Glonway, July 13丨Oriental Pearl New Media Co., Ltd. plans to transfer some of the non-state shares of Shanghai Laofengxiang Co., Ltd. held by the Central Local Integration (Shanghai) Arts and Crafts Equity Investment Center (Limited Partnership) for no more than 500 million yuan. Among them, Lao Fengxiang Co., Ltd. is a holding subsidiary of the company. According to the Guoxin Securities Research Report, as a holding subsidiary of Lao Fengxiang (600612.SH), Laofengxiang Co., Ltd. is the operator of the company's core gold and jewelry business. As a cultural industry group, Oriental Pearl has complete user access channels such as IPTV, Internet TV, cable TV, mobile terminals, offline venues, and offline attractions. After reaching this cooperation, by leveraging Oriental Pearl's cultural media, channel and other resource advantages, it is expected to further explore and enhance Lao Fengxiang's channel marketing capabilities and terminal brand influence. Currently, gold and jewelry consumption is resilient, benefiting from the immediate needs of weddings and the value-added properties of gold jewelry, while Lao Fengxiang is expected to continue to benefit as a leading enterprise. In the medium to long term, the company's channel side continues to promote franchise expansion to expand market share; the product side continues to improve R&D and design capabilities to meet personalized consumer needs; and it is expected that it will continue to deepen institutional reforms to achieve further release of operating efficiency. We maintained the company's net profit forecasts for 2023-2025 at 22.61/26.86/3,057 billion yuan respectively, corresponding to PE of 15.9/13.4/11.7 times, respectively, and maintained the “buy” rating.