公司于 2025 年 4 月 28 日召开第十一届董事会第十五次会议，审议并通过了 《关于 2025 年度预计为控股子公司提供担保额度的议案》。为确保公司在美国、 香港子公司经营发展中的资金需求，上海老凤祥为下属三级子公司老凤祥美国公 司提供担保，公司为老凤祥珠宝（香港）有限公司的资金借款事项提供不具备担 保性质和效力的安慰函。公司于 2025 年 6 月 26 日召开了 2024 年年度股东大会， 股东大会审议通过了上述议案。 具体内容详见公司于 2025 年 4 月 29 日、2025 年 6 月 27 日在上海证券交易 所网站及指定媒体披露的公告（公告编号：临 2025-010、临 2025-016、临 2025-029）。 证券代码：600612 证券简称：老凤祥 公告编号：2025-030 老凤祥股份有限公司 关于为子公司提供担保的进展公告 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。 重要内容提示： ? 担保对象及基本情况 老凤祥珠宝美国有限公司（Lao Feng 被担保人名称 Xiang Jewelry USA ...

Core Viewpoint - The gold and jewelry market is undergoing significant changes due to persistently high gold prices, leading to shifts in consumer behavior and market dynamics [4][6][12]. Group 1: Market Trends - The market is witnessing a trend towards lower-priced products, with a notable decline in the sales of heavier gold items, while lighter gold bars (10g to 30g) are gaining popularity among consumers [6][11]. - Retailers are adjusting their product offerings, emphasizing lighter and higher-value items, such as silver, pearls, jade, and platinum, which were previously considered secondary products [6][10]. - The introduction of innovative products, like the collaboration between brands and local cultural elements, reflects the industry's shift towards lightweight and high-value offerings [6][10]. Group 2: Channel Restructuring - The industry is experiencing a phenomenon of store closures, particularly in rural areas, as consumer spending power diminishes in smaller towns [7][10]. - The emergence of small-scale "goldsmith" shops caters to consumers seeking unique, handcrafted items, indicating a deeper market segmentation [10][11]. - The market is evolving with a demand for low-cost models, necessitating regulatory oversight to ensure compliance and product quality [10][11]. Group 3: Consumer Behavior and Trust - High gold prices have altered consumer perceptions, leading to a cautious approach towards purchasing, with a decline in demand for larger gold items [11][12]. - The introduction of gold-plated silver products has raised concerns about industry integrity, prompting discussions on ensuring accurate metal content and maintaining consumer trust [11][12]. - There is a generational divide in purchasing preferences, with younger consumers more open to paying for design and craftsmanship, while older consumers prioritize the intrinsic value of gold [11][12]. Group 4: Brand Strategies - The industry is undergoing structural adjustments, with some brands focusing on high-end offerings while others seek differentiation and refined operations [12][14]. - Brands are encouraged to adopt rational store opening strategies, emphasizing quality over quantity in their market presence [14]. - The market's evolution necessitates brands to embrace innovation, uphold integrity, and accurately position their value to thrive in a challenging environment [14].

Core Insights - The concept of "emotional value" is becoming a significant investment theme in the Hong Kong stock market, driven by products like blind boxes, gold jewelry, and Chinese tea drinks [1] - The rise of "new conspicuous consumption" reflects a shift in consumer behavior towards identity expression and social recognition [1][3] - Labubu's success story illustrates how celebrity endorsements and high-fashion events can elevate a brand from niche to mainstream, emphasizing the importance of social status in consumer choices [2][3] Group 1: Emotional Value and Consumption Trends - Emotional value encompasses various aspects such as self-satisfaction, social recognition, and therapeutic consumption, with a focus on new forms of conspicuous consumption [1] - The historical context of conspicuous consumption shows its evolution from overt displays of wealth to more subtle forms of identity expression [1][11] - Labubu's transformation into a symbol of status is linked to its presence at Milan Fashion Week and endorsements from global celebrities, which sparked a buying frenzy among consumers [2][3] Group 2: Market Dynamics and Brand Positioning - Labubu's marketing strategies, including social media campaigns and collaborations, have significantly contributed to its brand recognition and sales growth [2][6] - The luxury market in China is evolving, with brands like Laopoo Gold leveraging cultural significance and craftsmanship to appeal to consumers seeking identity expression through luxury goods [7][11] - The rapid growth of Labubu's overseas market revenue, particularly in the Americas and Europe, indicates a strong demand for emotional and identity-driven products [6] Group 3: Cultural and Economic Context - China's economic development has led to a growing middle class with increasing disposable income, creating a fertile ground for luxury and identity-driven consumption [9][10] - The concept of "face economy" in the Middle East highlights a similar trend where consumers seek to express their status through virtual goods and social media engagement [12][16] - The interplay between cultural heritage and modern luxury consumption is evident in the success of brands that can effectively communicate their identity and value propositions [11][17]

