Investment Rating - The report assigns an "Outperform" rating for Lao Feng Xiang, indicating an expected total return exceeding the relevant market benchmark over the next 12-18 months [18]. Core Insights - In Q3 2025, Lao Feng Xiang experienced a sequential revenue growth acceleration, with a 16.0% year-on-year increase in revenue, reaching RMB 14.646 billion, compared to a 10.5% increase in Q2 2025 [2][8]. - The company is focusing on optimizing its product mix and pricing strategy in response to high gold prices, resulting in a gross margin increase of 0.49 percentage points year-on-year to 7.01% in Q3 2025 [2][8]. - The company is expanding its store network, with a total of 5,625 stores as of Q3 2025, including a net increase of 76 franchised stores [3][9]. - A strategic partnership with Maybach Luxury Asia Pacific aims to enhance the brand's image and market presence in the luxury segment, targeting mid-to-high-end consumers [4][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, Lao Feng Xiang reported operating revenue of RMB 48.001 billion, down 8.71% year-on-year. The revenue breakdown includes RMB 37.965 billion from jewelry and accessories, RMB 9.727 billion from gold trading, and smaller contributions from other segments [2][8]. - The attributable net profit for the first nine months was RMB 1.438 billion, a decline of 19.05% year-on-year, with Q3 2025 net profit at RMB 217 million, down 41.6% year-on-year [2][8]. Store Expansion and Optimization - The company is actively optimizing its store structure, focusing on themed stores such as "Cang Bao Jin" and "Feng Xiang Wedding," with a total of 5,625 stores as of Q3 2025 [3][9]. - The domestic sales revenue for the first nine months was RMB 47.373 billion, down 8.91% year-on-year, but showing improvement in Q3 2025 with revenue of RMB 14.50 billion [3][9]. Strategic Initiatives - The partnership with Maybach involves a USD 24 million investment for a 20% stake in Maybach Luxury Asia Pacific, aiming to enhance Lao Feng Xiang's brand value and market share in luxury goods [4][10]. - The company is also focusing on cultural storytelling and collaborations with popular IPs to attract younger consumers, launching new collections that resonate with contemporary trends [4][10].

Core Viewpoint - The report from Guosheng Securities indicates that Laofengxiang's revenue grew by 16% in Q3 2025, while the net profit after deducting non-recurring items decreased by 7.5% [1] Group 1: Financial Performance - In Q3 2025, Laofengxiang achieved a revenue growth of 16% [1] - The company's net profit, excluding non-recurring items, declined by 7.5% year-on-year [1] Group 2: Store Expansion and Strategy - As of the end of Q3 2025, Laofengxiang had a total of 5,625 stores, with a net closure of 213 stores since the beginning of the year and a net opening of 75 stores in Q3 [1] - The company continues to open new stores despite fluctuations in the consumer environment, focusing on enhancing store image and layout [1] - The number of direct-operated stores is 187, with a net closure of 10 stores since the beginning of the year and a net closure of 1 store in Q3 [1] - The franchise store count stands at 5,438, with a net closure of 203 stores since the beginning of the year and a net opening of 76 stores in Q3 [1] Group 3: Store Concepts and Themes - Laofengxiang is adjusting its store image according to its actual situation and annual plans, emphasizing the layout of themed stores such as "Treasure Gold" and "Fengxiang Celebration" [1] - As of the end of September 2025, there are 133 "Treasure Gold" stores, with a net opening of 3 stores in Q3, and 40 "Fengxiang Celebration" stores, also with a net opening of 3 stores in Q3 [1] Group 4: Future Outlook - Laofengxiang is expected to optimize channel and product operational efficiency as a leading player in the gold and jewelry industry [1] - The projected net profit attributable to the parent company for 2025-2027 is estimated to be 1.594 billion, 1.738 billion, and 