10月22日晚，老凤祥回复上交所问询函，其拟2400万美元入股迈巴赫奢侈品亚太公司（MAP）事件再成焦点。MAP今年2月成立未经营，评估增值率近10万 倍。老凤祥称MAP业务增长快、版图广，计划6年拓店75家，但面临买断式采购滞销等风险。对于近10万倍估值溢价，老凤祥称MAP未来效益可持续增长， 适用于收益法。 "标的公司尚未开始经营，就采用高溢价收购少数股权有何必要性？""交易估值明显偏高"⋯⋯10月22日晚，老凤祥对上交所问询函的回复，让其拟以2400万 美元（约合人民币1.7亿元）入股迈巴赫奢侈品亚太公司（MAP）的事件再度成为焦点。 上交所的问询直指核心：MAP今年2月才成立，尚未开始经营，老凤祥为何给出的评估增值率高达9692207.69%（近10万倍的估值溢价）？ 《每日经济新闻》记者注意到，这场牵动市场关注的收购，一边是老凤祥想要瞄准迈巴赫奢侈品已覆盖全球75个国家和地区，且近4年来，年均复合增长率 高达36.5%，寄望借MAP 6年内拓店75家的计划实现高端化突破；另一边是业内对买断式采购滞销风险、品牌授权稳定性的担忧。有行业专家向记者指 出："品牌授权型估值的最大风险在于品牌本身价值的崩塌。 ...

Core Viewpoint - The gold and jewelry industry is under pressure, prompting Lao Feng Xiang to embark on a high-end transformation journey in the luxury market [1][2]. Industry Overview - Rising gold prices have suppressed consumer demand, and the franchise model faces growth bottlenecks, making the situation difficult for domestic gold and jewelry companies this year [2]. - While traditional gold brands are experiencing declines in revenue and net profit, Lao Pu Gold has seen its revenue and net profit increase by over 200% year-on-year in the first half of the year, highlighting the potential for local brands to pursue high-end strategies [2]. Company Strategy - Lao Feng Xiang is pursuing a dual-track strategy by entering the luxury goods sector through "equity investment + brand agency" [3]. - In September, Lao Feng Xiang announced an investment of 50 million yuan to establish Shanghai Lao Feng Xiang Zhenpin Trading Co., Ltd., focusing on high-end products such as gold and silver jewelry, diamonds, and watches [3]. Recent Developments - In October, Lao Feng Xiang further invested 24 million USD to acquire a 20% stake in Maybach Luxury Goods Asia Pacific Company (MAP), which covers luxury lifestyle products but excludes Maybach automotive business [4][7]. - Lao Feng Xiang has also secured the distribution rights for Maybach luxury goods in the Asia-Pacific region, committing to a total procurement amount of no less than 13 million USD from 2025 to 2027 [7]. Financial Performance - Lao Feng Xiang has faced a decline in revenue and net profit, with a 20.5% drop in revenue to 56.793 billion yuan and an 11.95% decrease in net profit to 1.95 billion yuan in 2024 [8]. - The downward trend continued into the first half of 2025, with revenue down 16.52% to 33.4 billion yuan and net profit down 13.07% to 1.22 billion yuan [9]. Business Model Challenges - Lao Feng Xiang's franchise system, with 96% of its stores being franchises, contrasts with the direct sales model preferred by luxury brands, which complicates brand image and customer experience management [11][12]. - The company has fewer than 200 direct stores, primarily in Shanghai, making it challenging to provide a luxury consumer experience [12]. Market Trends - The gold and jewelry industry is witnessing a shift towards high-end customization and fast fashion markets, with leading brands focusing on product differentiation [13]. - Capital markets currently favor Lao Pu Gold's business model, which emphasizes cultural consumption over mere investment attributes [13]. Conclusion - Lao Feng Xiang's high-end transformation is a significant test of its strategic determination and operational capabilities, serving as an important case study for the transformation of traditional Chinese brands [14].

