[Table_Title] 证券研究报告 豫园股份（600655.SH）点评：消费产业稳健 公司研究 增长，多元化融资助力产业发展 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年3月23日 [豫Ta园bl股e_份Sto c(k6A0n0dR6a5n5k)] [T事ab件le：_公Su司mm发ar布y] 2023年度业绩，实现营收581.47亿元，同增15.83%，归 投资评级 母净利润20.24亿元，同降45%，扣非归母净亏损4.51亿元，由盈转亏。 经营活动现金净流入47.5亿元，2022年为-2.1亿元，同比大幅改善。资产 上次评级 负债率为68.03%，同比下降1.1PCT。 [刘Ta嘉b仁le _社Au零th&o美r]护 首席分析师 执业编号：S1500522110002 联系电话：15000310173 点评： 邮 箱：liujiaren@cindasc.com 2018 年重组完成以来，连续多年股利支付率超过 35%。2023 年拟现金分 红总额7.4亿元，每10股拟派发现金红利1.90元，股利支付率36.55%。 蔡昕妤 商贸零售分析师 执业 ...

商贸零售/一般零售 公 司 研 豫园股份（600655.SH） 珠宝时尚业务稳健增长，古韵金销售表现亮眼 究 2024年03月23日 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（联系人） huangzepeng@kysec.cn luozheng@kysec.cn 证 书编号：S0790519110001 证书编号：S0790122040015 日期 2024/3/22 当前股价(元) 6.21  事件：公司2023年营收同比+15.83%，归母净利润同比-45.00% 公 一年最高最低(元) 8.42/5.84 公司发布年报：2023年实现营收581.47亿元（同比+15.83%）、归母净利润20.24 司 亿元（同比-45.00%），利润下滑主要系公司处置非核心资产项目产生的投资收益 信 总市值(亿元) 241.95 息 流通市值(亿元) 241.21 同比减少所致；拟每10股派发现金红利1.90元。考虑物业开发与销售业务影响， 更 总股本(亿股) 38.96 我们下调公司 2024-2025 年盈利预测并新增 2026 年盈利预测，预计 2024-2026 新 报 流通股本( ...

Financial Performance - Revenue for 2023 reached RMB 58.15 billion, a year-on-year increase of 15.83% compared to 2022 [16] - Net profit attributable to shareholders decreased by 45.00% to RMB 2.02 billion in 2023 compared to 2022 [16] - Operating cash flow surged to RMB 4.75 billion in 2023, a significant improvement from a negative RMB 207.60 million in 2022 [16] - Total assets decreased by 4.16% to RMB 124.04 billion at the end of 2023 compared to 2022 [16] - Adjusted revenue (excluding non-core business and non-commercial income) increased by 18.00% to RMB 57.97 billion in 2023 [16] - Net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 451.16 million in 2023, a sharp decline of 378.96% compared to 2022 [16] - Revenue increased by 7.947 billion yuan, up 15.83% year-over-year, driven by growth in industrial operations and property development project deliveries [18] - Net profit attributable to shareholders decreased by 1.656 billion yuan, down 45.00% year-over-year, primarily due to reduced investment income from the disposal of non-core assets [18] - Basic earnings per share decreased by 0.431 yuan/share, down 45.27% year-over-year [18] - Net cash flow from operating activities increased by 4.955 billion yuan, up 2,386.68% year-over-year, mainly due to improved cash flow from industrial operations [18] - Revenue in 2023 reached 58.147 billion yuan, a year-on-year increase of 15.83%, while net profit attributable to shareholders decreased by 45% to 2.024 billion yuan [25] - Revenue increased by 15.83% to RMB 58,146,920,890.35 compared to the previous year [37] - Operating costs rose by 20.90% to RMB 49,940,580,928.45, outpacing revenue growth [37] - Net cash flow from operating activities surged by 2,386.68% to RMB 4,747,245,920.42 [37] - Net cash flow from investing activities decreased by 47.87% to RMB 2,656,350,901.42 [37] - R&D expenses dropped by 43.18% to RMB 83,120,471.76 due to the disposal of Jinhuijiu equity [37] - Jewelry and fashion segment revenue grew by 11.05% to RMB 36,726,694,358.04, with a slight decrease in gross margin by 0.56 percentage points [40] - Catering management and services revenue surged by 119.75% to RMB 1,420,957,713.55, with a gross margin increase of 3.55 percentage points [40] - Property development and sales revenue increased by 48.72% to RMB 13,558,258,311.07, but gross margin decreased by 12.07 percentage points [40] - Domestic revenue in Shanghai grew by 30.65% to RMB 44,942,574,472.87, with a gross margin increase of 2.63 percentage points [42] - International revenue in Japan increased by 40.24% to RMB 932,817,061.61, with