| 地点 上海陆家嘴 | | | | | | | --- | --- | --- | --- | --- | --- | | 公司接待人员姓名 董事：柴钢先生。 | | | | | | | 要内容介绍 | 投资者主要围绕品牌建设、渠道拓展等内容展开深入交流。具体 投资者关系活动主 | | | | | | 细节可参考前次活动记录中的问答内容及公司已披露的公开公告。 | | | | | | | | 接待过程中，公司严格按照《信息披露管理制度》等规定，保证 | | | | | | 信息披露的真实、准确、完整、及时、公平，没有出现未公开重大信 | | | | | | | 息泄露等情况。 | | | | | | | 附件清单（如有） 无 | | | | | | | 日期 2025 6 | | 年 | 月 | 13 | 日 | 沈阳萃华金银珠宝股份有限公司投资者关系活动记录表 编号：2025-004 | | □特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | | □业绩说明会 | | | 别 | □新闻发布会 | | □路 ...

1.老凤祥证券部工作人员：与字节合作的AI眼镜目前尚未取得销售许可证，预计9月后上市 据蓝鲸新闻，就有关老凤祥将与字节合作推出AI眼镜事宜，记者致电老凤祥证券部，相关工作人员回应 称，老凤祥确实会在"老博会"推出AI眼镜，但目前该产品尚未取得销售许可证，正处于检测、测试及完善 阶段，预计9月后上市销售。至于具体与字节的合作，该工作人员称，目前双方仅签署了业务合作协 议，"这款AI眼镜镜框由老凤祥负责提供，其余部件通过采购集成，可与老凤祥眼镜APP连接，后台接入豆 包大模型。" 2.哪吒汽车正式进入破产重整程序 6月13日，全国企业破产重整案件信息网显示，哪吒汽车关联公司合众新能源汽车股份有限公司破产审查案 件更新信息，新增管理人机构浙江子城律师事务所，管理人主要负责人等信息。 点评：销量冠军陨落，重整求生待新生。 3.美国总统特朗普于本周五正式批准日本制铁公司以149亿美元收购美国钢铁公司的交易。 特朗普签署了一项行政命令，表示若双方与美国财政部签署协议，解决交易中存在的国家安全问题，则该 收购可以推进。随后，两家公司宣布已签署相关协议，满足了行政命令的要求，意味着该交易已获得正式 批准。据介绍，该协议包括到 ...

Transaction Overview - The company is planning to introduce external investors to its subsidiary, Shanghai Yuyuan Jewelry Fashion Group Co., Ltd., through a capital increase, aiming to raise up to RMB 2 billion [1] - A total of 40 external investors will hold no more than 20% of the equity in the jewelry fashion group after the transaction [1] Investment Details - The registered capital of the jewelry fashion group will increase from RMB 222.22 million to RMB 246.42 million, with an additional capital of RMB 24.19 million [2] - 36 external investors have committed a total of RMB 770 million to the partnership platform, accounting for 78.57% of the total committed capital [2] - Two major investors, China Everbright Financial Asset Investment Co., Ltd. and Bank of China Financial Asset Investment Co., Ltd., have signed investment agreements totaling RMB 1 billion [2][3] Financial Performance - As of December 31, 2024, the jewelry fashion group reported total assets of RMB 1,777.58 million and net profit of RMB 70.81 million [5] - The total equity value of the jewelry fashion group was appraised at RMB 901.60 million, reflecting an increase of RMB 441.97 million, or 96.16% [5] Shareholding Structure Post-Investment - After the investment, the shareholding structure will be as follows: - Controlling shareholder: 84.28% - Shanghai Yuyin Jin: 0.85% - Heze Zhuyin: 9.27% - Everbright Investment: 5.61% - Bank of China Asset: 3.56% [21][22] Investment Agreements - The investment agreements stipulate that the investors will use the capital to repay debts owed to qualified financial institutions [19] - The agreements include provisions for profit distribution, ensuring that profits are distributed according to shareholding ratios [24][25] Conditions and Exit Strategy - The agreements outline conditions for the investment, including the requirement for the company to maintain a debt-to-asset ratio below 68% [10][25] - An exit strategy is established, allowing investors to transfer their shares back to the controlling shareholder or a designated third party under certain conditions [26][30]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 公司FY2025综合毛利率上升5.5个百分点，经营利润率上升4.0个百分点 FY2025公司综合毛利率为29.5%，同比上升5.5个百分点。公司毛利率提升主要是由于金价提升以及公司一口 价产品占比提升。FY2025公司销售及行政费用率为13.9%，同比上升1.7个百分点，经营利润率达到16.4%，同 比上升4.0个百分点。公司FY2025销售及行政费用率的同比上升主要由于营收规模下降导致的规模效应减弱， FY2025公司固定性开支占销售及行政费用比例由FY2024的50%上升至55%。 FY2025门店数量净减905家，转型战略表现良好 渠道方面，截至2025年3月31日，公司集团门店共计6644家（较2024年3月31日净减905家） ...

