豫园股份公告，豫园股份及其下属公司拟向宁波塑料有限公司转让其持有的宁波星健资产管理有限公司 100%股权及截至2025年11月20日对宁波星健的债权，交易对价共计人民币1.5亿元。其中股权转让对价 为人民币9178.81万元，债权转让价款为人民币5821.19万元。交易完成后，豫园股份不再持有宁波星健 股权，宁波星健将不再纳入合并报表范围。 ...

Group 1 - The cultivated diamond concept declined by 1.83%, ranking among the top declines in the concept sector, with *ST Yazhen hitting the limit down, and companies like World, Huanghe Xuanfeng, and Hengsheng Energy also experiencing significant declines [1][2] - Among the cultivated diamond concept stocks, five showed price increases, with Jing Sheng Electric, Yuyuan Shares, and Chao Hong Ji rising by 1.32%, 0.95%, and 0.77% respectively [1][2] - The cultivated diamond concept saw a net outflow of 405 million yuan from main funds today, with 14 stocks experiencing net outflows, and five stocks seeing outflows exceeding 30 million yuan [2] Group 2 - The stock with the highest net outflow was Boyun New Material, with a net outflow of 139 million yuan, followed by Huanghe Xuanfeng, Chuchang New Material, and Sifangda [2][3] - Stocks with the highest net inflow included Jing Sheng Electric, Chao Hong Ji, and Yuyuan Shares, with net inflows of 36.57 million yuan, 2.99 million yuan, and 1.49 million yuan respectively [2][3] - The trading volume for Boyun New Material was 10.35%, while Huanghe Xuanfeng had a trading volume of 10.23% [2][3]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-107 | | --- | --- | --- | | 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 关于股东部分股份解除质押的公告 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。 重要内容提示: 1 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）控股股东上 海复星高科技（集团）有限公司（以下简称"复星高科技"）下属上海复地 投资管理有限公司（以下简称"复地投资"）持有本公司股份数量为 1,023,403,904 股，占公司总股本比例为 26.29%。本次办理股票解除质押后， 复地投资累计质押股份数量为 475,420,000 股。 公司控股股东复星高科技及其一致行动人合计持有本公司股份数量为 2,409,720,644 股，占公司总股本比例为 61.91%。本次 ...

南财智讯12月10日电，豫园股份公告，公司于2025年12月10日接到控股股东上海复星高科技（集团）有 限公司的告知函，其下属企业上海复地投资管理有限公司将所持有本公司的部分股份解除质押。本次解 除质押股份数量为55,712,885股，占其所持股份比例的5.44%，占公司总股本比例的1.43%。解除质押日 期为2025年12月9日。本次解除质押后，上海复地投资管理有限公司累计质押股份数量为475,420,000 股，剩余被质押股份占其所持股份比例为46.45%。截至公告披露日，本次解除质押股份没有用于后续 股票质押的计划。 ...

Group 1: Market Trends - The demand for gold and jewelry consumption has increased, with retail sales reaching 313.1 billion yuan in the first ten months of the year, a year-on-year growth of 14.0% [1] - The rising gold consumption market faces challenges such as counterfeit products, unclear quality, mixed channels, and lack of after-sales service [1] Group 2: "Sand Gold" Issues - "Sand gold," which resembles gold but is actually brass plated with a thin layer of gold, has gained popularity due to its low price, with some merchants claiming it is "Vietnamese sand gold" or "Myanmar sand gold" [2][3] - The actual gold content in "sand gold" is often misrepresented, with some products claiming 5% gold content but failing to meet this standard upon testing [2] - Health risks are associated with "sand gold" due to excessive nickel release, which can cause skin allergies [3] Group 3: Pricing and Quality Concerns - The pricing of "sand gold" is misleading, as the production cost is very low, with some items costing as little as 10 yuan to produce [3] - "One-price" gold jewelry is becoming more common, where prices are set per item rather than by weight, leading to potential overpricing and lack of transparency regarding the actual weight of the gold [4][5] - Consumers have reported disputes over the actual weight of "one-price" products, highlighting the need for transparency in pricing and after-sales policies [5] Group 4: Customization Risks - Traditional gold companies are embracing trends by launching collaborative gold products, referred to as "pain gold," but risks exist in private customization due to lack of legal protection and potential quality issues [6][7] - Consumers face risks such as upfront payments without guarantees and potential quality problems due to the absence of third-party testing [6][7]

