Core Points - The announcement from Yuyuan Industrial Co., Ltd. indicates that its controlling shareholder, Fosun High Technology Group Co., Ltd., has released part of its pledged shares [2] - The total number of shares held by Fosun High Technology through its subsidiary, Shanghai Fudi Investment Management Co., Ltd., is 1,023,403,904 shares, representing 26.29% of the company's total share capital [2] - The specific number of shares released from pledge is 28,250,000 shares [2]

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-090 | | --- | --- | --- | | 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: 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 498,192,885 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%。本次部分 ...

Core Viewpoint - The announcement indicates that the controlling shareholder, Shanghai Fosun High Technology (Group) Co., Ltd., has informed that its subsidiary, Shanghai Fudi Investment Management Co., Ltd., will release 28,250,000 shares from pledge on November 6, 2025, which reflects a significant change in the pledged shares of the company [1] Summary by Relevant Sections Share Pledge Information - After the release of the pledge, the total number of pledged shares by Fudi Investment will be 498,192,885 shares, accounting for 48.68% of its held shares and 12.80% of the company's total share capital [1] - As of the announcement date, Fosun High Technology and its concerted parties collectively hold 2,409,720,644 shares in the company, representing 61.91% of the total share capital [1] - Following the release of some shares from pledge, the cumulative pledged shares will amount to 1,595,113,885 shares, which constitutes 66.19% of their total holdings [1]

Core Insights - The financial performance of 44 A-share cultural tourism companies for the first three quarters of 2025 shows a mixed outlook, with only 20 companies reporting revenue growth while 24 experienced declines, indicating ongoing downward pressure in the cultural tourism market [1][2][3] Revenue Performance - The top three companies by revenue are China Duty Free Group (CDFG) with 39.86 billion, Yuyuan Group with 28.4 billion, and Overseas Chinese Town A with 17.03 billion [1] - Among the 44 companies, Tianfu Culture reported the highest revenue growth at 69.32%, followed by Dafeng Industrial at 45.20% and Fengyuzhu at 38.88% [2][3] - Conversely, Oriental Garden, Lingnan Holdings, and Yunnan Tourism faced the most significant revenue declines, with decreases of 77.18%, 68.75%, and 58.72% respectively [3] Profitability Analysis - China Duty Free Group, Jinjiang Hotels, and Songcheng Performance reported the highest net profits of 3.464 billion, 799 million, and 793 million respectively [3] - A total of 28 companies reported positive net profits, while 16 companies incurred losses, with the largest losses recorded by Overseas Chinese Town A at 5.459 billion, Yuyuan Group at 738 million, and Yingxin Development at 500 million [3][4] Sector Breakdown - In the tourism attraction sector, the top three companies by revenue are Songcheng Performance, Huangshan Tourism, and Xiangyuan Culture, with revenues of 1.833 billion, 1.535 billion, and 844 million respectively [5] - The performance of tourism supply chain companies is highly variable, with the overall sector facing challenges due to a downturn in tourism investment [19] Market Trends - The cultural tourism market is experiencing significant changes, with companies like Songcheng Performance struggling due to reliance on traditional tourist patterns, while others like Xiangyuan Culture are adapting to new market demands [10][12] - The shift in consumer preferences towards leisure and relaxation experiences is impacting revenue generation across various tourism sectors [12][18]

Core Points - The event "Enjoy Global Shopping" in Huangpu District aims to enhance consumer experience during the upcoming China International Import Expo (CIIE) by integrating international elements and local characteristics [1][4] - Huangpu District is leveraging the spillover effects of the CIIE to create a series of themed consumption activities, including significant promotional campaigns and cultural events [4][6] - The district is focusing on improving service quality and creating an international shopping environment to attract both domestic and international consumers [6][8] Group 1: Event and Activities - The "Enjoy Global Shopping" event features various activities such as the launch of new products, quality consumer experiences, and cross-industry collaborations [1][4] - Major retailers like Bailian Group are offering substantial discounts and promotional activities, including over 55 million yuan in consumer vouchers [4] - Local brands are launching exclusive products for the CIIE, such as the "Yuyue" and "Qiji" gold jewelry series by Lao Feng Xiang, showcasing traditional craftsmanship [5] Group 2: Consumer Engagement and Services - Huangpu District is distributing special consumption vouchers on platforms like Alipay to encourage spending in key shopping areas [6] - The district is enhancing its service environment by implementing bilingual signage and international service standards to improve the shopping experience for foreign visitors [6][8] - Local food brands are also participating, ensuring a diverse and quality food supply during the CIIE [8] Group 3: Brand Expansion and Market Growth - The CIIE serves as a bridge for global brands to enter the Chinese market, with examples like Singapore's skincare brand, which opened its first store in Huangpu after years of participation in the expo [9] - New Zealand's apple brand is transitioning from agency to direct investment in China, projecting sales of 200 million yuan by 2025 [9] - Chilean fruit brand Jizhi has seen significant growth, with revenue expected to exceed 1 billion yuan by 2024, supported by Huangpu's initiatives [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that is stronger than the market by over 20% [6]. Core Insights - The company is experiencing short-term performance impacts due to inventory destocking, while simultaneously advancing its core business adjustments and globalization strategies [6]. - The jewelry and gold business is under pressure due to high gold prices, leading to a decline in consumer demand and revenue [6]. - The company is focusing on optimizing its core business and adjusting its operational structure to enhance profitability [6]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 40.506 billion, reflecting a year-on-year decline of 13.7% [5]. - The net profit attributable to the parent company is forecasted to be -810 million for 2025, a significant decrease compared to the previous year [5]. - The gross margin is expected to be 11.7% in 2025, down from 13.6% in 2024 [5]. - The company reported a Q3 revenue of 92.9 billion, an increase of 8.89% year-on-year, but a net loss of 5.51 billion, a decline of 3217.64% year-on-year [6]. - The company aims to accelerate the dynamic destocking of real estate projects and is in a period of adjustment and recovery for other consumer segments [6]. Business Strategy - The company is implementing a dual-track strategy of "cultural export and brand export," which has shown positive results, particularly in Southeast Asia [6]. - The core cultural IP "Yuyuan Lantern Festival" has successfully attracted over 4 million visitors in Bangkok, enhancing brand recognition [6]. - The company is optimizing its product structure and sales model to improve profitability in the jewelry sector amidst high gold prices [6].