a gross margin increase of 4.27 percentage points [42] - Jewelry and fashion business revenue and operating costs increased year-on-year due to business scale growth and rapid expansion of new model stores [44][47] - Catering management and service revenue and operating costs grew year-on-year due to accelerated chain expansion [44][47] - Food, department store, and handicraft business revenue and operating costs increased year-on-year due to integration and improvement of the food and beverage business [44][47] - Pharmaceutical health and other business revenue and operating costs rose year-on-year due to growth in traditional Chinese medicine health and wellness business [44][47] - Liquor business revenue and operating costs decreased year-on-year due to the disposal of Jinhuijiu equity at the end of 2022 [44][47] - Resort business revenue and operating costs increased year-on-year due to continuous growth and the renovation and opening of Kiroro Resort [44][47] - Property development and sales business revenue and operating costs grew year-on-year due to the completion of various property development projects [44][47] - Gold sales volume increased by 0.83% year-on-year, while platinum sales volume decreased by 30.62% [46] - R&D expenses decreased by 43.18% year-on-year due to the disposal of Jinhuijiu equity at the end of 2022 [51] - Operating cash flow increased significantly to 4,747,245,920.42 yuan, up 2,386.68% year-over-year, driven by improved cash flow from the jewelry and fashion business [55][56] - Investment cash flow decreased by 47.87% to 2,656,350,901.42 yuan, mainly due to reduced cash received from investment recoveries [55][56] - Net cash and cash equivalents increased by 60.84% to -1,779,090,990.96 yuan, reflecting improved liquidity [55] - Asset impairment and credit impairment losses surged by 1,178.86% to 518,025,829.36 yuan, primarily due to increased inventory write-downs [57][58] - Short-term borrowings rose by 48.19% to 10,130,723,396.02 yuan, driven by increased working capital needs [59] - Contract liabilities decreased by 38.47% to 7,540,900,881.86 yuan, mainly due to the settlement of prior-year liabilities [59] - Overseas assets totaled 6.766 billion yuan, accounting for 5.45% of total assets [61] - The company's total investment in 2023 was 70,013.96 million yuan, a decrease of 46.04% compared to the previous year [96] - The company acquired Napier Tokutei Mokuteki Kaisha and Godo Kaisha Kiroro Management for 16.0161 billion yen, resulting in a loss of 11,061.13 million yuan [97] - The company acquired Djula.SAS, a market jewelry brand, for an undisclosed amount, with no impact on current period profits [97] - The company acquired Shanghai Fuxing Aibinuo Property Management Co., Ltd. for 1 yuan, resulting in a profit of 171.61 million yuan [97] - The company invested 5,640 million yuan in Shanghai Yulong Catering Management Co., Ltd., resulting in a loss of 575.95 million yuan [97] - The company completed the sale of 80% of IGI Group's shares for a total transaction value of $455.38 million [106] - The company sold 5% of Jin Hui Wine's shares for a total transaction value of RMB 598.82 million [106] - The company transferred 100% equity of Wuhan Shunkang Edible Fungus Co., Ltd. for RMB 62 million [108] - The company's 2022 net profit was RMB 2,761,404,673.88, with an initial undistributed profit of RMB 4,780,884,541.91, and after deducting the 2021 cash dividend of RMB 1,354,634,067.85, the actual distributable profit was RMB 5,911,514,680.55 [184] - The 2022 profit distribution plan proposed a cash dividend of RMB 3.50 per 10 shares (tax included), with a total cash dividend