本报记者 张芗逸 制度型保障稳定预期 5月20日起正式施行的民营经济促进法提出，"促进民营经济健康发展和民营经济人士健康成长""毫不动 摇巩固和发展公有制经济，毫不动摇鼓励、支持、引导非公有制经济发展"。 致同审计合伙人王娟认为，民营企业的健康发展对稳定经济大盘、促进创新、保障就业意义重大。民营 经济促进法为民营经济高质量发展构筑了坚实的法治屏障。该法围绕公平竞争、投融资促进、科技创 新、规范经营、服务保障、权益保护六大维度，着力打造稳定、透明、可预期的营商环境。 "民营经济促进法将民营经济政策上升为法律规范，消除'政策周期'顾虑，确立制度型保障，稳定市场 预期，充分激发了民营经济的潜力。"三只松鼠股份有限公司（以下简称"三只松鼠"）有关负责人表 示，公司对民营经济促进法中"促进民营经济健康发展"这一提法深感振奋，并对中国民营经济及食品产 业的未来充满信心。 福建万辰生物科技集团股份有限公司（以下简称"万辰集团"）有关负责人表示，民营经济促进法以法律 确定性消除政策波动隐忧，禁止隐性壁垒，保障产权与公平竞争，为民营经济深度参与中国式现代化奠 定根本制度基石。它还强化权益保护，降低经营风险，激励企业专注创新与可 ...

Group 1 - Lao Pu Gold (06181.HK) has become the highest market capitalization gold jewelry company in Hong Kong, achieving a tenfold increase in stock price since its listing, with revenue projected to rise from 1.3 billion CNY in 2022 to 8.5 billion CNY by 2024, reflecting a CAGR of 157% [1][2] - The company originated from a brand focused on Buddhist cultural products and has evolved to combine traditional craftsmanship with cultural elements, targeting high-net-worth collectors [2][3] - Lao Pu Gold employs a "fixed price" model, which significantly enhances its profit margins compared to traditional gold jewelry companies that typically use a weight-based pricing model [7][11] Group 2 - Traditional gold jewelry companies face challenges in pricing due to strict regulations and low profit margins, averaging around 15%, while Lao Pu Gold's fixed price model allows for margins of 35% or higher [4][8] - The company has seen a significant increase in the sales proportion of its innovative products, with the share of gold-inlaid products rising from under 40% in 2021 to over 60% currently, indicating a shift in consumer preference towards design and craftsmanship [11][18] - Lao Pu Gold's direct sales model allows for better control over pricing and inventory, enhancing its brand positioning and customer experience, contrasting with the franchise model used by many competitors [21][22] Group 3 - The average sales performance of Lao Pu Gold's stores is exceptionally high, with projected average sales of 330 million CNY per store in 2024, nearly matching that of luxury brands like Hermès [27][29] - Despite its high margins and effective pricing strategy, Lao Pu Gold's gross margin of around 40% still lags behind luxury brands, which typically maintain margins of 65-70% [34][36] - The company’s inventory constitutes nearly 70% of its total assets, indicating a reliance on gold prices, which may limit its ability to fully transition into a luxury brand [36][37]

作为新消费领域的"当家花旦"，老铺上市以来凭借一年十倍的逆天表现可以说吸足了投资者眼球，截至6.13日收盘，老铺已经成为港股市值最高的金饰企业。 一路飙升的股价后面是老铺高速增长的业绩，在大众消费降级，高奢在国内遭遇"滑铁卢"的背景下，2022-2024年间老铺营收从13亿元逆势飙升至85亿元，CAGR 高达157%，让无数老字号金店黯然失色。 但老铺一路上涨的背后，也不乏各种类似于 "古法工艺是智商税"，"老铺是伪奢侈品"的看空观点，因此，本文海豚君站在中立的视角，和各位投资者聊聊老铺的 投资价值。 本篇我们试图通过两个问题来展开： 1）和传统金饰企业相比，老铺黄金"新"在哪里？ 2）和国际奢侈品相比，老铺还有多少差距？ 也欢迎大家长按识别下方二维码加入我们的交流群，对相关话题进行更深入的交流，群内不仅会有我们对消费、互联网、新能源等板块持续的观点更新，还 有一些 独家、免费的纪要、估值等内容，还能与专业投研人士共同探讨投资观点。 以下为详细内容 一、老铺黄金是家怎样的公司？ 1、老铺的前身是收藏家品牌 在深入探讨老铺的商业模式前，先介绍下这家公司的基本情况。老铺黄金前身是主要经营佛教文化产品及旅游纪念品公 ...

