值得一提的是，复星高科也是复星系旗下上市公司豫园股份、万盛股份、海南矿业、复星医药的控股股东。若翌耀科技能成功登陆A股市场，也将进一步完 善复星系在智造板块的资本布局。 作为复星智造板块的重要力量，翌耀科技致力于提供高科技解决方案，服务领域涵盖汽车焊装、总装、新能源、一般工业、食品饮料自动化及数字化等多个 智能制造领域。 在当下暗流涌动的资本热潮中，复星系也在暗自发力，欲拓资本版图。 1月7日，证监会官网显示，复星国际旗下的智能科技集团上海翌耀科技股份有限公司（以下简称"翌耀科技"）启动上市辅导，欲冲击IPO，若能顺利上市， 复星系也将在A股再落一子。 在掌门人郭广昌的带领下，经过逾30年发展，复星已成为一家创新驱动的全球家庭消费产业集团，战略聚焦健康、快乐、富足的幸福生态系统。截至目前， 郭广昌旗下A股上市公司已有复星医药、豫园股份、舍得酒业、海南矿业、万盛股份、上海钢联6家，其中百亿市值公司4家；港股上市公司则有复星国际、 复锐医疗科技、复星医药、复宏汉霖4家，其中复星医药系"A+H"两地上市。 资本版图扩张背后，复星系旗下上市平台的业绩表现呈现明显分化态势。从郭广昌实控的上市公司最新财报来看，6家公司净 ...

此次被豫园股份摆上货架的，是其持有的宁波星健100%股权，以及截至2025年11月20日对宁波星健的债权，此次交易对价总计达1.5亿元。 雷达财经梳理发现，自2022年起，豫园股份便频频出售资产回笼资金，包括转让金徽酒股权、清仓泰康保险股份、出售招金矿业股票等。此次剥离宁波星 健关联康养项目，延续了公司聚焦核心业务的战略思路。 然而，在持续落实"聚焦主业，瘦身健体"发展方针的同时，豫园股份的业绩压力犹存。三季报显示，今年前三季度，公司营收同比下降21.33%至284亿 元，归母净利润则由上年同期的盈利11.59亿元转为亏损4.88亿元。 雷达财经出品 文|彭程 编|孟帅 作为上交所"老八股"中一员的豫园股份，近日再度"抛售"旗下资产。 此外，豫园股份近年来"一边筹划融资、一边大额分红"的操作，以及核心管理层频繁更迭的情况，也引发外界的广泛关注。 值得一提的是，在10月揭晓的《2025胡润百富榜》中，豫园股份实际控制人郭广昌以360亿元的财富位列第168位，但其身家较巅峰时期的625亿元缩水265 亿元。 1.5亿"甩卖"亏损资产，豫园股份持续"瘦身健体" 12月16日晚间，豫园股份发布关于出售资产的公告，公司 ...

公告称，本次交易有利于公司聚焦主营业务、盘活存量资产、加快资金回笼，系正常经营行为，符合公 司和全体股东的利益。 豫园股份主营业务涉及珠宝时尚等消费升级行业、商业零售行业、房地产行业。前三季度公司实现营业 总收入284亿元。 核校：孙萍 中证智能财讯 豫园股份（600655）12月17日公告，公司及其下属公司拟向宁波塑料有限公司转让其持 有的宁波星健资产管理有限公司100%股权及相关债权，交易对价共计1.50亿元。交易完成后，宁波星 健将不再纳入公司合并报表范围。 根据公告，交易对价中股权转让对价为9178.81万元，债权转让价款为5821.19万元。标的公司宁波星健 持有位于宁波市江北区用于经营星健兰庭康养项目，该项目由养老公寓部分、商业部分及养老社区配套 部分组成。宗地面积为2.87万平方米。 交易对方宁波塑料是一家具有40多年历史的塑料粒子贸易及薄膜生产企业。其为中石化、浙石化、沙特 石化等在华东地区的经销商，年经销高压、低压、线性聚乙烯约5万吨，销售额超过 4 亿。 ...

豫园股份 20251208 摘要 豫园股份以东方生活美学为战略，通过产业运营和投资双轮驱动，致力 于成为全球一流的家庭快乐消费产业集团，拥有 19 个中华老字号和多 个国内外领先品牌，并加速国际化。 受宏观消费和房地产市场影响，公司 2025 年业绩出现波动，采取瘦身 健体、轻重并举策略，聚焦主业并调整业务结构，剥离非核心资产，并 在大源板块收入确认和出海业务扩张方面取得进展。 公司核心业务包括产业运营（占比 73%）、物业开发与销售（占比 21%）以及商业综合运营与物业服务（占比 6%）。产业运营占比上升， 地产占比下降，体现了公司提质增效及改善抗风险能力的举措。 珠宝时尚是主要收入来源（占比 64%），以老庙和亚一为驱动，覆盖平 价到高端市场。门店数量调整至 4,115 家，转向精细化管理，计划提升 一口价产品占比至 10%-15%。 公司整合成立豫源商置集团，聚焦文商旅、产业办公和高端住宅场景， 加速存量退出。不再开展纯地产项目，转向商业综合体运营，核心商业 物业为上海豫园商圈。 Q&A 御园股份的战略升级及当前业务结构是怎样的？ 御园股份自 2018 年重大资产重组后，成为复星集团的快乐产业旗舰平台， ...