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Core Insights - Domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Changes - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY per gram from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY per gram [1][3] - A Yi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY per gram [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY per gram, and A Yi Gold Store also at 1256 CNY per gram [2][3] - Other notable prices include: - Zhou Da Sheng at 1198 CNY per gram with no change - Liu Fu Jewelry at 1198 CNY per gram with no change - Cai Bai Jewelry at 1238 CNY per gram, up by 70 CNY per gram [2][3]

Core Viewpoint - Yuyuan Group (豫园股份) reported significant financial losses in Q3 2025, marking the first time since 2002 that the company has recorded a loss in this quarter, with a net loss of 5.51 billion yuan [2] Financial Performance - For the first three quarters of 2025, the company's revenue was 28.4 billion yuan, a year-on-year decrease of 21.3% [1] - The net profit attributable to shareholders was a loss of 488 million yuan, a decline of 142.1% year-on-year [1] - The net profit excluding non-recurring items worsened from a loss of 672 million yuan in the same period last year to a loss of 953 million yuan [1] - The net cash flow from operating activities was 1.102 billion yuan, down 56.68% year-on-year [1] - The gross profit margin for the first three quarters was 13.11%, an increase of 0.05 percentage points year-on-year, while the net profit margin was -2.60%, a decrease of 5.28 percentage points [1] Business Segment Performance - The jewelry fashion segment, which is the core business, saw revenue decline by 31.86%, primarily due to structural adjustments in the consumer industry and fluctuations in international gold prices [2] - Revenue from restaurant management and services fell by 30.06%, attributed to weak consumer growth [2] - The cosmetics segment experienced an 18.67% decline in revenue, impacted by regional conflicts affecting overseas business [2] - The resort segment's revenue dropped by 55.05%, mainly due to the disposal of the Hoshino Resort in Hokkaido, Japan [2] - Conversely, the property development and sales business saw a revenue increase of 55.05%, driven by the completion of various property projects [2] Network and Brand Overview - As of the end of Q3 2025, the company operated a total of 4,639 outlets, including 4,128 in jewelry fashion, 131 in restaurant management, and 30 in pharmaceuticals and wellness [2] - The jewelry fashion segment includes well-known brands such as "Laobiao" and "Yayi," with a total of 4,115 chain outlets, a reduction of 500 from the previous year [3] - Yuyuan Group has been listed on the Shanghai Stock Exchange since September 1992 and has a diverse business portfolio including gold jewelry sales, restaurant and pharmaceutical services, and real estate development [3] Stock Market Performance - The stock price of Yuyuan Group has been underperforming in recent years, closing at 5.56 yuan per share on October 31, 2025, reflecting a 75.91% decline from its peak ten years ago [5]

Group 1 - The core viewpoint of the articles indicates that international gold prices have ended a four-day decline, with domestic gold jewelry prices rising back to 1200 RMB per gram [1][4]. - As of October 31, the spot gold price in New York rose by 2.37% to 4023.00 USD per ounce, showing a continuous upward trend throughout the day [1]. - Domestic brands such as Chow Sang Sang and Lao Feng Xiang have seen significant increases in gold jewelry prices, with Chow Sang Sang's price reaching 1203 RMB per gram, up by 28 RMB, and Lao Feng Xiang at 1200 RMB, up by 17 RMB [4]. Group 2 - Analysts from Dahua Bank maintain a positive long-term outlook on gold, citing ongoing central bank purchases and investor demand for diversification amid a volatile de-dollarization narrative [7]. - The market is expected to continue experiencing wide fluctuations due to uncertainties in tariff policies, ongoing U.S. government shutdowns, and expectations of central bank gold purchases providing support for gold prices [7].