Core Viewpoint - The gold and jewelry industry is under pressure, prompting Lao Feng Xiang to embark on a high-end transformation journey amidst declining performance in traditional gold brands [2][5]. Group 1: Industry Challenges - Rising gold prices have suppressed consumer demand, and the franchise model is facing growth bottlenecks, making the situation difficult for domestic gold and jewelry companies this year [2]. - Traditional gold brands are experiencing a decline in both revenue and net profit, while Lao Pu Gold has seen a remarkable increase, with revenue and net profit growth exceeding 200% year-on-year in the first half of the year [2][5]. Group 2: Lao Feng Xiang's High-End Strategy - Lao Feng Xiang is adopting a dual-track approach by entering the luxury goods market through "equity investment + brand agency" [2]. - In September, Lao Feng Xiang invested 50 million yuan to establish Shanghai Lao Feng Xiang Zhenpin Trading Co., focusing on high-end products [5]. - In October, Lao Feng Xiang acquired a 20% stake in Maybach Luxury Goods Asia-Pacific Company (MAP) for 24 million USD, expanding its reach into luxury lifestyle products [5]. Group 3: Financial Performance - In 2024, Lao Feng Xiang's revenue decreased by 20.5% to 56.793 billion yuan, and net profit fell by 11.95% to 1.95 billion yuan [6]. - The downward trend continued into the first half of 2025, with revenue down 16.52% to 33.4 billion yuan and net profit down 13.07% to 1.22 billion yuan [6]. Group 4: Business Model Concerns - Lao Feng Xiang's franchise system may conflict with high-end brand operations, as 96% of its stores are franchises, limiting control over brand image and customer experience [7][8]. - In contrast, competitors like Lao Pu Gold operate a direct sales model, emphasizing brand experience and exclusivity [8]. Group 5: Market Perspectives - The market is divided on the high-end positioning of brands, with some analysts suggesting that not all local brands are suited for high-end transformation [9]. - The success of Lao Feng Xiang's high-end journey will test its strategic determination and operational capabilities, serving as a significant case study for the transformation of traditional Chinese brands [10].

Core Viewpoint - The company, Lao Feng Xiang, plans to invest a total of $24 million to acquire a 20% stake in Maybach Luxury Asia Pacific Co. Limited through its subsidiary, Lao Feng Xiang Hong Kong Limited [1] Investment Details - The investment will involve the subscription of 2,000 voting common shares issued by Maybach Luxury Asia Pacific [1] - The total investment amount is $24 million [1] Business Scope of Maybach Luxury Asia Pacific - Maybach Luxury Asia Pacific's operations do not include Maybach automobiles but focus on luxury goods [1] - The categories of products include optical products, equestrian gear, fashion apparel, sports goods, home goods, stationery, silverware, perfumes, and pet products [1]

Core Viewpoint - The eighth China International Import Expo (CIIE) is set to take place from November 5 to 10 in Shanghai, with over 3,200 enterprises from more than 110 countries and regions confirmed to participate, covering an exhibition area of over 360,000 square meters [1] Group 1: Event Details - The first batch of exhibits for the CIIE arrived at Shanghai Pudong International Airport from Frankfurt, Germany, on September 26, consisting of 279 items including clothing, bags, and equestrian products, with several being global or regional debuts [1] - The exhibitor, Maybach Luxury Goods Asia Pacific Co., expanded its booth size from 36 square meters last year to 300 square meters this year, doubling the number of exhibits compared to the previous year [1] Group 2: Customs and Logistics - Shanghai Pudong International Airport Customs has established dedicated service windows and green channels for the CIIE, implementing convenient customs clearance measures such as appointment customs clearance and immediate inspection upon arrival [1] - The customs authority anticipates that exhibits will arrive in Shanghai through various transportation methods, including sea, air, and rail, and will further optimize customs supervision services to support global enterprises in accessing the Chinese market [1]

Group 1 - The first batch of exhibits for the 8th China International Import Expo (CIIE) has arrived in Shanghai, marking the official start of the customs clearance process for this year's event [1] - The first batch includes 279 items such as clothing, bags, and harnesses, with several being global debuts [1] - The exhibitor, Maybach Luxury Goods Asia Pacific Co., Ltd., has expanded its exhibition space from 36 square meters to 300 square meters, doubling the number of exhibits and adding multiple themed exhibition areas [1] Group 2 - The CIIE will be held from November 5 to 10 in Shanghai, with over 3,200 enterprises from more than 110 countries and regions confirmed to participate, covering an exhibition area of over 360,000 square meters [2] - Various transportation methods, including sea, air, and rail, are being utilized to deliver exhibits, with a focus on optimizing convenience measures and enhancing technological empowerment [2] - The customs service aims to elevate its regulatory support level to help more global enterprises access the Chinese market [2]

Core Viewpoint - The article highlights the successful collaboration between a traditional leather craftsman from Inner Mongolia and a fellow countryman in the United States, showcasing the potential for local artisans to reach international markets through modern technology and social media [1][4]. Group 1: Company Overview - Mengkebao Lide, a 50-year-old leather craftsman from Ordos, Inner Mongolia, has transformed unsold sheepskin into high-quality leather products by integrating traditional craftsmanship with modern technology [1][3]. - The product range includes various leather items such as boots, bags, gloves, and coats, as well as home accessories like car seat covers and horse gear, indicating a diverse product offering [3]. Group 2: Market Expansion - The collaboration with Gadu Di, a fellow countryman in the U.S., has led to increased visibility and orders for Mengkebao Lide's leather products in the American market, demonstrating the potential for overseas sales [4]. - The couple has embraced digital transformation by combining online and offline sales strategies, participating in trade fairs, and utilizing social media platforms to promote their products [4]. Group 3: Future Aspirations - Mengkebao Lide expresses a strong desire to expand the reach of traditional leather products beyond local markets, aiming to share the cultural stories behind their craftsmanship with a global audience [4].