amount of RMB 739,709,829.70, accounting for 36.55% of the net profit attributable to ordinary shareholders [184][188] - The 2023 profit distribution plan proposes a cash dividend of RMB 1.90 per 10 shares (tax included), with the total cash dividend amount to be determined based on the total number of shares and repurchased shares on the record date [185] - The company's cash dividend policy requires a minimum cash dividend ratio of 10% of the distributable profit, with specific ratios adjusted based on the company's development stage and significant capital expenditure plans [184] - The 2023 profit distribution plan does not include a capital reserve transfer to share capital [185] - The company's cash dividend policy complies with the requirements of the articles of association and shareholder meeting resolutions, with clear standards and proportions, and a complete decision-making process [186] - The independent directors have fulfilled their duties and protected the rights and interests of minority shareholders [186] - The 2023 profit distribution plan is subject to approval at the shareholder meeting [185] - The company maintains a stable dividend policy, with the 2022 and 2023 dividend ratios both exceeding the minimum requirement of 10% of distributable profit [184][185] Business Segments and Operations - Jewelry Fashion Group achieved double-digit growth in revenue and net profit, with 4,994 stores and 1 million consumer members, a 33% increase year-on-year [25] - Cultural Food Group saw significant revenue growth, with Songhelou's revenue increasing by over 100%, and GMV for pre-made dishes breaking through to 140 million yuan [25] - Yuyuan Commercial Development Group's GMV reached approximately 2.6 billion yuan, with the Yuyuan Lantern Festival expanding internationally to France [25] - Cloud Development Group signed 22,800 square meters of space, a 500% year-on-year increase, with a 63% occupancy rate [25] - Consumer membership exceeded 5 million, an 80% year-on-year increase, with 7 million new registered members [27] - E-commerce sales reached 2.9 billion yuan, a 25% year-on-year increase, with TikTok sales growing by 184% [27] - New product sales accounted for 9% of total sales, with 5 products exceeding 100 million yuan in sales and 12 products exceeding 10 million yuan [27] - The company divested IGI Group for approximately 455 million USD, achieving a 5x return [27] - Songhelou Noodle House expanded to 173 stores, with core store gross margins reaching 70% [27] - AHAVA's overseas revenue increased by 12% year-on-year, with Amazon US online sales revenue up by 25% [28] - The company's IP ecosystem cooperation projects reached 32, driving sales of 350 million yuan [28] - Jewelry segment launched 329 new SKUs, with Laomiao Gold new product sales reaching 1.38 billion yuan [28] - The company's supply chain achieved a procurement cost reduction rate of 3.1% [28] - Songhelou takeout revenue per store increased from 33,800 yuan to 45,000 yuan per month, a 33% increase [28] - The company's digital transformation improved internal operation efficiency by 60% in jewelry supply chain [28] - The company's inventory turnover days and inventory amount both decreased, with 5 industries launching supply chain cockpits [28] - The company's terminal operation management training program resulted in a 40%+ average monthly performance improvement post-training [29] - The number of "Lao Miao" and "Ya Yi" brand stores reached 4,994 by the end of 2023 [32] - The company holds 70% equity in Shede Group and 20% equity in Jinhuijiu [32] - The company's core commercial properties in Yuyuan Business Circle have an annual