国盛证券研报指出，目前，豫园股份以"东方生活美学"为置顶理念，坚持产业运营与产业投资双轮驱 动，旗下拥有19个中华老字号和一众领先品牌，以及多个全球知名品牌。在国内国际双循环新格局背景 下，加快推进全球化布局，传递东方生活的美学和美的生活方式，向全球一流的家庭快乐消费产业集团 迈进。业绩此前逐年增长，但近年受地产等拖累出现下滑，当前已现转机；珠宝时尚业务围绕产品、渠 道、供应链与营销进行升级改革。当前，公司通过产品创新、渠道优化与出海布局，推动主业复苏。珠 宝业务加快产品迭代与海外拓店，餐饮、化妆品等板块也积极推进国际化与年轻化转型。同时，公司整 合成立豫园商置事业群，推动商业与物业板块"轻重结合"，提升资产运营效率。未来随着非核心资产处 置接近尾声、大豫园板块动工收入确认、出海业务上量，业绩有望向好。首次覆盖给予"增持"评级。 ...

Company Overview - Yuyuan Group (SH 600655) announced on December 1 that as of the end of November 2025, it has repurchased a total of 3 million shares, accounting for approximately 0.077072% of the company's total share capital. The highest purchase price was 5.42 CNY per share, and the lowest was 5.36 CNY per share, with a total expenditure of approximately 16.18 million CNY [1][1][1] Financial Performance - For the first half of 2025, Yuyuan Group's revenue composition was as follows: industrial operations accounted for 76.09%, property development and sales accounted for 17.2%, and commercial comprehensive operations and property comprehensive services accounted for 6.71% [1][1][1] Market Position - As of the report date, Yuyuan Group's market capitalization stood at 20.9 billion CNY [1][1][1]

Core Viewpoint - Yuyuan Industrial Co., Ltd. plans to repurchase shares worth between 200 million to 300 million yuan, with a maximum repurchase price of 8.6 yuan per share, intended for employee stock ownership plans or equity incentives [1] Summary by Category - **Company Actions** - The company intends to repurchase shares valued at 200 million to 300 million yuan [1] - The maximum price for the repurchase is set at 8.6 yuan per share [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1]

Core Viewpoint - The company has achieved significant results in cost reduction and efficiency improvement in the first three quarters of 2025, with a notable 21% year-on-year decrease in headquarters management expenses and a 0.66% increase in the gross margin of its core jewelry fashion segment, reaching 7.73% [1] Group 1: Financial Performance - Headquarters management expenses decreased by 21% year-on-year [1] - Gross margin of the jewelry fashion segment increased by 0.66% to 7.73% [1] Group 2: Strategic Direction - The company is committed to a deep global development strategy and aims to enhance its unique scene creation advantages while focusing on technological innovation to drive value output [1] - The company is transitioning from a franchise wholesale model to a lean operation and high-margin approach, showing initial success in this transformation [1] Group 3: Business Model - The company operates with a dual-driven model of industrial operation and investment, owning 19 time-honored Chinese brands and several leading global brands [1] - In the context of the new domestic and international dual circulation pattern, the company is accelerating its global layout to promote Eastern aesthetics and lifestyle [1]

Core Viewpoint - Yuyuan Group (SH 600655) reported a significant decline in revenue and incurred a net loss in the third quarter of 2025, indicating financial challenges for the company [1] Financial Performance - For the first three quarters of 2025, Yuyuan Group's revenue was approximately 28.4 billion yuan, representing a year-on-year decrease of 21.33% [1] - The net profit attributable to shareholders was a loss of about 488 million yuan [1] - The basic earnings per share showed a loss of 0.128 yuan [1] Market Capitalization - As of the report, Yuyuan Group's market capitalization stood at 22.4 billion yuan [1]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 6.83 CNY per share based on a projected PE of 30x for 2026 [5]. Core Insights - The company is positioned as a representative of the commercialization of Eastern aesthetic brands, focusing on diverse consumer sectors, with a significant emphasis on jewelry and cultural dining [2][15]. - The expansion of the commercial area, particularly the second and third phases of the Yuyuan project, is expected to significantly enhance the company's rental and management income [3][29]. - The company is actively pursuing international expansion of its dining brands, with the first overseas store of Songhe Lou set to open in London, which is anticipated to exceed growth expectations [3][41]. Summary by Sections Company Overview - The company operates primarily in three business segments: consumption industry operations (76.1% of revenue), commercial comprehensive operations and property services (17.2%), and real estate development and sales (6.7%) [2][15]. - Jewelry accounts for 88% of the consumption industry operations revenue, with additional segments including dining, health, and alcohol [2][19]. Investment Logic - The company is undergoing significant changes in its commercial area, with the second and third phases of the Yuyuan project expected to double the area of the first phase, enhancing rental income [3][34]. - The dining business is expanding internationally, with a focus on traditional brands, which is expected to create new growth opportunities [3][41]. Financial Performance - The jewelry segment has faced challenges but is expected to recover due to store adjustments and product innovation, with a revenue of 12.79 billion CNY in the first half of 2025 [4][22]. - The real estate segment is gradually improving as inventory is cleared, with a revenue increase of 4.84% year-on-year in the first half of 2025 [4][22]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 467.21 billion CNY, 489.30 billion CNY, and 508.30 billion CNY, respectively, with net profits expected to rise significantly [5][9]. - The company is expected to benefit from a cultural export boom, leveraging its rich IP resources [5][54]. Brand and Cultural Assets - The company has a robust portfolio of traditional brands and cultural heritage, which supports its commercial activities and enhances brand visibility [54][56]. - The introduction of new brands like "Dongjia Gold" aims to tap into the high-end market, further diversifying the company's offerings [52][54].