公司简介 公司是东方美学品牌 IP 商业化运营的代表，以豫园商城与东方美 学品牌为核心，覆盖多元消费业态。25H1 消费产业运营、商业综 合运营与物业综合服务、地产开发销售三大业务收入占比分别为 76.1%/17.2%/6.7%；其中黄金珠宝占消费产业运营收入的 88%，同 时还覆盖了餐饮食品、美丽健康、酒业、表业等消费品业务。2025 年 7 月 1 日公司公告债券公开发行预案，计划发行规模不超过 40 亿元，主要用于归还到期债务及补流。 投资逻辑： 商圈扩容重大变化：二三期动工批文下达，有望"再造豫园"。 2024 年豫园一期客流量达 4500 万人次，大豫园片区具备极大的商 业与投资价值。25H1 公司商业综合运营与物业综合服务收入 12.8 亿元，占比 6.7%，未来二三期占地面积达一期的两倍以上，租赁 商铺扩容有望显著增厚公司物业租赁与管理收入，此外办公楼、 商墅等产品的销售有望助力地产业务平稳过渡及公司财务回血。 餐饮出海首店模式跑通，拓店有望超预期。公司餐饮业务 25H1 收 入 4.7 亿元，占消费产业运营收入的 3.2%，近年来受门店调整影 响增速承压。公司持续推动松鹤楼、南翔小笼包等老字号 ...

Group 1 - The core viewpoint of the article highlights the structural transformation of Yuyuan Group amidst changing consumer demands and macroeconomic conditions, showcasing its resilience and strategic reforms [1][2] - In the first half of 2025, Yuyuan Group reported a revenue of 19.112 billion yuan and a net profit of 63 million yuan, with a significant increase in operating cash flow by 71% year-on-year, indicating strong financial health [1] - The company is actively embracing change by shifting its sales model from weight-based to piece-based in its jewelry business, redefining gold jewelry as art and emotional carriers, which aligns with the evolving consumer preferences for cultural and emotional value [6][7] Group 2 - The awakening of cultural confidence among contemporary Chinese consumers is reshaping the consumption landscape, with a growing preference for domestic brands that embody cultural significance and modern aesthetics [3][4] - Yuyuan Group's successful cultural events, such as the "Yuyuan Summer Fantasy Night," exemplify the integration of traditional culture with modern trends, attracting a younger audience and revitalizing traditional brands [3] - The company's "Eastern Lifestyle Aesthetics" development philosophy effectively captures the trend of cultural integration, creating a unique brand value system that resonates with consumers seeking lifestyle and cultural identity [5] Group 3 - The jewelry fashion segment is a crucial pillar for Yuyuan Group, with a revenue of 12.8 billion yuan in the first half of 2025, and a 47% quarter-on-quarter growth in Q2, reflecting strong market performance [6] - The company's proactive strategy in response to rising gold prices includes promoting emotional and cultural aspects of jewelry, which has led to successful collaborations and high sales figures for culturally themed products [7] - The shift in consumer mindset towards valuing emotional and cultural significance over mere functionality is transforming the competitive landscape of the Chinese market, favoring brands that prioritize cultural value and brand building [7] Group 4 - In the commercial real estate sector, Yuyuan Group's core projects are showing positive effects, with nearly 20 million visitors to Yuyuan Mall and a 55% year-on-year increase in GMV, indicating a recovery in its main business [8] - The development of the "Great Yuyuan" area is set to enhance the company's future growth prospects, integrating various functions such as culture, commerce, and tourism into a comprehensive cultural commercial complex [8][9] - The ongoing supportive real estate policies in Shanghai are expected to boost market confidence and facilitate the steady recovery of Yuyuan Group's property development and sales business [8][9]