foot traffic of approximately 45 million people [33] - The company has a total credit line of approximately 69.372 billion yuan from major cooperative banks as of December 31, 2023 [35] - The company's Fuyue Life Group manages over 42 million square meters of property and serves over 3.2 million members [32] - The company's Yuyuan New Year Folk Lantern Festival is listed as a national intangible cultural heritage [34] - The company's Yuyuan Jewelry Fashion Group is building a C2M ecosystem to serve family customers directly [32] - The company's Yuyuan Beautiful Health Group owns the historic Chinese medicine brand Tong Han Chun Tang and the Israeli skincare brand AHAVA [32] - The company's jewelry fashion industry expanded its network with 429 new outlets for the "Laomiao" and "Yayi" brands, reaching a total of 4,994 outlets by the end of 2023, including 261 directly operated outlets and 4,733 franchise outlets [80] - The company's online sales revenue in 2023 was approximately 1.53 billion yuan [80] - The company's retail outlets include 107 directly operated stores with a total self-owned area of 85,600 square meters and 629 leased stores with a total leased area of 76,300 square meters [78] - The company's cultural dining sector has 220 directly operated outlets, including 185 Songhelou outlets (12 Su-style restaurants and 173 Su-style noodle shops) [80] - The company's beauty and health sector has 69 directly operated outlets, including 39 Tonghanchun Hall outlets and 30 AHAVA outlets (15 domestic and 15 international) [80] - The company's fashion watch sector has 82 directly operated outlets [80] - The company's new jewelry brand, LUSANT, had 3 directly operated outlets by the end of 2023 [80] - The company's French jewelry brand, DJULA, had 19 directly operated outlets by the end of 2023 [80] - Laomiao Beijing Xinhua Department Store counter achieved sales of 36.45 million in March 2023 [84] - Laomiao Chongqing New Century Kai Rui Department Store counter achieved sales of 40.00 million in March 2023 [84] - Laomiao Beijing Jun Tai Department Store counter achieved sales of 54.00 million in April 2023 [84] - Laomiao Beijing Yinzuo Harmony Plaza store achieved sales of 85.00 million in April 2023 [84] - Laomiao Beijing Oriental Plaza store achieved sales of 52.53 million in April 2023 [84] - Laomiao Beijing Xisanqi Vientiane store achieved sales of 80.35 million in May 2023 [84] - Laomiao Beijing Ito Yokado counter achieved sales of 48.00 million in July 2023 [84] - Laomiao Beijing Yansha Friendship counter achieved sales of 30.00 million in July 2023 [84] - Laomiao Chengdu Tianfu Avenue South store achieved sales of 84.00 million in August 2023 [84] - Laomiao Chongqing Dadukou Vientiane store achieved sales of 80.00 million in September 2023 [84] - DJULA Guangzhou Tianhe store opened in March 2023 with an area of 43.00 square meters [85] - DJULA Nanjing Deji store opened in July 2023 with an area of 27.00 square meters [85] - LUSANT Shanghai Reel pop-up store opened in September 2023 with an area of 45.65 square meters [85] - LUSANT Shanghai Baibai pop-up store opened in September 2023 with an area of 42.00 square meters [85] - Nanxiang Mantou Dian (Xintiandi) opened in November 2023 with an area of 307.00 square meters [85] - Songyuelou Wujiaochang store opened in April 2023 with an area of 64.56 square meters [85] - Songyuelou Pujian Road store opened in April 2023 with an area of 24.00 square meters [85] - Songyuelou Baodi Plaza store opened in May 2023 with an area of 38.00 square meters [85] - Songyuelou North Bund City Market store opened in July 2023 with an area of 30.00 square meters [85] - Songyuelou