Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 48.0 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit attributable to shareholders of 1.44 billion yuan, down 19.1% year-on-year [7] - The company plans to open 31 new direct and franchise stores in the fourth quarter [7] - The company has launched multiple new products to optimize its product structure, including a series of products in collaboration with a movie [7] - The company is investing 24 million USD to acquire a 20% stake in Maybach Luxury Asia Pacific Co. Limited to expand into the high-end market in the Asia-Pacific region [7] - The forecast for revenue from 2025 to 2027 is 51.2 billion, 54.6 billion, and 57.7 billion yuan, with net profits of 1.66 billion, 1.82 billion, and 2.00 billion yuan respectively, corresponding to PE ratios of 15.9, 14.5, and 13.2 times [7] Financial Performance Summary - For 2023, the company achieved a revenue of 71.44 billion yuan, with a growth rate of 13.4%. The net profit was 2.21 billion yuan, reflecting a growth rate of 30.2% [6] - The projected revenue for 2024 is 56.79 billion yuan, a decrease of 20.5%, with a net profit of 1.95 billion yuan, down 11.9% [6] - The company expects to see a gradual recovery in revenue growth starting in 2026, with a projected increase of 6.5% in 2026 and 5.8% in 2027 [6][8] - The company's return on equity (ROE) is projected to decline from 19.1% in 2023 to 11.5% by 2027 [6][8]

股票简称：老凤祥 股票代码：600612 编号：临 2025-050 老凤祥 B 900905 老凤祥股份有限公司 关于公司 2025 年第三季度主要经营数据的公告 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。 老凤祥股份有限公司（以下简称"公司"）现将公司 2025 年第三季度连锁 网点变动情况及公司 2025 年前三季度主要经营数据披露如下： 一、报告期内连锁网点变动情况及 2025 年度内拟新开连锁网点预计情况 "老凤祥"品牌黄金珠宝首饰为公司的核心主业。截止 2025 年 9 月末，公 司"老凤祥"品牌共计拥有连锁营销网点达到 5,625 家。有关截至 2025 年 9 月 30 日公司连锁营销网点数具体情况如下表： | 黄金珠宝首饰 | 期初数 | | 2025 年第 | 3 季 | 2025 | 年第 3 | 季 | | 期末数 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 连锁营销网点 | 年 （2025 6 ...