Group 1 - The report maintains a "stronger than market" rating for the social service sector, highlighting the recovery of service consumption as a new engine for expanding domestic demand, supported by continuous policy benefits [2][3][17] - The report emphasizes the importance of optimizing the holiday system to stimulate travel demand, with the upcoming long Spring Festival holiday expected to enhance travel willingness and extend travel distances [37][38] Group 2 - In the tourism sector, domestic travel continues to grow, with 888 million domestic trips taken during the National Day and Mid-Autumn Festival holidays, reflecting a 1.6% year-on-year increase, although per capita spending remains under pressure [23][27] - The cross-border travel market is heating up due to visa-free policies and improved flight capacity, with 1.78 billion inbound and outbound travelers recorded in Q3 2025, a 12.9% year-on-year increase [27][29] - The report suggests focusing on companies with clear long-term growth logic and project reserves, such as Changbai Mountain, Huangshan Tourism, and Lijiang Co., while also highlighting the potential of travel agencies like Lingnan Holdings and Zhongxin Tourism [40] Group 3 - The hotel industry is currently under pressure, with demand yet to be fully released, and companies are focusing on cost control and efficiency improvements to sustain profit growth [5][14] - The restaurant sector is experiencing a slowdown in market growth, with competition becoming more rational, leading to a stabilization in average spending per customer [5][17] - The duty-free industry shows signs of marginal recovery, with sales in Hainan's offshore duty-free market turning positive year-on-year, benefiting from the upcoming closure of Hainan Island and the advantages of duty-free licenses [5][19] Group 4 - The human resources service industry continues to grow, driven by flexible employment and outsourcing, although overall recruitment confidence remains low [5][23] - The exhibition industry is expected to benefit from a warming business environment, while international exhibitions need to be monitored due to geopolitical changes [5][23]

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 - Yuyuan Group is focusing on the concept of "Eastern Lifestyle Aesthetics" and is advancing its global layout while integrating industrial operations and investments [1] Group 1: Business Strategy - The company owns 19 time-honored Chinese brands and several leading brands, aiming to become a top-tier family happiness consumption industry group globally [1] - The company is undergoing upgrades in its jewelry fashion business, focusing on product, channel, supply chain, and marketing reforms [1] Group 2: Performance and Recovery - The company has experienced a decline in performance in recent years due to the real estate sector but is now showing signs of recovery [1] - The company is driving its main business recovery through product innovation, channel optimization, and international expansion [1] Group 3: Future Outlook - The integration of Yuyuan Commercial Real Estate Group aims to enhance asset operation efficiency by combining commercial and property sectors [1] - As the disposal of non-core assets nears completion and with the commencement of income recognition from the large Yuyuan segment, the company's performance is expected to improve [1] - The company has initiated an "overweight" rating for its first coverage [1]

Core Viewpoint - The recent trend of share buybacks among leading companies, such as Industrial Fulian, Sanhua Intelligent Control, and Xiaomi Group, reflects a strong commitment to boosting market confidence and indicates management's recognition of the company's intrinsic value [1][2][3] Group 1: Leading Companies' Buyback Activities - Leading companies are actively engaging in share buybacks, characterized by rapid, frequent, and generous actions, serving as a market confidence indicator [1][2] - Industrial Fulian has repurchased 9.32 million shares for approximately 247 million yuan, with a maximum buyback price raised from 19.36 yuan to 75 yuan per share, a 287% increase [2][3] - Sanhua Intelligent Control has repurchased 3.06 million shares for about 106 million yuan, increasing its buyback price cap from 35.75 yuan to 60 yuan per share [3] Group 2: Broader Market Buyback Trends - Other companies are also increasing their buyback efforts, with Midea Group's buyback amount rising from 8.065 billion yuan to 9.465 billion yuan, and BOE Technology's from 704 million yuan to 975 million yuan [5] - China Petroleum and Chemical Corporation completed its buyback of 89.35 million shares for about 500 million yuan, all intended for cancellation to reduce registered capital [5][6] - Companies like DeMaiShi and Baiwei Storage have also raised their buyback price limits significantly, indicating a broader trend of increasing buyback commitments across the market [6]

上海豫园旅游商城（集团）股份有限公司 独立董事工作制度 （经 2025 年第三次临时股东大会审议通过） 第一章 总则 第一条 为进一步完善上海豫园旅游商城（集团）股份有限公司（以下简称"公司"） 治理结构，规范独立董事行为，充分发挥独立董事在公司治理中的作用，根据《上市公 司治理准则》《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规和《公司章程》的规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关系 的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人 的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按照相关 法律、法规和《公司章程》的要求，认真履行职责，在董事会中发挥参与决策、监督制 衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 独立董事原则上最多在三家境内上市公司担任独立董事，并应当确保有足 够的时间和精力有效地履行独立董事职责。 第五条 公司董事会成员中 ...