1.887 billion yuan respectively [1] - The current price corresponds to a PE ratio of 17 times for 2025, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported a revenue of 48.0 billion RMB for the first three quarters of 2025, a year-on-year decrease of 8.7%, with a net profit of 1.44 billion RMB, down 19.1% year-on-year. However, the third quarter showed a revenue increase of 16.0% year-on-year, indicating positive momentum from new product launches and a recovery in net store openings [1][2]. - The company has launched nearly 400 new products in 2025, including the "盛唐风华," "凤祥喜事," and "藏宝金" series, which have contributed to the revenue growth, particularly in the jewelry segment [1][2]. - The gross margin for Q3 2025 was 7.0%, up 0.5 percentage points year-on-year, primarily benefiting from rising gold prices, although this was partially offset by an increase in the proportion of lower-margin gold bars [3]. - The company opened a net of 75 new stores in Q3 2025, with plans to open an additional 31 stores in Q4 2025, indicating a strategic focus on expanding its retail footprint [4]. Summary by Sections Revenue and Profitability - For Q3 2025, the company achieved a revenue of 14.65 billion RMB, with jewelry sales growing by 12.1% year-on-year, driven by new product contributions [2]. - The net profit margin for Q3 2025 was 1.5%, down 1.5 percentage points year-on-year, influenced by increased sales and promotional expenses [3]. Store Expansion - As of September 30, 2025, the company had a total of 5,625 retail outlets, including 187 direct stores and 5,438 franchise stores, with a focus on enhancing brand image and adapting to market trends [4]. Financial Forecast - The report forecasts net profits of 1.65 billion RMB, 1.85 billion RMB, and 2.06 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.5%, +12.6%, and +11.3% [5]. - The target price is set at 63 RMB, corresponding to a 20x PE ratio for 2025 [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company's revenue for 2024 is reported at 56.79 billion RMB, a year-on-year decrease of 20.5%, primarily due to high gold prices impacting consumer demand for gold jewelry, which saw a consumption decline of 24.69% [2][4] - The first quarter of 2025 shows a revenue of 17.52 billion RMB, down 31.6% year-on-year, with net profit at 613 million RMB, a decrease of 23.6% [1][2] - The company plans to distribute a cash dividend of 1.72 RMB per share, with a payout ratio of 46%, and intends to arrange a mid-year dividend for 2025 [1] Summary by Sections Financial Performance - In 2024, the company's gross margin was 8.9%, an increase of 0.6 percentage points year-on-year, driven by rising gold prices [2] - Revenue breakdown: Jewelry products revenue decreased by 19.3% to 46.91 billion RMB, while gold trading products revenue fell by 26.4% to 9.38 billion RMB [2] - The company reported a net profit of 1.95 billion RMB for 2024, down 11.9% year-on-year [1][6] Operational Strategy - As of March 2025, the company has 5,541 retail outlets, with a net decrease of 156 in 2024 and 297 in Q1 2025, reflecting a strategic channel optimization to enhance overall quality and operational efficiency [3] - The company is focusing on developing themed stores and upgrading traditional outlets to adapt to new consumer scenarios, while also promoting online and offline integration [3] Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been reduced by 27% and 28% to 1.65 billion RMB and 1.85 billion RMB, respectively [4] - The target price for the company is set at 63 RMB, based on a 20x PE ratio for 2025 [4][8]

股票简称：老凤祥 股票代码：600612 编号：临 2025-018 老凤祥 B 900905 老凤祥股份有限公司 关于公司 2025 年第一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 年第一季度连锁 网点变动情况及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 3 月末，公 司"老凤祥"品牌共计拥有连锁营销网点达到 5,541 家。有关截止 2025 年 3 月 31 日公司连锁营销网点数具体情况如下表： | 黄金珠宝首饰 连锁营销网点 | 期初数 （2024 年底） | 2025 | 年 1 新增数 | 季度 | 年 2025 | 季度 1 减少数 | | 期末数 （2025 | 年 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...