7月2日国内黄金市场动态：品牌金店首饰金价整体持稳，部分金店金价继续上涨。具体来看，老凤祥黄 金今日又涨7元/克，报价1006元/克，成为新的最高价金店。上海中国黄金不涨不跌，报价956元/克，为 最低价金店。今日品牌金店价差50元/克（1006元/克-956元/克），价差再次拉大。 具体各大品牌金店最新价格见下表格： | 今日金店黄金回收价格一览（2025年7月2日） | | | | --- | --- | --- | | 回收报价 | 今日金价 | 单位 | | 黄金 | 757.30 | 元/克 | | 菜百黄金 | 752.90 | 元/克 | | 周生生黄金 | 751.60 | 元/克 | | 周大福黄金 | 755.00 | 元/克 | | 老凤祥黄金 | 760.50 | 元/克 | 说完首饰黄金价格，我们再来讲讲国际金价情况： 昨日现货黄金盘中一路上行，最高涨至了3257.78美元/盎司，最终收报3338.17美元/盎司，涨幅1.07%。 今日金价暂时震荡，截至发稿，现货黄金暂报3338.96美元/盎司，涨幅0.02%。 昨日金价大幅回升，主要是美国参议院通过了特朗普的"大而美"减税与支出法 ...

Core Viewpoint - The company is focusing on cautious and progressive expansion in the jewelry retail sector while enhancing support for franchisees and improving store operations through digitalization and refined management practices [2][3]. Group 1: Company Performance - In Q1 2025, the company reported a main revenue of 2.252 billion yuan, a year-on-year increase of 25.36% [3]. - The net profit attributable to shareholders was 189 million yuan, up 44.38% year-on-year [3]. - The net profit excluding non-recurring items was 188 million yuan, reflecting a 46.17% increase year-on-year [3]. - The company's debt ratio stands at 41.56%, with investment income recorded at -21,920 yuan and financial expenses at 8.7984 million yuan [3]. - The gross profit margin is reported at 22.93% [3]. Group 2: Market Expansion - The company has a significant presence in Southeast Asia, with over 20 stores in Singapore and Hong Kong, and has opened 2 new jewelry stores in Cambodia this year, totaling 4 stores in the region [3]. - The company plans to accelerate its overseas market expansion to showcase Eastern culture to global consumers and steadily promote its brand internationalization [3]. Group 3: Institutional Ratings - In the last 90 days, 28 institutions have rated the stock, with 22 buy ratings, 5 hold ratings, and 1 neutral rating [4]. - The average target price set by institutions over the past 90 days is 10.74 yuan [4]. Group 4: Earnings Forecast - Various institutions have provided earnings forecasts for the next three years, with projected net profits for 2025 ranging from 4.63 billion yuan to 5.63 billion yuan [5]. - The forecasts for 2026 and 2027 show a continued upward trend in net profits, indicating positive growth expectations for the company [5].

编号：20250627 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □√ 现场参观 □ 一对一沟通 □其他 参与单位 名称及人 员姓名 华安基金、海富通基金、银河基金、永赢基金、财通基金、 平安养老、恒越基金、平安基金、南方基金、华夏基金、嘉实基金、 华商基金、天弘基金、景顺长城基金、开源证券、长江证券 等 24 人 时间 2025 年 6 月 27 日 地点 公司会议室 上市公司 接待人员 董事会办公室 投资者关 系活动主 要内容介 绍 一、参观公司展厅及臻宝博物馆； 二、问答环节： 1、今年以来潮宏基终端表现不错，了解到加盟商对开店热情 很高的，公司会加快今年的开店节奏吗？ 答：尽管珠宝加盟商对开设潮宏基珠宝门店比较乐观，但我 们觉得在外部环境仍然复杂多变的情况下，公司以审慎、回归、进 取为基调，继续践行"共赢共生"的经营理念，仍按年初确定的节奏 扩大加盟渠道建设，把更多的精力放在赋能加盟商、提高门店运 营质量上，通过数字化等精细化经营管理能力推动终端业绩的更 证券代码：002345 证券简称：潮宏基 广东潮宏基实业股份有限公司投资者关系活动记 ...

7月1日，国际金价出现转涨行情。据wind数据， 现货黄金涨1.43%，报3349.38美元/盎 司 。受此影响，此前下跌数日的国内金饰价格，也同步上扬。周生生足金饰品报价再次达 到1000元/克，较前一日985元/克上涨15元。 | 07.01 | 六福珠宝 | 998元/克 | 涨9 | | --- | --- | --- | --- | | 07.01 | 等支撑 | 998元/克 | 涨9 | | 07.01 | 潮宏基 | 998元/克 | :3KO | | 07.01 | 老凤祥 | 999元/克 | 涨12 | | 07.01 | 老庙黄金 | 995元/克 | 涨11 | | 07.01 | 菜百首饰 | 978元/克 | 持平 | | 07.01 | 周六福 | 978元/克 | 涨9 | | 07.01 | 周大生 | 998元/克 | 涨9 | 据悉，今年上半年，国际金价延续去年以来的强劲涨势，主要原因是全球多国央行、机构投 资者加速推进多元化投资，减持美元资产。同时，全球多国普通消费者加大实物黄金购买力 度来对冲投资风险，国际金价今年上半年累计上涨22.22%。 据中新经纬此前报道， ...