作为新消费领域的"当家花旦"，老铺上市以来凭借一年十倍的逆天表现可以说吸足了投资者眼球，截至6.13日收盘，老铺已经成为港股市值最高的金饰企业。 一路飙升的股价后面是老铺高速增长的业绩，在大众消费降级，高奢在国内遭遇"滑铁卢"的背景下，2022-2024年间老铺营收从13亿元逆势飙升至85亿元，CAGR 高达157%，让无数老字号金店黯然失色。 但老铺一路上涨的背后，也不乏各种类似于 "古法工艺是智商税"，"老铺是伪奢侈品"的看空观点，因此，本文海豚君站在中立的视角，和各位投资者聊聊老铺的 投资价值。 本篇我们试图通过两个问题来展开： 1）和传统金饰企业相比，老铺黄金"新"在哪里？ 2）和国际奢侈品相比，老铺还有多少差距？ 也欢迎大家长按识别下方二维码加入我们的交流群，对相关话题进行更深入的交流，群内不仅会有我们对消费、互联网、新能源等板块持续的观点更新，还 有一些 独家、免费的纪要、估值等内容，还能与专业投研人士共同探讨投资观点。 以下为详细内容 一、老铺黄金是家怎样的公司？ 2、"一口价"模式，溢价明显； 要搞懂老铺黄金"新"在哪里，我们首先需要了解传统的黄金品牌公司的商业模式。 首先，对于传统的金饰品牌 ...

Market Overview - Major global stock indices experienced a significant decline on June 13, with the Nikkei 225 down 0.89% to 37,834.25 points, and the South Korean Composite Index down 0.87% to 2,894.62 points [1] - European indices also opened lower, with the Euro Stoxx 50, DAX 30, and CAC 40 all dropping over 1% [1] - In the US pre-market trading, all three major indices' futures fell over 1% [1] - The A-share market saw a broad pullback, with the Shanghai Composite Index down 0.75% to 3,377 points and the Shenzhen Component down 1.1% to 10,122.11 points [1] Sector Performance - Nearly 4,500 stocks in the market were in the red, with retail, liquor, and food and beverage sectors experiencing collective declines; Guizhou Moutai fell over 2% [2] - The oil sector saw significant gains, with companies like Keli Co. and Tongyuan Petroleum hitting the daily limit [2][4] - Military trade concepts surged, with Aerospace Nanhua rising over 17% [9] - Gold-related stocks also increased, with companies like Cuihua Jewelry and Western Gold reaching the daily limit [8] Oil Sector Insights - The oil sector experienced a substantial rally, with Keli Co. and Tongyuan Petroleum both hitting the daily limit of 30% and 20% respectively [4] - International oil prices surged, with WTI crude oil rising over 14% to a peak of $77.62 per barrel, and Brent crude oil increasing over 13% to $78.5 per barrel [4] - The geopolitical situation in the Middle East has raised concerns about oil supply, despite OPEC+ being in a production increase phase [7] Military Trade Sector - Military trade stocks saw a strong upward trend, with Aerospace Nanhua increasing over 17% and several other companies rising over 10% [9] - The ongoing geopolitical conflicts, particularly the India-Pakistan situation, have led to a reassessment of military trade logic, potentially providing higher profit margins for domestic military products [11] - Increased military spending globally due to rising geopolitical tensions is expected to boost demand for military imports [11]

消息面上，中东局势急剧升温，以色列对伊朗发动先发制人的打击，伊朗德黑兰地区传来巨大爆炸声， 以色列防长卡茨宣布全国进入紧急状态。受此影响，国际油价一度暴涨9%，现货黄金站上3400美元/盎 司，全球股市下挫，其中美股股指期货持续下挫，纳指期货一度跌2%，日本、韩国股市开盘后直线跳 水，日经225指数跌超1%。 6月13日，以色列对伊朗发动打击！A股早盘震荡走弱，市场逾4400股飘绿，截至午间收盘，沪指跌 0.72%，深成指跌1.15%，创业板指跌1.14%。 盘面上，油气股逆势掀涨停潮，科力股份30%涨停，洲际油气等十余股涨停；军工股集体走强，新锦动 力、北方长龙等多股涨停；核污染防治概念发酵，捷强装备20%涨停；贵金属板块延续强势，萃华珠宝 涨停；港口航运板块拉升，凤凰航运涨停。下跌方面，大消费、文化传媒、汽车等板块跌幅居前。 贵金属板块延续强势，西部黄金、萃华珠宝涨停，晓程科技、赤峰黄金、四川黄金等跟涨。 展望后市，光大证券认为，内外因素交织之下，预计指数6月整体将保持震荡。扩内需一直是近期国内 政策的重点，未来有望持续迎来政策催化。 热门板块 1、油气股掀涨停潮 油气股持续拉升，科力股份30%涨停，山东 ...