Summary of Yuyuan Group's Conference Call Company Overview - Yuyuan Group aims to become a global leader in the family happiness consumption industry, driven by a dual strategy of industrial operation and investment, with a focus on Oriental lifestyle aesthetics [2][3] - The company owns 19 time-honored Chinese brands and several leading domestic and international brands, accelerating its internationalization efforts [2][3] Core Business Structure - The core business segments include: - Industrial Operation: 73% of revenue, approximately 340 billion [4] - Property Development and Sales: 21% of revenue, approximately 10 billion [4] - Commercial Operations and Property Services: 6% of revenue, approximately 2.85 billion [4] - The increase in industrial operation's revenue share and the decrease in real estate indicate the company's focus on improving efficiency and risk resilience [2][4] Key Revenue Sources - Jewelry and Fashion: Main revenue source, accounting for 64% of total revenue, driven by brands like Laobao and Yayi, covering both affordable and high-end markets [5] - Restaurant Management and Services: Revenue of 649 million in the first three quarters, down 30% year-on-year, but with a high gross margin of over 65% [5] - Other segments include Food and Beverage, Health Products, Cosmetics, and Watchmaking, each contributing to the overall revenue with varying growth rates and margins [6] Strategic Initiatives - The establishment of Yuyuan Commercial Real Estate Group focuses on cultural tourism, industrial office, and high-end residential scenarios, accelerating the exit from non-core assets [6] - The company plans to stop pure real estate projects and shift towards commercial complex operations, with the Yuyuan commercial area in Shanghai as a core property [6] International Expansion - Yuyuan Group has made significant strides in international markets, with various business segments like lantern festivals, jewelry, and dining already established overseas [8][9] - The lantern festival has been showcased in Paris and is set to expand to Vietnam, Thailand, and Singapore, generating revenue through ticket sales and brand partnerships [8] - Jewelry brands have opened stores in Macau and Kuala Lumpur, while restaurant brands like Songhelou have launched in London, enhancing the international presence [8][9] Future Performance Outlook - 2025 is expected to be a year of adjustment, focusing on asset divestiture and optimizing jewelry store operations, which may impact financial statements [10] - By 2026, the disposal of non-core assets is expected to be nearing completion, with revenue recognition from new projects and growth in international business anticipated to improve overall performance [10] - The long-term outlook remains positive, with expectations for brand enhancement in the jewelry sector, continuous revenue recognition from commercial complexes, and growth in international operations [10]

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with total operating income decreasing by 30.68% compared to the same period in the previous year, primarily due to structural adjustments in the consumer industry and fluctuations in international gold prices [1][2][3]. Summary by Category Business Performance - The total operating income for the first half of 2025 was approximately 19.11 billion yuan, down from 27.57 billion yuan in the same period last year [2][3]. - The gross profit margin decreased by 32.11% year-on-year, indicating a challenging operating environment [2][3]. - The jewelry segment saw a slight increase in gross profit margin by 0.43%, while the restaurant management and services segment experienced a decrease of 0.74% [1][2]. Revenue Breakdown by Industry - The main business segments included: - Jewelry: Revenue of approximately 14.54 billion yuan, with a gross profit margin decrease of 35.87% [1]. - Food and Beverage: Revenue of approximately 510.89 million yuan, with a gross profit margin decrease of 16.69% [1]. - Other segments, such as pharmaceuticals and cosmetics, also reported varying changes in revenue and gross profit margins [1][2]. Revenue Breakdown by Region - Revenue by region showed significant variances: - Shanghai: Revenue decreased by 40.70% to approximately 14.08 billion yuan [3]. - Sichuan: Revenue increased by 121.59% to approximately 535.18 million yuan [3]. - Notable declines were observed in regions like Japan, where revenue fell by 61.75% [3]. - The overall regional performance reflects a mixed impact of market conditions and operational adjustments [3]. Store Network - As of June 2025, the company operated a total of 4,249 retail outlets under the "Lao Miao" and "Ya Yi" brands, down from 4,615 at the end of 2024 [4]. - The company continues to adjust its store network based on regional market conditions, indicating a strategic response to changing consumer behaviors [4].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-076 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于公司 2025 年半年度经营情况的公告 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。 根据《上市公司自律监管指引第3号》、《关于做好主板上市公司2025年半年度报告 披露工作的重要提醒》要求，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）现将2025年上半年度公司分行业、分地区营业收入，主要营业网点情况披露如下： 一、 本报告期内，公司主营业务分行业情况 单位:元 币种:人民币 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收 入比 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-051 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于公司 2025 年第一季度经营情况的公告 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。 根据《上市公司自律监管指引第3号》、《关于做好主板上市公司2025年第一季度报 告披露工作的重要提醒》要求，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）现将2025年第一季度公司分行业、分地区营业收入，主要营业网点情况披露如下： 一、 本报告期内，公司主营业务分行业情况 单位:元 币种:人民币 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成 ...