近两周，国际金价持续震荡，伦敦金现、COMEX黄金均下跌超3%。与此同时，港股老铺黄金却逆市累计涨超6%，股价也创下新高。消息面上， 老铺黄金近日在上海开设新门店，海外首店也落子新加坡。另外，从重仓老铺黄金的基金上半年收益率来看，个别产品大涨近50%且在同类基金 中排名靠前。不过，也有业内人士提醒，现阶段追高黄金仍需谨慎，在历史高位区域追高黄金，需要考虑黄金属于不生息资产，一旦黄金价格发 生实质性的价格拐点，可能会增加时间成本与持有风险。 公开资料显示，老铺黄金创立于2009年。2020年，老铺黄金曾闯关A股IPO，计划在深交所上市，最终被否。2022年，老铺黄金再度冲击深交所， 但在2023年7月主动撤回IPO申请。2024年6月28日，老铺黄金成功在港交所挂牌。自登陆港股市场以来，老铺黄金股价波动上升且屡创新高，目 前其股价已较发行价40.5港元/股涨超23倍。 老铺黄金股价创新高 下半年首日，国际金价走势上扬。交易行情数据显示，7月1日，伦敦金现、COMEX黄金价格均重回3330美元/盎司。截至17时，伦敦金现、 COMEX黄金报3338.75美元/盎司、3350.6美元/盎司，涨1.1%、1.31%。 ...

Core Viewpoint - The stock price of Laopu Gold (06181.HK) has been rising significantly, leading to a divergence in public fund holdings, with some funds aggressively increasing their positions while others are cashing out or reducing their stakes [1][3][12]. Group 1: Stock Performance - On July 1, Laopu Gold's stock price reached a new high of 1008 HKD per share, with a 14.9% increase, and has seen a year-to-date rise of 321.5% [2][3]. - The stock's dynamic PE ratio has reached 68 times, significantly higher than competitors such as Chow Tai Fook (22 times) and Lao Feng Xiang (8 times), indicating a notable premium and potential for valuation correction [3][12]. Group 2: Fund Holdings - As of the end of Q1 2025, 17 public funds held a total of 46 funds heavily invested in Laopu Gold, with 2 funds increasing their holdings, 10 reducing, and 34 entering as new heavy investors [3][11]. - The top holder, Fortune Fund, increased its holdings by 113.75 thousand shares to 158.86 thousand shares, with a market value of 1.069 billion HKD [4][5]. - In contrast, GF Fund reduced its holdings by 19.61 thousand shares, maintaining a position of 73.13 thousand shares, with a market value of 491 million HKD [6][11]. Group 3: Fund Performance - Funds heavily invested in Laopu Gold have shown strong performance, with some, like Xin Ao You Xiang Life A, increasing nearly 50% year-to-date, while others like GF Value Core A and Southern Hong Kong Growth have risen by 37.86% and 36.91%, respectively [8][12]. - A significant number of funds have begun to reduce their positions, with 10 funds heavily invested in Laopu Gold in Q1 significantly cutting back in Q2, indicating a shift in sentiment [10][11]. Group 4: Market Sentiment and Future Outlook - The divergence in fund holdings reflects differing views on Laopu Gold's valuation, with some funds adopting a "step-by-step profit-taking" strategy amid concerns over high valuations and potential market corrections [9][12]. - The market's future direction will depend on Laopu Gold's ability to sustain high growth rates to justify its elevated valuation, especially in light of potential fluctuations in gold prices and consumer recovery [12].

Core Insights - The gold market in Wenzhou is experiencing a significant increase in gold transactions, with large cashing out stories becoming the norm as gold prices continue to rise [1][4] - The demand for investment-grade gold products like gold bars and coins is surging, while the consumption of gold jewelry is declining sharply [6][7] Group 1: Market Trends - Mr. Wen from Wenzhou sold 8 kg of gold for 6.12 million yuan, yielding a net profit of approximately 3.12 million yuan, indicating a strong investment return [1] - The owner of a gold shop, Xie Zuping, reported a 50% increase in gold recovery business compared to 2022, leading to the expansion of his stores from 1 to 3 [1][4] - Daily inquiries about gold transactions have increased significantly, with high-value transactions becoming commonplace, a trend that was unimaginable two years ago [4] Group 2: Consumer Behavior - The Chinese Gold Association reported a 24.69% year-on-year decline in gold jewelry consumption for 2024, while gold bars and coins saw a 24.54% increase [7] - Traditional demands for gold in weddings are decreasing, with many opting for cash gifts or gold bars instead of jewelry [7][9] - Small denomination gold products, such as gold notes and gold beans, are gaining popularity among younger consumers due to their affordability and investment appeal [9] Group 3: Price Dynamics - The gold market is characterized by high volatility, with recent fluctuations in international gold prices affecting domestic gold prices significantly [11] - On July 1, domestic gold prices increased, with brands like Chow Sang Sang and Lao Feng Xiang raising their prices by 15 yuan and 12 yuan per gram, respectively [11] - The market is witnessing a shift towards high-value transactions, reflecting both wealth accumulation and the psychological impact of rising gold prices on consumer behavior [11]