LCM Plaza store opened in July 2023 with an area of 20.36 square meters [85] - Songhelu Suzao Noodle opened 14 new stores in 2023, with the highest revenue of 294.00 million yuan at the Shanghai Yuanzu Dream World store [29] - The average revenue per store for Songhelu Suzao Noodle in 2023 was approximately 154.5 million yuan, with the lowest revenue of 90.00 million yuan at the Hangzhou Hubin IN77 store [41] - Godiva stores generated a total revenue of 80.93 million yuan in 2023, with the highest revenue of 65.37 million yuan at the Tianyu Lou store [45] - Tonghanchun Tang opened 3 new counters in 2023, with the highest revenue of 18.00 million yuan at the Bailian Xijiao counter [1] - The total revenue from Songhelu Suzao Noodle stores in Shanghai in 2023 was 1,066.00 million yuan, accounting for approximately 38% of the total revenue from all stores [28][29][30][40] - The total revenue from Songhelu Suzao Noodle stores in Beijing in 2023 was 884.47 million yuan, with the highest revenue of 176.00 million yuan at the Huiduo Gang Shopping Center store [25][34][36][37][38] - The total revenue from Songhelu Suzao Noodle stores in Guangzhou in 2023 was 881.50 million yuan, with the highest revenue of 178.00 million yuan at the K11 store [24][26][27][31][33][39][42] - The total revenue from Songhelu Suzao Noodle stores in 2023 was 3,682.57 million yuan, with an average revenue per store of approximately 154.5 million yuan [23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] - The total revenue from the Beauty and Health sector in 2023 was 27.00 million yuan, with the highest revenue of 18.00 million yuan at the Bailian Xijiao counter [1][2][3] - The total revenue from all sectors in 2023 was 3,790.50 million yuan, with the highest revenue of 294.00 million yuan at the Shanghai Yuanzu Dream World store [29] - Tong Han Chun Tang 24 Solar Terms Tea (Oriental Pearl Store) achieved revenue of 104.00 million in September 2023 [87] - AHAVA Hefei Yintai Store generated revenue of 31.00 million in January 2023 [87] - AHAVA Nanchang Wushang Plaza Store recorded revenue of 74.00 million in

2024年3月21日 公司研究 老庙亚一净增门店 429 家，餐饮业务发展迅速 ——豫园股份（600655.SH）2023 年年报点评 要点 买入（维持） 当 前价：6.64元 公司2023年营收同比增长15.83%，归母净利润同比减少45.00% 3月21日，公司公布2023年年报：2023年实现营业收入581.47亿元，同比 作者 增长15.83%，实现归母净利润20.24亿元，折合成全面摊薄EPS为0.52元， 分析师：唐佳睿 CFA FCPA(Aust.) ACCA 同比减少45.00%，实现扣非归母净利润-4.51亿元，上年同期为1.62亿元，转 CAIA FRM 盈为亏。单季度拆分来看，4Q2023实现营业收入185.99亿元，同比增长16.39%， 执业证书编号：S0930516050001 实现归母净利润-2.11亿元，（上年同期为28.99亿元，转盈为亏），折合成全 021-52523866 面摊薄EPS为-0.05元， 实现扣非归母净利润-2.98亿元，上年同期为-1.98亿 tangjiarui@ebscn.com 元，亏损额度同比扩大。 分析师：田然 公司2023年综合毛利率下降3.6 ...

x ·计师 寧务所(特殊普通合伙) Sentified Public Scrountants (Special General 关于上海豫园旅游商城(集团)股份有限公司 2023 年度营业收入扣除事项的专项核查报告 上会师报字(2024)第 1901 号 上海豫园旅游商城(集团)股份有限公司全体股东: 关于上海豫园旅游商城(集团)股份有限公司 2023 年度营业收入扣除事项的专项核查报告 上会师报字(2024)第 1901 号 上会会计师事务所（特殊普通合伙） 中国 上海 我们接受委托,对上海豫园旅游商城（集团）股份有限公司(以下简称"豫园股 份"\2023 年度财务报表进行审计，并出具了上会师报字(2024)第 1896 号审计报告。 在此基础上,我们检查了后附的豫园股份管理层编制的《上海豫园旅游商城（集团) 股份有限公司 2023 年度营业收入扣除情况表》(以下简称"营业收入扣除情况表")。 一、管理层的责任 豫园股份管理层的责任是提供真实、合法、完整的相关资料,按照《上海证券 交易所股票上市规则》(上证发〔2023〕127 号)及《上海证券交易所上市公司自律监 管指南第 2 号一业务办理》（2023 年 ...

上海豫园旅游商城（集团）股份有限公司 第十一届董事会独立董事谢佑平2023年度述职报告 本人作为上海豫园旅游商城（集团）股份有限公司（以下简称"公司"、"豫 园股份"）的独立董事，在任职期间严格按照《中华人民共和国公司法》、《上市 公司独立董事管理办法》、《上市公司治理准则》等法律、法规、规范性文件以及 《公司章程》、《公司独立董事工作制度》、《公司独立董事专门会议工作制 度》、《公司独立董事年报工作制度》、《公司董事会专业委员会实施细则》的规 定履行职责。现将本人2023年度履行独立董事职责的情况作如下报告： 一、独立董事的基本情况 本人谢佑平：男，1964年9月出生，法学博士，教授，一级律师，博士生导师。 中国刑事诉讼法学研究会副会长，最高人民检察院专家咨询委员会委员，教育部新 世纪优秀人才，上海市领军人才，上海市司法智库顾问，上海市律师公证员高级职 称评审委员会委员。昌言律师(上海)事务所执行主任。2015年至今，任湖南大学特 聘教授，博士生导师，校学术委员会委员。2018年12月29日至2019年12月26日担任 本公司第九届董事会独立董事,2019年12月27日至2022年12月28日担任公司第十届 ...

