根据本激励计划规定的条件和价格,授予激励对象 | | | | 一定数量的公司股票,该等股票设置一定期限的锁定期, ...

上海豫园旅游商城（集团）股份有限公司 审计报告 上会师报字(2025)第 1888 号 上会会计师事务所（特殊普通合伙） 中国 上海 会计师 李 今 近 (毕张普通会 Certified Public Scountants (She 审计报告 上会师报字(2025)第 1888 号 上海豫园旅游商城(集团) 股份有限公司全体股东: 一、审计意见 我们审计了上海豫园旅游商城（集团）股份有限公司（以下简称"豫园股份"） 财务报表,包括 2024年 12月 31 日的合并及母公司资产负债表, 2024 年度的合并及 母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相 关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了豫园股份 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并 及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 中国注册会计师职业道德守则,我们独立于豫园股份, ...

上会师报字(2025)第 1887 号 上海豫园旅游商城(集团)股份有限公司: 我们接受委托,在审计了上海豫园旅游商城(集团)股份有限公司(以下简称 "贵公司")2024年12月 31日的合并及母公司的资产负债表,2024年度合并及母公 司的利润表、合并及母公司的现金流量表和合并及母公司的所有者权益变动表以及 财务报表附注的基础上,对后附的《关于上海豫园旅游商城(集团)股份公司 2024 年度在上海复星高科技集团财务有限公司存贷款业务情况汇总表》(以下简称"汇总 表")进行了专项审核。 关于上海豫园旅游商城(集团)股份有限公司 在上海复星高科技集团财务有限公司 存贷款业务情况的专项审核报告 上会师报字(2025)第 1887 号 上会会计师事务所（特殊普通合伙） 中国 上海 令计师 李务所（特殊善通合伙） ii Eertified Public Accountants ( Shocial Seneral Partnership) 关于上海豫园旅游商城(集团)股份有限公司 在上海复星高科技集团财务有限公司存贷款业务情况的 专项审核报告 一、管理层责任 按照《上海证券交易所上市公司自律监管指引第 5 号 -- 交 ...