全球化布局多点突破 大豫园持续构建多元客群 上半年公司全球化GMV接近6亿元，产业收入占比从去年不足2%提升至3.3%。公司以文化出海为重要 抓手，依托"豫园灯会"这一非遗项目，去年巴黎灯会吸引20万人次观灯，今年1月灯组亮相越南、6月登 陆曼谷，带动老庙、南翔馒头殿、舍得等品牌海外展示。268年历史的松鹤楼4月在伦敦唐人街开设海外 首店，提供苏帮菜及苏式面，探索品牌全球连锁化。珠宝板块聚焦免税渠道，优化供货结构引入高毛利 产品，年底将完成海南免税渠道布局，海外首店计划落地澳门和吉隆坡。时尚表业板块入驻海外主流电 商平台，新开3家中免合作店及3家加盟店，推动消费产品全域化，拓展东方生活美学文化影响力。 2025年8月26日，上海豫园股份（600655.SH）通过全景网上路演召开2025年半年度业绩发布会，披露 上半年经营情况及战略规划，并就市场关注的内容与投资者在线交流互动。公司董事长兼总裁黄震、独 立董事宋航、执行总裁兼CFO邹超、执行总裁兼商置事业群陈毅杭、副总裁兼董秘王瑾等高管出席。 总结上半年的业绩情况，公司负责人表示，尽管上半年整体营收191亿元有所下滑，但二季度营收103亿 元环比增长17.6%， ...

2025年8月26日，上海豫园股份（600655）(600655.SH)通过全景网上路演召开2025年半年度业绩发布 会，披露上半年经营情况及战略规划，并就市场关注的内容与投资者在线交流互动。公司董事长兼总裁 黄震、独立董事宋航、执行总裁兼CFO邹超、执行总裁兼商置事业群陈毅杭、副总裁兼董秘王瑾等高管 出席。 总结上半年的业绩情况，公司负责人表示，尽管上半年整体营收191亿元有所下滑，但二季度营收103亿 元环比增长17.6%，消费产业收入占比超75%达145亿元，毛利率提升1.7个百分点至14.1%，核心业务韧 性凸显。经营性现金流净额22.8亿元同比激增71%，期末货币资金118亿元，较年初增加11亿元，财务 结构持续优化。同时，公司将做好持续分红，回馈投资人；而股权激励、股票回购的相关举措也将持续 推进。 珠宝业务成增长引擎文化IP赋能年轻化转型 作为核心板块，珠宝时尚集团上半年营收128亿元，受二季度金价回调振荡及消费券拉动，毛利率提升 0.43个百分点至7.3%，二季度营收76亿元环比增长47%。公司通过产品结构优化实现突围："一串好 运"轻量化产品销售额突破1.5亿元，老庙"天官赐福"联名IP系列 ...

公司代码：600655 公司简称：豫园股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 √适用 □不适用 单位:元 币种:人民币 ■ 反映发行人偿债能力的指标： √适用 □不适用 ■ 债券代码：242813 债券简称：25豫园02 债券代码：242814 债券简称：25 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company, Yuyuan Group, is a platform-type consumer industry company with a diversified business layout, including jewelry fashion, cultural dining, national trend watches, beauty and health, and composite functional real estate. The company aims to create a happy life for global family customers and is actively embracing consumption structure adjustments and new trends in national trends [5][15] - The jewelry fashion business is positioned to lead the consumption trend, with the company leveraging its multi-brand and all-channel strategy to build competitive barriers [7][14] - The report provides a profit forecast for the company, estimating net profits attributable to the parent company for 2025, 2026, and 2027 to be 463 million, 1.259 billion, and 2.07 billion yuan respectively, with corresponding P/E ratios of 48.9X, 18.0X, and 10.9X [8][10] Summary by Sections Company Overview - Yuyuan Group is actively adjusting its business layout and deepening its "Oriental Lifestyle Aesthetics" strategy, focusing on family consumption and adapting to market changes [15][19] - The company has experienced significant fluctuations in operating performance, with revenue and profit growth from 2018 to 2022, but facing pressure in 2023 and 2024 due to external factors [15][19] Jewelry Fashion Business - The jewelry business, primarily under the brands "Laomiao" and "Yayi," has a strong market presence with 4,615 retail outlets by the end of 2024. The company employs a franchise model for rapid market expansion while enhancing brand image through direct stores [7][14] - The report notes a shift in consumer demand towards self-purchase and cultural significance in gold jewelry, with the company innovating in product design and marketing strategies [6][7] Other Consumer Segments - The report discusses the company's restaurant management and service sector, emphasizing the importance of traditional Chinese brands and a focus on light asset expansion [8] - The food, department store, and craft sectors are expected to transition from traditional craftsmanship to modern industrialization, with a focus on pre-prepared meals and health supplements [8] - The fashion watch segment shows stable revenue with improving profitability, while the property development and sales segment is anticipated to contribute positively in the future due to a solid project reserve [8][19] Financial Forecast and Investment Rating - The financial forecast indicates a recovery in net profit from 2025 onwards, with significant growth expected in subsequent years. The report assigns a "Buy" rating based on the company's strategic positioning and market potential [8][10][14]