在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配不 变，相应调整分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 经上会会计师事务所（特殊普通合伙）审计，截至2023年12月31日，公司母公 司报表中期末未分配利润为人民币4,588,109,824.84元。经董事会决议，公司2023 年年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配 方案如下： | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2024-040 | | --- | --- | --- | | 债券代码：163038 | 债券简称：19豫园01 | | | 债券代码：163172 | 债券简称：20豫园01 | | | 债券代码：185456 | 债券简称：22豫园01 | | 上海豫园旅游商城（集团）股份有限公司 2023年年度利润分配方案公告 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： 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2024-039 | | --- | --- | --- | | 债券代码：163038 | 债券简称：19豫园01 | | | 债券代码：163172 | 债券简称：20豫园01 | | | 债券代码：185456 | 债券简称：22豫园01 | | 上海豫园旅游商城（集团）股份有限公司 第十一届监事会第十五次会议决议公告 本公司监事会及全体监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。 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）第十一届监事 会第十五次会议于2024年3月20日在上海召开，会议由监事会主席周文一主持，监 事会全体监事出席了会议。会议的召开、表决符合《中华人民共和国公司法》和 《公司章程》的有关规定，会议合法、有效。经审议，形成如下决议： 一、审议并通过《2023年度监事会工作报告》 监事会认为公司董事及高级管理人员能够认真执行股东大会和董事会的决议， 尽职尽责，未发现上述人员在履行公司职责时有违反《公司章程》或其他法律法规 的行为，也没有损害公 ...

第十一届董事会审计与财务委员会 上海豫园旅游商城（集团）股份有限公司 第十一届董事会审计与财务委员会第十一次会议决议 上海豫园旅游商城（集团）股份有限公司第十一届董事会审计与财务委员会第 十一次会议于 2024 年 3 月 10 日在上海召开，公司董事会审计与财务委员会全体成 员出席会议。 会议审议了: 全体委员一致通过以上议案并同意将上述议案递交公司董事会审议。 上海豫园旅游商城（集团）股份有限公司 V 委员 (李志强): 委员(朱立新): 2024 年 3 月 10 日 1. 《2023 年年度报告及摘要》 2. 《2023 年度财务决算和 2024 年度财务预算报告》 3. 《关于公司 2023 年度计提资产减值准备的报告》 4. 《关于支付 2023 年度会计师事务所报酬与 2024 年续聘会计师事务所的议 案》 5. 《关于支付2023年度内控审计会计师事务所报酬与聘请2024年度内控审计 会计师事务所的议案》 6. 《上海豫园旅游商城（集团）股份有限公司 2023 年度内部控制评价报告》 （含内控审计报告） 7. 《上海豫园旅游商城（集团）股份有限公司第十一届董事会审计与财务委员 会 2023 年 ...

上海豫园旅游商城（集团）股份有限公司 审计报告 上会师报字(2024)第 1896 号 上会会计师事务所（特殊普通合伙） 中国 上海 会计师 李 今 所 (特殊善通合伙) 上海豫园旅游商城(集团)股份有限公司全体股东: 一、审计意见 我们审计了上海豫园旅游商城(集团)股份有限公司(以下简称"豫园股份") 财务报表,包括 2023年 12月 31 日的合并及公司资产负债表, 2023年度的合并及公 司利润表、合并及公司现金流量表、合并及公司所有者权益变动表以及相关财务报 表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了豫园股份 2023 年 12 月 31 日的合并及公司财务状况以及 2023 年度的合并及 公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 中国注册会计师职业道德守则,我们独立于豫园股份，并履行了职业道德方面的其 他责任。我们相信,我们获取的审计证据是充分、适当的,为发表审计意见提供了 基础。 三、关键审计事项 关 ...