Group 1 - The event "Investors Walk into Listed Companies" aims to enhance communication between investors and companies, promoting financial knowledge and rational investment [1] - Yuyuan Group, rooted in China, focuses on family happiness consumption, with a diverse portfolio including gold jewelry, cultural dining, liquor, health, and fashion [1] - The company has been optimizing its business layout and expanding overseas markets, aiming to create a global fashion cultural showcase [2] Group 2 - The CFO of Tonghanchuntang emphasized the brand's commitment to traditional Chinese medicine, focusing on innovation and the development of health products [2] - The event included a tour of Yuyuan's gold jewelry store, showcasing various products that blend traditional culture with modern design [3] - Yuyuan Group plans to enhance Tonghanchuntang's brand value by focusing on the food-medicine integration field and expanding distribution channels [4] Group 3 - The company is confident in its long-term development in the gold jewelry sector despite fluctuations in gold prices, implementing strategies to optimize product structure and expand sales channels [3] - The event facilitated a deeper understanding of Yuyuan Group's achievements in the gold and health sectors, strengthening investor relations [4]

Core Viewpoint - Yuyuan Group, a leading Chinese gold and jewelry enterprise, is undergoing a significant transformation period, coinciding with the establishment of the Shanghai International Jewelry Fashion Functional Zone, which will benefit the company's development [2][9]. Industry Overview - The market environment is changing, with international gold prices rising sharply, surpassing $3,500 per ounce in April 2023, leading to increased domestic gold jewelry prices, with brands like Laomiao Gold seeing prices exceed 1,000 yuan per gram [3][4]. - The gold jewelry consumption is facing challenges due to high prices, with a projected decline in domestic gold jewelry consumption to 532.02 tons in 2024, a year-on-year decrease of 24.69% [4]. Company Performance - Yuyuan Group's core brands, Laomiao and Yayi, have established a vast sales network of 4,615 outlets nationwide, with gold jewelry sales accounting for over 60% of the company's total revenue [4][6]. - The company anticipates a decline in revenue and net profit for 2024 due to insufficient demand and structural changes in consumer preferences, compounded by international gold price fluctuations [4][5]. Product Innovation - The company is focusing on product innovation to adapt to changing consumer preferences, emphasizing the integration of Chinese cultural elements and the development of popular products [5][6]. - The "Guoyun Gold" series generated nearly 7.5 billion yuan in sales last year, becoming a core product line for the company [7]. Cultural Trends - The rise of "Guochao" culture is driving a cultural return and upgrade in the gold jewelry industry, with Yuyuan Group actively promoting cultural dissemination centered around this trend [8]. - The company is implementing an "Oriental Lifestyle Aesthetics" strategy, integrating various cultural and lifestyle elements to create a unique market position [8][9]. Strategic Location - Yuyuan Group benefits from its strategic location in the Yuyuan shopping district, attracting approximately 45 million visitors annually, enhancing its market presence [9].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the operations and developments of a company involved in the gold jewelry and traditional Chinese medicine sectors, specifically focusing on its flagship brand, Tonghan Chuntang, and its gold jewelry segment [6][10][12]. Key Points and Arguments 1. **Gold Jewelry Segment Performance** - The company operates over 4,400 stores nationwide, with gold jewelry revenue reaching approximately 30 billion yuan in 2024 [6]. - The first quarter of 2025 reported revenue of nearly 5.2 billion yuan, indicating strong sales performance despite market pressures [6][12]. 2. **Market Challenges and Strategic Adjustments** - The gold jewelry sector faced pressure due to rising gold prices, which increased by over 30% since the second half of the previous year [12]. - The company is optimizing its product structure and has introduced a new product line called "One Price Good Luck" to adapt to market changes [12][13]. 3. **Expansion and Globalization Efforts** - The company is focusing on cultural globalization, with the opening of its brand 松鹤楼 (Songhe Lou) in London as part of its international strategy [8]. - Future plans include enhancing the brand's international presence and integrating traditional Chinese culture into its offerings [15]. 4. **Innovation in Product Development** - The company is innovating within its traditional product lines, such as the Han Chun series, which incorporates modern consumer needs while maintaining historical authenticity [4][11]. - Collaborations with experts in Feng Shui and traditional medicine are being leveraged to enhance product offerings [2][11]. 5. **Operational Efficiency and Channel Management** - The company is refining its operational management by closing non-core, underperforming stores and enhancing the efficiency of its sales channels, including online platforms like Douyin [12][13]. - There is a focus on improving gross margins and overall profitability through strategic adjustments in operations [13]. Other Important Insights - The company emphasizes the importance of maintaining a balance between traditional practices and modern consumer demands, aiming to create a unique consumer ecosystem [9][15]. - The historical significance of the brand, established in 1783, is highlighted as a key asset in its marketing and branding strategy [4][10]. - The integration of cultural elements into product design and marketing is seen as a vital strategy for attracting both domestic and international customers [8][15]. This summary encapsulates the main themes and insights from the conference call, reflecting the company's strategic direction and market positioning within the gold jewelry and traditional Chinese medicine industries.